FAX No. 636-0809

October 22, 1999 PSE CIRCULAR FOR BROKERS NO. 2713-99 The Philippine Stock Exchange, Inc. Philippine Stock Exchange Centre Exchange Road, Ortigas Center Pasig City FAX No. 636-0809 Attention: Ms . Ma . Isabel T . Garcia Head, Listings Group RE : Purchase of Properties Gentlemen: Please be informed that the Board of Trustees of Far Eastern University at its special meeting held today, October 21, 1999, passed the following resolution: RESOLVED, that the President, Dr. Edilberto C. de Jesus, be, as he is hereby authorized and empowered to sign on behalf of Far Eastern University the Deed of Conveyance executed by Raisebeck Mining Resources Corporation involving two (2) properties with improvements thereon more particularly described as-follows: cdlex Property No. 1: "A parcel of land (Lot 2 of the consolidation-subdivision plan (LRC) Pcs-26261, approved as non-subdivision project, being a portion of the consolidation of Lots 5, 6 & 7, (LRC) Psc-2007, L. R. C. Cad. Rec. No. 158), situated in the District of Sampaloc, City of Manila, Island of Luzon. Bounded on the N. points 6 to 9, by Estero de Alix (12.00 m. wide); before (now R. Papa Street Extension) on the SE. points 9 to 10 by Nicanor Reyes, Sr. Avenue (30.00 m. wide); before Calle Morayta, Lot 12-A, Psd-5159); on the SW. and SE. points 10 to 1 and 1 to 2 by Lot 3; on the SW. points 2 to 3 by Lot4, and on the NW and SW. points 3 to 6 by Lot 1, all of the consolidation-subdivision plan x x x containing an area of TWO THOUSAND TWO HUNDRED TWENTY-EIGHT SQUARE METERS AND THIRTY SQUARE DECIMETERS (2,228.30), more or less." Property No. 2: "A parcel of land (Lot 3 of the consolidation-subdivision plan (LRC) Pcs-26261, approved as a non-subdivision project, being a portion of the consolidation of Lots 5,6, & 7, (LRC) Psc.- 2007, L. R. C. Cad. Rec. No. 158), situated in the District of Sampaloc, City of Manila, Island of Luzon. Bounded on the NW and NE points 1 to 3, by Lot 2 of the consolidation-subdivision plan, on the SE. points 3 to 4 by Nicanor Reyes Sr. Avenue (30.00 m. wide) (before Calle Morayta, Lot 12, Psd-5159) and on the SW. points 4 to 5 and 5 to 1, by Lot 4 of the consolidation-subdivision plan, x x x containing an area of ONE THOUSAND SEVEN HUNDRED FIFTY-EIGHT SQUARE METERS AND EIGHTY SQUARE DECIMETERS (1,758.80), more or less." for a consideration of P185 Million. Very truly yours, FAR EASTERN UNIVERSITY (SGD.) ANGELINA P. JOSE Corporate Secretary