Filinvest Development Corporation

May 21, 1999 PSE CIRCULAR FOR BROKERS NO. 1157-99 SUBJECT : Filinvest Development Corporation Further to Circular No. 760-99 dated April 15, 1999, Filinvest Development Corporation ("FDC") furnished the Exchange a copy of its SEC Form 34-C (Definitive Information Statement), including its SEC Form 11-A for the period ended December 31, 1998, in connection with its Annual Stockholders' Meeting which will be hold on May 28, 1999 , at 9:00 a.m., at the FCC Marketing Office, Filinvest Corporate City, Alabang, Muntinlupa City. The agenda for the meeting shall be as follows: LLphil 1. Call to Order 2. Certification of notice and quorum 3. Approval of the Minutes of the Annual Stockholders' Meeting held on May 29, 1998 4. Presentation and approval of the President's Report 5. Ratification of all the acts of the Board of Directors and the Corporate Officers 6. Ratification of the amendment to Increase the number of directors from five (5) to seven (7) 7. Election of Directors for the current year 1999-2000, Including the two (2) new directors who shall occupy the newly created positions upon approval of the amendment by the Securities and Exchange Commission 8. Appointment of the External Auditors 9. Other Matters 10. Adjournment As previously announced, stockholders of record as of April 28, 1999 are entitled to notice of, and to vote, at, said meeting and any adjournment thereof. A copy of FDC's Definitive Information Statement, including its SEC Form 11-A, is available for reference at the PSE Library and PSE-Plaza Administration Office. For your information. (SGD.) RAFAEL L. LLAVE Chief Operating Officer