PSE Circular for Brokers No. 203-99

February 3, 1999 PSE CIRCULAR FOR BROKERS NO. 203-99 PHE PHILIPPINE STOCK EXCHANGE Phil. Stock Exchange Center Exchange Road , Pasig City Attention: Mr . Reynold P . Ong VP Listing & Disclosures Group Gentlemen : RE : Waterfront Philippines Inc. ("WPI") Stock Dividend Declaration We are pleased to advise that the Board of Directors of WPI, in a special meeting held today, approved a 10% stock dividend declaration, payable out of additional paid-in capital of the corporation as of March 31, 1998, and by way of pro-rata allotment to stockholders of record as of the 15th day following approval by the Securities and Exchange Commission ("SEC") and the Philippine Stock Exchange ("PSE") of the registration and listing of the additional shares of authorized but unissued shares covered by the stock dividend declaration. The stock dividend declaration is subject to the required SEC and PSE approvals, and the approval and ratification by the required vote of the WPI shareholders in the next annual meeting of the stockholders scheduled on August 20, 1999. STOCK DIVIDEND STOCK 10% RECORD DATE TO BE ANNOUNCED Very truly yours, (SGD.) ROMULO, MABANTA, BUENAVENTURA, SAYOC & DE LOS ANGELES By: (SGD.) CYNTHIA ROXAS-DEL CASTILLO