Ever Gotesco Resources and Holdings, Inc.

March 27, 1998 PSE CIRCULAR FOR BROKERS NO. 518-98 SUBJECT : Ever Gotesco Resources and Holdings, Inc . Ever Gotesco Resources and Holdings, Inc. ("EVER") clarified to the Exchange, in a letter dated March 26, 1998, the restructuring of the company's obligations by its creditor banks. EVER in said letter explained that ". . .we learned from sources in the United Coconut Planters Bank of the meeting scheduled last March 24, 1998 to be attended by various key officers of the creditor banks of the Ever Gotesco Group of Companies. The Ever Gotesco Group, particularly Ever Gotesco Resources and Holdings, Inc., were not invited nor represented in the said meeting and were therefore not privy to what transpired and agreed upon by the participants. The information we know at the moment is limited to what were published in the newspapers." LibLex The said clarification was done in view of the article published in the March 25, 1998 issue of the Manila Times. For your information. (SGD.) MA. ISABEL T. GARCIA Head, Listing and Disclosures Group