PSE Circular for Brokers No. 1845-98

August 7, 1998 PSE CIRCULAR FOR BROKERS NO. 1845-98 August 6, 1998 DISCLOSURE DEPARTMENT Listings and Disclosure Group Philippine Stock Exchange, Inc. 4/F Philippine Stock Exchange Centre Exchange Road, Ortigas Center Pasig City, Metro Manila Attention: Mr . Reynold P . Ong Vice-President, Listings & Disclosure Group Gentlemen : Please be advised that Belle Corporation ("Belle") and Sinophil Corporation ("Sinophil") have arrived at an amicable resolution of their differences with Metroplex Berhad and Paxell Investments Ltd. (the "Legend Shareholders") in respect of the share swap agreement between the parties for a swap of Sinophil shares for shares in Legend International Resorts Ltd. ("Legend"). The parties have confirmed the validity and due execution of the share swap agreement and the issuance of 3.87 Billion shares of Sinophil which is equivalent to 35.5% of Sinophil, in exchange for 46,381,600 shares of Legend [formerly Subic Bay Resort (HK) Ltd.], which is equivalent to 40% of Legend, which owns and operates the Subic Bay Legend Resorts and Casinos. The Legend shareholders also unconditionally guaranteed that the combined net income after tax of Legend shall be USS43 Million for the fiscal year ending January 31, 1999. Thank you for your kind attention. llcd Very truly yours, (SGD.) A. BAYANI K. TAN Corporate Secretary