Grand Plaza Hotel Corporation

April 29, 1999 PSE CIRCULAR FOR BROKERS NO. 926-99 SUBJECT : Grand Plaza Hotel Corporation The Directors of Grand Plaza Hotel Corporation ("GPH") wish to announce that CDL Hotels International Limited ("CHIL"), the Company's Hong Kong listed holding company;. has entered, into a conditional agreement (the "Conditional Agreement") with Millennium & Copthome Hotels plc ("M&C), its 52.5% owned subsidiary listed on the London Stock Exchange, for the consolidation of CHIL'S. hotel and property interests into M&C. Pursuant to the Conditional Agreement, CHIL agrees to sell and M&C agrees to acquire CHIL's entire holdings in certain of its subsidiaries and associated companies holding hotel and property interests in Asia, Australia and New Zealand (the "Asia Pacific Companies") for a total consideration of approximately GBP556 million (equivalent to approximately Pesos 34,152 million) including the assumption of approximately GBP120 million (equivalent to approximately Pesos 7,371 million) in net debt (the "Proposed Reorganization"). A copy of the details of the above-mentioned transaction is available for reference at the PSE Library and PSE-Plaza Administration Office. For your information. cdll (SGD.) JOSE LUIS U. YULO, JR. President and CEO