PSE Circular for Brokers No. 724-99

April 12, 1999 PSE CIRCULAR FOR BROKERS NO. 724-99 April 7, 1999 PHILIPPINE STOCK EXCHANGE, INC . 4/F Philippine Stock Exchange Centre Exchange Road, Ortigas Center Pasig City Attention: Ms . Luisa Buenaventura Ms . Raquel Angeles Disclosure Department Gentlemen : This is with reference to your facsimile dated 07 April 1999, requesting for clarification/confirmation regarding the news article of April 7 on Universal Rightfield. We are not aware of a list of property companies under threat of sanction from the Securities and Exchange Commission as per the speculative tenor of the story although it has been widely reported that the onset of the Asian financial crisis has not spared even property firms from the wide swath of this regional contagion. We wish to assure the Exchange however that Universal Rightfield and Universal Leisure Corporation remain committed to completing the various components of Universal Leisure Club, a multi-destination club for one proprietary share, although this has not been without problems. It is true that Universal Leisure Corp./Universal Leisure Club has rescheduled the target opening dates of the facilities of Universal Leisure Club. The lingering regional economic crisis, which is beyond our control, seriously affected the property development industry to which we belong. Poor sales and the aversion of banks to extend credit support to developers during these times constricted the overall liquidity of the sector. Also, the resulting cost pressures induced by the financial turmoil likewise affected our development plan/schedule. At present, we are talking to prospective strategic partners to assist us in our commitment to the members to deliver a multi-destination club. Please be also informed that to date, Universal Leisure Corp. and/or Universal Leisure Club have acquired ownership over the properties to be used as sites for the six component clubs. In May 1998, we opened the Moorings Resort Villas in Puerto Galera for the use and enjoyment of our club members. We have also started some development work in the Universal Exchange Club (Ortigas) and Universal Business Club (Makati). LLpr We wish to further apprise the Exchange that Universal Leisure Club has, in fact, been regularly updating its members about these developments. We reiterate that we remain fully committed to preserving and enhancing the value of their club shares, Universal Leisure Club being the flagship leisure development of the group. We trust that this will set the record straight. Very truly yours, (SGD.) A. BAYANI K. TAN Corporate Secretary