PSE Circular for Brokers No. 3117-99

December 7, 1999 PSE CIRCULAR FOR BROKERS NO. 3117-99 Luisa W. Buenaventura Supervisor; Disclosure Department Philippine Stock Exchange Center Pasig City Dear Ms. Buenaventura: We refer to your fax letter dated December 7, 1999 relative to the news article "Uniwide wants to extend debt relief which appeared in today's issue of the Manila Times. As disclosed in the news article, we confirm having requested the Securities and Exchange Commission (SEC) for an extension of another 60 days from December 9, 1999 of its order of suspension of debt payments. As stated in our letter dated December 6, 1999 to the SEC (copy attached hereto), one of the components of our Rehabilitation Plan is the infusion of new equity into the retail business of the Uniwide Group. Preliminary discussions with potential investors indicate that there may be certain terms and conditions which may significantly affect the Rehabilitation Plan and may require amendments thereof. The extension would therefore allow the Uniwide Group to pursue negotiations with these investor proponents and submit an amended Rehabilitation Plan to consider such terms and conditions as may be agreed upon with the new equity partner. We trust you will find the above in compliance with your requirements. Very truly yours, (SGD.) SUSAN O. LIGERALDE Investor Relations Manager December 6, 1999 Hon. Perfecto R. Yasay, Jr. Chairman Securities and Exchange Commission SEC Building, EDSA, Greenhills Mandaluyong City Dear Chairman Yasay: We refer to the Rehabilitation Plan of the Uniwide Group submitted to you on October 18, 1999. One of the components of this plan is the infusion of new equity into the retail business of the Uniwide Group. Recent developments indicate positive results along this line as we continue as we continue to hold talks with potential investors. There may be certain terms and conditions however which may significantly affect the Rehabilitation Plan and may require amendment thereof. prcd It is for this reason that we may request that the evaluation and the approval of the Rehabilitation Plan be held until we conclude our negotiations with the new equity partner to enable us to incorporate the necessary amendments thereto. For this purpose, we seek postponement of the December 9, 1999 hearing and the extension of the suspension of payment for another sixty (60) days. We hope to conclude negotiations within this period and submit an amended Rehabilitation Plan. prcd Thank you for your kind attention to the above request. Very truly yours, Uniwide Group of Companies Interim Receivership Committee By: (SGD.) MONICO V. JACOB Chairman