Fil-Estate Land, Inc.

August 25, 1999 PSE CIRCULAR FOR BROKERS NO. 2115-99 SUBJECT : Fil-Estate Land, Inc . Further to Circular for Brokers No. 1650-99 dated July 7, 1999, Fil-Estate Land, Inc. ("LND") furnished the Exchange a copy of its SEC Form 34-C (Definitive Information Statement), including its September 30, 1998 Financial Statements, in connection with its Annual Stockholders' Meeting which will be held on August 30, 1999 , at 8:30 a.m., at the Batanes Function Room, Shangri-La's EDSA Plaza Hotel, Mandaluyong City. The agenda for the meeting shall be as follows: 1. Call to Order; 2. Proof of due notice of the meeting and the determination of quorum; 3. Reading and approval of the minutes of the previous meeting; 4. Reports of the President and Chief Executive Officer; 5. Approval of the Financial Statements for the preceding year; 6. Ratification of all the acts and resolutions of the Executive Committee and the Board of Directors; 7. Election of Directors; 8. Election of Auditors; 9. Other matters; 10. Adjournment. As previously announced, stockholders of record as of July 20, 1999 are entitled to notice of, and to vote at, said meeting. A copy of LND's Definitive Information Statement, including its 1998 Financial Statements, is available for reference at the PSE Centre and PSE-Ayala Libraries. For your information. (SGD.) ATTY. RUBEN L. ALMADRO Officer-In-Charge