PSE Circular for Brokers No. 1442-99

June 21, 1999 PSE CIRCULAR FOR BROKERS NO. 1442-99 June 18, 1999 PHILIPPINE STOCK EXCHANGE, INC. PSE Centre, Exchange Road Ortigas Center, Pasig City Attention: Ms . Maria Isabel T . Garcia Head, Listing Department Gentlemen : Please be informed that in a special meeting of the Board of Directors held on June 18, 1999 at the FDC Building, No. 173 P. Gomez Street, San Juan, Metro Manila, the Board approved the sale of a block of 500 million Filinvest Land, Inc. common shares owned by the Corporation to GIC Real Estate Pte. Ltd. ("GICREPL"). The sale shall be effected through the Philippine Stock Exchange, at a price of P3.75 per share. The shares to be sold to GICREPL represent 11.83% of the 4,226,627,663 current issued and outstanding common shares of FLI. LLjur Very truly yours, (SGD.) DANTE T. RAMOS Corporate Secretary PRESS RELEASE INTERNATIONAL INVESTOR'S GROUP INKS ACCORD WITH FILINVEST DEVELOPMENT CORP . In a move that highlights the growing investor confidence in the country, specifically in the real estate sector, Filinvest Development Corp. (FDC) recently entered into a formal agreement with Government of Singapore Investment Corp. Pte. Ltd. (GIC), to sell a percentage of Filinvest Land, Inc. (FLI) to the latter. In a report submitted to the Philippine Stock Exchange (PSE) and the Securities and Exchange Commission (SEC), FDC's Board of Directors approved the sales of 500 million shares of its holdings in one of its subsidiaries, residential real estate developer Filinvest Land, Inc. (FLI) to the Government of Singapore Investment, Corporation Pte. Ltd. Cdphil FDC Chairman Andrew Gotianun, announced that Filinvest is pleased to strengthen its relationship with GIC and looks forward to a mutually beneficial long term relationship. The additional financial resources shall allow the company to build up its cash position in order to reduce its leverage and to maintain liquidity to take advantage of post crisis opportunities. When interviewed, FLI President Joseph M. Yap welcomed the entry of this investor group in the company, saying "GIC is widely known for its substantial business experience, extensive financial resources and widespread contacts worldwide. We expect this partnership to have a synergetic impact on FLI." cdll This latest investment marks a second-partnership between the 2 entities. In 1996, Filinvest Development Corp. and GIC together with the Philippine Bank of Communications, jointly developed the PBCom Tower, a 52-storey grade A office building in Makati.