Air Philippines International Corporation

September 27, 1999 PSE CIRCULAR FOR BROKERS NO. 2413-99 SUBJECT : Air Philippines International Corporation Further to Circular for Brokers No. 2320-99 dated September 16, 1999, Air Philippines International Corporation ("AIR") furnished the Exchange a copy of its Amended SEC Form 34-C (Definitive Information Statement), including its 1998 Financial Statements, 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. Said Information Statement contains amendments to the business experience and other directorship held in other companies by AIR's directors and executive officers. As previously announced, stockholders of record as of September 9, 1999 are entitled to notice of, and to vote at, said meeting. A copy of AIR's Amended Definitive Information Statement, together with its 1998 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