PROPOSED AMENDMENT TO SECTION 4.1 (QUALIFICATIONS OF STEWARDS)

Please be informed that the Philracom Board in its meeting held on
August 25, 2000 resolved to amend by addition, Section 4.1 —
QUALIFICATIONS, which will now read as follows:

SECTION 4.1           QUALIFICATIONS — .x        x          x          x          x          x          x          x     x

The following are the preliminary requirements before the issuance of license to an applicant:

1.         x          x          x          x          x          x          x          x;

2.         x          x          x          x          x          x          x          x;

3.         x          x          x          x          x          x          x          x;

x          x          x          x          x          x          x          x          x

x          x          x          x          x          x          x          x          x

All papers of the successful applicants shall then be endorsed to
the Board of Commissioners through the Executive Director for final
disposition. Those applicants approved by the Board shall be required to
undergo at least one (1) year cadetship and shall be licensed as Cadet
Stewards, before approved by the Board to be licensed as Regular
Stewards.

x          x          x          x          x          x          x          x          x

x          x          x          x          x          x          x          x          x

The Board in meritorious and exceptional cases, may reduce the cadetship requirement upon recommendation of the racing club.

This rules shall take effect immediately.

29 August 2000

(SGD.) JUAN P. LOZANO
Executive Director III