PSE Circular for Brokers No. 217-99

February 5, 1999 PSE CIRCULAR FOR BROKERS NO. 217-99 February 4, 1999 Securities & Exchange Commission Director Linda A.. Daoang Money Market Department S.E.C. Building, EDSA Mandaluyong City Philippine Stock Exchange Disclosure Department Listings and Disclosure Group 4/F PSE Center, Exchange road Ortigas Center, Pasig City Gentlemen : Please be informed that Ayala Land, Inc. (ALI) and affiliate Cebu Holdings, Inc. (CHI), are set to break ground on a P1.128 Billion sports club facility in the Cebu Business Park on 20 February 1999. The Securities and Exchange Commission has granted a license to sell shares of City Sports Club Cebu last January 19, 1999. Thus, individual and corporate proprietary shares for the proposed sports club are now available, to the public. prLL Only several days after being made available to the market, over 50% of the initial tranche of "A" shares have been committed to buyers indicating a keen demand for the offering. Two thousand common shares are being made available to the public, broken down as follows: 1,425 Class "A" shares, 300 Class "B" shares and 275 Class "C" shares. The shares are being sold in tranches at gradually increasing prices. The first tranche of 340 shares, now being offered at the market, are priced at P595,000 for Class "A" shares, P645,000 for Class "B" shares, and P1.03 Million for Class "C" shares. The City Sports Club Cebu is in line with ALI's commitment to maintain a strong presence in the province. The sports club project, apart from complementing the available amenities of the Cebu Business Park, is expected to prime business and economic activity in the area. Envisioned to be a first class sports and recreational complex, the project's major facilities will include swimming pools, tennis courts, a multi-purpose covered court, 12-lane bowling center, a game room, internet cafe and a themed playground for kids. It will also have a fitness gym and sauna for health enthusiasts, complemented by a beauty salon and barber shop. The club will likewise feature a poolside coffee shop, a fine dining restaurant, a sports bar, a ballroom and several function rooms. It will also enjoy a superior location within the 50-hectare Cebu Business Park, Southern Philippines' growing commercial and business hub. The City Sports Club is expected to set a new lifestyle in the business park. The sports club will be developed as a world-class urban resort, and will be the only facility in the province to offer sports and leisure for the entire family. The sports club will be the latest addition to the growing number of facilities at the Cebu Business Park, which now hosts Ayala Center Cebu, Cebu City Marriott Hotel, and several office buildings and residential condominiums. This information is being disclosed in compliance with the rules of the Securities & Exchange Commission and the Philippine Stock Exchange. LLpr Very truly yours, (SGD.) RENATO O . MARZAN Assistant Corporate Secretary