PSE Circular for Brokers No. 2203-98

September 23, 1998 PSE CIRCULAR FOR BROKERS NO. 2203-98 September 22, 1998 PHILIPPINE STOCK EXCHANGE Disclosure Department Listings and Disclosure Group 4/F Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Attention: Ms . Grace B . De Guia Supervisor, Disclosure Department 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 at 3:00 O'clock P.M., September 22, 1998 at the Ever Gotesco Corporate Center, 1958 C. M. Recto Avenue, Manila, the following matters were taken up and approved, the minutes of which is hereunder quoted: LLphil "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 which was duly noted by the Board of Directors of the Corporation in the Special Meeting held on September 17, 1998. The Chairman explained that Management is seeking the approval of the same to finalize certain audit requirements. After discussions on the matter and on motion duly made and seconded, the Board of Directors approved the same." Very truly yours, (SGD.) VICENTE VILLA CAONEO Corporate Secretary