PSE Circular for Brokers No. 1693-99

July 9, 1999 PSE CIRCULAR FOR BROKERS NO. 1693-99 PHILIPPINE STOCK EXCHANGE, INC. Philippine Stock Exchange Centre Exchange Road, Ortigas Center Pasig City Attention: Ms . Luisa W . Buenaventura Supervisor, Disclosure Department Gentlemen : This is in reply to your fax message dated 9 July 1999 requesting for a clarification/confirmation of the news article captioned "Ayala nears deal on Bonifacio lot" published in today's issue of the Philippine Daily Inquirer. prLL Please be advised that, while there have been recent initial discussions between ALI and Metro Pacific on a possible participation by ALI in a portion of the Fort Bonifacio project, these discussions are preliminary in nature and have served primarily to identify a number of issues which need to be resolved. Because of the tentative nature of these talks, we are not in a position to disclose any further details, which may be subject to change in any event if the discussions were to continue. It would be premature to suggest, as the Inquirer article does, that the transaction described therein is imminent. May we point out that, as a matter of normal practice, ALI explores any reasonable business opportunity that is brought to our attention, and that the mere pursuit of such business opportunities should not be construed to signify that we are "nearing an agreement". LLpr Very truly yours, (SGD.) JAIME E. YSMAEL Vice President and Comptroller