Belle CorporationAdditional Listing

October 21, 1999 PSE CIRCULAR FOR BROKERS NO. 2696-99 SUBJECT : Belle Corporation Additional Listing The Exchange approved on October 13, 1999, the application submitted by BELLE CORPORATION to list additional 766,600,000 common shares, with a par value of P1.00 per share divided into the following: (1) 8,300,000 common shares at a swap price of P2.20 per share to cover the share-for-share swap with Will Kong Nominees Limited, in exchange for 7,941,639 shares in Belle Bay City Corporation at a swap price of P2.30 per share; (2) 8,300,000 common shares at a swap price of P2.20 per share to cover the share-for-share swap with Mr. Kua Phek Long, in exchange for 7,941,639 shares in Belle Bay City Corporation at a swap price of P2.30 per share; (3) 450,000,000 common shares to cover the private placement of SSI Management Philippines Corporation at v subscription price of P2.24 per share; and (4) 300,000,000 common shares to cover the private placement of Eastern Securities and Development Corporation, Wealth Securities, Inc. and Dominion Equities, Inc. (100,000,000 common shares each) at a subscription price of P2.50 per share. In view thereof, the listing of the 766,600,000 common shares is set for Monday, October 25, 1999. The designated Stock Transfer Agent is hereby authorized to record and register in its books the above number of shares. For your information and guidance. (SGD.) MARIA ISABEL T. GARCIA OIC, Listings and Disclosure Group