Megaworld Properties and Holdings, Inc.

August 25, 1999 PSE CIRCULAR FOR BROKERS NO. 2119-99 SUBJECT : Megaworld Properties and Holdings, Inc . Megaworld Properties and Holdings, Inc. ("MEG") informed the Exchange that the Securities and Exchange Commission (SEC) approved on August 19, 1999, its Amended Articles of Incorporation, reflecting the following amendments to Articles I, II, VI and VII: 1) Increase in the authorized capital stock from Ten Billion Two Hundred Million Pesos (P10,200,000,000.00) to Thirteen Billion Two Hundred Million Pesos (P13,200,000,000.00), divided into Nine Billion Two Hundred Million (9,200,000,000) common shares and Four Billion (4,000,000,000) preferred shares. 2) Increase in the number of directors from five (5) to seven (7). 3) Change of corporate name from Megaworld Properties and Holdings, Inc. to Megaworld Corporation . 4) Change in primary corporate purpose to allow the conversion of MEG into a holding company. 5) Changes in secondary corporate purposes to allow MEG to engage in various businesses such as hotel, leisure, resort, gaming, trading of goods and merchandise, and information technology, while retaining its present business of real estate development, marketing, and management. The SEC also approved on the same date, an amendment to MEG's By-Laws changing the date and time of its annual meeting of stockholders from 2:00 p.m. of the second Friday of May of each year to 8:30 a.m. of the third Friday of June of each year. The change in name of the company to Megaworld Corporation , as well as the change in its sector to Holding Firms will be reflected in the Exchange's computer system (electronic board and ticker) on Friday, August 27, 1999 . However, its stock trading symbol "MEG" will not be changed as advised by the Company. For your information. (SGD.) ATTY. RUBEN L. ALMADRO Officer-In-Charge