Interport Resources Corporation Record Date and Work Program of the 1:1 Pre-emptive Rights Offering

April 23, 1998 PSE CIRCULAR FOR BROKERS NO. 792-98 SUBJECT : Interport Resources Corporation Record Date and Work Program of the 1:1 Pre-emptive Rights Offering The Exchange approved on April 22, 1998, the application of INTERPORT RESOURCES CORPORATION (the "Company") to list 40,000,000,000 common shares to cover its 1:1 Pre-emptive Rights Offering. cdt In view of this, the record date previously approved by the Board of Governors on February 28, 1996, shall be maintained at March 15, 1996 . The details are as follows: Ratio One (1) new common share for every one (1) common share held Offer Shares 28 200,000,000 class "A" shares 11,800.000.000 class "B" shares 40,000,000,000 common shares Offer Price P0.01 per share Record Date March 15, 1996 Ex-Date March 6, 1996 Offer Period Start of Offer May 4, 1998 End of Offer June 4, 1998 Payment Terms Full payment upon the close of the Offer Period Underwriter RCBC Capital Corporation Stock Transfer Agent Rizal Commercial Banking Corporation The proceeds of the Offer, estimated at P400 million shall be used to finance the following: Application of Proceeds Amount Underwriting fees/Other Expenses 15,880,000 Binangonan Property Clearing Expenses 133,800,000 Relocation Survey 5,000,000 Field Office Construction 1,600,000 Permits and Licenses 3,000,000 Low-Medium Cost Housing 115,400,000 Apo Island Property- Reforestation Project Nursery Establishment 800,000 Pilot Project 2,600,000 Research and Development 650,000 General, Administrative and Operating Expenses 64,256,000 Land Acquisition/Other Real Estate Projects 45,000,000 Contingency 12,014,000 Total P400,000,000 Further, as previously announced in Co. Notice No. 199-98 dated February 24, 1998, the Securities and Exchange Commission (SEC) approved the change in par value from P0.01 to P1.00 per share. Thus, the stock certificates representing the availment of the pre-emptive rights offering shall reflect its new par value. LLphil Please find attached the Company's 1998 forecasted financial statements. For your information and guidance. (SGD.) REYNOLD P. ONG Vice-President, Listings and Disclosure Group INTERPORT RESOURCES CORPORATION BALANCE SHEET PROJECTED ASSETS DEC. 1997 DEC. 1998 Cash and Cash Equivalents 476'307 33'151'728 Marketable Equity Securities 208'141 208'141 Accounts Receivable 600'110 18'845'920 Funds Held by Custodian Bank 42'750'646 26'685'050 Equity Investment & Advances 43'625'492 88'625'492 Inventory - 23'400'000 Properly Under Development 281'417'045 488'126'625 Pre-Operating Expenses 92'799'087 97'076'967 Other Assets 15'401'088 16'029'995 TOTAL ASSETS 477'277'916 792'149'918 ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Accounts Payable 29'288'574 17'728'895 Loans Payable 10'000'000 - Advances from Principal 24'387'413 - Advances from Stockholders 42'012'218 4'662'622 Accrued Expenses and Other Payables 16'465'033 13'564'446 VAT Payable - 1'335'281 TOTAL LIABILITIES 122'153'238 37'291'244 STOCKHOLDERS' EQUITY Capital Stock 400'000'000 800'000'000 Less: Cost of shares reserved for future claims of stockholders -53'319 -53'319 Retained Earnings (Deficit) -44'822'003 -45'088'007 TOTAL STOCKHOLDERS' EQUITY 355'124'678 754'858'674 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 477'277'916 792'149'918 ========= ========= NOTE : It is assumed that as of December 31, 1998, 80 billion shares have been subscribed and paid in full. CERTIFIED BY: (SGD.) ELIZABETH DE GUZMAN-DANTES Treasurer INTERPORT RESOURCES CORPORATION PROJECTED INCOME STATEMENT FOR THE YEAR 1998 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YEAR TOTAL SALES - - - 33'174'200 33'174'200 LESS: COST OF SALES Direct Cost 18'553'000 18'553'000 Indirect Costs 3'317'420 3'317'420 TOTAL COST OF SALES - - - 21'870'420 21'870'420 GROSS PROFIT FROM SALES - - - 11'303'780 11'303'780 LESS: OPERATING EXPENSES General & Administrative Expense - - - 3'979'000 3'979'000 Amortization of Pre-Operating Exp. 5'619'280 5'619'280 5'619'280 5'619'280 22'477'120 Depreciation Expense 315'416 315'416 315'416 315'416 1'261'664 ADD: INTEREST INCOME 8'449'000 5'317'000 2'382'000 16'148'000 NET INCOME/LOSS -5'934'696 2'514'304 -617'696 3'772'084 -266'004 ========= ======== ======== ======== ========= CERTIFIED By: (SGD.) ELIZABETH DE GUZMAN-DANTES Treasurer