PSE Circular for Brokers No. 1054-98

May 18, 1998 PSE CIRCULAR FOR BROKERS NO. 1054-98 Filinvest Land Nets P262-M in 1Q Filinvest Land, Inc., (FLI) realized a net income of P262-M for the first quarter of 1998. In the unaudited report submitted to the SEC, FLI reported that net income was realized based on P411-M in total revenues generated in the first quarter. The decrease in revenues this year reflects the buyers' cautiousness towards major purchases in the first half of the year due to poor macroeconomic conditions. FLI's assets increased by 30%, from P19-B in 1Q '97 to P25-B in 1Q '98. Stockholders' equity rose 37%, from P11-B last year P15-B this year. FLI is a full range developer with projects encompassing a diversified market range. Its core business is socialized and affordable housing. Confident of the stable demand for low-cost housing, FLI will open five new socialized housing projects in the Calabarzon area in 1998. On the high-end category, Brent School, an international educational institution already broke ground within FLI's Brentville Subdivision in Mamplasan, Laguna. Other developments include a mountain side residential project in Davao and a beach side residential project in Cebu. Activities in the industrial estate sector, which enjoys government incentives, will also be on focus during the year. FLI has also recently entered into a P2.6-B joint venture agreement with Singapore firm Land Pine Pte Ltd. for land banking and property development. FLI also has 20% equity in Filinvest Alabang, Inc. (FAI) developer of the 244-ha Filinvest Corporate City (FCC) in Alabang, Muntinlupa. The Festival SuperMall in FCC had its soft launch on Labor Day (May 1) and has since been drawing record crowds to its various attractions. prLL