PSE Circular for Brokers No. 330-99

February 24, 1999 PSE CIRCULAR FOR BROKERS NO. 330-99 February 23, 1999 PHILIPPINE STOCK EXCHANGE PSE Center, Tektite Rd. Ortigas Center, Pasig City Attention: Mr . Ruben Almadro VP - Compliance and Surveillance Group Mr . Reynaldo P . Ong VP-Listings and Disclosure Group Gentlemen : Please be informed that the Board of Directors of Cebu Property Ventures and Development Corporation (CPVDC) at its meeting held today approved the following matters: 1. Decrease in Authorized Capital Stock Through the Retirement of Treasury Shares An amendment to Article Seventh of its Articles of Incorporation decreasing its authorized capital stock from One Billion Pesos (P1,000,000,000.00) To Nine Hundred Forty Million Three Hundred Fifty Thousand Pesos (940,350,000.00) though the retirement of its treasury shares totaling Fifty Nine Million Six Hundred Fifty Thousand shares (59,650,000)each with a par value of One Peso (P1.00)per share, subject to ratification by the stockholders and approval by the Securities and Exchange Commission (SEC) 2. Declaration of Cash Dividend A declaration of cash dividend of P0.10 per share with record dates and payment dates to be determined by the Board of Directors at a later date, after approval by the SEC of the decrease in authorized capital stock through the retirement of treasury shares. aisadc 3. Participation in a Joint Development The participation in the joint development of a middle-income housing community in Mandaue City, Cebu with an area of approximately 2.4 hectares together with Laguna Properties Holdings, Inc. and Acoland, Inc. 4. Declaration of Annual Stockholders' Meeting The setting of the date of the Annual Stockholders Meeting on April 30, 1999 in Cebu City and the closing of the stock and transfer books from March 31, 1999 to April 30, 1999, inclusive, with the agenda to be determined at a later date. cdll Thank you very much. CASH DIVIDEND CASH P0.10 per share RECORD DATE to be announced Very truly yours, (SGD.) MERCEDITA S. NOLLEDO Corporate Secretary