PSE Circular for Brokers No. 2939-99

November 17, 1999 PSE CIRCULAR FOR BROKERS NO. 2939-99 November 16, 1999 THE PHILIPPINE STOCK EXCHANGE, INC. Listing and Disclosure Group 4/F Phil. Stock Exchange Centre Exchange Road, Ortigas Center Pasig City Attention: Ms . Grace B . De Guia Asst. Manager, Disclosure Department Gentlemen: Pursuant to the disclosure requirements of the Exchange, please be informed that at the board meeting conducted at 5 45 p m. today the Board of Directors authorized the company President, Alfonso R. Reyno, Jr., to negotiate and conclude a contract in behalf of the Company with TAB (Philippines), Inc. for the supply and operation of systems that will be used by MJCI in its on-track and off-track betting networks (totalizator system). prcd The proposed agreement with TAB (Philippines), Inc. will include the following features: 1. MJCI could immediately set-up Off-track Betting Stations (OTB's) throughout the country with each OTB having broadcast video as well as pool-odds displays; 2. Supply of simulcast racing broadcast and betting services nationwide thereby allowing bets for races concluded outside the Philippines to be offered, taken and/or arranged: 3. Nationwide OTB system marketing and support services; and LexLib 4. Tote software with international pool calculations. cdlex TAB (Philippines) Inc., is a joint venture company established by a group of local business leaders and TAB Ltd, NSW, Australia TAB Australia operates totalizator systems in 75 race tracks worldwide. It also owns Sky Channel Australia and Racecourse Totes, a leading manufacturer of Tote system equipment and software. The above corporate action is in line with MJCI's modernization and expansion. prcd Very truly yours, (SGD.) FERDINAND A. DOMINGO Corporate Secretary