March 20, 2000

PSE CIRCULAR FOR BROKERS NO. 711-00

PHILIPPINE STOCK EXCHANGE, INC.
PSE Centre, Exchange Road
Ortigas Center, Pasig City

Attention.: Ms. GRACE DE GUIA

Asst. Manager, Disclosure Department

Dear Ms. de Guia :

RE : PR-005

Please 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. LLAMAS
Corporate Information Officer