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March 20, 2000PSE CIRCULAR FOR BROKERS NO. 711-00PHILIPPINE STOCK EXCHANGE, INC.PSE Centre, Exchange RoadOrtigas Center, Pasig CityAttention.: Ms. GRACE DE GUIAAsst. Manager, Disclosure DepartmentDear Ms. de Guia :RE : PR-005Please be informed that ARANETA PROPERTIES, INC. and SWANSVILLE INVESTMENT PTE, LTD., have just signed an Agreement for the joint venture development of a portion of-the real-estate property of ARANETA PROPERTIES, INC., located in San Jose del Monte, Bulacan. Very truly yours,(SGD.) JUAN VICTOR R. LLAMASCorporate Information Officer