PSE Circular for Brokers No. 1553-98

July 8, 1998 PSE CIRCULAR FOR BROKERS NO. 1553-98 July 7, 1998 Disclosure Department Listings and Disclosure Group Philippine Stock Exchange, Inc. 4th Floor., PSE Centre, Exchange Rd. Ortigas Center, Pasig City Gentlemen : We wish to inform you that today, Omico Corporation ("Omits") , represented by Mr. Roman A. Cruz, Jr., President and CEO and Mr. Romeo C. Espino, Chairman of the Board, Asian Pacific Estates Development Corp . ("APEDCO") , represented by Mr. Arsenio M. de Guzman, President and CEO, and L . Cruz Enterprises ("L . Cruz") , represented by Mr. Carlos C. Cruz, General Manager, entered into and signed a Memorandum of Agreement over the mixed-use development of certain contiguous properties in Urdaneta, Pangasinan. Land will be contributed by both Omits and APEDCO. All other resources necessary such as financial, equipment, materials and manpower, will be largely contributed by APEDCO and L. Cruz. Omico's outlay, as far as these other resources are concerned, will be minimal. Omits and APEDCO also signed today an Exclusive Marketing Agreement with Asian Pacific Realty & Brokerage Corp . ("APRBC") , represented by Mr. Celestino S. Valdez, Jr., Senior Vice-President where APRBC will act as the exclusive marketing manager in the marketing and sale of the residential and commercial lots of the above-mentioned mixed-use development. For the information of the Exchange. Very truly yours, (SGD.) NORLITO S. QUIMEL Controller