PSE Circular for Brokers No. 2249-99

September 9, 1999 PSE CIRCULAR FOR BROKERS NO. 2249-99 September 8, 1999 Philippine Stock Exchange, Inc . 4th Floor PSE Centre, Exchange Road Ortigas Center, Pasig City Attention: Ms . Grace De Guia Head - Disclosure Dept . Dear Ms. Grace De Guia: This is to inform your good office that during the regular meeting of the Board of Directors of CITYLAND DEVELOPMENT CORPORATION held today September 08, 1999, a stock dividend of 40% which will be taken from the unissued capital stock, was declared from the additional paid in capital as of December 31, 1998, to the stockholders of record as of November 05, 1999. Said stock dividends shall be payable on November 6, 1999. The special stockholders' meeting for the ratification of this declaration will be on October 22, 1999, and the record date of the corporation for the said meeting is September 22, 1999. This is to be held at 3/F Cityland Condominium 10, Tower II 6817 H.V. dela Costa Street, Ayala Avenue North, Makati City. Thank you. STOCK DIVIDEND STOCK - 40% EX-STOCK - October 29, 1999 RECORD DATE - November 5, 1999 DATE PAYABLE - November 26, 1999 Very truly yours, (SGD.) RUFINA C. BUENSUCESO Senior Vice President