Matters Discussed at the Special Meeting of the Board of Directors of Philippine Tobacco Flue-Curing and Redrying Corporation Held on 07 December 1999

December 8, 1999 PSE CIRCULAR FOR BROKERS NO. 3123-99 07 December 1999 PHILIPPINE STOCK EXCHANGE, INC. Philippine Stock Exchange Center Exchange Road, Ortigas Center Pasig City, Metro Manila Attention: Ma . 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 07 December 1999 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, 07 December 1999, 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 28 January 1999; LibLex 2. Approval of Financial Statements for the Year Ending 31 August 1999; prcd 3. Resolution setting the Date of Annual Stockholders' Meeting of the Corporation for the Year 2000 on Thursday, 27 January 2000, at the Principal Office of the Corporation located at 802 A. Bonifacio Street, Balintawak, Quezon City; cdlex 4. Resolution setting the Date of the closing of the Stock and Transfer Book of the Corporation, on 21 December 1999 for the purpose of determining the stockholders entitled to notice of, and to vote, at the Annual Stockholders' Meeting; and cdll 5. Approval of Annual Report on SEC Form 11-A. We trust that- you will find the foregoing in order. LibLex Very truly yours, (SGD.) ELMA CHRISTINE R. LEOGARDO Assistant Corporate Secretary