PSE Circular for Brokers No. 1271-98

June 8, 1998 PSE CIRCULAR FOR BROKERS NO. 1271-98 June 5, 1998 The Disclosure Department Philippine Stock Exchange, Inc. Ortigas Center, Pasig City Fax No. 634-5920 Dear Ms. Buenaventura : In reply to your letter of June 5, 1998, relative to the unusual movement in the trading of our shares today, please be informed that, except for the report that appeared in several newspapers today, we are not aware of any material information that may have affected the value and trading of our shares of stock. In respect to that report however, we are aware that negotiations had been going on with UCPB, but the disclosure and or announcement of the consummated agreement should have been made jointly by both UCPB and Primetown Property Group, Inc. The publication of today's report came as a virtual surprise to us. In the meantime we are investigating the source of the reports and as soon as we have all the information we will immediately disclose the same to the exchange. Thank you. Very truly yours, (SGD.) ANGELINE MAY T. YAP Corporate Secretary