Filinvest Land nets P1.54-B

February 19, 1998 PSE CIRCULAR FOR BROKERS NO. 168-98 FOR IMMEDIATE RELEASE Filinvest Land nets P1 . 54-B Filinvest Land Incorporated (FLI) realized a net income of P1.54-B for the year 1997. This was disclosed by SVP Efren M. Reyes in an unaudited report submitted to the SEC. The net income was realized based on P2.31-B in revenues generated in 1997. Total revenues grew by 10.5% in 1997 vs. P2.09-B in 1996. Income before Equity in Net Earnings of affiliates increased by 18.2% to P1.69-B from P1.43-B in 1996. However, Net Income after tax declined from P2.02-B in 1996 as a result of a decrease in Equity in Net Earnings from affiliates. In the same report, FLI registered assets of P21.85-B in 1997, up by 18.2% from P18.49-B of the prior period. Stockholders' equity was up 14.7% from P10.49-B in '96 to P12.03-B in '97. FLI continues to maintain a strong balance sheet with a cash position of P1.60B. Gross Debt to Equity stood at .58; net Debt to Equity was .45 in 1997. Mr. Reyes stated that the 1997 results highlighted the continued strength of the core business of FLI, which is the socialized and affordable sector of the residential market. This sector enjoys strong government support. The demand continues to steadily increase and financing is not sensitive to general market interest rates. The company continues to see this sector as the bright spot in the real estate industry; particularly in this period of economic crisis. cdlex FLI is the residential property development subsidiary of Filinvest Development Corp. (FDC) and is one of the leading full-scale residential developers in the Philippines with over thirty years' experience. The company has received various accolades in the past including that from Asia Inc., an international publication, which cited FLI as the only Philippine firm in its "Growth 88" list of the fastest growing Asian Companies for the year. In 1998, Filinvest will develop five new socialized housing projects in the Calabarzon area. Other developments include a residential project in Davao and a beach side residential project in Cebu under the Corte Bella middle-income housing series.