PSE Circular for Brokers No. 2055-99

August 18, 1999 PSE CIRCULAR FOR BROKERS NO. 2055-99 NOTICE OF SPECIAL SHAREHOLDERS' MEETING TO : All Stockholders : Please be informed that a special shareholders' meeting of ASIAN PACIFIC EQUITY CORP. will be held on Tuesday, 24 August 1999 at 3:00 p.m. at the Kachina Room of the Century Park Sheraton Hotel, Vito Cruz Street, Manila for the following purposes: 1. Call to Order 2. Proof of Notice of Meeting 3. Certification of Quorum 4. Increase in Capital from One Billion Pesos (P1,000,000,000.00) divided into One Billion (1,000,000,000) shares with a par value of One Peso (P1.00) per share to Five Billion Pesos (P5,000,000,000.00) divided into Five Billion (5,000,000,000) shares with a par value of One Peso (P1.00) per share 5. Change of Corporate Name 6. Increase in Number of Directors from seven (7) to nine (9); 7. Delegation to the Board of Directors of the Power to Amend the Corporate By Laws; 8. Other Matters; and 9. Adjournment. The Board of Directors has fixed the close of business of 22 July 1999 as the record date for the determination of shareholders in good standing entitled to receive notice of, and to vote at, the meeting and any adjournments thereof. All qualified shareholders are cordially invited to attend the meeting in person. Registration shall begin at 2:00 p.m.. In order to facilitate registration shareholders attending in person or their proxy should bring appropriate identification cards bearing a picture such as driver's license, company ID and the like. (SGD.) MA. CECILIA L. PESAYCO Corporate Secretary