PSE Circular for Brokers No. 1067-99

May 13, 1999 PSE CIRCULAR FOR BROKERS NO. 1067-99 May 12, 1999 Compliance and Disclosure Department PHILIPPINE STOCK EXCHANGE PSE Center, Ortigas Complex Pasig City Attention: Ms . Grace B . De Guia Assistant Manager Ms . Janette Alcala Analyst Gentlemen : Equitable Bank, the Social Security System, Government Service Insurance System and EBC Investments Inc., on behalf of a certain group of investors (hereinafter the "Buyers"), have executed on even date a Sale and Purchase Agreement with Benpres Holdings Corporation, Consolidated Robina Capital Corporation, Meralco Pension Fund, John Gokongwei, Jr., as attorney-in-fact for certain shareholders in Philippine Commercial International Bank ("PCIB") (hereinafter the "Sellers"), resulting in the acquisition by the Buyers in different respective portions an aggregate combined interest representing approximately seventy two percent (72%) of the outstanding and issued capital stock of PCIB. The Purchase Price for the combined shares is a total of P31.6 Billion. This transaction is subject to approval by the Bangko Sentral ng Pilipinas. Twenty percent (20%) of the purchase price shall be payable on 12 May 1999 and the balance on Closing Date, 25 May 1999. LexLib Thank you. Very truly yours, (SGD.) ATTY. ELMER B. SERRANO Officer-in-charge Corporate Information Office