PSE Circular for Brokers No. 2861-99

November 10, 1999 PSE CIRCULAR FOR BROKERS NO. 2861-99 November 9, 1999 THE PHILIPPINE STOCK EXCHANGE PSE Centre, Exchange Road, Ortigas Center Pasig City Attention: Ms . Ma . Luisa W . Buenaventura Supervisor, Disclosure Department Gentlemen: Please be informed that at the meeting of the Board of Directors held today, 09 November 1999, the board discussed and approved the following: 1. INCREASE IN CAPITALIZATION The Board has agreed to increase the capitalization from 2 Billion to 3.5 Billion instead of 2 Billion to 10 Billion. cdlex The Board has decided to change the increase in capitalization for the reason that it had decided to renegotiate its share issues for various projects that had been previously reported. Specifically: The Board has decided to proceed with the Tivoli Royale Quezon City subdivision acquisition. However, the board has directed the President to renegotiate the terms for the acquisition of the project. The acquisition is still for property for share swap but BWRC shares shall be exchanged for the property at a value of Fifty Pesos (Php50.00) per share instead of the original par value of One Peso (Php1.00) per share. LibLex The Board has also decided to proceed with the Rightland, Angeles City property acquisition. However, the board has directed the President to also renegotiate the terms for the acquisition of the property. The acquisition is still also for property for share swap but BWRC shares shall be exchanged for the property at a value of Fifty Pesos (Php50.00) per share instead of the original par value of One Peso (Php1.00) per share. LibLex The Board has decided to also proceed with the Oranbo, Pasig property acquisition. However, the board has directed the President to renegotiate the terms for the acquisition of the project. The acquisition is still for property for share swap but BWRC shares shall be exchanged for the property at a value of Fifty Pesos (Php50.00) per share instead of the original par value of One Peso (Php1.00) per share. 2. APPOINTMENT OF MR. EDMOND LEE AS CHIEF FINANCE OFFICER OF THE CORPORATION The Board appointed Mr. Edmond Lee as Chief Finance Officer of the Corporation. Mr. Edmond Lee is the Chief Financial Officer for the New Zealand based Savoy Group, and previously CFO of ACIA (Singapore) Limited and regional Financial Director of Rockwell International. cdll 3. ELECTION OF MR. JIHONG LU AS VICE CHAIRMAN OF THE CORPORATION The Board elected Mr. Jihong Lu as Vice Chairman of the Corporation. Mr. Jihong Lu is Chairman and CEO of the New Zealand based Savoy Group. The Savoy Group is a New Zealand Investment House principally concerned in the sectors of property infrastructure and corporate advisory services. 4. ADOPTION OF NEW MANAGEMENT STRUCTURE The Board approved the adoption of a new management structure. The structure of the new management is as follows: a) Chairman Mr. Stanley Ho b) Vice Chairman Mr. Jihong Lu c) President Eduardo G. Lim, Jr. d) Corp. Secretary Atty. Jose Salvador M. Rivera, Jr. e) Treasurer Francis Ablan f) Chief Operating Officer to be recommended by Mr. Stanley Ho g) Chief Finance Officer Mr. Edmond Lee 5. ADDITIONAL BANK SIGNATORIES The board approved that for checks issued by the Corporation the authorized signatories shall be any person from Group A countersigned by any person from Group B llcd GROUP A Eduardo G. Lim, Jr. Owen S. Carsi Cruz Gerardo Jose, Jr. GROUP B Jose Salvador M. Rivera, Jr. Francis Ablan Edmond K. C. Lee 6. ANNUAL STOCKHOLDERS MEETING The Annual Stockholders Meeting which was set on 23 November 1999 was postponed and reset on 16 December 1999. LexLib Very truly yours, BW RESOURCE CORPORATION By: (SGD.) JOSE SALVADOR M. RIVERA, JR. Corporate Secretary