PSE Circular for Brokers No. 1210-99

May 26, 1999 PSE CIRCULAR FOR BROKERS NO. 1210-99 May 26, 1999 MS . RAQUEL R . ANGELES Asst., Disclosure Department Philippine Stock Exchange 4th Floor, Philippine Stock Exchange Centre, Exchange Road, Ortigas Centre, Pasig City Dear Ms. Angeles : We refer to the article published today in the Philippine Daily Inquirer captioned as "Sta. Lucia vs. Robinsons" which states that "Robinsons has finally acquired the 2.5 ha. Uniwide property on Marcos Hi-way". We confirm that negotiations have been concluded on the sale of the said property owned by Uniwide Sales Realty and Resources Corp. (USRRC), the real estate subsidiary of the Uniwide Holdings, Inc. Proceeds were applied substantially to debt repayment. Said property has been non-operational since May 1998 when the Uniwide Warehouse Club, which sits on the property, was gutted by fire. USRRC, being engaged in the real estate business, has always been aggressively pursuing disposal of its non-operational assets (in addition to its present inventory of residential and commercial lots), particularly those that are in prime locations to be able to accumulate sufficient liquidity and sustain operations amidst a difficult business environment. With a sluggish economy posing as major constraint to business growth, the Uniwide Group has adopted a conservative business approach directed towards conservation of cash and reduction of debt levels. USRRC carries in its accounts some P12.6 billion of real estate assets of which about P7.17 billion are immediately available for sale. With the disposal of these assets, the Uniwide Group expects to eventually liquidate its debt and secure sufficient working capital to pursue expansion of the retail business. Uniwide does not see the sale to significantly affect its retail operations as it is currently identifying alternative site to serve its Rizal market which can be acquired through long term lease, instead of outright purchase. This acquisition of retail sites through long term leases shall be pursued by Uniwide in order to limit capital expenditures. We trust the above meets your requirement. Very truly yours, (SGD.) SUSAN O. LIGERALDE Investor Relations Manager