PSE Circular for Brokers No. 2745-98

December 11, 1998 PSE CIRCULAR FOR BROKERS NO. 2745-98 December 10, 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 Directors, held this afternoon, December 10, 1998 at the Board Room of Ever Gotesco Corporate Center, 1958 C. M. Recto, Avenue, Manila, the following resolutions modifying the resolutions approved by the Board of Directors on December 8, 1998 on the same subject, were passed and approved, to wit: LexLib "RESOLVED, that the Board of Directors of the Corporation hereby authorizes Mr. George C. Go to secure from Atty. Restituto Mendoza, the buyer of the Corporation's property situated at Barangay Real, Calamba, Laguna, for a cash advance of P2 Million Pesos, which amount shall be paid to Ms. Rosario Kaw, the authorized agent of the seller Corporation, to secure all the needed documentations requested by the said buyer. The said amount of P2 Million Pesos shall be deducted from the agreed purchase price of the Calamba Mall. In the event that the sale of the aforecited property shall not materialize on account of the buyer, the cash advance shall be deemed forfeited and the Corporation shall not be liable for the same amount. Otherwise, the amount shall be returned to the said buyer within ten (10) days from date of default without need of notice or demand; Securing of all the aforecited required documentations shall be done within a period of four (4) months from actual receipt of said P2 Million Pesos from the buyer. RESOLVED, FURTHER, that this resolution is in furtherance of the resolution of November 9, 1998 by the Board of Directors of the Corporation authorizing Mr. George C. Go to negotiate for the sale of the Calamba Mall situated at Barangay Real, Calamba, Laguna; RESOLVED, FINALLY, that the Board of Directors of the Corporation hereby authorize the Corporate Secretary to issue any and all the needed enabling resolutions to fully implement the aforecited approvals." cd Very truly yours, (SGD.) VICENTE VILLA CAONEO Corporate Secretary