PSE Circular for Brokers No. 1470-99

June 23, 1999 PSE CIRCULAR FOR BROKERS NO. 1470-99 SEC FORM 11-C CURRENT REPORT UNDER SECTION 11 OF THE REVISED SECURITIES ACT (RSA) AND RSA RULE 11(a)-1(b)(3) THEREUNDER 1. 21 June 1999 2. Commission Identification Number (SEC Registration No.) 7199 3. BIR TIN 002-856-627 4. Acesite (Phils.) Hotel Corporation 5. Philippines 6. Industry Classification Code: _______________ 7. Room 527, Holiday Inn Manila, United Nations Avenue, Ermita, Manila 1000 8. Telephone Number (632) 526-1212 9. Former Name : Delbros Hotel Corporation Ermita, Manila Former Address : Delbros Suites, 22nd Floor, Manila Hilton, UN Ave., Former FY : January December 10. Common Stock (P1.00 par value) Authorized 300,000,000 shares Issued 99,852,308 shares 11. Items to be reported: The Industrial and Commercial Bank of China, through its legal counsel, has informed the corporation that it has committed an event of default and has indicated its demand for payment of the $15 Million credit facility granted by the bank to the corporation. The corporation is exerting earnest efforts towards repayment and is pursuing remedial measures to update the account. Management expects favorable developments on the matter over then next two weeks. cdt Acesite (Phils.) Hotel Corporation By: (SGD.) RICKY L. RICARDO Manager, Corporate Affairs (21 June 1999)