News Article Captioned "Universal Rightfield Shelves All Its Future Projects"

July 31, 1998 PSE CIRCULAR FOR BROKERS NO. 1798-98 July 30, 1998 DISCLOSURE DEPARTMENT Listings and Disclosure Group Philippine Stock Exchange, Inc. 4/F Philippine Stock Exchange Centre Exchange Road, Ortigas Center Pasig, City, Metro Manila RE : News Article Captioned "Universal Rightfield Shelves All Its Future Projects" Gentlemen : In response to your fax message of July 29, 1998 regarding the news article about our Company which came out in the July 28, 1998 issue of the Philippine Star, we respond as follows: 1. Firstly, the article was not initiated by the Company. The reporter of Philippine Star apparently based his report on the Preliminary Information Statement or other reports filed by Universal Rightfield (UP) with the Securities and Exchange Commission. However, there were misleading statements attributed to the Company in particular about the "shelving of all its future projects." Our move to put on hold the launch of new projects only pertains to condominium projects still in the drawing board . We are doing this as we wish to focus our resources on our ongoing projects: Pioneer Highlands, Dansalan Gardens and Universal Leisure Club. cdll 2. The article also stated that UP is shelving its masterplanned residential community projects such as South Hills, Canlubang Plantation and Batulao Woodlands. This statement is inaccurate. These projects, where UP is a minority partner, are pushing through. Please note the following: a) South Hills is a co-development among DMCI-Project Developers, Inc. (DMCI-PDI), Itochu Corporation, Greenridge Corporation and UP (with 19.25 % interest). Target launch is late 1998. b) Canlubang Plantation is principally the undertaking of the Jose A. Yulo family and DMCI-PDI. UP's stake in the project is 10%. Land development is expected to be completed within the year. c) With respect to Batulao Woodlands, this is a joint venture project of Landco, Metro Pacific Corp. DMCI-PDI and UP (22% interest). The project masterplan has already been completed. The partners intend to launch this development at the right time in the future. cdlex 3. Regarding UP's possible tie-ups with strategic investors to co-develop its landbank, discussions are in the exploratory stage and therefore there is nothing we can disclose at this point. Very truly yours, (SGD.) A. BAYANI K. TAN Corporate Secretary