The Philippine Stock Exchange

March 10, 1998 PSE CIRCULAR FOR BROKERS NO. 331-98 March 9, 1998 The Philippine Stock Exchange PSE Center, Ortigas Center Pasig City Attention : Maria Isabel T. Garcia Head, Listing and Disclosure Group Gentlemen: We wish to advise you that at a special meeting of the Board of Directors of Greater Asia Resources Corporation held today, March 9, 1998, at which a quorum existed, the Board accept the resignation of the following directors: Jose C. Co (Resigning as Director/Chairman of the Board) Kenneth Yap (Resigning as Director) Roberto V. San Jose (Resigning as Director and Corporate Secretary) In the same meeting, upon motion duly made and seconded, the remaining directors, still constituting a quorum, elected the following to the Board in replacement of the aforenamed directors who resigned, to serve the unexpired term of their predecessors: dctai Dato' Ong Kim Hoay Francis A. Alban Owen S. Corsi Cruz Atty. Jose Salvador M. Rivera, Jr. was also duly nominated and elected to be the Corporate Secretary. Thereafter, the new Board approved to change the agenda of the meeting to include the following: Amendment of Articles of Incorporation: a) to approve the subscription of new investor b) to increase authorized capital stock to P15 Billion c to change the corporate name Finally, the Board decided to change the venue of the annual stockholder's meeting from 26th Floor Chatham House, 116 Valero corner Herrera Sts., Salcedo Village, Makati City to MCR Room, Club Filipino, Eisenhower corner Mckinley Sts., Greenhills Subd., San Juan, Metro Manila. Very truly yours, (SGD.) JOSE SALVADOR M. RIVERA, JR. Corporate Secretary