PSE Circular for Brokers No. 060-00

January 11, 2000 PSE CIRCULAR FOR BROKERS NO. 060-00 January 10, 2000 PHILIPPINE STOCK EXCHANGE Stock Exchange Center, Ortigas Pasig City Attention: Luisa Buenaventura Disclosure Department RE : Request for Information on the Price of BW Resource Gentlemen : This is to comply with your request for information regarding today's price of the shares of stocks of BW Resource Corporation ("BW"). We are at this moment still unsure of the reasons for the abrupt drop in the price of BW. We however think that false rumors and negative publicity, including rumors that were reported in the media but subsequently denied and proven wrong by the PSE, that there had been a failed trade or a client of a stock brokerage firm have defaulted in his or her payment for stocks of BW worth Forty-Five Million Pesos (Php45,000,000.00), are the primary reasons for the drop in price of BW shares. (SGD.) JOSE SALVADOR M. RIVERA, JR. Corporate Secretary