BW Resource Corporation

July 20, 1999 PSE CIRCULAR FOR BROKERS NO. 1782-99 SUBJECT : BW Resource Corporation BW Resource Corporation ("BW") clarified to the Exchange a news article entitled "BW Resource to launch housing project this year" published in the July 19, 1999 issue of the Manila Times. The article reported that BW has struck an agreement in principle with Rightland Properties for the acquisition of a property in Sta. Catalina, Pampanga which will be developed into a residential subdivision. In its letter, BW stated that: ". . . 1. The Board has agreed in principle to acquire the property mentioned in the article but still subject to such terms as manner of payment and valuation of the property. . . 2. The property is 50-hectare and not 80-hectares as reported. There is still no decision on when to launch the project. The project could be launched this year or the next years depending on such factors as the success of the final negotiations of the parties and prevailing market conditions. For your information. (SGD.) JOSE LUIS U. YULO, JR. President and CEO