PSE Circular for Brokers No. 1598-99

July 1, 1999 PSE CIRCULAR FOR BROKERS NO. 1598-99 June 30, 1999 Philippine Stock Exchange, Inc. 4/F, Philippine Stock Exchange Center Exchange Road, Ortigas Center Pasig City Attention: Listings and Disclosure Group RE : Belle Corporation , APC Group , Inc . and Sinophil Corporation Gentlemen : We refer to the notices of disclosure dated June 24 and 25, 1999 signed by a certain Ma. Louisa M. Gonzales purportedly as Assistant Corporate Secretary of the above-mentioned companies. We dispute the information provided by Ms. Gonzales. The 1999 stockholders' and ensuing board meetings at which the purported new board member and officers were elected were done in flagrant and gross violation not only of the By-Laws of the three companies but more importantly of the Corporation Code and the Revised Securities Act. aisadc For your information, there is now a case (SEC Case No. 06-99-6343) for the declaration of nullity of said meetings filed by other stockholders of Belle Corporation who claim to have been prejudiced by the grossly illegal and deceitful acts of the group led by Mr. Willy Ocier and Wilson Sy. We expect a similar case for APC Group, Inc. and Sinophil Corporation and we shall inform you accordingly. Thank you. Very truly yours, (SGD.) JAIME C. GONZALES Chairman , Belle Corporation Chairman , APC Group , Inc . Director , Sinophil Corporation