PSE Circular for Brokers No. 596-98

April 3, 1998 PSE CIRCULAR FOR BROKERS NO. 596-98 April 2, 1998 Philippine Stock Exchange Compliance and Surveillance Dept. Exchange Road, Pasig City Gentlemen : Please be informed that in the Special Meeting of the Board of Directors of Ever Gotesco Resources and Holdings, Inc. (hereinafter "EGRHI") held this afternoon, April 2, 1998 at the Ever Gotesco Corporate Center, 1958 C.M. Recto, Avenue, Manila, the following matters were taken up and approved: dctai 1. The Board of the Directors of EGRHI authorized Jose C. Go, President of EGRHI, or his duly authorized representatives, to negotiate and enter into any and all agreements with all the creditor banks on an individual or group basis for the restructuring, disposition of assets or a combination thereof or any other scheme to optimize the utilization of the assets of the corporation in order to attain the desired objective of addressing the outstanding with the creditor banks. 2. The Board of Directors likewise authorized Jose C. Go to sign, execute and deliver any and all documents, undertakings, and all other instruments necessary to implement the aforecited approvals, and authorizing the Corporate Secretary to issue all the enabling board resolutions relating thereto. 3. The Board of Directors further authorized Management to open current and/or savings accounts with any bank chosen and selected by Management, hereby empowering the President to designate the signatories thereto and authorizing the Corporate Secretary to issue the enabling board resolutions in furtherance of the authority herein granted. 4. The Board of Directors confirmed the designation of the Mall Managers under the umbrella of EGRHI to sign the Lease Contracts with the mall tenants provided that the said lease contracts shall have first been submitted and approved by the corporate management committee. cdll Very truly yours, (SGD.) VICENTE VILLA CANONEO Corporate Secretary