PSE Circular for Brokers No. 2562-98

November 10, 1998 PSE CIRCULAR FOR BROKERS NO. 2562-98 November 9, 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 Directors of Ever Gotesco Resources and Holdings, Inc. (hereinafter "EVER") attended by a majority of the members of the Board of Directors, held this afternoon, November 9, 1998 at the Board Room of Ever Gotesco Corporate Center, 1958 C. M. Recto, Avenue, Manila, the following resolutions were passed and approved: "RESOLVED, that the Board of Directors of the Corporation hereby authorizes Mr. George C. Go, to negotiate for the sale of the Calamba Mall with the interested buyer at a price and under terms and conditions that shall be beneficial to the Corporation; RESOLVED, FURTHER, that the proceeds of the sale shall first be used to settle the obligations under the mortgage and hereby authorizing Mr. George C. Go, to negotiate for the price, and the terms and conditions of the sale, and to sign, execute and deliver any and all documents and other instruments necessary to be done in and about the premises, as fully to all intents and other purposes as the Corporation might or could lawfully do; hereby ratifying and confirming all that Mr. George C. Go shall lawfully do or cause to be done under and by virtue of this resolution; LLjur RESOLVED, FINALLY that the foregoing resolutions have not been amended or revoked and are in full force and effect as of the date hereof." Very truly yours, (SGD.) VICENTE VILLA CAONEO Corporate Secretary