A. Soriano Corporation

March 18, 1998 PSE CIRCULAR FOR BROKERS NO. 409-98 SUBJECT : A . Soriano Corporation Further to Circular No. 150-98, A. Soriano Corporation ("ANS") furnished the Exchange on March 17, 1998 a copy of the Notice of Annual Meeting of Stockholders which will be held on April 13, 1998 at the Dusit Hotel Nikko, Ayala Center, Makati City at 10:00 a.m., Philippine Time. The meeting is being held for the following purposes: 1. Approval of the minutes of the previous meeting. 2. Annual Report of the Chairman and Chief Executive Officer, the President and Chief Operating Officer and the Senior Vice-President and Chief Financial Officer. 3. Approval of the Audited Financial Statements as of December 31, 1997. 4. Ratification of all acts, contracts, investments and resolutions of the Board of Directors and Management since the last annual meeting. 5. Election of the members of the Board of Directors. 6. Appointment of External Auditors. 7. Such other business as may properly come after March 6, 1998 and before April 13, 1998. A list of stockholders of record as of March 2, 1998 entitled to vote at the said meeting will be available for inspection at the office of A. Soriano Corporation, 7th Floor Pacific Star Building, Makati Avenue cor. Gil Puyat Avenue, Makati City, ten (10) days prior to the Annual Meeting. For your information. (SGD.) MA. ISABEL T. GARCIA Head, Listing and Disclosures Group