Philippine states Corporation

September 9, 1999 PSE CIRCULAR FOR BROKERS NO. 2255-99 SUBJECT : Philippine states Corporation Philippine Estates Corporation ("PHES") furnished the Exchange a copy of its SEC Form 34-C (Definitive Information Statement), including its Audited Financial Statements for fiscal year ending December 31, 1998, in connection with its Annual Stockholders' Meeting which will be held on September 28, 1999 , at 2:00 p.m., at the Shangri-La Hotel, 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 September 1, 1998 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 9. Other Matters Stockholders of record as of August 30, 1999 are entitled to notice of, and to vote at, said meeting. Stockholders who are unable to attend the meeting may vote by proxy, provided that the proxy shall have been appointed by an instrument in writing, subscribed by the stockholder himself or by his duly authorized attorney. Proxies should be submitted to the Corporate Secretary, Philippine Estates Corporation, at the 22/F Citibank Tower, 8741 Paseo de Roxas, Makati City, not later than 12:00 noon of Tuesday, September 21, 1999. A copy of PHES' Definitive Information Statement, including its 1998 Audited Financial Statements, is available for reference at the PSE Centre and PSE-Plaza Libraries. For your information. (SGD.) JOSE LUIS U. YULO, JR. President and CEO