PSE Circular for Brokers No. 441-00

February 23, 2000 PSE CIRCULAR FOR BROKERS NO. 441-00 Philippine Stock Exchange Philippine Stock Exchange Center Exchange Road, Ortigas Center Pasig City Attention : Mr . Ruben L . Almadro Head, Compliance & Surveillance Dept. Gentlemen: In accordance with the Rules Requiring Disclosure of Material Facts by Corporations whose Securities are listed in any Stock Exchange or Registered/Licensed under the Revised Securities Act, and in order to update the Registration Statement of Fil-Estate Land, Inc. ("LND"), we are pleased to report that Fil-Estate Properties, Inc. (FEPI), a wholly-owned subsidiary of FIL-ESTATE LAND, INC. (LND) , has entered into a Memorandum of Agreement with BANK OF AMERICA, N.A. wherein the latter's investment banking group would raise $35 million in new equity for the new company to be spun-off from FEPI to be named FIL-ESTATE URBAN DEVELOPMENT CORPORATION ("FEUDC"). prcd FEUDC is being organized to act as the corporate vehicle where FEPI will spin-off its high rise projects in Metro Manila, including vertical developments along the EDSA Metro Rail Transit system. Under the aforesaid Memorandum of Agreement, Bank of America will assist FEUDC to raise additional equity and debt capital sufficient to complete its new project developments. This Agreement is the latest in LND's on-going efforts to consolidate its operations and provide strategic focus to its high-rise and rail related property development projects. Very truly yours, (SGD.) ROBERT S. ROCO Chief Information Officer