Air Philippines International Corporation

September 8, 1999 PSE CIRCULAR FOR BROKERS NO. 2233-99 SUBJECT : Air Philippines International Corporation Further to Circular No. 1931-99 dated August 3, 1999, Air Philippines International Corporation ("AIR") furnished the Exchange a copy of its SEC Form 34-C (Preliminary Information Statement) in connection with its Annual Stockholders' Meeting which will be held on September 30, 1999 , at 2:00 p.m., at the Makati Sports Club, Alfaro Street, Salcedo Village, Makati City. The agenda for the meeting shall be as follows: 1. Call to Order 2. Report on Attendance and Quorum 3. Approval of Minutes of Previous Stockholders' Meeting 4. Report to the Stockholders for the year 1998 5. Ratification of Acts of the Board and Management for 1998 6. Election of Board of Directors for the ensuing term 7. Such other Business as may properly come before the meeting 8. Adjournment As previously announced, stockholders of record as of September 9, 1999 are entitled to notice of, and to vote at, said meeting. Stockholders who cannot attend the meeting may submit a Proxy Instrument to the Office of the Corporate Secretary on or before September 20, 1999. A copy of AIR's Preliminary Information Statement is available for reference at the PSE Centre and PSE-Plaza Libraries. For your information. (SGD.) JOSE LUIS U. YULO, JR. President and CEO