Joint Venture Agreement between Hopewell Crown Infrastructure, Inc. and Philippine National Construction Corp.

October 12, 1999 PSE CIRCULAR FOR BROKERS NO. 2596-99 October 11, 1999 THE PHILIPPINE STOCK EXCHANGE, INC. 4th Floor, PSE Center Exchange Road, Ortigas Center Pasig City SUBJECT : Joint Venture Agreement between Hopewell Crown Infrastructure, Inc. and Philippine National Construction Corp . Attention: Ms . Grace de Guia Asst . Manager, Disclosure Department Gentlemen: A Joint Venture Agreement between Hopewell Crown Infrastructure, Inc. (HCII) and Philippine National Construction Corp. (PNCC) was signed this afternoon at the Malacaang Palace. The subject of the Joint Venture Agreement is the rehabilitation, expansion, extension, operation and maintenance of the South Luzon Super Highway from Alabang to Lucena, Quezon which id estimated to cost US$480 million. A joint venture company, which will be owned 80% by HCII and 20% by PNCC, will be formed to undertake the project. Hopewell Crown Infrastructure, Inc. is a Filipino company which is majority owned and controlled by Crown Equities, Inc. Very truly yours, (SGD.) MELANIE S. BELEN Executive Vice President-Chief Financial Officer