Reduction of IRC's Offer Price from P0.012 to P0.10 Per Share

February 24, 1998 PSE CIRCULAR FOR BROKERS NO. 205-98 SECURITIES AND EXCHANGE COMMISSION SEC Building EDSA, Mandaluyong City FAX NO. 788459/7220990 Attention : The Director Money Market Operations Department PHILIPPINE STOCK EXCHANGE, INC. Philippine Stock Exchange Center Exchange Road, Ortigas Center Pasig City FAX No. 6345003/6345920 Attention : The President The Head Listing Department RE : Reduction of IRC's Offer Price from P0 . 012 to P0 . 10 Per Share Gentlemen : Please be advised that the Board of Directors of Interport Resources Corporation (IRC), in a Special Meeting held today, Monday, February 23, 1998, passed and adopted the following resolution; RESOLUTION "Resolved, as it is hereby resolved, that in view of the present weak Market for shares of stock of Interport Resources Corporation (IRC) and for that matter, all other listed shares at the stock exchange, brought about by the currency and financial crisis that is afflicting the country and the Asian region for the past several months, the offering price to IRC's 1:1 pre-emptive rights offering for 40 Billion common shares for stockholders of record as of March 15, 1996 be reduced from P0.012 per share to P0.010 per shares to make the subscription attractive to the company stockholders. Resolved further that the Corporate Secretary be directed to inform the Securities and Exchange Commission (SEC), the Philippine Stock Exchange (PSE), and other concerned agencies, entities and firms of the above decision of the Board of Directors and to take any and all appropriate actions in connection therewith". Please disseminate the above-mentioned information to your member firms and the investing public. LLjur Very truly yours, (SGD.) JORGE V. SARMIENTO Corporate Secretary