Notice of Annual Shareholders' Meeting

April 20, 1998 PSE CIRCULAR FOR BROKERS NO. 716-98 May 16, 1998 NOTICE OF ANNUAL SHAREHOLDERS' MEETING TO ALL SHAREHOLDERS : Pursuant to Article VI, Section 5 of the By-Laws of LORENZO SHIPPING CORPORATION ("LSC"), notice is hereby given that the Annual Stockholders' Meeting of LSC shall be held at the Park Ballroom, Century Park Sheraton Hotel, Manila, on Tuesday, 26 May 1998, at 8:00 o'clock in the morning, for the following purposes: 1. Call to Order 2. Certification of Notice and Quorum 3. Reading and Approval of the Minutes of the Stockholders' Meeting held on 27 May 1997 4. Management Report 5. Approval of Audited Financial Statements as of 31 December 1997 6. Ratification of all acts, resolutions and proceedings of Management, Executive Committee and the Board of Directors 7. Election of Directors 8. Appointment of External Auditors 9. Other matters 10. Adjournment The Board of Directors of LSC has fixed the RECORD DATE for stockholders entitled to vote at this annual meeting to be on 27 April 1998 . This notice is not a solicitation for proxy, but stockholders who will not be able to attend the meeting may designate their respective proxies and send the proxy forms to the Office of the Corporate Secretary so that the same may be received not later than 16 May 1998. cdll Registration starts at 7:00 a.m. on the scheduled meeting. For your convenience in registering your attendance, please have some form of identification such as your Professional I.D., Passport, or Driver's License together with the copy of the Notice of Meeting sent to you by the undersigned. Very truly yours, (SGD.) ARSENIO C. CABRERA, JR. Corporate Secretary