PSE Circular for Brokers No. 461-99

March 12, 1999 PSE CIRCULAR FOR BROKERS NO. 461-99 SECURITIES AND EXCHANGE COMMISSION SEC FORM 11-C CURRENT REPORT UNDER SECTION 11 OF THE REVISED SECURITIES ACT (RSA) AND RSA RULE 11(a)-1(b)(3) THEREUNDER 1. Date of Report March 8, 1999 2. SEC Identification Number ASO 94-008745 3. BIR Tax Identification 047-003-945-0220 4. Name of Registrant ALASKA MILK CORPORATION 5. Jurisdiction of Incorporation Makati City 6. Address 6/F Corinthian Plaza, 121 Paseo de Roxas, Makati, Metro Manila 7. Telephone No. 840-4500; 840-5921 to 39 8. Common Shares 928,328,254 9. Total Debt P 486,550,000.00 10. Item Reported Item 4 ITEM 4 . Resignation, Removal or Election of Registrant's Directors of Officers This is to inform the Securities and Exchange Commission (SEC) that Atty. Enrique M. Belo tendered his resignation from the Board of Directors of Alaska Milk Corporation (AMC) in his letter dated March 4, 1999 which we received last March 8, 1999. Atty. Belo cites as reason conflict of interest between being a member of the Board of AMC and being a partner in the law firm Belo, Gozon, Parel, Asuncion & Lucila, which is a retained legal counsel of General Milling Corporation (GMC). AMC recently filed a case against GMC. cdll Atty. Belo's resignation is not due to any disagreement in any matter pertaining to the operations, policies or practices of AMC. He did not and has no intention of filing any formal complaints or disagreement against AMC. Since Atty. Belo's resignation letter was submitted after the regular meeting of the Board last February 22, 1999, the Board has not acted upon this matter. The above event is not expected to make any material impact on the Company's current or future operations. SIGNATURES Pursuant to the requirements of the Revised Securities Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ALASKA MILK CORPORATION (SGD.) JOSELITO J. SARMIENTO, JR. Vice President Finance