PSE Circular for Brokers No. 2577-98

November 12, 1998 PSE CIRCULAR FOR BROKERS NO. 2577-98 November 11, 1998 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 Gentlemen : Please be informed that at the Special Meeting of the Board of Directors of Gotesco Land, Inc. ("GLI"), where a majority of the members were in attendance, held today, November 11, 1998, the Board approved the further postponement of the annual stockholders' meeting set for November 25, 1998 to February 24, 1999. The Board of Directors were informed that GLI recently lost the services of its transfer agent, the Caval Securities Registry, Inc. The newly appointment transfer agent, the Securities Transfer Services, Inc. needs sufficient time for the turnover of records, up-date the company's stock and transfer books in order to come up with the list of stockholders entitled to vote at the stockholders meeting, comply with the proxy statements, prepare other information requirements of the Securities and Exchange Commission and for Management to prepare, collate and mail the annual report, agenda and notice of meeting to qualified stockholders. LLjur Very truly yours, (SGD.) VICENTE VILLA CANONOE Interim Corporate Secretary