PSE Circular for Brokers No. 494-00

February 29, 2000 PSE CIRCULAR FOR BROKERS NO. 494-00 Jollibee-Chowking Merger Ratified Jollibee Foods Corporation (PSE Symbol; JFC) Manila, Philippines, February 28, 2000 Jollibee Foods Corporation's stockholders approved the merger between the company and Antares Holdings, Inc., the holding company of Chowking Food Corporation, during its special meeting held yesterday (February 28). Under the terms of the merger, Jollibee acquired the entire capital stock of Antares totaling 30 million shares in exchange for 52,173,913 million JFC common shares. The transaction was worth P600 million. With the stockholder ratification, Chowking becomes a wholly owned subsidiary of JFC. "Chowking's consolidation into the Jollibee family will enable us to solidify our leadership in the fastfood industry and to gain the dominant operator in the Oriental fastfood segment," JFC chairman and president Tony Tan Caktiong said. He explained that the merger adds another strong brand to its core business, thus giving it leading position in three of the largest and most important market categories in the quick service restaurant market. As of the end of 1999, Chowking had 159 stores in the Philippines and 6 outlets overseas. It posted sales of over P2 billion during the period. Mr. Tan Caktiong also noted that the merger will take advantage of the complementary strengths of Jollibee and Chowking and create added shareholder value for the long-term. The combination will bring JFC's Philippine restaurant network comprising the Jollibee, Greenwich and Chowking chains to a total of 700 stores as of 1999. JFC has a fastfood network of 350 stores under the Jollibee brand and 191 outlets under the Greenwich Pizza Pasta brand. It posted consolidated recurring net income of P932 million on consolidated revenues of P12.95 billion on an unaudited basis in 1999.This was 8 percent up from the previous year's earnings. The Company plans to strengthen Chowking by renovating existing stores and improving its operating systems, menu and products, and customer service at the store level. It also aims to maximize synergies in manufacturing, purchasing and supply chain management.