PSE Circular for Brokers No. 1427-98

June 25, 1998 PSE CIRCULAR FOR BROKERS NO. 1427-98 June 24, 1998 DISCLOSURE DEPARTMENT LISTINGS & DISCLOSURE GROUP Philippine Stock Exchange 4th Floor, PSE Center Exchange Road, Ortigas Center Pasig City Attention: Mr . Reynold P . Ong Vice President Listing Disclosure Group Gentlemen : On 10 June 1998, we informed you that the Board of Directors of La Tondea Distillers, Inc. (the "Corporation") approved, also on 10 June 1998, the proposal for the issuance by the Corporation of convertible preferred shares and the private placement of such shares with private equity investor(s). The aggregate issue value was to be up to P 1.2 Billion. llcd We hereby inform you that at a special meeting of the Board of Directors of the Corporation held today, 24 June 1998, the Board of Directors approved the proposal to increase the aggregate issue value from up to P1.2 Billion, to an amount up to P2 Billion. As earlier reported, the Corporation will seek shareholders' approval to amend the Articles of Incorporation to provide for convertible preferred shares at a special stockholders meeting scheduled on 18 July 1998. At the same meeting, the Corporation will also seek the waiver by the shareholders of their pre-emptive rights to the new issue of shares. This disclosure is being made in compliance with the requirements of the Philippine Stock Exchange. Very truly yours, (SGD.) BARBARA ANNE C. MIGALLOS Corporate Secretary