PSE Circular for Brokers No. 3080-99

December 3, 1999 PSE CIRCULAR FOR BROKERS NO. 3080-99 2 December 1999 Philippine Stock Exchange Philippine Stock Exchange Centre Exchange Road, Pasig City Metro Manila, Philippines Attention: Disclosure Department Gentlemen: The Board of Directors of OMICO CORPORATION , at its Special Meeting held this evening, accepted the resignation of William T. Gatchalian, Sherwin Gatchalian, Elvira Ting and Donato C. Almeda and appointed in their place the following: Hon. Felicito C. Payumo Atty. Fernando T. Chua Reynaldo S. Guevara Antonio S. Evangelista The Board also accepted the resignation of Sherwin Gatchalian as President and Chief Operating Officer cdlex Following the new appointments to the Board of Directors, the following were elected to the executive positions set forth across their respective names: Chairman of the Board Atty. Fernando T. Chua President & CEO Roman A. Cruz, Jr. Pursuant to the stockholders' resolution approved and adopted during the Annual Stockholders' Meeting held on 27 June 1997 "to increase the authorized capital of Omico Corporation from the present One Billion Pesos (P1,000,000,000.00) to an amount not exceeding Two Billion Pesos (P2,000,000,000.00) at the discretion of the Board" and granting to the Board of Directors "the power and authority to fix and determine the amount of increase in the authorized capital, provided the maximum limit stipulated in the preceding paragraph is complied with" and "to determine the prices, terms and conditions of the subscription to the increase in the authorized capital of the Corporation, subject to the approval of the Securities and Exchange Commission", the Board approved and adopted a resolution increasing the authorized capital from the present One Billion Pesos (P1,000,000,000.00) to Two Billion Pesos (P2,000,000,000.00) and to amend Article VII of the Articles of Incorporation accordingly. The Board decided to exercise the standby authority it was granted to increase the authorized capital in the light of the on-going negotiations relating to gaming, infrastructure and construction projects that, if and when agreements are reached, may be folded into the Company through stock swap or other arrangements. The prices, terms and conditions of the subscription to the increase in the authorized capital and the terms and conditions stock swap or any other arrangement with the Corporation issuing its stocks in exchange for shares of another corporation or for other modes of consideration, that may include the allocation of all or any portion of the increase in authorized capital to existing stockholders on a pre-emptive rights basis, shall later be determined and set by the Board of Directors depending on the specific arrangements that may eventually be agreed upon. The Board also constituted a Committee to study the merits of extending the term of the warrants beyond their present expiration date of 17 August 2000, and to make its recommendation to the Board. cdlex Truly yours, (SGD.) ATTY. PHILIP B. KING Corporate Secretary