Universal Rightfield Property Holdings, Inc.

May 19, 1998 PSE CIRCULAR FOR BROKERS NO. 1067-98 DATE : May 19, 1998 SUBJECT : Universal Rightfield Property Holdings, Inc. Universal Rightfield Property Holdings, Inc. ("UP") confirmed to the Exchange, in a letter dated May 15, 1998, a news article published in the May 14, 1998 issue of the Business World, which reported of its talks with other companies, including Metro Pacific Corporation ("MPC"), for a possible partnership. UP in said letter explained that: "The 'talks' that the company is in fact pursuing are pursuant to and consistent with the Company's plan to raise additional capital through Private placement using the 'tap system', as previously disclosed to the Exchange. . . . we earlier advised that the Board of Directors approved the private placement of about 843 million common shares out of our unissued capital stock which represents 28% of the Company's authorized capital stock. Conformably, with the aforesaid 'tap system', the Company is therefore holding exploratory talks with various prospective investors. Presently, however, these talks are in the preliminary stages. For your information. (SGD.) REYNOLD P. ONG Vice-President, Listings and Disclosure Group