PSE Circular for Brokers No. 601-99

March 26, 1999 PSE CIRCULAR FOR BROKERS NO. 601-99 March 25, 1999 Philippine Stock Exchange, Inc. Disclosure and Disclosure Group 4th Floor, Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Attention: Ms . Gracita B . de Guia Assistant Manager Gentlemen : Please be advised that at today's meeting the Board of Directors of La Tondena Distillers, Inc. ("LTDI") passed and approved the following amendments to the Articles of Incorporation: i) Article Seventh a) to make it consistent with terms of the preferred shares, b) to incorporate the transfer restrictions on the preferred shares, and c) denial of pre-emptive rights to subscribe to the common shares to be issued upon conversion of the preferred shares or any convertible note issued pursuant to the redemption of the preferred shares; and ii) Article Twelfth Amendment of provision to conform with the existing and applicable laws on foreign ownership. The amendments to the Articles will be submitted to stockholders for approval at the Regular Stockholders' Meeting to be held on 3 May 1999. At the same meeting, the Board, pursuant to its delegated power to amend the By-Laws, also and approved the following amendments to the By Laws: i) Article I, Sections 7 and 8 Amendment of the period on submission of proxies, record date and closing of transfer books; and ii) Article II, Section 4.1 Amendment of deadline to submit nominees to the Board of Directors. cdlex For your information. Very truly yours, LA TONDENA DISTILLERS, INC. BY: (SGD.) FRANCIS H. JARDELEZA Corporate Secretary