PSE Circular for Brokers No. 2441-99

September 28, 1999 PSE CIRCULAR FOR BROKERS NO. 2441-99 Disclosure Department Listings and Disclosure Group 4/ F Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City RE : Global Equities, Inc . Gentlemen: We wish to advise the Philippine Stock Exchange that Global Equities, Inc. (the "Corporation") has sold to SM Prime Holdings a one-hectare parcel of land in the Corporation's Global Airport Business Park (the "Business Park") located at Paraaque, Metro Manila. llcd SM Prime Holdings, Inc. is presently considered as the Corporation's anchor locator in the Business Park. Its primary purpose is to establish its main logistical warehousing facility therein to service its nationwide retail operations. The Business Park is a nine-hectare area located along the Ninoy Aquino Avenue which is approximately 10 minutes away from the Ninoy Aquino International Airport. The Business Park features a world class four-lane bridge and road network, underground utilities such as power, telecommunication, water and sewage treat and a 24-hour security service. Approximately thirty percent (30%) of the area is mandatorily landscaped together with established building sidelines for overall design conformity. The Business Park has the most modern and secured business location in the area which is intended to attract businesses needing to locate in close proximity to both the domestic and international airports. The Corporation is presently offering developed lots for sale in the Business Park and its commercial/office/warehouse facilities therein for lease. Very truly yours, GLOBAL EQUITIES, INC. By: (SGD.) ARSENIO C CABRERA, JR. Corporate Secretary