PSE Circular for Brokers No. 1511-99

June 25, 1999 PSE CIRCULAR FOR BROKERS NO. 1511-99 June 25, 1999 PHILIPPINE STOCK EXCHANGE, INC . 4/F Philippine Stock Exchange Centre Exchange Road, Ortigas Center Pasig City Attention: Listings and Disclosure Group Gentlemen : This is in response to your letter dated 25 June 1999 requesting for clarification on the article which appeared in the Manila Times. During yesterday's stockholders' meeting, management stated that Belle will refocus its efforts and concentrate on property development and gaming. In line with this, it would review all of its non-core assets to determine how best to maximize the values for Belle. One of Belle's major investment is in APC Group, Inc., whose largest asset is Philcom, one of the country's largest telecommunications companies. We confirm that APC is in discussion with foreign investors regarding the potential entry of the same into Philcom. However, these discussions are in their preliminary stages and we will inform the Exchange as and when there are further developments. LLphil Thank you for your kind attention. Very truly yours, (SGD.) MA. LOUISA M. GONZALES Assistant Corporate Secretary