Amendment to the Articles of Incorporation of PRCI

August 20, 1999 PSE CIRCULAR FOR BROKERS NO. 2082-99 19 August 1999 PHILIPPINE STOCK EXCHANGE Phil. Stock Exchange Center, Exchange Rd. Ortigas Avenue, Pasig City Fax No.: 636-0809 634-5920 Attention: Atty . Ruben L . Almandro Vice-President, Compliance and Surveillance Group SUBJECT : Amendment to the Articles of Incorporation of PRCI Gentlemen : Pursuant to the disclosure requirements of the Philippine Stock Exchange, we hereby inform you that the Articles of Incorporation of Philippine Racing Club , particularly Section 2 thereof (Purposes), was duly amended by a unanimous vote of all stockholders present during the 1999 Annual Stockholder's Meeting held today at the Sta. Ana Race Park. Stated below, for your information, is the Resolution of the Board of Directors, which was duly approved and ratified by at least two-thirds of the corporation's outstanding capital stock: "RESOLVED That the Purpose of the corporation, as stated in Article 2 of the company's Articles of Incorporation be, as it hereby is amended, to read as follows: "That the purpose or purposes for which this corporation is organized and established are: To carry on the business of a race course in all its branches and in particular to conduct horse races, or races of any kind, and to construct grand or other stands, booths, stablings, padlocks, clubhouses, refreshment rooms and other erections, buildings and conveniences, and to conduct, hold and promote race meetings and other shows and exhibitions, which shall include the provision and operation of modern telecommunications and broadcast equipment and facilities whether at the tracks-or track betting stations, for receiving and transmitting, whether live or otherwise, messages signals and pictures by any means now known or which in the future may be developed for the reception and transmission of messages, signals and pictures relating to the betting system the actual conduct of horse races, the announcement of winning numbers and dividends paid or to be paid thereon, and any other information relating to the conduct and promotion of horse races within or outside the Philippines ; cd To promote the breeding of better horses in the Philippines and to lend all possible aid in the development of sports and to uphold the principles of good sportsmanship and play" "RESOLVED further that the Articles of Incorporation embody a provision for Secondary Purposes, to state the powers impliedly granted by Section 36 of the Corporation Code, and to include thereto the business to develop real estate properties into mix--use real estate development projects including but not limited to leisure, recreational and memorial parks and to operate, manage and/or sell these real estate developments ." The appropriate disclosure shall likewise be mad to the SEC within five days from today through SEC Form II-C. Thank you. Very truly yours, (SGD.) ATTY. JESULITO A. MANALO Corporate Secretary/Corporate Information Officer