Cebu Property Ventures and Development Corp.

June 28, 1999 PSE CIRCULAR FOR BROKERS NO. 1528-99 SUBJECT : Cebu Property Ventures and Development Corp . Cebu Property Ventures and Development Corporation ("CPV") informed the Exchange that the Securities and Exchange Commission (SEC) has approved on June 22, 1999 the decrease in its authorized capital stock from P1,000,000,000.00 divided into 600,000,000 Class "A" and 400,000,000 Class "B" common shares with par value of P1.00 each to P940,350,000.00, divided into 564,210,000 Class "A" and 376,140,000 Class "B" common shares with par value of P1.00 each, as well as the amendment to its Articles of Incorporation. The decrease in authorized capital stock shall be effected through the retirement of treasury shares in the amount of P59,650,000.00. In this regard, the reduction in the authorized capital stock and delisting of the retired treasury shares in the amount of P59,650,000.00 shall be implemented and reflected in the computer system of the Exchange at a later date to be announced. For your information. (SGD.) JOSE LUIS U. YULO, JR. President and CEO