Cityland Development Corporation

November 26, 1999 PSE CIRCULAR FOR BROKERS NO. 3033-99 SUBJECT : Cityland Development Corporation This is with reference to Circular for Brokers No. 2249-99 dated September 9, 1999 relative to Cityland Development Corporation's ("CDC") 40% stock dividend declared by the Board of Directors on September 8, 1999 to stockholders of record as of November 5, 1999, payable on November 26, 1999. CDC informed the Exchange that the distribution of the stock certificates, scheduled on November 26, 1999, will be postponed to a later date pending receipt of the necessary approval from the Securities and Exchange Commission (SEC). The approval was delayed due to the company's request for "exemption of fees" for the said dividend which was not favorably acted upon. CDC sent another letter dated November 25, 1999 to the SEC requesting the crediting of the fees from previously paid and unused fees. The request is now for SEC evaluation. CDC will immediately proceed with the distribution of the stock certificates as soon as the approval shall be obtained from the SEC and the subsequent approval of the same for listing by the Exchange. For your information. (SGD.) MARIA ISABEL T. GARCIA OIC, Listings and Disclosure Group