PSE Circular for Brokers No. 3199-99

December 15, 1999 PSE CIRCULAR FOR BROKERS NO. 3199-99 In compliance with Philippine Stock Exchange's rules and regulations on disclosure, please be informed that during the Company's Special Stockholders' Meeting held today, 14 December 1999, the following were approved by the stockholders: 1. Amendment of Article First of the Amended Articles of Incorporation for the purpose of changing the name of Petrofields Corporation; cdll 2. Incorporation of a Subsidiary to acquire all the capital stock of Mapua Institute of Technology, Inc.; 3. Readoption of the reduction in authorized capital stock of Petrofields Corporation; 4. Amendment of Article Seventh of the Amended Articles of Incorporation for the purpose of increasing the authorized capital stock from One Hundred Million Pesos (P100,000,000.00) to Two Billion Pesos (P2,000,000,000.00). Furthermore, all items in the Agenda of the Stockholders' Meeting were duly approved by the Stockholders. Likewise, on its Regular Board of Directors Meeting held on the same day, the following were approved, to wit: prcd 1. Opening of an Irrevocable and Negotiable Letter of Credit (UC) with RCBC; 2. Authority of the President to sign any and all documents required re: the Issuance of an UC; 3. Declaration of the company to give stockholders the opportunity to subscribe up to 100 Million Common shares at par value or P1.00 per share; cdll 4. Appointment of RCBC Capital Corporation as Underwriter; and 5. Appointment of RCBC as Custodian Bank. prcd We hope that this letter would serve as appropriate compliance to your requirements. Very truly yours, (SGD.) MILAGROS V. REYES