Ever Gotesco Resources and Holdings, Inc. ("EVER")

June 18, 1998 PSE CIRCULAR FOR BROKERS NO. 1365-98 PHILIPPINE STOCK EXCHANGE Disclosure Department Listings and Disclosure Group 4/F Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City SUBJECT : Ever Gotesco Resources and Holdings, Inc. ("EVER") Gentlemen : In connection with The news article published in the Business World last June 16, 1998 the Memorandum of Agreement ("MOA") referred to in the article is for the Ever Department Stores and Supermarkets. The Ever Department Stores and Supermarkets are tenants in the malls of EVER. EVER has no shareholdings, in the Ever Department Stores and Supermarkets. The Ever Department Stores and Supermarkets consist of several corporations that operate in various sites throughout Metro Manila. None of the corporations are listed in the PSE. EVER is currently in negotiation with its creditor banks, to enter into a similar MOA. We expect this to be finalized within the month. Generally the MOA will specify a period where the banks will not pursue legal means to collect its outstanding obligations from the company. During this period both the borrower and creditor will meet to formulate approaches to restructure the debt obligations of the company. We trust the above is in order. Very truly yours, EVER GOTESCO RESOURCES AND HOLDINGS, INC. by: (SGD.) VICENTE VILLA CANONEO Corporate Secretary