PSE Circular for Brokers No. 1769-98

July 29, 1998 PSE CIRCULAR FOR BROKERS NO. 1769-98 July 28, 1998 Philippine Stock Exchange Philippine Stock Exchange Center Exchange Road, Pasig City Attention: Surveillance and Compliance Department Ladies/Gentlemen : Please be informed that during the regular meeting of the Board of Directors of Balabac Resources & Holdings Co., Inc., which has just been concluded, the Board of Directors: 1. Postponed the annual meeting of stockholders of the Corporation from September 8, 1998 to Tuesday, November 10, 1998 at 4:00 p.m. at the Turf Room of the Manila Polo Club. The reason was in order to give management more time to negotiate with and present, new investor(s) to the stockholders during the annual meeting, to replace the Nikon-EYCO Group of Companies, with whom Balabac had entered into an Agreement to Subscribe, which was mutually rescinded. 2. Accepted with regrets the resignation of Federico C. Pascual as director, effective June 30, 1998. Very truly yours (SGD.) ROLANDO F. DEL CASTILLO Corporate Secretary