Waterfront Philippines, Inc.

December 7, 1999 PSE CIRCULAR FOR BROKERS NO. 3119-99 SUBJECT : Waterfront Philippines, Inc . Waterfront Philippines, Inc. ("WPI") furnished the Exchange a copy of its 2nd Amended SEC Form 11-A for the fiscal year ended March 31, 1999, with amendments to the following items: Item 6. Management Discussion and Analysis of Plan of Operation Financial Position as of March 31: 1999 1998 % Debt/Equity Ratio 0.69 0.82 15.9 With additional information on: cdlex Item 9. Directors and Executive Officers of the Registrant 9.2 ". . . Newly appointed directors replacing Chua Ma Yu, Felipe A. Cruz, Jr., and Khoo Boo Boon are as follows: LexLib Renato B. Magadia assumed the Chairmanship of the Board effective July 16, 1999 to serve for the unexpired term of Chua Ma Yu. He is concurrently the Chairman of All Oceans Maritime Agency, Inc. Intercaps Philippines, Inc. Kuhne & Nagle (Phils.), Inc., Luzon Orient Container Terminals, Inc. and Mercator Filter Manufacturing Corporation. He is also a director of the following companies; Cunningham Toplis Philippines, Federal Phoenix Assurance Company, Inc., Philippine Commercial International Bank, Philippine Estates Corporation, Wellex Industries, Inc., Harbor Center I, Inc., Harbor Center II, Inc., Interagri Commodities Traders, Inc. Interflour Corporation, Intermilling Corporation, Interpharma Holdings & Management Corporation, Interphil Laboratories, Inc., Mercator Finance Corporation, Misons Industrial and Development Corporation, OOCL (Philippines), Inc. Time Concorde, Ltd. (Hkg.), and WTC-Club International. cdlex Seng Kiong Yap was elected as director effective July 16, 1999 and likewise assumed as President and CEO of the company. He was the CEO of Legend Resorts International from 1994-1998, Director of Burswood Resort and Casino from 1992-1994, Executive Director of Daiwa Securities Australia from 1987-1992 and Operations Manager of Schlumberger Limited from 1980-1986. prcd Donato C. Almeda was elected as director effective July 16, 1999. He is the President of Pacific Tradelink Corporation based in Hayward California USA since 1986. He is the CEO of International Trading Company primarily servicing Philippine Companies for their Industrial Parts and Supplies requirement." LexLib A copy of WPI's 2nd Amended SEC Form 11-A for the fiscal year ended March 31, 1999 is available for reference at the PSE Centre and PSE-Plaza Libraries. For your information. cdll (SGD.) MARIA ISABEL T. GARCIA OIC, Listings and Disclosure Group