PSE Circular for Brokers No. 498-99

March 16, 1999 PSE CIRCULAR FOR BROKERS NO. 498-99 March 15, 1999 Philippine Stock Exchange, Inc. Philippine Stock Exchange Centre, Exchange Road Ortigas Center, Pasig City, Metro Manila Attention: Atty . Ruben L . Almadro VP-Compliance & Surveillance Group Mr . Reynaldo P . Ong VP-Listings & Disclosures Group Gentlemen : Please be informed that the annual stockholders' meeting of the Cebu Property Ventures and Development Corp. shall be held on April 30, 1999 at 3:00 p.m. at the Cebu City Marriott Hotel with the following agenda: LLpr 1. Call to Order 2. Determination of Quorum 3. Approval of the Minutes of the Previous Meeting 4. Annual Report of the President 5. New Business 5.1 Ratification of all Acts and Resolutions of the Board of Directors 5.2 Ratification of the Board Resolution adopted on 23 February 1999 Decreasing Authorized Capital Stock Through the Retirement of Treasury Shares 6. Election of Directors 7. Election of Auditors and Fixing of their Remuneration 8. Consideration of such other business as may properly come before the meeting 9. Adjournment Only stockholders of record at the close of business on 31 March 1999 are entitled to notice of, and to vote at, this meeting. For this purpose, the Stock and Transfer Books of CPVDC will be closed from 31 March 1999 to 30 April 1999, inclusive. cdll Thank you very much. Very truly yours, (SGD.) MERCEDITA S. NOLLEDO Corporate Secretary