PSE Circular for Brokers No. 508-99

March 17, 1999 PSE CIRCULAR FOR BROKERS NO. 508-99 March 15, 1999 PHILIPPINE STOCK EXCHANGE, INC . 4/F Philippine Stock Exchange Centre Exchange Road, Ortigas Center Pasig City Attention: Mr . Reynold P . Ong Vice President, Listings and Disclosure Group Gentlemen : In reference to an article entitled "DMCI Holdings commits to additional investment in condo project" published on March 10, 1999 by Bloomberg and quoted in part by several newspapers on March 11, 1999, we wish to inform you that our Company is not infusing, and does not intend to infuse any further amount to finish the Diamond Bay Towers project of Stanford Resources and Development Corp. (SRDC). Furthermore, we wish to correct the report that our construction firm D.M. Consunji, Inc. (DMCI) is committed to finance and complete the project in view of its joint venture agreement with SRDC. For the record, it was our wholly owned subsidiary, DMCI Project Developers, Inc. which had acquired a 20% equity share in the said project, while DMCI was the contractor. Since the investment was made, no further contribution from any of our companies has been made nor will be made in the future. We hope this puts matters in their right perspective. Very truly yours, (SGD.) ALONA MARIE D. QUIAMBAO Corporate Communications Officer