PSE Circular for Brokers No. 1723-98

July 24, 1998 PSE CIRCULAR FOR BROKERS NO. 1723-98 July 23, 1998 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 Vice-President Listings and Disclosure Group Gentlemen : We wish to advise you that Premiere Entertainment Productions, Inc. (PEP) today entered into a Memorandum of Agreement (MOA) with Mr. Antonio T. Ong, for the purchase of part of his 55% interests in real properties in the Province of Palawan, consisting of a total of approximately 1,450 hectares, subject among other things, to a satisfactory due diligence investigation of the titles of the properties and the corporation owning the said properties, and the approvals of any regulatory authorities that may be required. Under the MOA, PEP has agreed to acquire for P77.95 million, 70.86% of Mr. Ong's interests in the said properties at his cost of acquisition. This proposed acquisition is in line with its business vision of PEP to acquire an interest in a tract of land with potential for development as a motion picture production facility, complementary leisure project, or other similar purposes. Very truly yours, (SGD.) ROBERTO V. SAN JOSE Corporate Secretary