PNOC Exploration Corporation

February 4, 2000 PSE CIRCULAR FOR BROKERS NO. 263-00 SUBJECT : PNOC Exploration Corporation Additional Listing The Exchange approved on January 12, 2000, the application of PNOC EXPLORATION CORPORATION to list additional 1,867,000,000 common shares, divided into 1,447,000,000 Class "A" shares and 420,000,000 Class "B" shares with a par value of P1.00 per share, to cover the following: (1) 1,503,602,939 common shares divided into 1,447,000,000 class "A" shares and 56,602,939 class "B" shares to cover the debt-to-equity conversions of Philippine National Oil Company ("PNOC") at a conversion price of P1.00 per share between 1998 to 1999; and (2) 363,397,061 Class "B" shares to cover the various private placement transactions of PNOC. In view thereof, the listing of the 1,867,000,000 common shares, divided into 1,447,000,000 Class "A" shares and 420,000,000 Class "B" shares is set for Tuesday, February 8, 2000. The designated Stock Transfer Agent is hereby authorized to record and register in its books the above number of shares. For your information and guidance. (SGD.) MARIA ISABEL T. GARCIA OIC Listings and Disclosure Group