Jollibee Acquires Chowking

November 8, 1999 PSE CIRCULAR FOR BROKERS NO. 2832-99 JOLLIBEE ACQUIRES CHOWKING (Press Release: November 5, 1999) Jollibee Foods Corporation ("JFC") announces today that it has agreed in principle to merge with Antares Holdings, Inc ("Antares"), the holding company of Chowking Foods Corporation ("Chowking") with JFC as the surviving entity. Upon completion of the merger, Chowking will become a wholly-owned subsidiary of JFC. cdlex The merger will be subject to securing the relevant approvals from the Securities and Exchange Commission. JFC and Antares are currently finalizing the terms of the proposed plan of merger, the articles of merger, and other related documents. Chowking Foods Corporation operates the largest oriental fastfood chain in the Philippines with 155 outlets as of September 1999. In 1998, it registered a systemwide sales of roughly P2.0B or equivalent to 13% of Jollibee consolidated systemwide sales. JFC places the acquisition value of Chowking at about P600 million.