Abacus Consolidated Resources & Holdings, Inc.

November 26, 1999 PSE CIRCULAR FOR BROKERS NO. 3032-99 PHILIPPINE STOCK EXCHANGE COMMISSION Philippine Stock Exchange Center Exchange Road, Ortigas Center, Pasig City Attention: Ms . Grace B . De Guia Asst . Manager, Disclosure Dept . SUBJECT : Abacus Consolidated Resources & Holdings, Inc . Gentlemen: Please be advised that during the meeting of the Board of Directors of Abacus Consolidated Resources and Holdings, Inc. (Abacus) held on November 25, 1999 at 4:00 P.M. at the Champaca Room, Club Filipino, Annapolis St., Greenhills, San Juan, Metro Manila, the following matters were taken up: a) Upon recommendation of Abacus' Financial Advisor, Sun Hung Kai Capital Philippines, Inc., the Board approved a resolution authorizing Abacus thru its Chairman to enter into a Memorandum of Understanding (MOU) with CJA Inc., a company which has rights to 40% equity of South Star Leisure Enterprises, Inc. (South Star), the applicant for a congressional franchise to operate Jai Alai frontons in Cebu City and anywhere else in the Philippine for the possible acquisition of a forty percent (40%) stake in the equity of South Star, via swap of shares; llcd b) The execution of the binding and definitive agreement for such an acquisition shall be embodied in a separate agreement to be executed after approval of the Jai-Alai legislative franchise, subject to the following: a) a due diligence shall be conducted by Abacus, or its authorized representation, of the books of South Star and vice versa; LexLib b) that the valuation of the shares of Abacus and South Star to be swapped shall be undertaken by licensed independent appraisers; LexLib c) all the final terms and conditions of the binding and definitive agreement shall be submitted for due approval by the Board of Directors of Abacus and its stockholders; Trusting that the foregoing will make current our records with your Exchange. LibLex Thank you. Very truly yours, (SGD.) LEONARDO S. GAYAO Corporate Secretary