PSE Circular for Brokers No. 1935-99

August 5, 1999 PSE CIRCULAR FOR BROKERS NO. 1935-99 August 4, 1999 Philippine Stock Exchange, Inc . PSE Centre, Exchange Road Ortigas Center, Pasig City Attention: Atty . Ruben L . Almadro VP Compliance & Surveillance Group Gentlemen : We write in connection with your faxed letter received by the undesigned, which among others, advises our Company of a trading halt on our securities effective tomorrow, August 5, 1999. This development, indeed, caught us by surprise. However, we are unaware of any information and/or transaction, which triggered the sharp and sudden increase of fee share price of our Company's stocks. Henceforth, we are sorry that we cannot furnish your office of the material information you are seeking from our Company. Perhaps, the sharp increase was occasioned purely by market forces beyond our control, and it is probably a sign that the property sector is already picking up. But, certainly our Company neither did enter into any transaction, nor did anything, which your office and the public is unaware of. Thus, we request that your plan to impose a trading halt on our Company's securities, be not enforced . Certainly, our Company's financial status will be prejudiced should your plan to impose the sanction will push through. dctai Rest assured that, in compliance with the PSE policy of full, fair, timely and accurate disclosure at all times of all material information that may affect the value and trading of securities, we will be, from time to time, apprising your office of the information you need. Your favorable response will be highly appreciated. Thank you very much. Very truly yours, (SGD.) ATTY. ROLAND ONG AMBAIT Corporate Information Officer