PSE Circular for Brokers No. 1692-99

July 9, 1999 PSE CIRCULAR FOR BROKERS NO. 1692-99 July 9, 1999 Ms. Luisa W. Buenaventura Listings and Disclosure Group The Philippine Stock Exchange Inc. 4/F PSE Center, Exchange Road Ortigas Center, Pasig City Dear Ms. Buenaventura : Fort Bonifacio Development Corporation (FBDC) confirmed today that it is engaged in preliminary discussions with Ayala Land Inc. regarding possible joint venture projects within the 440-hectare urban development. LibLex Talks between the two companies are premised on Ayala Land participating in one or more projects contained within the master plan for the project but outside the 57-hectare Big Delta area which is to serve as Fort Bonifacio's central business district. Discussions remain in an early stage and may not lead to any final agreement, and no timetable has been set for reaching a conclusion. Of the total project, 226 hectares are held by the Philippine Government through the Bases Conversion and Development Authority, with a further 214 hectares owned by FBDC, which is controlled by First Pacific's Philippine flagship, Metro Pacific Corporation. LexLib Very truly yours, (SGD.) CORAZON P. GUIDOTE Group Vice President Corporate Communication and Investor Relations