Quarterly Report For the Quarter Ending 31 December 1997

February 27, 1998 PSE CIRCULAR FOR BROKERS NO. 236-98 February 25, 1998 PHILIPPINE STOCK EXCHANGE PSE Centre, Exchange Road Ortigas Center, Pasig City Attention : Ms . Ma . Isabel T . Garcia Head, Listing Department SUBJECT : Quarterly Report For the Quarter Ending 31 December 1997 Gentlemen : As we previously disclosed, the following significant developments affecting F & J Prince Holdings Corporation (the "Corporation") transpired in 1997: 1. approval of the amendment of the Articles of Incorporation and By-Laws of the Corporation by the Securities and Exchange Commission on 28 July 1997. The amendments relate to the following: a. change in the name of the Corporation from "Ultrana Energy & Resource Corporation" to "F & J Prince Holdings Corporation"; b. change of primary purpose from mining and mineral exploration to holding; c. change in the principal office from City of Manila to Metro Manila d. change in the date and place of the annual stockholders' meeting; e. increase in the capital stock from One Hundred Million Pesos (P100,000,000) to One Billion Pesos (P1,000,000,000.00); f. change in the par value of the shares from One Centavo (P0.01) per share to One Peso (P1.00) per share; cdlex 2. acquisition by the Corporation of a controlling interest in Magellan Capital Holdings Corporation ("MCHC") through a share-for-share between the Corporation and five (5) stockholders of MCHC, namely: Essential Holdings Ltd., Center Industrial and Investment, Inc., Consolidated Tobacco Industries of the Philippines, Inc., Vructi Holdings Corporation and Johnson Tan Gui Yee; 3. holding of a public auction sale of the Corporation's delinquent shares on 15 September 1997; and 4. filing of applications for registration and listing of an additional 284,826,183 shares of stock of the Corporation with the SEC and the Exchange respectively, which applications are still pending. The foregoing developments have required that adjustments in the financial statements of the Corporation be made, as well as the preparation of consolidated financial statements, to comply with the requirements of the SEC under RSA Rule 48-1. Hence, the Corporation is unable to file its Quarterly Report for the period ending 31 December 1997 within the prescribed period without unreasonable effort and expense on the part of the Corporation. In this regard, we wound like to request for an extension of at least fifteen (15) business days from 15 February 1998, or until 06 March 1998, within which to submit the Quarterly Report of the Corporation for the quarter ending 31 December 1997. We shall appreciate your favorable consideration and action on request. Very truly yours, (SGD.) ROBERT Y. COKENG President