PSE Circular for Brokers No. 2166-99

August 31, 1999 PSE CIRCULAR FOR BROKERS NO. 2166-99 August 30, 1999 THE PHILIPPINE STOCK EXCHANGE, INC . 4TH Floor, Philippine Stock Exchange Center Exchange Road, Ortigas Center, Pasig City Attention: Ms . Luisa W . Buenaventura Supervisor, Disclosure Department RE : BW Resource Corporation New Strategic Initiatives Gentlemen : The Directors of BW Resource Corporation today announced significant new strategic initiatives for the company. The company which to date has largely been property oriented intends to develop substantial new businesses in the fields of gaming and entertainment and electronic commerce (E. Commerce). It is intended to acquire Bingo Bonanza by purchasing A & B Leisure Corp. Bingo Bonanza is a hugely popular and successful nationwide conventional bingo hall operation. This very significant acquisition is expected to drive substantial future revenues and profit. Bingo Bonanza will be the first of several initiatives to be taken by the company in the arena of gaming and entertainment. The company is also in advanced discussion with a USA technology company to access an internet based gaming technology. The company is also continuing discussions with Best World Gaming and Entertainment Corporation to explore synergies with that companies on line Bingo Filipino Operation. The Marina Sheraton project incorporating the new PAGCOR Casino operation is progressing well and should deliver positive cash flow from early 2000. The company has previously identified the potential of E. Commerce and its ability to deliver phenomenal growth and revenue to shareholders. It is now actively pursuing a strategy to capitalize on this opportunity. As part of the new direction for the company it has entered into a strategic alliance with New Zealand based investment company Savoy Group. Savoy Group comprises several companies both private and publicly listed with various investment interests with specific emphasis on property, technology, and financial services covering New Zealand, Australia, Asia and USA. Mr. Jihong Lu the Chief Executive Officer of Savoy Group has agreed to accept appointment to the Board of BW Resources Corporation. He will replace Mr. Jose de Jesus as Chairman of the company. Mr. de Jesus has recently resigned from his position due to his heavy work commitment. The company would like to thank Mr. de Jesus for his valuable contribution. Mr. Jihong Lu will bring significant international experience to the company together with extensive international contacts. Very truly yours, BW RESOURCE CORPORATION By: (SGD.) EDUARDO G. LIM, JR. President