PSE Circular for Brokers No. 803-98

April 24, 1998 PSE CIRCULAR FOR BROKERS NO. 803-98 April 23, 1998 MS. JANET J. ALCALA Listings and Disclosures Group Philippine Stock Exchange PSE Center, Exchange Road Ortigas Center, Pasig City Fax No. 636-08-09 Dear Ms. Alcala : We reply to your fax letter dated April 22, 1998 requesting us to confirm the veracity of a news article published in the April 21, 1998 issue of the Manila Times reporting a 25% drop in the first quarter net income of Empire East Land Holdings, Inc. The statement of Empire East's President, Mr. Anthony Charlemagne C. Yu, to the effect that Empire East sees "a decline of about 25 percent in net income for the first quarter" was a very rough projection or estimate which was largely based on the relatively sluggish mood of the property market during the early par of the year. Said projection was not based on actual figures since Empire East's first quarter sales have, at this print, yet to be determined. LLpr We hope we have clarified any false impression which may have been created by said news article. Thank you. Very truly yours, (SGD.) ENRIQUE SANTOS L. SY Corporate Secretary