Tanduay Holdings, Inc. Additional Listing

February 28, 2000 PSE CIRCULAR FOR BROKERS NO. 491-00 SUBJECT : Tanduay Holdings, Inc . Additional Listing The Exchange approved on February 16, 2000, the application submitted by TANDUAY HOLDINGS, INC. (formerly "Asian Pacific Equity Corporation") to list additional 3,000,000,000 common shares, with a par value of P1.00 per share. These shares represent the shares swapped to Tangent Holdings Corporation (an existing stockholder of Tanduay Holdings, Inc.) in consideration for the latter's 600,000,000 common shares of Tanduay Distillers, Inc. (formerly "Twin Ace Holdings, Inc.") which have a net asset value of approximately P3,000,000,000 as of July 31, 1999. In view thereof, the listing of the 3,000,000,000 common shares is set for Wednesday, March 1, 2000. The designated stock transfer agent is hereby authorized to record and register in its books the above number of shares. For your information and guidance. (SGD.) MARIA ISABEL T. GARCIA OIC, Listings and Disclosure Group