PSE Circular for Brokers No. 2331-99

September 17, 1999 PSE CIRCULAR FOR BROKERS NO. 2331-99 PHILIPPINE STOCK EXCHANGE, INC. Philippine Stock Exchange Center Exchange Road, Ortigas Center Pasig City, Metro Manila Attention: Ms . Luisa W . Buenaventura Listing and Disclosure Department Dear Ms. Buenaventura, I am writing in response to your fax dated today, 16 September 1999, regarding the news article appearing in the 16 September 1999 issue of the Business World entitled "Nenaco looking for new partners, eyes HK firms." We would like to clarify, as follows: Over the past eighteen months, potential investors and investments intermediaries, some based in Hong Kong, have approached us and expressed interest in discussing potential partnerships or alliances with our Company. These discussions, none of which are presently on going, were purely exploratory and no business arrangements resulted therefrom. Accordingly, I have no knowledge of any present negotiations with any Hong Kong based shipping companies. The articles also makes reference to William, Gothong and Aboitiz ("WG&A") and Lorenzo Shipping Co. ("Lorenzo"). I believe that this reference is made in the context of the Domestic Ship Owners Association ("DSA") of which all major domestic ship operators, including our Company, WG&A, and Lorenzo, are members. DSA representatives meet with the Maritime Industry Authority ("MARINA") on a regular basis looking for initiatives to improve and develop the domestic shipping industry. This has recently included debate over the redevelopment of Manila North Harbor. I am making this disclosure in compliance with the Continuing Listing Requirements of the Philippine Stock Exchange. Yours sincerely, For and on behalf of NEGROS NAVIGATION CO., INC. (SGD.) ROBIN M. ARROWSMITH Corporate Information Officer