Matters Discussed at the Special Meeting of the Board of Directors of Zipporah Realty Holdings, Inc.

May 24, 1999 PSE CIRCULAR FOR BROKERS NO. 1163-99 May 21, 1999 PHILIPPINE STOCK EXCHANGE, INC. Disclosure Department Listings and Disclosure Group 4/F Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Attention: Mr . Reynold P . Ong Vice-President, Listings & Disclosure Group SUBJECT : Matters Discussed at the Special Meeting of the Board of Directors of Zipporah Realty Holdings, Inc . Gentlemen : In compliance with the reportorial requirements of the Philippine Stock Exchange, Inc., please be advised that at the Special Meeting of the Board of Directors of Zipporah Realty Holdings, Inc . (the "Corporation") held on 21 May 1999, at which meeting a quorum was present and acting throughout, the following matters were taken up and approved: 1. Resolution postponing the Annual Meeting of the Stockholders for the year 1999 to Saturday, 26 June 1999, at 11:00 a.m. (the "Annual Meeting"); 2. Resolution setting the record date of 31 May 1999 for purposes of determining the list of stockholders of the Corporation who are entitled to notice of, and to vote at the Annual Meeting; 3. Resolution authorizing the stock Transfer Agent of the Corporation to close the Stock and Transfer Book of the corporation on 31 May 1999; 4. Resolution authorizing the corporation to send written notices to the stockholders of record not later than Monday, 07 June 1999; 5. Resolution setting the date of the submission of the List of Stockholders to the Philippine Stock Exchange not later than Monday, 07 June 1999; 6. Resolution setting the date of the submission of the List of Stockholders to the Securities and Exchange Commission not later than Friday, 11 June 1999; LLpr 7. Resolution setting the deadline for submission by the stockholders of their proxies for the Annual Meeting to the Corporate Secretary on Wednesday, 16 June 1999, at the Principal Office of the corporation; and 8. Resolution setting the date for validation of the proxies on Monday, 21 June 1999, at 10:00 a.m.,at the Principal Office of the Corporation. cdlex We trust that you will find the foregoing in order. Very truly yours, ZIPPORAH REALTY HOLDINGS, INC. By: (SGD.) PATRICIA A. O. BUNYE Assistant Corporate Secretary