Abacus Consolidated Resources and Holdings, Inc. Board and Stockholders' Meeting SEC Reg. No. 98780

August 18, 1998 PSE CIRCULAR FOR BROKERS NO. 1918-98 THE SECURITIES AND EXCHANGE COMMISSION SEC Building, EDSA, Mandaluyong City SUBJECT : Abacus Consolidated Resources and Holdings, Inc. Board and Stockholders' Meeting SEC Reg. No. 98780 Gentlemen : This is to inform your good office that during the meeting of the Board of Directors and Stockholders of the Abacus Consolidated Resources and Holdings, Inc. ("Abacus", for brevity) held on August 17, 1998 at the Club Filipino, Eisenhower St., corner McKinley St., Greenhills, San Juan, Metro Manila, by the affirmative vote of a majority of the entire members of the Board and by the affirmative vote of Sixty Seven Percent (67%) of the outstanding capital of Abacus, approved the following: 1. 1997 Financial Statement of the company; 2. Increase of the Authorized Capital Stock from P500 Million to P1 Billion; 3. Authorized the issuance of shares amounting to P500 Million at par in exchange for certain properties located at Batangas Province, which properties were listed in the proxy sent to all stockholders, 4. Stockholders likewise elected the following as Members of the Board of Directors for the year 1998, namely: a.) CARMELITO R. ZAPANTA; b.) JOSE FERNANDO B. CAMUS; c.) CALIXTO Y. LAUREANO d.) CLARITA T. ZARRAGA; e.) BENJAMIN B. ZARRAGA; f.) LEONARDO S. GAYAO; g) MANUEL A. DE LEON; h.) RICARDO T. LEONG; i.) SALVADOR G. MERCADER; j.) MARTHA P. HORRIGAN; and k.) ILUMINADO B. MONTEMAYOR. 5. Appointment of Fidelity Stock and Transfers, Inc. as the Transfer Agent of the company; 6. Appointment of Laya, Mananghaya, Salgado & Co. as the External Auditor of the company; 7. Approved, confirmed and ratified the acts of the Board of Directors and Officers of the corporation in carrying out and promoting the purposes and interest of the corporation for the year 1997. Trusting that the foregoing information could update our file in your office. Thank you. Very truly yours, ABACUS CONSOLIDATED RESOURCES AND HOLDINGS, INC. By: (SGD.) LEONARDO S. GAYAO Corporate Secretary