PSE Circular for Brokers No. 806-99

April 20, 1999 PSE CIRCULAR FOR BROKERS NO. 806-99 April 16, 1999 Philippine Stock Exchange, Inc . Philippine Stock Exchange Centre Exchange Road, Ortigas Center Pasig City Attention: Ms . Grace De Guia Gentlemen : Placed be informed of the following actions the Board of Directors of Petrofields Corporation, made in a regular meeting held on April 15, 1999. 1. Retrenchment of Personnel The Board of Directors approved the retrenchment of 13 employees as part of its restructuring plan. Upon motion duly made and seconded, the following resolutions were approved and adopted: RESOLVED , as it is hereby resolved, that the Corporation ratifies the retrenchment program for its personal as part of its restructuring plan effective June 30,1999; cdll RESOLVED , that the Corporation through its Board of Directors extend its thanks for the time, loyalty and valuable services rendered by its personnel; RESOLVED, FINALLY , that every employee who would be affected by the retrenchment program be paid with benefits equivalent to two (2) months of salary per year of service. 2. The President, Milagros V . Reyes shall remain as President of the Corporation. LexLib We hope that the above disclosure meet the requirement of your office. Very truly yours, (SGD.) FRANCIS G. TARCELO Chief Administrative Officer