PSE Circular for Brokers No. 088-00

January 14, 2000 PSE CIRCULAR FOR BROKERS NO. 088-00 SUBJECT : Acoje Holdings, Inc . Acoje Holdings, Inc. ("AJO") furnished the Exchange a copy of its amended SEC Form 11-Q for the quarter ended September 30, 1999 with the following additional information: Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operation ". . . Total assets grew to P169.1 MM as of the end of the current quarter, an increase of P4.9 MM as compared to the total assets as of fiscal year ended June 30, 1999. This was mainly accounted for by an increase in advances to an affiliate and also an increase in cash balance. Correspondingly, there was also an increase in total liabilities by P6.0 MM coming from an additional bank loan and a rise in other current liabilities. The huge peso depreciation that occurred in 1997 had no material adverse impact on the company as Acoje neither had any foreign currency denominated liabilities nor transactions. The company continues to seek business opportunities with regard to its significant shareholdings in Metropolitan Club, Inc. . . ." Notes to Financial Statements 4. Investment and Advances : ". . . These are advances to Gem Communications Holdings Inc., a shareholder of the company. The advances amount to P22,700,000.00. Shares held by Gem Communications Holdings Inc. on Premiere Entertainment Production, Inc. collateralized these advances. The advances bear interest, which is market based." A copy of AJO's amended SEC Form 11-Q is available for reference at the PSE Center and PSE Plaza Libraries. For your information. (SGD.) MARIA ISABEL T. GARCIA OIC, Listings & Disclosure Group