Leisure & Resorts World Corporation

December 3, 1999 PSE CIRCULAR FOR BROKERS NO. 3082-99 SUBJECT : Leisure & Resorts World Corporation Leisure & Resorts World Corporation ("FER") advised the Exchange, through SEC Form 11-C, of the results of its Board of Directors' meeting held on December 1, 1999, as follows: llcd Item 9. Other Events (a) (2) In the meeting of the Board of Directors on 1 December 1999, the Board has set the share price at PhP2.50 per share for the 60 million shares to be initially issued from the approved 300 million shares for private placement. From the aggregate amount of PhP150,000,000 raised by virtue of the said private placement, a portion shall be used for the expansion of the bingo operations of AB Leisure and Exponents, Inc. (the owner of Bingo Bonanza operations), a corporation, the ownership of which has been acquired in whole by the registrant by virtue of the Share Exchange Agreement dated 5 October 1999. LexLib (b) AB Leisure and Exponents, Inc. has signed separate agreements with the shareholders of the following corporations for the acquisition for cash of such percentage of the outstanding capital stock of the said corporations as set forth below: Name of Corporation Location of Bingo Operations Percentage Ownership Acquired Galleria Bingo Corporation Robinsons Galleria, EDSA, Quezon City 100% Cebu Entertainment Gallery, Inc. Metro Gaisano, Colon, Cebu 67% Summit Bingo Incorporated Savers Mall, Angeles City 60% Rizal Gaming Corporation Antipolo, Rizal 100% Bingo Dinero Corporation SM Cebu, Cebu City 85% Fiesta Gaming and Entertainment Corp. San Pedro, Laguna 100% Metro Gaming and Entertainment Gallery, Inc. Manuela II, Las Pias 80% Isarog Gaming Corporation ALDP Mall, Naga City 70% Manila Bingo Corporation SM Fairview, Quezon City 70% Bingo Palace Corporation Robinsons Place, Manila 70% G-One Gaming and Technology, Inc. SM Bacoor, Cavite City 87% Allpoint Leisure Corporation SM Centerpoint, Sta. Mesa, Manila 50% Harrizon Plaza, Manila First Leisure & Game Co., Inc. Robinsons Bacolod, Bacolod City 80% Alabang Numbers and Gaming Corp. Festival Mall, Alabang, Muntinlupa 100% South Bingo Corporation Gaisano Mall, Davao City 45% In addition to the acquisition of the abovelisted corporations, AB Leisure has likewise incorporated Iloilo Bingo Corporation as a 100% owned subsidiary to undertake the bingo operations in SM Iloilo. With the foregoing acquisitions and expansion of additional 17 bingo sites, AB Leisure & Exponents, Inc. now owns and operates a total of 23 bingo sites. cdp The corporate profile of each of the abovenamed corporations is available for reference at the PSE-Centre and PSE-Plaza Libraries. In relation to Item 9, section (a)(2), the company disclosed that the following investors have subscribed to the said private placement for cash: Name No. of Shares Amount Henry T/ Sy, Jr. 32,400,000 PhP 81,000,000 Louis S. Coson 13,200,000 33,000,000 Geoffrey L. Uymatiao 7,200,000 18,000,000 Longview Holdings Corp. 7,200,000 18,000,000 Total 60,000,000 PhP150,000,000 FER further advised that the placement of the remaining 240 million shares has been deferred in the meantime and appropriate disclosures shall be made as and when required. For your information. (SGD.) MARIA ISABEL T. GARCIA OIC, Listings and Disclosure Group