Empire East Land Holdings, Inc.

July 26, 1999 PSE CIRCULAR FOR BROKERS NO. 1841-99 SUBJECT : Empire East Land Holdings, Inc . Empire East Land Holdings, Inc. ("ELI") informed the Exchange, through SEC Form 11-C, that the Securities and Exchange Commission (SEC) approved on July 20, 1999 its Amended Articles of Incorporation, particularly the amendment to Article VII, reflecting the increase in its authorized capital stock from Ten Billion Pesos (P10,000,000,000 . 00) to Thirteen Billion Pesos (P13,000,000,000 . 00) , divided into Eleven Billion (11,000,000,000) common shares and Two Billion (2,000,000,000) preferred shares, with a par value of One Peso (P1.00) per share. Out of the P3 billion increase, Seven Hundred Fifty Million Pesos (P750,000,000.00) has been subscribed by, Raffles & Co., Inc. and Andresons Global, Inc. at Three Hundred Seventy Five Million (375,000,000) shares each. Furthermore, the SEC approved on the same date the amendment to the By-Laws of the Corporation changing the date and time of the annual meeting of stockholders from the third Friday of April at 1 : 00 p . m . to the second Tuesday of June at 8 : 30 a . m . of each year. For your information. (SGD.) JOSE LUIS U. YULO, JR. President and CEO