PSE Circular for Brokers No. 1653-99

July 7, 1999 PSE CIRCULAR FOR BROKERS NO. 1653-99 July 6, 1999 PHILIPPINE STOCK EXCHANGE Disclosure Department Listings and Disclosure Group 4/F Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Attention: Ms . Luisa W . Buenaventura Supervisor, Disclosure Department Gentlemen : Please be informed that in the Special Meeting of the Board of Directors of Ever Gotesco Resources and Holdings, Inc. (hereinafter "EVER") attended by (majority of the members of the Board of Directors, held this noon, July 6, 1999 at the Penthouse II, Ever Gotesco Corporate Center, 1958 C. M. Recto, Avenue, Manila, the following resolutions were passed and approved: "RESOLVED, that in view of the time constraint in the preparatory works needed such as printing of the annual reports, approval by the SEC of the proxy statement (SEC Form 34-C) and reproduction thereof, collation and mailing of the aforecited reports and documents to all stockholders of record, it is imperative to move the Annual Stockholders' Meeting scheduled on the last Friday of August 1999 to October 29, 1999." The Board also approved and authorizes Ms. Lily Rivera to file, sign for and collect from the Philippine Deposit Insurance Corporation, for and in behalf of the Corporation any and all claims of the corporation from deposits with the closed Orient Commercial Banking Corporation. Further, the Board approved the changes of signatories in the corporate account with Allied Banking Corporation, Binondo Branch, and designated JOSE C. GO and EVELYN C. GO as the new signatories, who shall jointly sign in respect to the aforecited savings account. Finally, the Board also approved the request of Management to file bases in court against lessees who continuously failed to pay rentals to the Corporation and authorized Management to secure the services of counsel to handle the aforecited cases and empowered the Corporate Secretary to issue the respective Board Resolutions needed for the purpose. EVER GOTESCO RESOURCES AND HOLDINGS, INC. By: (SGD.) VICENTE VILLA CAONEO Corporate Secretary