PSE Circular for Brokers No. 1135-99

May 20, 1999 PSE CIRCULAR FOR BROKERS NO. 1135-99 TAN CLIMACO IS NEW C . A . D . P . DIRECTOR Publicly listed Central Azucarera Don Pedro announced the election of Ms. Gloria Tan Climaco as member of the Board of Directors of the company. Ms. Tan- Climaco, a widely known and respected business leader was elected to fill the vacancy left by the resignation of Mr. Maximo E. Fernandez. She will bring to the CADP Board the breadth and depth of her experience in senior management and financial advisory. LLjur Ms. Tan Climaco was previously chairperson of SGV & Company and is now president and chief executive officer of Crown Equities, Inc. and co-managing director of Argosy Partners, Inc. She also sits as director in various leading corporations including Equitable Bank, EBC Investments, Asian Alliance Holdings & Development and other corporations. CADP a leading sugar manufacturing company and operator of the country's second largest refinery reported consolidated net income of P176 million on sales of P1.3 billion in its first semester period ending February 1999. It registered 81 percent growth in sales of refined sugar of 2.56 million 50-kg. bags during the period in spite of the adverse economic and industry situation through most of 1998.