Gotesco Land, Inc.

August 7, 1998 PSE CIRCULAR FOR BROKERS NO. 1850-98 SUBJECT : Gotesco Land, Inc . Gotesco Land, Inc. ("GO") informed the Exchange in a letter dated August 6, 1998 that its Board of Directors, in a meeting held on even date, has adopted the following actions: 1. Election of Mr. Carlos Wilfredo B. Pineda as Corporate Secretary in place of Mr. Amado M. Santiago, Jr.; 2. Election of Mr. Jose C. Go as Chairman of the Board in place of Mr. Edgardo B. Espiritu; 3. Election of Mr. Jose L. Camus as Treasurer in place of Mr. Richard L. Hsu; 4. Authority for Mr. Jose C. Go, President, to negotiate and enter into an agreement with creditor banks for the restructuring, dacion en pago or any other scheme beneficial to the corporation. LibLex Furthermore, GO furnished the Exchange copies of its Project Development Report and Unaudited Financial Reports for the year ending December 31, 1997 and for the six months ending June 30, 1998. Copies of said reports are available for reference at the PSE Library and PSE-Plaza Administration Office. For your information. (SGD.) REYNOLD P. ONG Vice-President, Listings and Disclosure Group