PSE Circular for Brokers No. 121-00

January 20, 2000 PSE CIRCULAR FOR BROKERS NO. 121-00 January 19, 2000 Disclosure Department Listings & Disclosure Group 4/F Philippine Stock Exchange, Inc. PSE Center, Exchange Road Ortigas Center, Pasig City, MM Gentlemen : We wish to inform you that at its regular meeting on 19 January 2000, the Board of Directors of the Bank of the Philippine Islands (BPI)- 1. Accepted the resignation of Mr. Bruce Carnegie-Brown as BPI Director and member of the Audit Committee, effective 19 January 2000, and Mr. Cezar P. Consing as BPI Director and member of the Executive Committee, Trust Committee, Pension Committee and ESOP Committee. effective 19 January 2000. 2. Elected Mr. Jackson Peter Tal as BPI Director and member of the Executive Committee and Audit Committee, effective 19 January 2000, and Mr. Frank Kwong Shing Wong as BPI Director and member of the Trust Committee, Pension Committee and ESOP Committee, effective 19 January 2000, to fill in the vacancy created by the resignation of Mr. Bruce Carnegie-Brown and Mr. Cezar P. Consing, respectively, and to hold office as such for the unexpired term and until their successor is duly elected and qualified cdlex With the above-mentioned and election, the following are the current members of the Board of Directors of BPI: 1. Jaime Zobel de Ayala 2. Jaime Augusto Zobel de Ayala II 3. Xavier P. Loinaz 4. Romeo L. Bernardo 5. Renato S. De Villa 6. Ariston Estrada, Jr. 7. Rebecca G. Fernando 8. Mercedita S. Nolledo 9. Jackson Peter Tal 10. Bernardo M. Villegas 11. Vicente M. Warns 12. Frank Kwong Shing Wong 13. Crisostomo A. Yalung 14. Fernando Zobel de Ayala Thank you. Very truly yours, (SGD.) CARLOS B. AQUINO VP & Corporate Secretary