Belle Corporation

January 13, 2000 PSE CIRCULAR FOR BROKERS NO. 083-00 SUBJECT : Belle Corporation Belle Corporation ("BEL") furnished the Exchange a copy of its Amended SEC Form 11-Q/Quarterly Report for the quarter ended September 30, 1999, with the following amendment/additional information on Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations: ". . . Total Liabilities slightly increased to P18,948.6 million as of September 30, 1999 from P17,942.6 million as of December 31, 1998. Of the Loans Payable balance of P7.583.5 million as of September 30, 1999, P5,035.0 million (USD123.0 million) represents balance of Floating Rate Notes (FRNs) due in May 2002 with interest at 1.8% above LIBOR and P1.125.7 (USD27.5 million) represents loan from a foreign bank due in May 2001 with interest at 2.2% above LIBOR. The remaining balance of Loans Payable are Peso loans from various local banks with interest rates ranging from 10.5% to 14%. A substantial portion of these Peso loans are unsecured. The Accounts Payable and Accrued Expenses balance as of end of the third quarter of 1999, includes Trade Payable of P1.376.1 million. Dividends Payable on Preferred shares of P510.1 million and Accrued Expenses and other Payables of P557.6 million. As of the end of the third quarter of 1999, there were no liabilities of DOSRI." A copy of BEL's Amended SEC Form 11-Q is available for reference at the PSE-Centre and PSE-Plaza Libraries. For your information. (SGD.) MARIA ISABEL T. GARCIA OIC, Listings & Disclosure Group