PSE Circular for Brokers No. 547-98

March 31, 1998 PSE CIRCULAR FOR BROKERS NO. 547-98 March 30, 1998 Securities and Exchange Commission SEC Building E. delos Santos Avenue Greenhills, Mandaluyong City Attention: Ms . Linda A . Daoang Director MMOD Philippine Stock Exchange 4th Floor, Tektite Tower I Exchange Road, Ortigas Center Pasig City Attention: Atty . Ruben Almadro Vice President Compliance and Surveillance Department Gentlemen : In compliance with the Securities and Exchange Commission's rules and regulations on disclosure, our Company hereby informs the SEC that in the regular meeting of its Board of Directors on March 27, 1998, the following resolutions were approved and will be submitted for stockholders approval during the Annual Stockholders Meeting on April 23, 1998. LibLex 1. Proportional reclassification of Petrofields' shares of stock into redeemable preferred shares and common shares by a ratio wherein for every 8 common shares, 7 shares shall be reclassified as redeemable preferred and one share shall be retained as common share. 2. The Article of Incorporation and By-laws of the Corporation shall be amended to carry into effect the reclassification of shares. LLpr We hope that the above disclosures meet your requirements. (SGD.) MILAGROS V. REYES President