Matters Discussed at the Annual Meeting of the Stockholders and the Organizational Meeting of the Board of Directors held on 27 January 2000

January 28, 2000 PSE CIRCULAR FOR BROKERS NO. 203-00 January 27, 2000 Philippine Stock Exchange Center Exchange Road, Ortigas Center Pasig City, Metro Manila Attention : Ms . Maria Isabel T . Garcia Head, Listing Department SUBJECT : Matters Discussed at the Annual Meeting of the Stockholders and the Organizational Meeting of the Board of Directors held on 27 January 2000 . Gentlemen: In compliance with the reportorial requirements of the Philippine Stock Exchange, Inc. and the Securities and Exchange Commission, please be notified that the Annual Meeting of the Stockholders of Philippine Tobacco Flue-Curing and Redrying Corporation (the "Corporation") was held on Thursday, 27 January 2000, at 2:00 p.m., and that the Organizational Meeting of the Board of Directors was held soon thereafter, at the principal office of the Corporation located at 802 A. Bonifacio Street, Balintawak, Quezon City, Metro Manila. LibLex At the Annual Meeting of the Stockholders, the stockholders elected the following members of the Board of Directors of the corporation for the year 2000-2001: ALONZO Q. ANCHETA CESAR A. BATTUNG CARLOS G. DOMINGUEZ LEO G. DOMINGUEZ CONRADO C. GOZUN PATRICIO L. LIM JOSE P. LEVISTE, JR. BIENVENIDO A. TAN, JR. BIENVENIDO A. TAN III Thereafter, at the Organizational Meeting of the Board of Directors of the Corporation, the following were elected to the positions indicated opposite their respective names: prcd BIENVENIDO A. TAN, JR. Chairman CARLOS G. DOMINGUEZ President BIENVENIDO A. TAN III Treasurer AVELINO J. CRUZ, JR. Corporate Secretary ELMA CHRISTINE R. Asst. Corporate Secretary LEOGARDO We trust that you will find the foregoing in order. Very truly yours, (SGD.) ELMA CHRISTINE R. LEOGARDO Assistant Corporate Secretary