BW Resource Corporation

July 15, 1999 PSE CIRCULAR FOR BROKERS NO. 1746-99 SUBJECT : BW Resource Corporation In reply to the Exchange's query regarding a news article published in the July 15, 1999 issue of the Business World which reported that the acquisition by BW Resource Corporation ("BW") of the Tivoli Property Royale in Marikina Valley is seen to usher in up to P1.6 billion in gains this year, BW, in a letter to the Exchange, clarified that: " . . .the President of BW Resource Corporation gave a statement that in the event that the Tivoli Royale Property in Quezon City is acquired by BW Resource Corporation and that the following factors are realized: (1) The property is properly marketed; and (2) The real estate market continues with its recovery. BW Resource expects revenues of more than a Billion Pesos from the sales of residential lots and club membership shares as computed from BW Resource Corp. assumed values and projections." For your information. (SGD.) JOSE LUIS U. YULO, JR. President and CEO