Filinvest Land, Inc.

March 15, 1999 PSE CIRCULAR FOR BROKERS NO. 470-99 SUBJECT : Filinvest Land, Inc . Attached is a copy of Filinvest Land, Inc.'s ("FLI") Financial Statements which include the company's unaudited Consolidated Balance Sheet and Consolidated Statements of Income ending December 31, 1998 with comparative 1997 figures. LLpr For your information. (SGD.) JOSE LUIS U. YULO, JR. President and CEO FILINVEST LAND, INC. CONSOLIDATED BALANCE SHEETS DECEMBER 31, 1998 AND 1997 (In Thousands of Pesos) 1998 1997 (Unaudited) ASSETS CASH AND TEMPORARY CASH PLACEMENTS 1,557,600 1,739,477 RECEIVABLES 5,465,148 5,944,320 RAW LAND AND LAND DEVELOPMENT PROJECTS 14,385,311 13,351,305 INVESTMENT IN SHARES OF STOCK 3,801,872 3,788,884 PROPERTY AND EQUIPMENT, net 147,533 171,843 PREPAID EXPENSES AND OTHER ASSETS 189,717 218,867 25,547,181 25,214,676 LIABILITIES AND STOCKHOLDERS' EQUITY ACCOUNTS PAYABLE AND ACCRUED EXPENSES 1,380,570 2,007,842 INCOME TAX PAYABLE 4,591 127,459 DEFERRED INCOME TAX 152,213 110,121 UNREALIZED GROSS PROFIT ON INSTALLMENT CONTRACTS RECEIVABLE 273,681 207,152 ESTIMATED LIABILITY FOR LAND DEV. COST 1,491,549 1,074,107 NOTES AND PAYABLE 6,914,500 7,011,600 STOCKHOLDERS EQUITY Capital Stock 4,226,627 4,223,627 Additional paid in capital 3,843,683 3,843,683 Share in revaluation increment on land of subsidiary 2,680,604 2,680,604 Retained earnings 4,579,163 3,925,481 15,330,077 14,676,395 25,547,181 25,214,678 ======== ======== FILINVEST LAND, INCORPORATED CONSOLIDATED STATEMENTS OF INCOME FOR THE YEAR ENDED DECEMBER 31, 1998 AND 1997 (In Thousands of Pesos) 1998 1997 (Unaudited) Income Realized gross profit on sales of subd. House & lots 798,671 1,600,939 Expenses 407,024 478,338 Operating Income 391,647 1,122,601 Other Income (Expenses) Interest, net 283,961 343.321 Others 12.369 136,529 296,030 479,850 Income before Accept and Income Tax 687,677 1,602,451 Equity in Net Earnings of Affiliate 12,688 151,858 Income Before Income Tax 700,365 1,754,309 Income tax Current 4,591 193,943 Deferred 42,092 57,415 46,683 251,358 Net Income 653,682 1,502,951 ======= =======