PSE Circular for Brokers No. 2047-99

August 17, 1999 PSE CIRCULAR FOR BROKERS NO. 2047-99 August 12, 1999 PHILIPPINE STOCK EXCHANGE Tektite Tower, Ortigas Center Pasig City FAX NO.: 636-0809 Attention: Monitoring Department Gentlemen : I wish to inform you of the following resolutions approved by the Board Executive Committee of the corporation: SUBJECT MATTER 1. Approval of credit lines with Land Bank of the Phils. 2. Approval for mutual grant of right of way between LMG and CAWC. 3. Approval of merger of All Asia Capital & Trust Corp. & All Asia Properties Corp. 4. Approval of LMG's investment in PETROCORP in the total sum of P226,687,775 as temporary investment only. 5. Approval of LMG's investment in BIGI amounting to P6 Million as temporary investment only. 6. Approval of sale of LMG land to CAWC. 7. 1. Rescission of Contract To Sell and Purchase of a Portion of Land. 2. Execution of a new Contract To Sell 8. Approval of the sale of one (1) share of Quezon City Sports Club to Ms. Hilda M. del Rosario. 9. Approval of nomination of Melchor M. de Leon as the company's representative to the Alabang Country Club, Inc. 10. Approval of the sale of company car to Kemwater Phil. Corp. 11. Approval of BIGI Loan structuring. 12. Approval of Purchase of cars owned by CAWC & CIP. 13. Approval of the amendment of the existing credit lines with URBAN Bank. 14. Approval of PETROCORP Notice of Call re: LMG's unpaid subscription in the total sum of P15,861,714.23 covering 15,106,394 unissued PETROCORP shares. 15. Approval of REM in behalf of Kemwater Phil. Corp. 16. Approval of replacement of LMG's collateral for its credit lines with METROBANK. 17. Approval of renewal of credit lines with Hongkong Shanghai Banking Corp. 18. Approval/confirmation of the authority of Rolando P. Navarro to sign the subd. Plan covering TCT No. 92575. cdt The same will be presented to the stockholders for their ratification in the September 7, 1999 Annual Stockholders meetings. Thank you. Very truly yours, (SGD.) ROLANDO P. NAVARRO VP Legal Services