PSE Circular for Brokers No. 1522-99

June 28, 1999 PSE CIRCULAR FOR BROKERS NO. 1522-99 26 June 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 Fax No.: 636-08-09 Attention: Mr . Reynaldo P . Ong Vice-President Listings & Disclosure Group SUBJECT : Matters Discussed at the Annual Meeting of the Stockholders and Organizational Meeting of the Board of Directors of Zipporah Realty Holdings, Inc . Held on 26 June 1999 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, 26 June 1999, at 11:00 a.m., at the Legaspi Room, Makati (Sports) Club, Inc., Alfaro Street, Salcedo Village, Makati City, Metro Manila. The Organizational Meeting of the Corporation's Board of Directors was held immediately thereafter. aisadc At the Annual Meeting of the Stockholders, the stockholders approved and adopted resolutions: 1. Approving the Minutes of the Annual Stockholders' Meeting held on 27 June 1998; 2. Approving and ratifying all the acts of Management and the Board of Directors for the period from 27 June 1998 to 26 June 1999; and 3. Appointing Ramon F. Garcia and Associates as the External Auditor of the Corporation for the fiscal year 1999-2000, 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 1999-2000, namely: Exequiel D. Robles Manuel Tan Kian See Henry Cua Loping Simeon S. Cua Juanita Tan Mariza Santos-Tan John Anthony B. Espiritu Rogelio B. Espiritu Rolando Castro Thereafter, at the Organizational Meeting of the Board of Directors of the Corporation, Mr. John Anthony B. Espiritu informed the Board of the resignation of Mr. Rogelio B. Espiritu as Director. Thereafter, Mr. Alfonso Reyno was elected to fill in the vacancy created by the resignation of Mr. Rogelio B. Espiritu. Mr. John Anthony B. Espiritu likewise tendered his resignation as Director. Thereafter, Mr. Santiago S. Cua, Jr. was elected to fill in the vacancy created by the resignation of Mr. John Anthony B. Espiritu. LibLex The following were then elected to the positions indicated opposite their respective names: Chairman Simeon S. Cua President Exequiel D. Robles Treasurer Juanita Tan Corporate Secretary Raoul R. Angangco Assistant Corporate Secretary Patricia A. O. Bunye We trust that you will find the foregoing in order. Very truly yours, (SGD.) PATRICIA A. O. BUNYE Assistant Corporate Secretary