Lorenzo Shipping Corporation

May 14, 1999 PSE CIRCULAR FOR BROKERS NO. 1086-99 SUBJECT : Lorenzo Shipping Corporation Further to Circular No. 593-99 dated March 25, 1999, Lorenzo Shipping Corporation ("LSC') furnished the Exchange a copy of its SEC Form 34-A (Definitive Proxy Statement), including its 1998 Annual Report, in connection with its Annual Stockholders' Meeting which will be held on June 1, 1999 , at 9:00 a.m., at the Century Park Hotel, Manila. The agenda for the meeting shall be as follows: 1. Call to Order 2. Certification of Notice and Quorum 3. Reading and Approval of the Minutes of the Stockholders' Meeting held on 26 May 1998 4. Management Report 5. Approval of Audited Financial Statements as of 31 December 1998 6. Amendment of the Articles of Incorporation to remove pre-emptive rights to new issuances of common shares 7. Ratification of all acts, resolutions and proceedings of the Board of Directors and of Management 8. Election of Directors 9. Appointment of External Auditors 10. Other matters 11. Adjournment Stockholders of record as of May 7, 1999 are entitled to notice of, and to vote, at, said meeting. A copy of LSC's Definitive Proxy Statement, including its 1998 Annual Report, is available for reference at the PSE Library and PSE-Plaza Administration Office. For your information. (SGD.) JOSE LUIS U. YULO, JR. President & CEO