PSE Circular for Brokers No. 2174-99

August 31, 1999 PSE CIRCULAR FOR BROKERS NO. 2174-99 August 31, 1999 THE PHILIPPINE STOCK EXCHANGE, INC . Pasig City Attention: Ms . Grade De Guia Asst . Manager Disclosure Dept . Gentlemen : We refer to your query, received today, regarding a news article captioned, "Fil-Estate Plans P2.2 Billion Convertible Bond Officer," published in today's issue of the Business World. The article reported that Fil-Estate Land, Inc. said it plans to offer P2.2 Billion worth of convertible bonds in the last quarter of the year. Please be advised that among other funding initiatives that the company is currently entertaining in order to generate funds for development, is a convertible bond offer that the company deferred implementation during the crisis period. In view of the more favorable conditions currently prevailing, this initiative is again seriously being pursued and is hoped will be completed by year end. As more definitive information is available, the Philippine Stock Exchange will be duly notified. Very truly yours, (SGD.) ROBERTO S. ROCO Chief Finance Officer