PSE Circular for Brokers No. 973-99

May 4, 1999 PSE CIRCULAR FOR BROKERS NO. 973-99 May 3, 1999 Philippine Stock Exchange, Inc . Disclosure Department Listings 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 the Annual Stockholders' Meeting of La Tondea Distillers, Inc. ("LTDI") held today at the Edsa Shangri-La Hotel, Mandaluyong City, the following were duly elected and proclaimed as directors of LTDI: 1. Eduardo M. Cojuangco, Jr. 2. Enrique M. Cojuangco 3. Francisco C. Eizmendi, Jr. 4. Bernabe L. Navarro, Jr. 5. Carlos Palanca III 6. Carmelo L. Santiago 7. Douglas Lu Ym 8. Jose E. Rodriguez III At the same meeting, the following amendments to Articles Seventh and Twelfth of the Articles of Incorporation were passed and approved: 1) Article Seventh i) to make it consistent with terms of the preferred shares, ii) to incorporate the transfer restrictions provided in the investor Rights Agreement with the preferred shares investors, and iii) to clarify provisions on 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. iii) Article Twelfth to conform with the existing and applicable laws on foreign ownership. The present provision in the Articles provides that the foreign ownership limitation is up to thirty percent (30%). The foreign ownership limitation applicable to LTDI is forty percent (40%) For your information. Very truly yours, LA TONDEA DISTILLERS, INC. By: (SGD.) FERDINAND K. CONSTANTINO Corporate Information Officer