PSE Circular for Brokers No. 1132-99

May 19, 1999 PSE CIRCULAR FOR BROKERS NO. 1132-99 May 18, 1999 Listings and Disclosure Group 4/F Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas, Pasig City Attention: Disclosure Department Gentlemen : We wish to advise the Philippine Stock Exchange that in the Annual Stockholders' Meeting of the Philippine National Bank held on May 18, 1999, the PNB stockholders took up and approved the following: Election of the following members of the Board of Directors for the ensuing year 1999-2000 and until their successors shall have been duly elected and qualified, viz: 1. Mr. Andres R. Narvasa Chairman 2. Mr. Benjamin P. Palma Gil President & Vice Chairman 3. Mr. Santiago S. Cua, Jr. Director 4. Mr. Valentin S. Daez Director 5. Mr. Roberto V. Marquez Director 6. Mr. Edward M. Matti Director 7. Mr. Alfonso R. Reyno, Jr. Director 8. Mr. Miguel L. Romero Director 9. Ms. Cielo M. Salgado Director 10. Mr. Gregorio D. Santayana III Director 11. Mr. Domingo A. Santiago, Jr. Director In the organizational meeting held thereafter, Mr. Andres R. Narvasa was elected Chairman of the Board and Mr. Benjamin Palma Gil as President and Vice Chairman of the Board. At the same meeting, the appointment of the following was approved and confirmed by the Board: cdll 1. Mr. Roderick R. C. Salazar III Corporate Secretary 2. Mr. Felix D. Carao, Jr. Chief Legal Counsel 3. Mr. Teodoro D. Banaag SVP & Treasurer 4. Mr. Genielle B. Romano Internal Auditor 5. Mr. Jose V. Ferro Trust Officer (SGD.) PEARL S. ESTACION First Vice President & First Assistant Corporate Secretary