Philippine Estates Corporation

August 11, 1998 PSE CIRCULAR FOR BROKERS NO. 1869-98 SUBJECT : Philippine Estates Corporation Philippine Estates Corporation ("PHES") furnished the Exchange on August 10, 1998 a copy of SEC Form 34-C (Definitive Information Statement) in connection with its Annual Stockholders' Meeting which will be held on September 1, 1998 , at 2:00 p.m., at the Shangri-La Hotel Makati, Ayala Avenue, Makati City. The agenda for the meeting shall be as follows: 1. Call to order 2. Certification of due notice 3. Determination of quorum 4. Approval of minutes of Annual Meeting of Stockholders held on May 9, 1997 5. Reading and approval of Annual Report 6. Ratification of all acts of the Board of Directors and of Management during the past year 7. Election of External Auditors 8. Election of Members of the Board of Directors The record date to determine stockholders entitled to notice of, and to vote at, said meeting is fixed at the close of business hours on August 3, 1998 . A copy of PHES' Definitive Information Statement is available for reference at the PSE Library and PSE-Plaza Administration Office. For your information. (SGD.) REYNOLD P. ONG Vice-President, Listings and Disclosure Group