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March 21, 2000PSE CIRCULAR FOR BROKERS NO. 717-00March 20, 2000MS. GRACE B. DE GUIAAsst. Manager, Disclosure DepartmentThe Philippine Stock Exchange4/F PSE Centre, Exchange RoadOrtigas Center, Pasig CityRE : Clarification of Philippine Daily Inquirer articleDear Ms. De Guia:Reference is your letter of even date requesting clarification/confirmation of a news article which was published in today's issue of the Philippine Daily Inquirer entitled, "Megaworld owner, Puyat family plan property ventures."We confirm that there are ongoing discussions between Mr. Andrew L. Tan and the Puyat family of Manila Bank on the joint development of the latter's vast real estate holdings in anticipation of the recovery of the real estate industry. Appropriate disclosure with the SEC and PSE shall be made once a final agreement is reached between the parties.Thank you.Very truly yours,(SGD.) MA. THERESA CALLANTA-HOADLEYDuly Authorized Signatory