PSE Circular for Brokers No. 1023-99

May 10, 1999 PSE CIRCULAR FOR BROKERS NO. 1023-99 May 7, 1999 Philippine Stock Exchange, Inc . 4th/F Philippine Stock Exchange Center Exchange Road, Pasig City Attention: Disclosure Department Listing and Disclosure Group Gentlemen : We are pleased to confirm our Ms. Amy D. De Leon's telephone call early today to your Ms. Grace de Guia that at the Annual Stockholder's meeting held late yesterday afternoon the following were confirmed, approved and ratified 1. Election of the following directors for the ensuing term and until their successors are duly elected and qualified: a. Gilbert U. Dee g. Henry Dee Se Gui b. Peter S. Dee h. Herbert T. Sy c. Hans T. Sy i. Herman C. Chen d. Joaquin T. Dee j. Robert Y. Dee, Jr. e. Dy Tiong k. Yvonne S. Yuchengco f. Pilar N. Liao 2. The Twenty Five (25%) percent stock dividend to come from the Bank's unissued shares, the record and issuance thereof to be fixed by the Board after verification or approval thereof by the Bangko Sentral ng Pilipinas and the approval in principle of the listings of said dividend by the Philippine Stock Exchange and the Securities and Exchange Commission; dctai Moreover, at the Board of Director's organizational meeting held immediately following the stockholder's meeting the following were elected or chosen Advisors to the Board a. Mr. Henry Sy, Sr. b. Ms. Regina Y. Dee Executive Committee 1. Mr. Hans T. Sy Chairman 2. Mr. Gilbert U. Dee Member 3. Mr. Peter S. Dee Member 4. Mr. Joaquin T. Dee Member 5. Mr. Dy Tiong Member 6. Mr. Henry Dee Se Gui Member Board of Trustees of China Banking Corporation Employees & Retirement Plan 1. Mr. Gilbert U. Dee Member 2. Mr. Peter S. Dee Member 3. Mr. Ricardo R. Chua Member 4. Mr. Rene J. Sarmiento Member Trust Investment Committee 1. Mr. Herman C. Chen Chairman 2. Mr. Peter S. Dee Member 3. Mr. Robert Y. Dee, Jr. Member 4. Mr. Herbert T. Sy Member 5. Mr. Rene J. Sarmiento Member Audit Committee 1. Mr. Joaquin T. Dee Chairman 2. Mr. Hans T. SY Member 3. Mr. Dy Tiong Member Additionally, all the incumbent officers were re-appointed. Thank you. Very truly yours, (SGD.) ARSENIO L. LIM, JR. Vice President & Corporate Secretary