Election of two (2) Directors to fill up vacant positions in Gotesco Land, Inc. ("GO GO B")

October 9, 1998 PSE CIRCULAR FOR BROKERS NO. 2333-98 PHILIPPINE STOCK EXCHANGE Disclosure Department Listings and Disclosure Group 4/F Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Attention: Ms . Grace B . De Guia Supervisor, Disclosure Department SUBJECT : Election of two (2) Directors to fill up vacant positions in Gotesco Land, Inc . ("GO GO B") Gentlemen : In compliance with the full disclosure rules, please be informed that a Special Meeting of the Board of Directors of Gotesco Land, Inc. (hereinafter referred to as the "Corporation") was held on October 8, 1998 at 1:25 P.M., at its principal office, for the purpose of electing Directors vacated by Messrs. Angelo V. Manahan and Emmanuel U. Gervasio who resigned as Directors of the Corporation. Atty. Vicente Villa Caoneo agreed to act as Interim Corporate Secretary only for the purpose of the election of the replacement of the Directors who resigned. "The meeting was convened after the determination of a quorum with the attendance of six (6) Directors out of eleven (11). Ms. Lourdes G. Ortiga and Ms. Cristina G. Aragon were nominated by Director Camus for the position of Directors of the Corporation, which was duly seconded by Director Daza. The Interim Secretary inquired whether the nominees are stockholders of record of the Corporation which Director Camus answered in the positive. Thereafter, the six Directors present unanimously elected Lourdes G. Ortiga and Cristina G. Aragon as Directors of the Corporation to serve the unexpired term of their predecessors-in-office. The meeting was adjourned at 1:45 P.M." Very truly yours, by: (SGD.) VICENTE VILLA CAONEO Interim Corporate Secretary