PSE Circular for Brokers No. 2175-98

September 18, 1998 PSE CIRCULAR FOR BROKERS NO. 2175-98 September 17, 1998 PHILIPPINE STOCK EXCHANGE Disclosure Department Listings and Disclosure Group 4/F Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Gentlemen : Please be informed that in the Special Meeting of the Board of Directors of Ever Gotesco Resources and Holdings, Inc. (hereinafter "EVER") attended by a majority of the members of the Board of Directors, held this noon, September 17, 1998 at the Ever Gotesco Corporate Center, 1958 C. M. Recto Avenue, Manila, the following matters were taken up, the minutes of which is hereunder quoted: LLjur "The Chairman announced that the purpose of the Special Meeting of the Board of Directors is relative to various inter-company transactions between subsidiaries and affiliates during the year 1997, contained in a letter made by the President of the Corporation addressed to the Board of Directors, a copy thereof is reproduced entoto hereinbelow: December 29, 1997 To : The Board of Directors Ever Gotesco Resources and Holding, Inc. From : The President Your management is aware of various inter-company transactions between subsidiaries and affiliates. These are normal in a conglomerate business set-up. As President and authorized signatory of the company, I have full knowledge and responsibility of the various transfers of funds from one bank account to another company accounts and for securing and extending advances to subsidiaries, affiliates, company officers and other parties. As such, all transactions of this nature were done under my direct supervision and approval. These transactions consist mainly of temporary cash advances granted to and received from various affiliated companies and its subsidiary amounted to P1,017,400,769.62 (advances to) and P437,656,689.27 (advances from). For your information and guidance, attached list is the summary of these transactions for your perusal. (SGD) JOSE C. GO President After discussions on the matter and on motion duly made and seconded, the Board of Directors noted the same." Very truly yours, (SGD.) VICENTE VILLA CAONEO Corporate Secretary