PSE Circular for Brokers No. 2805-98

December 23, 1998 PSE CIRCULAR FOR BROKERS NO. 2805-98 December 22, 1998 REYNOLD P. ONG Vice-President Listing & Disclosure Group Philippine Stock Exchange, Inc. Exchange Road, Ortigas Center Pasig City, Metro Manila Gentlemen : In compliance with the Philippine Stock Exchange, Inc. disclosure requirements, please be informed of the following resolution unanimously passed and approved during the Aboitiz Equity Ventures Inc. (AEV) Board of Directors' Special Meeting held on December 22, 1998 at the AEV Board Room, ACO Bldg, Batulad Street, Cebu City: "RESOLVED, as it is hereby resolved, that Benjamin A. Cariaso, Jr., Vice-President-Project Development, be authorized, as he is hereby authorized to sign the Conditional Transfer Agreement between Aboitiz Equity Ventures, Inc. (AEV) and Union Bank of the Philippines (UBP); RESOLVED FURTHER, that the Corporation be authorized, as it is hereby authorized, to execute the Irrevocable Special Power of Attorney attached hereto in favor of Union Properties, Inc. and/or Jose Aliling & Associates, with respect to the World Finance Plaza project, and hereby names, constitutes and appoints its Vice-President-Project Development Benjamin A. Cariaso, Jr., to be the true and lawful attorney-in-fact for the Corporation, and in its name, place and stead, to execute the Irrevocable Special Power of Attorney, with authority to agree to any amendment thereto as may be required for the full realization of the intents of the parties." Thank you. Very truly yours, ABOITIZ EQUITY VENTURES, INC. By: (SGD.) KIM ROXAS Acting Corporate Secretary