Matters Discussed at the Special Meeting of the Board of Directors of Philippine Tobacco Flue-Curing & Redrying Corporation held on 08 December 1998

December 9, 1998 PSE CIRCULAR FOR BROKERS NO. 2728-98 December 8, 1998 PHILIPPINE STOCK EXCHANGE, INC. 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 Special Meeting of the Board of Directors of Philippine Tobacco Flue-Curing & Redrying Corporation held on 08 December 1998 Gentlemen : In compliance with the reportorial requirements of the Philippine Stock Exchange, Inc. and the Securities and Exchange Commission, please be advised that at the Special Meeting of the Board of Directors of Philippine Tobacco Flue-Curing and Redrying Corporation (the "Corporation") held on Tuesday, 08 December 1998, at which meeting a quorum was present and acting throughout, the following matters were taken up and approved: 1. Reading and approval of Minutes of the Organizational Meeting of the Board of Directors held on 22 January 1998; 2. Approval of Financial Statements for the Year Ending 31 August 1998; 3. Resolution setting the Date of Annual Stockholders' Meeting of the Corporation for the Year 1999 on Thursday, 28 January 1999, at the Principal Office of the Corporation located at 802 A. Bonifacio Street, Balintawak, Quezon City; aisadc 4. Resolution setting the Date of the closing of the Stock and Transfer Book of the Corporation on 22 December 1998 for the purpose of determining the stockholders entitled to notice of, and to vote, at the Annual Stockholders' Meeting; and 5. Approval of Annual Report on SEC Form 11-A. We trust that you will find the foregoing in order. cd Very truly yours, (SGD.) ELMA CHRISTINE R. LEOGARDO Assistant Corporate Secretary