PSE Circular for Brokers No. 680-99

April 6, 1999 PSE CIRCULAR FOR BROKERS NO. 680-99 SUBJECT : Central Azucarera De La Carlota Additional Listing The Exchange approved on February 24, 1999, the listing application of CENTRAL AZUCARERA DE LA CARLOTA to list additional 18,750,000 Class "B" convertible preferred shares and 18,750,000 Class "A" common shares, with a par value of P1 . 00 per share , divided into the following: a) 18,750,000 Class "B" convertible preferred shares to cover the private placement of the Nissho Iwai Sugar Group composed of Nissho Iwai Corporation, Nihon Sugar Refining Co ., Ltd ., Fuji Seito Co . , Ltd ., and Shin-Meito Sugar Refining Co ., Ltd . at a subscription price of P5 . 33 per share ; and b) 18,750,000 Class "A" common shares to cover the underlying shares of the 18,750,000 converted preferred shares held by the Roxas Group which were converted on December 16, 1997 at P1 . 00 per share . cdll Further, the Exchange approved the request of the Company to reduce its listed shares by 4,440 common shares which represent the unissued but listed shares. In view thereof, the listing of the 18,750,000 Class "B" convertible preferred shares is set for Thursday, April 15, 1999 and the listing of the 18,750,000 Class "A" common shares is set for Wednesday, April 7, 1999 . The stock trading symbol for the Class "B" convertible preferred shares is " CACP ." For your information and guidance. (SGD.) JOSE LUIS U. YULO, JR. President and CEO