PSE Circular for Brokers No. 2283-98

October 1, 1998 PSE CIRCULAR FOR BROKERS NO. 2283-98 September 30, 1998 PHILIPPINE STOCK EXCHANGE, INC . Disclosure Department Listing and Disclosure Group Philippine Stock Exchange Centre Exchange Road., Ortigas Center, Pasig City Attention: Reynaldo P . Ong VP-Listings and Disclosure Group Gentlemen : In connection with the Manila Standard news item dated September 29 regarding the Jollibee expansion in the US, we would like to state the following information: 1. The business is a 60-40 joint venture under FSC Foods Corporation. The 60% share is owned by Jollibee Foods Corporation through its wholly-owned subsidiary Superior FSC Foods Corporation. 2. The first store is located in Daly City, San Francisco. It was inaugurated in June 1998. The sales performance as of the latest averages USD5000 to USD 6000 a day which we consider as very good. 3. The customers are predominantly Filipinos but we are seeing a good number non-Filipinos which we also view as a good indication for the market. 4. The second outlet will be opened early 1999. We are planning to open at least 4 more outlets in 1999. All the new outlets will be situated in Los Angeles and San Francisco area. 5. The investment per store is about USD500,000 to USD1,000,000 per store. We trust that the foregoing will be in conformance to the PSE disclosure requirements. -Very truly yours, (SGD.) RUFINO L. DE LA ROSA VP Finance