PSE Circular for Brokers No. 2816-99

November 4, 1999 PSE CIRCULAR FOR BROKERS NO. 2816-99 SUBJECT : Urbancorp Realty Developers, Inc . This is with reference to Circular No. 1937-99 dated August 6, 1999 relative to Urbancorp Realty Developers, Inc.'s ("URDI") fifty percent (50%) dividends declared by the Board of Directors on August 2, 1999 and ratified by the stockholders on August 30,1999. URDI informed the Exchange that of the aforementioned fifty percent (50%) dividends, 410,891,451 and 45,140,282 common shares shall come from the company's unissued and treasury shares which shall be issued by way of stock and property dividends, respectively. Stockholders will receive a cumulative total of 50% of their shareholdings to be paid by way of 410,891,451 stock dividends ( 45 . 05% ), as approved by the Securities and Exchange Commission on October 14,1999, and 45,140,282 treasury shares ( 4 . 95% ), or a total of 50% dividends as previously disclosed. prcd For your information. STOCK DIVIDEND (UPDATE) STOCK - 45.05% EX-STOCK - November 4,1999 RECORD DATE - November 25, 1999 PROPERTY DIVIDEND PROPERTY - 4.95% EX-DATE - November 4,1999 RECORD DATE - November 10, 1999 (SGD.) MARIA ISABEL T. GARCIA OIC, Listings and Disclosure Group