PSE Circular for Brokers No. 1069-99

May 13, 1999 PSE CIRCULAR FOR BROKERS NO. 1069-99 PRESS RELEASE Corporate Movements NEW CARLOTA PRESIDENT BARED Publicly listed Central Azucarera de La Carlota announced the election of Mr. Miguel A. Gaspar as President by the Board of Directors of the company effective May 1 this year. Mr. Gaspar assumes the position upon the retirement of Mr. Santiago Z. Ureta who has been President of the company since 1992. The former is also concurrently president and chief operating officer of Central Azucarera Don Pedro, the parent company of La Carlota. CADP is a listed corporation. Ureta retired after reaching the mandatory retirement age of 65 years. He was also a Director of La Carlota. He has been active in industry organizations, having been a past President of the Philippine Sugar Millers Association and a trustee of the Sugar Industry Foundation. Due to his strong credentials and competence in the sugar industry, he will remain as consultant to the company. La Carlota is one of the leading sugar companies in the country, with an 11,000 metric tons per day capacity sugar milling facility in Negros Occidental. CADP, on the other hand, is the country's second largest sugar refiner. Its integrated milling and refining plant is located in Nasugbu, Batangas.