PSE Circular for Brokers No. 1809-99

July 22, 1999 PSE CIRCULAR FOR BROKERS NO. 1809-99 July 20, 1999 DISCLOSURE DEPARTMENT Listings and Disclosure Group Philippine Stock Exchange, Inc. 4/F, Philippine Stock Exchange Centre Exchange Road, Ortigas Center Pasig City, Metro Manila Gentlemen : Please be advised that during the Board of Directors' meeting held this afternoon, the Board made a call on the following unpaid subscriptions: a.) Subscription Agreements made pursuant to the 1 for 3 Rights Offer made in October 1994 at the subscription price of P2.00 per share; and b) Subscription Agreements made pursuant to the Articles of Merger of Belle and Dominion Asian Equities, Inc. ("DAE") dated May 20, 1996 whereby 5 DAE shares were exchanged for 4 Belle shares. LLjur The deadline for payment on the subscription is September 15, 1999. All unpaid amounts after said date shall bear interest at the rate of 18% per annum. Delinquent shares shall thereafter be sold at auction pursuant to the Corporation Code. In the same meeting, the Board also approved the amendment to Article IV of the By-Laws of the Corporation to allow the appointment of one or more Vice Chairmen of the Board. Mr. Hans T. Sy was appointed as a second Vice Chairman, to assume office as such upon the effectivity of the amendment of the By-Laws. Thank you for your kind attention. Very truly yours, (SGD.) A. BAYANI K. TAN Corporate Secretary