Philippine Stock Exchange, Inc.

February 11, 1998 PSE CIRCULAR FOR BROKERS NO. 117-98 Philippine Stock Exchange, Inc. PSE Centre, Exchange Road Ortigas Center, Pasig City Attention : Ms . Maria Isabel T . Garcia Head, Listing Department Gentlemen : With reference to the disclosures filed on January 9, 1998, and January 23, 1998, we advise that a typographical error was inadvertently made in the following sections: "5,454 sq.m. lot in Fort Bonifacio" should have read as follows: "Rights to the 5,454 sq.m. lot (Lot 15-1) under the Contract to Sell dated October 14, 1996 between Fort Bonifacio Development Corp. and Boulevard Properties Holdings, Inc." "Identity of the person from whom the asset was sold." Should have read as follows: "Identity of the person to whom the asset was sold." We attach a copy of SEC Form 11-C referring to this matter for correction. Very truly yours, (SGD.) ABELARDO F. VILLACORTA President and CEO (SGD.) MAURO B. BADIOLA AVP Finance DETAILS OF ITEM 2 DISPOSITION OF ASSETS DATE OF DISPOSITION January 9, 1998 DESCRIPTION OF ASSET Rights to the 5,454 sq.m. lot (Lot 15-1) under INVOLVED the Contract to Sell dated October 14, 1996 between Fort Bonifacio Development Corp. and Boulevard Properties Holdings, Inc. NATURE AND AMOUNT OF Total amount received P944,800,000.00 CONSIDERATION RECEIVED Less balance of the purchase price under the Contract to Sell to Fort Bonifacio Development Corp. 640,900,126.80 Net Proceeds P303,899,873.20 IDENTITY OF THE PERSON IGLESIA NI CRISTO TO WHOM THE ASSET WAS corner Central and Commonwealth Avenues, SOLD Diliman, Quezon City NATURE OF ANY Buyer/Assignor of rights relationship MATERIAL RELATIONSHIP BETWEEN SUCH PERSON SIGNATURE Pursuant to the requirements of the Revised Securities Act, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. (SGD.) ABELARDO F. VILLACORTA President and CEO (SGD.) MAURO B. BADIOLA AVP Finance