PSE Circular for Brokers No. 1006-98

May 12, 1998 PSE CIRCULAR FOR BROKERS NO. 1006-98 May 6, 1998 Philippine Stock Exchange, Inc. PSE Center, Exchange Road Ortigas Center, Pasig City Fax No. 634-2051 Attention: Ma . Isabel T . Garcia Head, Listing Dept . Gentlemen : We advise that Premium Events Palace, Inc. ("Premium"), a subsidiary of Premiere Entertainment Productions, Inc. ("Premiere") will be opening its first Bingo Primero parlor operation in early June, along Mabini Avenue, Sangandaan, Kalookan City. Premium expects to achieve revenues up to P200 Million in the next five years for the Kalookan bingo parlor. Premiere, as a grantee of PagCor for six bingo parlor operations, is also ready to open its branch in Makati. However, no definite date for the formal opening has been determined yet. By the end of 1998, Premiere expects to complete its six bingo parlor franchises to be located in Valenzuela, Manila, Quezon City and Cavite. Premiere also intends to develop computerized bingo games to further establish Premiere as an active forerunner of special bingo products in the country. Attached is a copy of the press release regarding this matter. Very truly yours, (SGD.) ANASTACIO P. DIAZ Executive Vice President and Chief Operating Officer PREMIERE EXPECTS P200M FROM FIRST BINGO PRIMERO PARLOR Premiere Entertainment Productions, Inc., through its subsidiary Premium Events Palace, is set to open its first Bingo Primero parlor operation along Mabini Ave., in Sangandaan, Caloocan City early next month. Joel N. Tuao, Asst. Vice-President for Allied Entertainment Services of Premiere, indicated that the opening of its Caloocan operation formally launches the company's entry into the gaming industry. "Caloocan was chosen as the initial site because studies show that this city has the highest per capita spending with regard to gaming", he said. The company expects Caloocan Bingo revenues to reach as high as P200 million in the next five years. Tuao, a former Sales Director for the Philippine Gaming Corporation, based his claims on the Lotto experience in the Philippines. He further claimed that patrons could expect high prizes and honest handling of all Bingo games in their parlors. Moreover, first patrons to the Caloocan Bingo parlor will be given a free Bingo card for every two cards purchased. Premiere, as a grantee of PagCor for six Bingo parlor operations, is also ready to open its branch in Makati City. By end of 1998, the company expects to complete its six Bingo franchises after the development of its sites in Valenzuela, Manila, Quezon City and Cavite. "To complement this latest Premiere venture, the company is also developing computerized bingo games, making it an active forerunner of special bingo products in the Philippines," Tuano stated.