PSE Circular for Brokers No. 2235-98

September 28, 1998 PSE CIRCULAR FOR BROKERS NO. 2235-98 September 25, 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 : This refers to the news article entitled "Gotesco firm to sell assets to settle debts" published in the September 25, 1998 issue of the Philippine Daily Inquirer. Our response to your inquiry are as follows: 1. We understand that Gotesco Properties, Inc. ("GPI") is in negotiation with its creditors on acceptable approaches toward reducing its overall debt obligations. We have no information on the amount of the obligations or the assets subject of the negotiation. 2. GPI is one of the major shareholder of Ever Gotesco Resources and Holdings, Inc. ("EVER"). 3. The planned sale of GPI's assets to settle its debt will have no effect on EVER'S financial condition. We trust the above is in order. Very truly yours, EVER GOTESCO RESOURCES AND HOLDINGS, INC. by: (SGD.) VICENTE VILLA CAONEO Corporate Secretary