Lorenzo Shipping Corporation

May 26, 1998 PSE CIRCULAR FOR BROKERS NO. 1149-98 Disclosure Department Listings and Disclosure Group 4/F Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Attention: Mr . Reynold P . Ong Vice President, Listings and Disclosure Group RE : Lorenzo Shipping Corporation Gentlemen : Please be advised that in the Annual Meeting of the Shareholders held today, 26 May 1998, at 8:00 a.m., where at least a majority of the Company's issued and outstanding stock where present in person and represented in proxy, the following were elected Director(s) of the Company to serve as such for the ensuing year and until the election and qualification of their successors: 1. JULIO O. SY 2. JOSE Y. GO, JR. 3. CAPT. ROMEO L. MALIG 4. GLORIA TAN CLIMACO 5. RAMON C. GARCIA 6. WILLIAM TAY KIAN PHUAN 7. OSCAR Y. GO In the Organizational Meeting of the Board of Directors immediately succeeding the shareholders' meeting, the following were elected officers of the Company to serve as such for the ensuing year and until the election and qualification of their successors: Mr. Julio O. Sy Chairman Capt. Romeo L. Malig President Mr. Jose Y. Go, Jr. Vice Chairman Mr. Danilo Hamoy Vice President for Administration & Treasurer HERRERA TEEHANKEE & FAYLONA LAW OFFICES Mr. Oscar Y. Go Vice President for Marketing Mr. Leopoldo Fernando Vice President for Mindanao Atty. Arsenio C. Cabrera, Jr. Corporate Secretary Atty. Alvin Ignacio Assistant Corporate Secretary In the same Organizational Meeting, the Board of Directors approved the decommissioning of one of the Company-owned vessels, the Lorcon XI, and authorized its sale. The said vessel, which was built in 1968, has a tonnage capacity of 3,192 DWT and a container capacity of only 78 TEUS, has been scheduled for disposition by Management. Very truly yours, LORENZO SHIPPING CORPORATION By: (SGD.) ARSENIO C. CABRERA, JR. Corporate Secretary