PSE Circular for Brokers No. 2110-99

August 25, 1999 PSE CIRCULAR FOR BROKERS NO. 2110-99 August 24, 1999 Philippine Stock Exchange Exchange Road, Ortigas Center Pasig City Attention: Ms . Grace B . de Guia Assistant Manager, Disclosure Dept . Gentlemen : Please be informed that at the meeting held today, 24 August 1999, the following matters were unanimously approved by the Stockholders: 1. The increase in the authorized capital stock of the Corporation from One Billion Pesos (P1,000,000,000.00) divided into One Billion (1,000,000,000) common shares with a par value of One Peso (P1.00) per share to Five Billion Pesos (P5,000,000,000.00), divided into Five Billion (5,000,000,000) common shares each of the par value of One Peso (P1.00) in support of which, Three Billion (3,000,000,000) shares shall be issued to Tangent Holdings Corp. in exchange of the latter's entire shareholdings in Tanduay Distillers, Inc.; 2. The amendment of the corporate name of the Corporation from "Asian Pacific Equity Corp." to "TANDUAY HOLDINGS, INC."; 3. The increase in the number of directors of the Board from seven (7) to nine (9); and 4. The delegation to the Board of Directors of the power to amend the corporate by laws. Should you wish further clarification on any matter contained herein, please do not hesitate to let us know. ASIAN PACIFIC EQUITY CORP. By: (SGD.) ATTY. MA. CECILIA L. PESAYCO Corporate Secretary