Matters Discussed at the Annual Meeting of the Stockholders of Zipporah Realty Holdings, Inc. Held on 27 June 1998

June 27, 1998 PSE CIRCULAR FOR BROKERS NO. 1468-98 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 . Reynaldo P . Ong Vice-President Listings & Disclosure Group SUBJECT : Matters Discussed at the Annual Meeting of the Stockholders of Zipporah Realty Holdings, Inc . Held on 27 June 1998 Gentlemen : In compliance with the reportorial requirements of the Securities and Exchange Commission and the Philippine Stock Exchange, Inc., we would like to inform you that the Annual Meeting of the Stockholders of Zipporah Realty Holdings, Inc. (the "Corporation") was held today, 27 June 1998, at 11:00 a.m., at the Urdaneta Room, Makati (Sports) Club, Inc., Alfaro Street, Salcedo Village, Makati City, Metro Manila. prcd At the Annual Meeting of the Stockholders, the stockholders approved and adopted the following resolutions: 1. Approving the Minutes of the Annual Stockholders' Meeting held on 27 June 1997; 2. Approving and ratifying all the acts of Management and the Board of Directors for the period from 27 June 1997 to 27 June 1998; and 3. Appointing Ramon F. Garcia and Associates as the External Auditor of the Corporation for he fiscal year 1998-1999, and the period ensuing thereafter, until the stockholders resolve otherwise. Further, the stockholders elected the members of the Board of Directors of the Corporation, who shall serve as such for the year 1998-1999, namely: Rogelio B. Espiritu Santiago S. Cua, Jr. Exequiel D. Robles Harry U. Limtong Manuel Tan Kian See Pedro S. Tan Henry Cua Loping Simeon S. Cua Ruben C. Tan Vicente Cualoping John Anthony B. Espiritu We trust that you will find the foregoing in order. Very truly yours, (SGD.) PATRICIA A. O. BUNYE Assistant Corporate Secretary