PSE Circular for Brokers No. 2452-99

September 29, 1999 PSE CIRCULAR FOR BROKERS NO. 2452-99 PHILIPPINE STOCK EXCHANGE, INC. Disclosure Department Philippine Stock-Exchange Center Exchange Road Ortigas Center, Pasig City Attention: Ms . Luisa Buenaventura Disclosure Supervisor Dear Madam: Pursuant to the requirements of the Philippine Stock Exchange, we advise that our Company will hold its Annual Meeting of the Stockholders on October 8, 1999, 2:00 p.m. at the Ballroom of the Heritage Hotel on Roxas Boulevard, Pasay City to consider and take action upon the following matters: 1. Call to Order 2. Proof of Notice and Quorum 3. Approval of the Minutes of the Special Stockholders' Meeting held on May 24, 1999 4. Chairman's Address LexLib 5. Election of Directors 6. Confirmation Of Independent Auditors 7. Ratification/approval of the-following: a) Purchase of 60% equity holdings in Car Carriers Inc., b) Purchase of additional 15% equity holdings in Aries Arrastre Service Inc. c) Change in Accounting Period from Fiscal Year to Calendar Year d) Change in date of Annual Meeting of Stockholders from the 4th Thursday of October to the 4th Thursday of April e) Delegation to the Board of Directors of the power to amend the By-laws 8. Other Matters Other details are as follows: 1. Record date- October 7, 1999 2. Closing of stock and transfer books - from October 8, 1999 up to October 28, 1999 3. Submission of proxies - October 18, 1999 4. Validation of proxies - October 23, 1999; 2:00 p.m.; at Stock Transfer Department of Far East Bank & Trust Company, 9/F FEB Center, Sen. Gil J. Puyat Avenue, Makati City. Thank you. Very truly yours, (SGD.) ATTY. RODOLFO G. CORVITE, JR. Corporate Secretary