PSE Circular for Brokers No. 173-00

January 26, 2000 PSE CIRCULAR FOR BROKERS NO. 173-00 January 26, 2000 Philippine Stock Exchange Exchange Road, Ortigas Center Pasig City Via Fax No. 637-8803 Attention : Mr . Jose Luis U . Yulo, Jr . President & Chief Executive Officer Gentlemen: In connection with an article released today in the Philippine Daily Inquirer entitled "Investor To Raise Stake in BW", we wish to clarify that Fil-Estate corporation has not reached any formal agreement with Mr. Jihong Lu and/or Savoy Group of Companies relating to the acquisition of certain Metro Rail Transit interest as alluded in the said article. We confirm that informal discussions had taken place with Mr Jihong Lu regarding possible participation in the activities of Fil-Estate Management, Inc., a privately held holding company within the group. These discussions, however, have not been finalized to date. We will inform you in due course, in the event of a material transaction has been finalized with Savoy Group of Companies that will directly affect any of the listed companies within the Fil-Estate Group. llcd Very truly yours, (SGD.) ATTY. FERDINAND T. SANTOS President