Acoje Holdings, Inc.

August 13, 1998 PSE CIRCULAR FOR BROKERS NO. 1887-98 SUBJECT : Acoje Holdings, Inc . This has reference to Circular No. 1730-98 dated July 24, 1998 pertaining to Acoje Holdings, Inc.'s ("AJO") disposition of its water drilling and other equipment. AJO further clarified to the Exchange, through SEC Form 11-C filed with the Securities and Exchange Commission on August 12, 1998, that: "The disposition of the company's water drilling and other equipment was undertaken pursuant to the approval by the Board of Directors to cease water drilling operations which had been unprofitable. The losses pertaining to water drilling activities amounted to more than P5.0 million since 1995. The disposition of the related equipment was coupled with a retrenchment of employees and proceeds from the sale of the equipment partially defrayed retrenchment and other related expenses. The value of the total equipment sold represented approximately 0.69% of the total assets of the company as of June 30, 1998. After the equipment sale, the company's revenues will come mainly from rental income from the lease of a portion of its condominium unit. Its current expenses consist mostly of salaries of its skeletal office staff. The company's remaining principal asset is the block of shares of the Metropolitan Club, Inc., representing 30% of the total outstanding shares. Until such time that the company is able to pursue the redevelopment plan for Metroclub and/or enter into other business/investment ventures, no significant changes in its financial condition and operating results are expected." For your information. (SGD.) REYNOLD P. ONG Vice-President, Listings and Disclosure Group