Election of two (2) Directors to fill up vacant positions in Ever Gotesco Resources and Holdings, Inc. ("EVER")

September 28, 1998 PSE CIRCULAR FOR BROKERS NO. 2247-98 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 Attention: Ms . Grace B . De Guia Supervisor, Disclosure Department SUBJECT : Election of two (2) Directors to fill up vacant positions in Ever Gotesco Resources and Holdings, Inc . ("EVER") Gentlemen : In compliance with the full disclosure rules, please be informed that in the Special Meeting of the Board of Directors of the Corporation held on September 25, 1998 at 3:00 P.M., called for the purpose of filling up the position of directors vacated by the resignations of Mr. Inocencio B. Deza, Jr. and Mr. Gilberto O. Teodoro, Sr., the following persons namely, Ms. Lourdes G. Ortiga and Ms. Cristina G. Aragon were elected directors. The relevant portion of the minutes of the meeting is hereunder quoted, viz: "The Chairman informed the Board of Directors of the Corporation that Mr. Inocencio B. Deza, Jr. and Mr. Gilberto O. Teodoro, Sr. resigned as directors of the Corporation which took effect on September 4 and 21, 1998 respectively. The Chairman further informed the Board that in compliance with the Philippine Stock Exchange (PSE) rules, the minimum number of directors shall be seven (7), which requirement is effective not only at the time the company applies for listing of the securities but while its securities are listed in the Exchange. In the light of the foregoing, the Chairman announced the imperative need to elect two (2) directors to fill in the vacancy in the Board with the resignations of Messrs. Deza and Teodoro in order to comply with PSE rules. Director Jose C. Go nominated Cristina G. Aragon while Director Evelyn C. Go nominated Lourdes G. Ortiga as directors. Both nominations were duly seconded. The Chairman requested the Secretary to verify whether the nominees are stockholders of record of the Corporation. The Secretary informed the Board that the nominees are stockholders of record as of date of meeting as verified from the records of the Corporations Stock Transfer Agent. Thereafter, the nomination was closed which was duly seconded. The four directors present constituting a majority of the Board of Directors unanimously elected Cristina G. Aragon and Lourdes G. Ortiga as directors of the Corporation, who shall serve the unexpired term of their predecessors-in-office." Very truly yours, by: (SGD.) VICENTE VILLA CAONEO Corporate Secretary