PSE Circular for Brokers No. 2094-99

August 24, 1999 PSE CIRCULAR FOR BROKERS NO. 2094-99 23 August 1999 The Philippine Stock Exchange, Inc. 4th Floor, Philippine Stock Exchange Centre Exchange R, Ortigas Center, Pasig City Attention: Ms . Grace B . De Guia Asst . Manager, Disclosure Dept . RE : Clarification of News Article Gentlemen : We confirm that on 19 August 1999, we, through our legal counsel, filed with the Securities and Exchange Commission (SEC) an Urgent Motion for Temporary Restraining Order and Preliminary Injunction to enjoin ING Bank, Atty. Ponciano F. Espiritu, Notary Public for the province of Cavite, and all persons claiming under them from proceeding with the extra-judicial sale of the properties of Uniwide Sales Realty & Resources Corporation (USRRC) situated in Naic, Cavite scheduled on 26 August 1999. aisadc We likewise confirm that on 20 August 1999, we filed with the SEC a verified Motion to cite ING Bank, its President, members of the board of directors and country manager, and Atty. Ponciano F. Espiritu, for indirect contempt and to order all parties to cease and desist from proceeding with the said extra-judicial sale. In view of the foregoing, we withdrew the Urgent Motion for Temporary Restraining Order and Preliminary Injunction which we filed on 19 August 1999. We requested the SEC to hear our Motion to cite for indirect contempt on 24 August 1999 at 10:00 a.m. We trust this clarifies the matters discussed in the said article. Very truly yours, (SGD.) SUSAN O. LIGERALDE Investor Relations Manager