Organizational Meeting of MEDCO Holdings, Inc.

November 15, 1999 PSE CIRCULAR FOR BROKERS NO. 2895-99 November 12, 1999 PHILIPPINE STOCK EXCHANGE, INC. PSE Center, Exchange Road Ortigas Center, Pasig City Attention: Ms . Grace de Guia Disclosure Department RE : Organizational Meeting of MEDCO Holdings, Inc. Gentlemen: We would like to inform you that at the meeting of the Board of Directors of MEDCO Holdings Corporation ("MEDCO") held on November 12, 1999, at which a quorum was present and acting throughout, the Board of Directors approved a resolution authorizing the subscription by MEDCO of additional shares to be issued by LIPPO ASIA INVESTMENT CORPORATION ("LAIC") from its unissued capital stock. The additional shares to be to be issued by LAIC in favor of MEDCO are 2,525,000 shares with a par value of Ten Pesos (P10) per share at an issue price of Twenty Pesos (P20) per share. The subscription of MEDCO to the said additional issuance of shares will increase the equity of MEDCO in LAIC from 60.87% to 64.54%. Very truly yours, (SGD.) PURISIMO S. BUYCO Asst. Corporate Information Officer (Officer-In-Charge)