Empire East Land Holdings, Inc. Additional Listing

July 20, 1999 PSE CIRCULAR FOR BROKERS NO. 1798-99 SUBJECT : Empire East Land Holdings, Inc. Additional Listing The Exchange approved on November 11, 1998, subject to the actual conversion of the convertible preferred shares and of the loans, the application of EMPIRE EAST LAND HOLDINGS, INC . (the "Company") to list additional 527,058,737 common shares , with a par value of P1 . 00 per share , divided into the following: a) 250,000,000 common shares to cover the underlying shares of 250,000,000 convertible preferred shares issued to Philippine Commercial Capital, Inc., International Capital Corporation, and AB Capital and Investment Corporation, by way of a private placement; and b) 277,058,737 common shares to cover the conversion of loans obtained from Philippine Commercial Capital, Inc., International Capital Corporation, and Asianbank Corporation with an aggregate amount of P277,058,737.15 into common shares of the Company. In this connection, please be advised that the Company has received notice from preferred shareholders and creditors for the conversion of 126,771,800 preferred shares into 126,771,800 common shares and P144,575,036.00 worth of loans into 144,575,036 common shares. In view thereof, the listing of the 271,346,836 common shares is set for Wednesday, July 21, 1999 . This brings the number of common shares listed arising from the conversion of the preferred shares to 250,000,000 common shares and 275,058,736 common shares arising from the conversion of the loans. For your information and guidance. (SGD.) JOSE LUIS U. YULO, JR. President & CEO