Company Announcement

June 25, 1999 PSE CIRCULAR FOR BROKERS NO. 1508-99 COMPANY ANNOUNCEMENT Belle Corporation is pleased to announce the election of its Board of Directors for 1999 to 2000. Elected during the Company's Annual Stockholders' Meeting held on June 24, 1999, the new Board is a dynamic blend of the old and the new. Eight Directors from the 1998-1999 Board were reelected. They are: Washington Sycip, Cesar E.A. Virata, George Go, Hans Sy, Wilson Sy, Gregorio T. Yu, Christopher Cu, and Jerry Tiu. Constituting the majority, these "old hands" at Belle are expected to provide continuity in the core management thrusts and corporate policies of the Company. LibLex Meanwhile, seven new members were elected to the Board. They are: Benito Tan Guat, Willy Ocier, Jaime Dichaves, Luis P. Lorenzo, Jr., Edmund Tan, A. Bayani K. Tan, and Ma. Louisa M. Gonzales. The new Board, which elected Benito Tan Guat as Chairman and Willy Ocier as Vice Chairman, also reappointed the entire Belle management team, led by Gregorio T. Yu as President and Chief Executive Officer. Mr. Yu has been with Belle since 1989 and has overseen its growth from a small investment holding firm to a major leisure property development and gaming company. Immediately following the Annual Stockholders' Meeting, an Organizational Meeting was held where the new Board agreed to pursue, as its primary objective, the enhancement of shareholder value. To provide the Company with effective and fruitful corporate governance, the Directors also agreed to work together in a spirit of mutual respect and cooperation. Along this line, the new Board resolved to meet regularly and take a more hands-on approach in directing the business and corporate affairs of Belle. In this manner, corporate decisions would thus reflect the collective best judgment of the Board as a whole. LLpr With a truly working Board at the helm, Belle and its stockholders look forward to an auspicious year as it crosses over into the new millennium. The dynamic blend of old and new Directors in the 1999-2000 Board can only result in much improved corporate governance and management that will, ultimately, redound to the benefit of the Company and every shareholder of Belle.