Belle Corporation

August 28, 1998 PSE CIRCULAR FOR BROKERS NO. 2005-98 SUBJECT : Belle Corporation Belle Corporation ("BEL") furnished the Exchange its Amended Quarterly Report under SEC Form 11-Q/A-1 for the period ending March 31, 1998 reflecting the following revisions on Item No. 2 of the Financial Information: ". . . The total assets slightly declined by 1% to P29,338.5 million as of March 31, 1998 from P29,704.3 million as of December 31, 1997. The decline was mainly due to improved collections on receivables . Total liabilities decreased by 6% to P18,088 million as of March 31, 1998 from P19,207 . 9 million as of December 31, 1997 . Of the Accounts Payable and Accrued Expenses as of end of the first quarter of 1998, P241 . 0 million represents Notes Payable and P181 . 6 million represents Dividends Payable on Preferred Shares . Long-term debt consists of the two FRNs issued in 1997 . The change in the balance of Long-term Debt as of March 31, 1998 compared to the balance as of December 31, 1998 represents translation adjustment ." For your information. cdt (SGD.) REYNOLD P. ONG Vice-President, Listings and Disclosure Group