PSE Circular for Brokers No. 338-00

February 14, 2000 PSE CIRCULAR FOR BROKERS NO. 338-00 February 11, 2000 PHILIPPINE STOCK EXCHANGE, INC. Listing and Disclosure Group Philippine Stock Exchange Centre Exchange Road, Ortigas Center Pasig City Attention: Maria Isabel T . Garcia Gentlemen : Please be notified that during a meeting held today, February 11, 2000, the Board of Directors of Jollibee Foods Corporation approved a stock repurchase program with a maximum allocation of P800 million for this purpose. The amount and timing of any share repurchase will be subject to market conditions and other factors. Attached is the copy of the Secretary's Certificate containing the applicable board resolution. Also, please be advised that as a result of a decision to concentrate efforts on its major core brands in the Philippines. the Company intends to phase out the operations of its Mary's Chicken business, with the exact timing still to be decided. Very truly yours, (SGD.) MIGUEL JOSE T. NAVARRETE VP, Finance REPUBLIC OF THE PHILIPPINES) PASIG CITY, METRO MANILA ) s.s. SECRETARY'S CERTIFICATE I, WILLIAM TAN UNTIONG, of legal age, Filipino, and with office address at 5/F Jollibee Centre, San Miguel Avenue, Pasig City, Metro Manila hereby certify that: 1. I am the Corporate Secretary of Jollibee Foods Corporation (the "Corporation"), a corporation duly organized and existing under and by virtue of the laws of the Republic of the Philippines with offices at the Jollibee Centre Building, San Miguel Avenue, Pasig City, Metro Manila. 2. At a duly constituted meeting of the Board of Directors of the Corporation held on February 11, 2000 the following resolutions, among others, were passed and approved, to wit: "RESOLVED that, the Company undertake a stock repurchase program, pursuant to which, the Company shall purchase, whether from the open market or through privately negotiated sales, up to P800 Million worth of shares of stock of Jollibee Foods Corporation ("Jollibee Shares") and/or Warrants convertible into Jollibee Shares, for such specific amounts, under such terms and at such time as may be appropriate." "RESOLVED FURTHER, that the President. Mr. Tony Tan Caktiong and/or the Vice President for Finance, Mr. Miguel Jose T. Navarrete, be authorized, to implement the stock repurchase program and for this purpose, to sign, execute and deliver the purchase orders and all related documents in connection with the repurchase of the Jollibee Shares upon such terms as he deems fit." 3. The foregoing resolutions have not been amended nor rescinded and are still in force and effect and are in accordance with the records of the Corporation in my custody. WITNESS MY HAND this ________ day of February 11, 2000 at Pasig City, Metro Manila. (SGD.) WILLIAM TAN UNTIONG Corporate Secretary SUBSCRIBED AND SWORN to before me this 11th day of February, 2000 at Pasig City, Metro Manila affiant exhibiting to me his Community Tax Certificate No. 00506633 issued on February 27, 1999 at Pasig City, Metro Manila. Doc. No. 238 Page No. 48 Book No. III Series of 2000