PSE Circular for Brokers No. 2449-98

October 27, 1998 PSE CIRCULAR FOR BROKERS NO. 2449-98 October 27, 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 . Luisa W . Buenaventura 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 this noon, October 27, 1998 at Penthouse II, Ever Gotesco Corporate Center, 1958 C. M. Recto, Avenue, Manila, the following resolutions were passed and approved: "In view of the time constraint in the preparatory works needed such as printing of the annual report and other documents, prior approval of certain requirements for the meeting and time frame in the collation and mailing of notices with accompanying reports/documents to stockholders which are needed before the annual meeting can be held, the Board of Directors unanimously approved the proposal of Management to further move the Annual Stockholders' Meeting previously re-scheduled to November 27, 1998 and re-schedule the same to December 23, 1998." The Board also approved the opening and maintaining corporate savings and/or current accounts with Philippine Commercial International Bank ("PCIBank") San Sebastian Branch, Recto Avenue, Manila and designating the signatories thereof. aisadc Finally, the Board also approved the request of Management for authority to open in the future, corporate savings/current accounts with any Bank chosen by Management and to designate the authorized signatories thereto; thereby empowering the Corporate Secretary to issue the needed resolutions to effect the same; provided finally that the same be properly controlled and reported by Management to the Board of Directors for notation. Very truly yours, (SGD.) VICENTE VILLA CANONEO Corporate Secretary