PSE Circular for Brokers No. 1776-99

July 19, 1999 PSE CIRCULAR FOR BROKERS NO. 1776-99 Philippine Stock Exchange PSE Centre Exchange Road Ortigas Center Pasig City Attention: Disclosure Department Listings and Disclosure Group Gentlemen : This is to inform you that an Agreement was entered into last Friday evening, July 16, 1999, on the sale of HOUSE OF INVESTMENTS, INC.'s 13.2% direct stake in SOUTH WESTERN CEMENT CORPORATION ("SWCC") and 15.85% indirect stake in SWCC through Lo-oc Limestone Development Corporation, which owns 63.41% of SWCC, to JMH International Philippines, Inc. ("Buyer"). LibLex The Buyer may elect to terminate the Agreement within four and one half months. Thank you for your attention. Very truly yours, (SGD.) JOSE MA. G. CASTILLO III Chief Information Officer Previous Colony investments in Asia include Kerry Properties Limited, a Hong Kong-based real estate development company led by Robert Kuok; a controlling ownership in Amanresorts, the Asian-based chain of luxury resorts; and a significant commitment to purchase and manage non-performing loans in Korea, Japan and Thailand Colony Capital is a private, international real estate-related investment firm led by Thomas J. Barrack, Jr., its chairman and chief executive officer, and Kelvin L. Davis, its president and chief operating officer. Since its formation in 1991, Colony has been one of America's most active and innovative real estate investors, investing in excess of US$5 billion in more than 50 distinct property, corporate and portfolio transactions. The firm is headquartered in Los Angeles, with offices in Singapore its regional headquarters for the Asian Pacific region, Tokyo, New York, Forth Worth, Texas, Koala Coast, Hawaii, and Paris, France. LexLib