PSE Circular for Brokers No. 1216-99

May 27, 1999 PSE CIRCULAR FOR BROKERS NO. 1216-99 May 26, 1999 PHILIPPINE STOCK EXCHANGE PSE Center, Exchange Road Ortigas Center, Pasig City Attention: Listing and Disclosure Group Gentlemen : Please be informed that at the organizational meeting held by the Board of Directors of Filinvest Land, Inc. (the "Corporation") this afternoon, the following were appointed officers of the Corporation for the respective positions indicated, to serve for the year 1999-2000 and until their successors shall have been elected and qualified to wit: Name Position Mercedes T. Gotianun Chairman & Chief Executive Officer Andrew T. Gotianun, Jr. Vice-Chairman Joseph M. Yap President & Chief Operating Officer Josephine G. Yap Treasurer Efren M. Reyes Chief Financial Officer Dante T. Ramos Corporate Secretary Barbara A.C. Hernandez Assistant Corporate Secretary Helena C. Tolentino Assistant Corporate Secretary The Board of Directors also approved to designate Mr. Andrew I. Gotianun, Sr. as Honorary Chairman in recognition and appreciation for his years of dedicated service to the Corporation. At the same meeting, the Board of Directors also approved a resolution authorizing the Corporation to issue long term commercial papers up to the maximum principal amount of Two Billion Pesos (P 2,000,000,000.00), Philippine currency. In connection therewith, the Board of Directors authorized the President, Joseph M. Yap, and the Chief financial Officer, Mr. Efren M. Reyes, acting singly or jointly, to file or cause to be filed such documents and applications, and to negotiate, enter, into, execute, and deliver such contracts, agreements and documents, as may be necessary or required for the purpose of implementing aforesaid resolution and securing the necessary government approvals and permits relative thereto. Very truly yours, (SGD.) DANTE T. RAMOS Corporate Secretary