PSE Circular for Brokers No. 2883-99

November 12, 1999 PSE CIRCULAR FOR BROKERS NO. 2883-99 PRESS RELEASE November 12, 1999 The Board of BW Resources Corporation met at length for the purposes of reviewing the future strategic direction and management of the company. The Board of BW Resources publicly acknowledges the consistent support it has received from the market over the last 12 months, and has spent considerable time in development of strategy to enhance shareholder value for the future. The Board has approved he new BW Resources Corporation Business Plan and strategy and will commence immediately on its implementations. LibLex The Board of BW Resources Corporation has passed a number of resolutions as follows: LibLex IMPLEMENTATION STRATEGY The Board has resolved that BW Resources Corporation will be positioned as the premier leading Leisure and Entertainment Corporation in the Philippines. Over the last 12 months the company has undergone a total repositioning and review of its strategic activities for the future. The company is extremely optimistic about the current economic recovery both here in the Philippines and in the greater Asian Region. The company continues to pursue vigorously gaming, leisure and related property development opportunities, although the company's primary focus will not be on property development. Marina Sheraton Development The Board has resolved to proceed with the Marina Sheraton Development, which has been acquired from Megaworld Properties & Holdings Inc. in exchange for scrip in BW Resources Corporation. The Marina Sheraton Development comprises a 32 story Hotel development, to be managed by Sheraton Hotels, and an accompanying Las Vegas style Casino and restaurant operation. The Board is close to finalizing agreements with PAGCOR, Crown Entertainment and Bingo Pilipino to occupy the Casino and Entertainment areas of the Development. The Board expects that the Casino and Entertainment areas will commence operation in the second quarter of 2000, while the Hotel will commence operation in early 2002. cdll Bingo Pilipino The Board also is pleased to announce that it has been pursuing other gaming and entertainment related activities with the proposed acquisition of Best World Gaming and Entertainment Corporation, the holding company for Bingo Pilipino. In contrast to previous announcement, the Bingo Pilipino operations are being re-negotiated to be acquired in exchange for the issue of 1,250,000,000 shares in BW Resources Corporation at a value of PHP50.00 per share. llcd The Board believes that the re-negotiation of the acquisition considerably enhances shareholder value and positions the company for considerable growth in the immediate term. The Board advises that the company will immediately commence an aggressive expansion campaign for Bingo Pilipino over the next 18 to 36 months, in a two-phase strategy. Property Acquisitions The Board is pleased to announce that as part of the overall strategy of BW Resources Corporation, the company will only focus on those property developments which have a relationship to leisure and entertainment, and where there is a clear and defined exit strategy for the company over the short to medium term. With this in mind, the Board in finalizing the re-negotiation of, and intends to proceed in good faith with, the three (3) property related ventures previously announced to the market. The Board has confirmed that the company will proceed with the Tivoli Royale subdivision in Quezon City. However, payment for this project is being re-negotiated to be by way of the issue of 20,000,000 shares in BW Resources Corporation at a value of PHP50.00 per share. The company will continue to develop the Tivoli Royale subdivision with a view to realization as quickly as is reasonably practical. The Board further confirms that it will proceed with the Rightland development acquisition in Pampanga, adjacent to the Clark Special Economic Zone. Payment for this project. Subject to re-negotiation, this acquisition will be by way of the issue of 2,000,000 shares in BW Resources Corporation at a value of PHP50.00 per share. Finally the Board confirms that the company will be acquisition of the Oranbo project located in Oranbo Drive, Ortigas. Payment for this acquisition is being re-negotiated to be by way of the issuance of 25,000,000 shares in BW Resources Corporation at a value of PHP50.00 per share. cdlex The Board believes that the re-negotiation of these acquisitions at a more realistic market price, enables the company to better capture value for shareholders. prcd APPOINTMENTS Dr. Stanley Ho Hung-sun Mr. Stanley Ho, as previously announce will continue in the role of Chairman, and the Board would like to thank Mr. Ho for his extensive contribution and support to date. Mr. Jihong Lu The Board is pleased to announce that Mr. Jihong Lu has agreed to accept an appointment as Vice Chairman of the Board. Mr. Lu is Chairman and CEO of Savoy Group of Companies. The Savoy Group is a private regional investment house with its head office based in New Zealand. The Group has an investment portfolio in New Zealand, Australia, the United States and Asia, covering a wide range of sectors including property, infrastructure and financial services. Mr. Lu was formally a senior executive of Singapore based Hong Leong Group. The Board is pleased to recognize the considerable contribution made by Mr. Lu and his company to date, and look forward to a long and mutually satisfying relationship. LexLib Mr. Edmond Lee The Board is also pleased to announce the appointment of Mr. Edmond Lee as Chief Financial Officer. Mr. Edmond Lee is the Chief Financial Officer for the Savoy Group of Companies, and previously has been CF0 of ACI (Singapore) Limited and Regional Financial Director for Rockwell International. Mr. Lee has been primarily responsible for the review and re-organization of BW Resources Corporation management to date, and the review and re-organization of the companies accounting and reporting procedures. Mr. Eduardo G. Lim Jr. Mr. Lim continues to remain as President and will continue to manage the daily operations of the company. ISSUE OF NEW SHARES As a result of re-negotiating the share issues for various projects, the Board has resolved to increase the issued share capital of the company to 3,500,000,000, rather than the 10,000,000,000 previously announced. The Board looks forward to the challenges of the forthcoming year with excitement, and the prospects that the new millennium brings to build further on the value of BW Resources Corporation for its shareholders. (SGD.) EDUARDO G. LIM President