PSE Circular for Brokers No. 2857-99

November 10, 1999 PSE CIRCULAR FOR BROKERS NO. 2857-99 SECURITIES AND EXCHANGE COMMISSION SEC FORM 11-C CURRENT REPORT UNDER SECTION 11 OF THE REVISED SECURITIES ACT (RSA) AND RSA RI, E 11 (a)-1(b)(3) THEREUNDER 1. Date of Report: November 9, 1999 2. SEC Identification Number The SEC Registration No. of the Registrant is 616 3. BIR Tax Identification No. The BIR Tax Identification No. of the Registrant is TIN 301-000-283-707 4. Exact name of Registrant as specified in its charter GOTESCO LAND, INC. 5. Province, country or other jurisdiction of incorporation 6. Industry Classification Code (SEC Use Only) 7. Address of principal office 12 Floor, Ever Gotesco Corporate Centre 1962-70 C.M. Recto Avenue, Manila, Philippine 8. Registrant's telephone number, including area code Tel. No. (0632) 735-0271 to 81 Loc. 299/214 735-6901 to 20 9. Former name or former address, if changed since last report 10. Securities registered pursuant to Section 4 and 8 of the RSA No. of Shares Registered Title of Each Class No. of shares and Outstanding Amount of Debt Outstanding 1 Billion A & B 1,206,247,944 NONE 11. Item No. 7 In connection with your letter of October 22, 1999 on our disclosure of October 12, 1999 regarding Civil Case No. 24421 filed by the Philippine Tourism Authority against Gotesco Land, Inc. and Gotesco Properties, Inc. please be informed that on October 15, 1999, Judge Pampio A. Abarintos of the 7th Judicial Region, Branch 22, Cebu City, issued an Order giving the counsel of the Philippine Tourism Authority until October 26, 1999 to file its comment and/or answer to the Motion to Dismiss filed by the counsel of Gotesco Land, Inc. and Gotesco Properties, Inc. Likewise, Atty. Zosa, counsel for Gotesco Land, Inc. and Gotesco Properties, Inc. was given until October 26, 1999 to secure from his client the necessary Special Power of Attorney to enable him to discuss the settlement before the court. Judge Abarintos advised both parties to utilize the period between October 15 and 26, 1999 to mull things over for the possible settlement of the case. llcd During the hearing last October 26, 1999, Gotesco Land, Inc. and Gotesco Properties, Inc. and the Philippine Tourism Authority through their respective counsels, manifested their willingness to settle the case. In view of the urgency of the matter, Judge Abarintos issued an Order on October 28, 1999 calling both parties to a conference to discuss the possibility of reaching an amicable settlement . At the conference held last November 4, 1999, Atty. Zosa, counsel for Gotesco Land, Inc. and Gotesco Properties, Inc. informed the court of the desire of both companies to purchase the properties under litigation for P250 Million payable upon signing of the compromise agreement, subject to the condition that the Joint Venture Agreement entered into by both parties shall be cancelled. The counsel for the Philippine Tourism Authority told the court that he needs to consult with higher officials of the Philippine Tourism Authority on the offer of Gotesco Land Inc. and Gotesco Properties, Inc. Judge Abarintos gave the counsel for the Philippine Tourism Authority fifteen (15) days to make or submit its manifestations on whether it is agreeable to the proposal of Gotesco Land Inc. and Gotesco Properties, Inc. The counsel for Gotesco Land, Inc. and Gotesco Properties, Inc. was likewise given fifteen (15) days to inform the court whether it is agreeable to the terms and conditions that the Philippine Tourism Authority may make. (SGD.) JOSE L. CAMUS Director/Treasurer