PSE Circular for Brokers No. 101-00

January 18, 2000 PSE CIRCULAR FOR BROKERS NO. 101-00 January 17, 2000 PHILIPPINE STOCK EXCHANGE, INC. Philippine Stock Exchange Centre, Exchange Road Ortigas Center, Pasig City Metro Manila Attention: Ms . Grace B . de Guia Assistant Manager Disclosure Department Gentlemen : This is with reference to your facsimile message dated today requesting for clarification/confirmation of the news article published in the January 17, 2000 issue of the Philippine Daily Inquirer under the article captioned "Ayala Unit to Put Up IT Park in Cebu". We would like to clarify that: 1. The portion of the news article which states that the establishment of the IT Park at the Cebu Civic and Trade Center (CCTC) is expected to cost P1 Trillion is not true. 2. The development of an IT Park in CCTC is in the planning stage. The news article correctly pointed out that plans for the IT Park are still being finalized. Thus, definitive development costs for the establishment of an IT Park at CCTC are not available at this time. 3. The development of an IT Park in CCTC is being planned as part of the real estate activities which CPVCC generally undertakes and does not deviate from the normal course of business of CPVDC. As part of this normal course of business, CPVDC is developing CCTC into a mixed-use business park. Please also note that in the same context, the negotiations which CPVDC is conducting with prospective locators are negotiations conducted as part of the normal business of CPVDC. LibLex Very truly yours, (SGD.) MA. CYNTHIA H. POBLADOR Corporate Information Officer