PSE Circular for Brokers No. 1843-98

August 7, 1998 PSE CIRCULAR FOR BROKERS NO. 1843-98 August 6, 1998 PHILIPPINE STOCK EXCHANGE PSE Center, Exchange Road Ortigas Center, Pasig City Attention: Listings and Disclosures Group Gentlemen : Please be informed that Ayala Land, Inc. (ALI) and Cebu Holdings, Inc. (CHI) signed today a Joint Venture Agreement for the establishment and operation of the City Sports Club-Cebu, a one-hectare sports and recreational facility at the heart of the Cebu Business Park. It will be located along the park's major thoroughfare, Cardinal Rosales Avenue. City Sports Club-Cebu will be the first sports club in Cebu to offer diverse but fully integrated sports and recreational facilities all contained in one location. Upon obtaining the necessary governmental approvals, the sports club will offer individual and corporate proprietary shares for sale to the public. Selling of proprietary shares is expected to commence by the latter half of 1998. The sports club is scheduled to be operational by the first quarter of 2001. The facility is designed by renowned sports and leisure facility designers RR Payumo and Associates, Belt Collins of Hawaii and Barry Design Associates. cdt To implement the joint venture, a new company to be named "CITY SPORTS CLUB CEBU, INC." will be incorporated by the parties shortly. Thank you very much. Very truly yours, (SGD.) MERCEDITA S. NOLLEDO Corporate Secretary