BW Resource Corporation

September 23, 1999 PSE CIRCULAR FOR BROKERS NO. 2388-99 SUBJECT : BW Resource Corporation Further to Circular for Brokers No. 198-99 dated August 10, 1999, BW Resource Corporation ("BW") furnished the Exchange a copy of its SEC Form 34 A (Preliminary Proxy Statement), including its Audited Financial Statements for the fiscal year ending December 31, 1998, in connection with its Annual Stockholders' Meeting which will be held on October 25, 1999, at 9:00 a.m., at the Tivoli Royale Ballroom, Yakal Street, Commonwealth Avenue, Quezon City. The agenda for the meeting shall be as follows: llcd 1. Call to Order 2. Proof of Due Notice of Meeting and Existence of Quorum 3. Approval of the Minutes of the Previous Meeting 4. Report of the President 5. Ratification of Resolutions, Contracts and Acts of the Board of Directors and Previous Management 6. Increase in Capitalization to P10 Billion 7. Approval of Acquisition of Properties in Exchange for Shares of Stock 8. Election of New Directors 9. Appointment of External Auditor 10. Other Matters 11. Adjournment Stockholders of record as of September 30, 1999 are entitled to notice of, and to vote at, said meeting. Stockholders who cannot attend the meeting may send a proxy which must be received by the Corporate Secretary at the 26th Floor Chatham House, 116 Valero corner Herrera Street, Salcedo Village, Makati City not later than October 25, 1999. Validation of proxies shall be held on October 18, 1999 at the office of the corporation's stock transfer agent, Stock. Transfer Service, Inc. at the G/F AsianBank Center, Sen. Gil Puyat Avenue, Makati City. A copy of BW's Preliminary Proxy Statement, including its 1998 Audited Financial Statements, is available for reference at the PSE Centre and PSE-Plaza Libraries. prcd For your information. (SGD.) JOSE LUIS U. YULO, JR. President and CEO