Philippine Estates Corporation Additional Listing

April 16, 1999 PSE CIRCULAR FOR BROKERS NO. 774-99 SUBJECT : Philippine Estates Corporation Additional Listing The Exchange approved on February 24, 1999, the application of PHILIPPINE ESTATES CORPORATION to list additional 1,194,333,800 common shares , with a par value of P1 . 00 per share , consisting of the following: a) 1,161,833,800 common shares to cover the property-for-share swap with the following: Rexlon Realty Group, Inc. 322,963,400 common shares Recovery Real Estate Corporation 412,500,000 common shares Ropeman International Corporation 278,270,000 common shares Pacific Rehouse Corporation 148,100,400 common shares TOTAL 1,161,833,800 common shares b) 2,500,000 common shares to cover the conversion of debt-to-equity of The Wellex Group, Inc ., at a conversion price of P1 . 00 per share . Said debt was fully converted into common shares on November 18, 1996. LLjur In view thereof, the listing of 1,194,333,800 common shares is set for Friday, April 23, 1999 . For your information and guidance. (SGD.) JOSE LUIS U. YULO, JR. President & CEO