PSE Circular for Brokers No. 593-99

March 25, 1999 PSE CIRCULAR FOR BROKERS NO. 593-99 March 24, 1999 Compliance and Surveillance Philippine Stock Exchange Philippine Stock Exchange Building Ortigas Center, Pasig City RE : Lorenzo Shipping Corporation (the "Company") Gentlemen : We wish to inform the Exchange that in the meeting of the Board of Directors of the Company held on 23 March 1999, the following matters were approved: 1. Deferment of the Annual Stockholder's Meeting from 25 May 1999 to 01 June 1999. The annual stockholders' meeting of the Company cannot be held on 25 May 1999, the last Tuesday of May, as provided in the Company's By-Laws because majority of the Board of Directors will not be available on the said date. In as much as all of the Board of Directors wish to be present at the stockholders' meeting and be available to answer the questions of the stockholders, the Board of Directors decided that the Annual Stockholders' Meeting be moved to 01 June 1999 a 9:00 a.m. in the City of Manila. LLphil 2. Removal of the pre-emptive rights of stockholders of common shares and the amendment of the Articles of Incorporation to reflect the same subject to the approval of the stockholders and the Securities and Exchange Commission. Should you wish further clarification to the foregoing, please let us know. Very truly yours, LORENZO SHIPPING CORPORATION By: (SGD.) ARSENIO C. CABRERA, JR. Corporate Secretary