Asian Pacific Equity Corporation

November 16, 1999 PSE CIRCULAR FOR BROKERS NO. 2926-99 SUBJECT : Asian Pacific Equity Corporation Asian Pacific Equity Corporation ("APEC") informed the Exchange, that the Securities and Exchange Commission (SEC) approved on November 10, 1999, its Amended Articles of Incorporation, reflecting the following amendments to Articles I, VI and VII: LexLib a) Change in corporate name to Tanduay Holdings, Inc . cdll b) Change in number of directors from seven (7) to nine (9). c) The increase in its authorized capital stock 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 with a par value of One Peso (P1.00 ) each which was approved by a majority of the Board of Directors and the vote of the stockholders owning or representing at least two-thirds of the outstanding capital stock in a meeting held on August 24, 1999. llcd The change in corporate name of the company to Tanduay Holdings, Inc. , as well as the change in its stock trading symbol to " TDY " will be reflected in the Exchange's computer system (electronic board and ticker) on Friday, November 19, 1999 . For your information. (SGD.) MARIA ISABEL T. GARCIA OIC, Listings and Disclosure Group