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PSE Circular for Brokers No. 077-00

PSE Circular for Brokers No. 077-00 • Philippine Stock Exchange • Circulars for Brokers • Jan 13, 2000

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January 13, 2000 PSE CIRCULAR FOR BROKERS NO. 077-00 January 12, 2000 THE PHILIPPINE STOCK EXCHANGE Philippine Stock Exchange Center, Exchange Road, Ortigas Center, Pasig City Attention: Atty . Ruben L . Almadro VP-Compliance & Surveillance Group Gentlemen : This is to comply with your request for information regarding today's increase in the shares of BW Resource Corporation ("BW"). We believe that the reason for this increase is that the public has realized that the negative rumors and publicity concerning BW that have circulated in the past days are false and without basis. Realizing this fact, investors have taken the opportunity to acquire BW shares taking into consideration the plans and programs of the corporation that make it a fundamentally sound investment. Very truly yours, BW RESOURCE CORPORATION By: (SGD.) JOSE SALVADOR M. RIVERA, JR. Corporate Secretary

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