Asian Pacific Equity Corporation

August 20, 1999 PSE CIRCULAR FOR BROKERS NO. 2072-99 SUBJECT : Asian Pacific Equity Corporation Asian Pacific Equity Corporation ("APEC") furnished the Exchange a copy of its amended SEC Form 11-A/Annual Report for the fiscal year ended December 31, 1998 with the following amendments: Item 1 . Business . . . "At present, the Company does not have any subsidiary nor any business engaged with except the maintenance of its funds invested in money market placements. This 9th of July 1999, it was disclosed that the Company will acquire entire capital stock of Twin Ace Holdings. Inc. subject for stockholders' approval in a special meeting set this 24th of August 1999." Item 5 . Market for Registrant's Common Equity and Related Stockholder Matters 2. Holders "The number of shareholders of record as of December 31, 1998 was 439. Common shares outstanding as of December 31,1998 were 257,500,000 ." cd 3. Recent Sales of Unregistered Securities "The Company has no recorded sales of securities for the past three years which are not registered under the RSA." Item 6 . Management's Discussion and Analysis or Plan of Operation 6.1 Plan of Operation " The Company has no plan of raising funds for the next twelve months because the funds available are good enough to satisfy its operations at the moment . There are no product research or development performed and neither any plan to be done within the next period . The Board of Directors of the Company has not mentioned or reported any plan of acquisitions during the first six months of 1999 but on July 8, 1999, it finally disclosed the intended acquisition of Twin Ace Holdings Corporation . Further informations required were reported to the Exchange under SEC Form 11-C . The Company may increase its number of employees as and when needed . At present, the Company has only two employees . . . ." 6.3 Financial Position ". . . The Asian economic crisis experienced since the third quarter of 1997 has no major impact with the Company because the Company does not have any obligations denominated in foreign currencies ." cdta Item 10 . Executive Compensation ". . . The information required by Part V (b)(3-5) of rule 3-3 are not applicable except the approval of the Board on the following compensation of directors such as allowances of P10,000.00, P6,000.00 & P6,000.00 for President, Treasurer & Corporate Secretary respectively and directors' per diem of P3,000 per meeting, the effectivity date of which starts February of the ensuing year ." Item 11 . Security Ownership of Certain Beneficial Owners and Management 3. Voting Trust Holders of 10% or more " The Company has no recorded stockholders holding more 10% of the Corporation's common stock which has entered under the voting trust or similar agreement ." Item 14 . Exhibits and Reports on SEC Form 11-C A of list/summary of SEC Form 11-C (Disclosures) and Financial Statements filed to PSE and SEC during the last six months covered by this report is attached to the amended SEC Form 11-A. A copy of APEC's amended SEC Form 11-A is available for reference at the PSE Center and PSE Plaza Libraries. LLpr For your information. (SGD.) JOSE LUIS U. YULO, JR. President & CEO