PSE Circular for Brokers No. 033-00

January 6, 2000 PSE CIRCULAR FOR BROKERS NO. 033-00 January 5, 2000 DISCLOSURE DEPARTMENT Listings and Disclosure Group Philippine Stock Exchange 4th Floor, Philippine Stock Exchange Exchange Center, Exchange Road Ortigas Center, Pasig City Attention: Ms . Grace De Guia General Manager, Listings and Disclosure Group RE : Approval of the Request for Exemption from the Registration Requirements of The Revised Securities Act, Batas Pambansa Blg . 178 Gentlemen : Undersigned received information today that the Securities and Exchange Commission already approved the request for exemption from the registration requirements of the Revised Securities Act, Batas Pambansa Blg. 178 relating to the issuance of 319,603,057 shares to VR HOLDINGS CORPORATION. Said request has been granted subject to the following-terms and conditions. 1. That the foregoing 319,603,057 shares of Wise Holdings, Inc. shall be subject to a back-up and held in escrow until the book value of P6.28 per Calatagan Gulf Realty, Inc. share is realized. 2. That VR Holdings Corporation enter into an escrow arrangement with a reputable commercial bank, the terms of which should provide for the physical deposit of the stock certificates for the 319,603,057 shares of Wise Holdings, Inc. The escrow agreement must be submitted within ten (10) days after date of this Resolution. For your information. Very truly yours, (SGD.) HELEN C. DE LEON-MANZANO Corporate Secretary