Semirara Coal Corporation

July 26, 1999 PSE CIRCULAR FOR BROKERS NO. 1842-99 SUBJECT : Semirara Coal Corporation Semirara Coal Corporation ("SCC") informed the Exchange that its Board of Directors, in a meeting held on July 14, 1999, approved the following resolutions: 1. Sale of 7th Floor office unit at QACC Building, 125 Pioneer Street, Mandaluyong City The Board approved, confirmed and ratified the sale to National Bookstore, Inc. of its Seventh Floor office unit covered by Condominium Certificate of Title No. 3022 with an area of 982.943 square meters which condominium unit form part of Quad Alpha Centrum Condominium project located at 125 Pioneer Street, Mandaluyong City on "as is where is basis" at the price of P23,019,417.00 payable as follows: a. Upon signing of the Deed of Sale 50% of the contract price aisadc b. Balance of 50% on or before August 8, 1999 The corporation shall shoulder the creditable withholding tax, the documentary stamp tax and the transfer tax while the registration fees with the Registry of Deeds and other expenses of transfer shall be for the account of National Book Store, Inc. 2. Resignation/Retirement/Election of Officers/Director Likewise, the Board approved the following: a. Resignation of Mr. Manuel G. Domingo, Jr. as President and Chief Operating Officer and Director b. Election of Director Victor A. Consunji as President and Chief Operating Officer vice Mr. Manuel G. Domingo, Jr. c. Election of Mr. Jorge A. Consunji as Director vice Manuel G. Domingo, Jr. d. Election of Atty. Crisostomo A. Uribe as Corporate Secretary vice Atty. Benigno F. Morales 3. Transfer of Main Office The Board of the Directors, in the same meeting, approved the transfer of its main office located at 7th Floor, Quad Alpha Centrum Building, 125 Pioneer St., Mandaluyong City to Ground Floor, Dacon Building, 2281 Chino Roces Avenue, Makati City. 4. Continuing Retrenchment and Redundancy Programs The Board of Directors approved, confirmed and ratified the continuing retrenchment and redundancy programs covering employees for Head Office and for minesite. For your information. (SGD.) JOSE LUIS U. YULO, JR. President and CEO