PSE Circular for Brokers No. 2896-99

November 15, 1999 PSE CIRCULAR FOR BROKERS NO. 2896-99 November 12, 1999 PHILIPPINE STOCK EXCHANGE PSE Center, Exchange Road Ortigas Avenue, Pasig City Attention: Surveillance and Monitoring Group Gentlemen: This refers to news articles which appeared in today's issue of the Business World entitled "Filinvest to sell 20% stake in Alabang unit to raise cash" and the Philippine Daily Inquirer entitled "Filinvest to sell 20% stake in firm". We wish to clarify the following matters mentioned in said articles: LexLib 1. Contrary to the report made in subject news articles, Filinvest Land, Inc. has currently no intention to sell its 20% stake in Filinvest Alabang, Muntinlupa City. Fact is that, as reported to the Securities and Exchange on October 7, 1999, FLI is making an additional investment of P600 Million in new shares of stock of FAI. Mr. Joseph M. Yap, FLI President, to whom the statement was attributed, was apparently misunderstood or misquoted. As correctly mentioned in the Philippine Daily Inquirer article, what Mr. Joseph M. Yap merely said was that the structures of both Filinvest Development Corporation and Filinvest Land, Inc. are being looked into but "there is no definite decision yet as to what we will do (with Filinvest Alabang)". 2. We confirm that FLI intends to pay P1.2 Billion of its P5.2 Billion in total debts through the issuance of the P2 Billion worth of long-term commercial papers approved by the Securities and Exchange Commission on November 3, 1999. We trust that the foregoing shall clarify the aforesaid matters mentioned in subject news articles. Very truly yours, (SGD.) DANTE T. RAMOS Corporate Secretary