PSE Circular for Brokers No. 1063-98

May 18, 1998 PSE CIRCULAR FOR BROKERS NO. 1063-98 PHILIPPINE STOCK EXCHANGE, INC. Disclosure Department Listings and Disclosure Group 4th Floor, PSE Center Exchange Road, Ortigas Center Pasig City Attention: Mr . Reynold P . Ong Vice President Gentlemen : This is to inform you that the Board of Directors of the Bank, in its meeting held on 18 May 1998, approved the declaration of a four percent (4.0%) cash dividend equivalent to P0.40 per share payable on 9 July 1998 to stockholders of record as of 30 June 1998 on the total outstanding 540,000,000 shares. At the same meeting, Mr. Mitsuho Karakida was elected as a member of the Board of Directors, replacing Mr. Masao Umemura who resigned, effective 18 May 1998. Mr. Karakida was likewise appointed as Executive Vice-President, effective 1 June 1998, Vice Mr. Shigeru Sugano, whose resignation as Executive Vice-President, effective 31 May 1998, was accepted by the Board. Very truly yours, (SGD.) ANGELITA L. ORTEGA-CORTEZ Asst . Vice President and Corporate Secretary