Cebu Property Ventures And Development Corporation Reduction in Listed Shares

July 29, 1999 PSE CIRCULAR FOR BROKERS NO. 1890-99 SUBJECT : Cebu Property Ventures And Development Corporation Reduction in Listed Shares On July 14, 1999, the Exchange approved the reduction in the number of listed shares of CEBU PROPERTY VENTURES AND DEVELOPMENT CORPORATION (the "Company") by 59,650,000 common shares , divided into 35,790,000 class "A" shares and 23,860,000 class "B" shares , due to the retirement of treasury shares. The listed shares of the Company after the reduction is 940,350,000 common shares , divided into 564,210,000 class "A" shares and 376,140,000 class "B" shares , as shown in the table below: Authorized Capital Authorized Capital Stock/ No. of Listed Stock/ No. of Listed Shares Shares (Before Retirement Retirement of (After Retirement of of Treasury Shares) Treasury Shares Treasury Shares) Class "A" shares 600,000,000 35,790,000 564,210,000 Class "B" shares 400,000,000 23,860,000 376,140,000 TOTAL 1,000,000,000 59,650,000 940,350,000 In view thereof, the reduction in the number of listed shares by 59,650,000 common shares, divided into 35,790,000 class "A" shares and 23,860,000 class "B" shares , shall be reflected in the computer system (electronic board and ticker) of the Exchange on Monday, August 2, 1999 . aisadc For your information and guidance. (SGD.) JOSE LUIS U. YULO, JR. President & CEO