PSE Circular for Brokers No. 1664-98

July 20, 1998 PSE CIRCULAR FOR BROKERS NO. 1664-98 July 17, 1998 Philippine Stock Exchange Disclosure Department Listings and Disclosure Group 4/F Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Attention: Mr . Reynold P . Ong Listings and Disclosure Group Dear Sirs, Gran Plaza Hotel Corporation ("GPHC") I-9803-Disclosure We write on behalf of our client GPHC. In compliance with the disclosure requirements of the Philippine Stock Exchange, please be informed that the stockholders of GPHC in their annual meeting today has elected the following directors: cdpr Mr. Wong Hong Ren Mr. Peter Kan Mr. Bryan Cockrell Mr. Chan Bernard Charnwut Mr. Albert Yuchengco Mr. Angelito Imperio Ms. Mia Gentugaya QUISUMBING TORRES & EVANGELISTA The board of directors of GPHC held their organizational meeting today and the following were elected as officers: Chairman/President Wong Hong Ren Vice President/General Manager Peter Kan Treasurer Arlene B. de Guzman Corporate Secretary Natividad B. Kwan Asst. Corporate Secretary Christopher L. Lim The board of directors of GPHC, in the same meeting, approved to offer to purchase part of the shares of GPHC from is stockholders on record as of 10 August 1998. The buy-back will be funded from the unrestricted retained earnings of GPHC. They buy back-offer is to purchase 1 share out of every 20 shares held by each stockholder as of the record date. The buy-back price is P20/share. Notice will be given to the stockholder on the procedure and offer period for the buy-back as well as other details to implement the same. The board of directors wishes to clarify that the buy-back offer is a one-time offer and will not be extendible or re-offered the expiration of the offer period in 1998. cdt Please make the necessary in you r records of our compliance. Yours faithfully. Quisumbing Torres & Evangelista (SGD.) NATIVIDAD B. KWAN