Crown Equities, Inc.

September 22, 1999 PSE CIRCULAR FOR BROKERS NO. 2373-99 SUBJECT : Crown Equities, Inc . Crown Equities, Inc. ("CEI") furnished the Exchange a copy of its amended SEC Form 11-A/Annual Report for the fiscal year ended December 31, 1998 following additional information: Item 1. Business b. Business of the Issuer Significant investments of Crown Equities, Inc. are as follows: xxx xxx xxx CEI Development Corporation ". . . The Company is still in its start-up stage." Fort Bonifacio Medical Plaza, Inc. (FBMP) ". . . The Company is currently in its preoperating stage and has acquired a parcel of land as the future site of the hospital. Plans on the development and construction are still being worked out." Crown Central Properties Corp. (CCPC) ". . . The Company has started developing the property and certain contractors have been engaged to develop phases of the project. The project is projected to be completed by the end of the year 2000. Total project cost as of December 31, 1998 amounted to about P370 million." Healthcare System of Asia Phils., Inc. (HCS Philippines) ". . . The two ambulatory care centers started full blast operations in 1998; being in their infant stage, losses were incurred for the year. The centers are projected to cash break-even in 1999 and will continue to be highly profitable in the next years to come." LexLib Asian Alliance Holdings and Development Corporation ". . . Asian Alliance has so far contributed a cumulative earnings to CEI of about P39 million since 1996, P3.6 million of which was earned in 1998." Confed Properties Properties, Inc. ". . . For the past 3 years, Confed has been Crown Equities, Inc.'s major source of revenue; it has contributed a cumulative earnings of P106 million to CEI's gross revenue and P99.8 million in the form of dividend." Item 4. Submission of Matters to a Vote of Security "There is no matter submitted to a vote of security holders during the 4th quarter of the fiscal year." Item 5. Market for Registrant's Common Equity and Related Stockholder Matters (3) Dividends ". . . There is no restrictions that limit the ability of the Company to pay dividends on common equity or that are likely to do so in the future." Item 6. Management's Discussion and Analysis or Plan of Operation Item 9. Directors and Executive Officers of the Registrant (1) & (2) ". . . Each director shall hold office for one (1) year from the time of his election in May 1998 until successor is duly elected and qualified." (3) Family Relationships ". . . Mr. Patrick D. Go is the son of Mr. George L. Go. Ms. Gloria L. Tan Climaco and Emmanuel L. Tan Climaco are siblings." (4) Involvement in Certain Legal Proceedings Affecting the Company and the Directors/Executive Officers prcd "Except for matters described under item 3 of this report. (i) There is no material pending legal proceeding to which the Company or any of its subsidiaries or affiliates on of which any of their property is subject that is required to be disclosed under Part II paragraph (c) of RSA Rule 3-3. (ii) The Company is not aware of any event that occurred during the past five (5) years that are material to an evaluation of the ability or integrity of any director or executive officer of the Company and that is required to be disclosed under Part V, paragraph (a) (4) of RSA Rule 3-3." Item 11. Security Ownership of Certain Beneficial Owners and Management "(1) No person, other than PCD Nominee, is known to the registrant to be directly or indirectly the record or beneficial owner of more than 10% of the registrant's voting securities." Item 12. Certain Relationships and Related Transactions "As of December 31, 1998, the Company has no transactions in which any director or executive officer, security holder or their immediate family have direct or indirect material interest." A copy of CEI's amended SEC Form 11-A is available for reference at the PSE Center and PSE Plaza Libraries. For your information. (SGD.) JOSE LUIS U. YULO, JR. President & CEO