PSE Circular for Brokers No. 2315-98

October 6, 1998 PSE CIRCULAR FOR BROKERS NO. 2315-98 October 5, 1998 PHILIPPINE STOCK EXCHANGE, INC . PSE Centre, Exchange Road Ortigas Center, Pasig City Metro Manila Attention: Ms . Luisa W . Buenaventura Supervisor Disclosure Department RE : Araneta Properties, Inc . (ARA) Gentlemen : We refer to your fax message which we received earlier today and wish to clarify certain points raised in said news report. The real estate involved in said article refers to properties registered under the name of Asialand Development Corporation, Gregorio Araneta, Inc., and the Luis Araneta. In the vicinity map enclosed herein, they are identified as villages 8, 9, and 10. These properties were mortgaged sometime in 1983 by their respective registered owners to The Manila Banking Corporation (TMBC). ARA on the other hand has Villages 2, 3, 4, 6, and 13 registered under its name. These properties are untenanted. As early as 1993, some of the properties have already been exempted from CARP coverage. In 1996, the DAR exempted the rest of ARA's real estate in San Jose del Monte, Bulacan. Considering that the real estate subject of the new report does not involve Araneta Properties, Inc., or any of its assets, ARA is not in a position to comment on the news report particularly the allegations on threats by the contending parties as well as the status of the case pending before the DAR. The matter is one purely between TMBC on one hand, and the "farmers" on the other. So that you may have a better understanding about the foregoing, we are inviting you to conduct an ocular inspection of ARA's real estate. Very truly yours, (SGD.) ROBERT A. C. SISON Corporate Secretary