Lascelles deMercado

At a meeting of the Board on March 3, it was decided to pay a distribution of one cent per ordinary stock on March 31, 1998, to stockholders on record as at the close of business on March 17, 1998. No Board meeting was necessary to authorise payments of dividends on the Lascelles de Mercado & Co., 6% Cumulative Preference stock units of par value of $20 and 15% Cumulative Preference stock units of par value of $20 each to the holders thereof in each case, since authority for payments stems from Board resolutions of June 8, 1951 and March 5, 1986, respectively.