PSE Circular for Brokers No. 710-99

April 12, 1999 PSE CIRCULAR FOR BROKERS NO. 710-99 April 8, 1999 Philippine Stock Exchange, Inc. Disclosure Department Listings and Disclosure Group 4/F Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Gentlemen : We advise that at this morning's stockholders meeting the following directors were elected: Jose S. Concepcion, Jr. Jose Ma. A. Concepcion III John Marie A. Concepcion Ma. Victoria A. Concepcion Felicisimo Nacino, Jr. Francisco A. Sagovia Ernest Fritz Server Francisco Gamboa, Jr. Joseph Server, Jr. Danilo H. Santiago Ma. Lina A. Santiago Raissa Hechanova Ma. Victoria Ana C. Monasterio Jose M. Segovia We advise that at this morning's Board of Directors and stockholders meeting the amendment of the articles of incorporation by removing the pre-emptive rights of the stockholders to certain issuances of shares (disposition of treasury shares and issuance to an investor or group of investors of such number of shares equivalent to 15% of the corporation's outstanding capital stock) was approved. We also advise that at this morning's board and stockholders meeting the amendment to the increase in the capital stock from an increase of 330,000,000 regular common shares and 20 million convertible common shares instead of 350,000,000 common shares was likewise approved. LLpr Finally, both the Board of Directors and stockholders approved the renewal of the management contracts with Cosmos Bottling Corporation, Swift Foods, Inc. and Selecta Dairy Products, Inc. Very truly yours, (SGD.) CHRISTOPHER L. LIM Corporate Secretary