PSE Circular for Brokers No. 177-00

January 27, 2000 PSE CIRCULAR FOR BROKERS NO. 177-00 January 26, 2000 Philippine Stock Exchange Inc . Disclosure Department Listings and Disclosure Group 4 Floor, Philippine Stock Exchange Center Exchange Road, Ortigas Center Pasig City Attention : Ms . Gracita B. de Guia Assistant Manager Gentlemen: Please be advised that at today's meeting, the Board of Directors of La Tondea Distillers, Inc. ("LTDI"), pursuant to its delegated power to amend the By-Laws, passed and approved the following amendments to the By-Laws: 1. Section 2, Article III to provide that the Chairman of the Board shall be the Chief Executive Officer of LTDI responsible for the general supervision, administration and management of business of LTDI and may assign the exercise or performance of his powers, duties and functions to any other officer(s), subject always to his supervision and control. cdlex 2. Section 4, Article III to amend the designation of the President from Chief Executive Officer to Chief Operating Officer of LTDI; to delete paragraph (c) which provides that he will be responsible for the general supervision administration and management of business of LTDI since this will now be the function of the Chairman as the Chief Executive Officer and to provide that the assignment of his powers, duties and functions to other officers shall be with the approval of the Chairman and Chief Executive Officer. For your information. Very truly yours, (SGD.) FERDINAND K. CONSTANTINO Corporate Information Officer