PSE Circular for Brokers No. 1856-98

August 10, 1998 PSE CIRCULAR FOR BROKERS NO. 1856-98 August 7, 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 Gentlemen : We write in connection with the article that appeared in today's issue of the Business World on the deferment of approval by the Securities and Exchange Commission (SEC) of Belle Air Golf and Country Club. We have received several telephone inquiries this morning about our relationship with the said club. Apparently, some shareholders and investors have confused this with our other projects. Please be advised that we have no relationship whatsoever with Belle Air Golf and Country Club. In fact, we previously field with the SEC a letter protest on the authorized use the word "Belle" on the ground that the use of said name is deceptively or confusingly similar to ours. We vigorously protested the use of "Belle" as obviously the proponents of said company was attempting to unfairly and deceptively capitalize on our reputation in the marketing of their totally unrelated project. cdt We have instructed our lawyers to reiterate our objection to the SEC in the strongest possible terms. Thank you for your kind attention. Very truly yours, (SGD.) A. BAYANI K. TAN Corporate Secretary