PSE Circular for Brokers No. 1684-98

July 21, 1998 PSE CIRCULAR FOR BROKERS NO. 1684-98 July 20, 1998 PHILIPPINE STOCK EXCHANGE Disclosure Department Listings and Disclosure Group 4/F Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Attention: Ms . Janet J . Alcala Assistant, Disclosure Department Gentlemen : The news article published in the July 16, 1998 issue of the Philippine Daily Inquirer refers specifically to the creditors of the Ever Emporium Inc. ("EEI") which operates department stores and supermarkets. EEI is not listed on the PSE. We were informed by EEI that under the terms of the said MOA the creditor banks have granted the EEI a 90 day suspension on debt payments. During this period, EEI and its creditor banks will meet to agree on an acceptable restructuring plan for the EEI's obligations. Gotesco Land, Inc.'s ("GO") wholly owned subsidiary Nasugbu Resorts, Inc. ("NRI") is negotiating with its creditor banks for a 90-day suspension of debt payments. We expect to finalize the terms and conditions of the agreement by early August. We shall present to the PSE the final terms and conditions of the agreement upon approval by our Board of Directors. LexLib We have no other information on the total debt exposure of the Ever Gotesco Group nor on any discussion on the restructuring of the Group loans. Very truly yours, GOTESCO LAND, INC. By: (SGD.) JOSE C. GO President