PSE Circular for Brokers No. 122-00

January 20, 2000 PSE CIRCULAR FOR BROKERS NO. 122-00 January 19, 2000 PHILIPPINE STOCK EXCHANGE PSE Center, Exchange Road Ortigas Center, Pasig City Attention: Ms. Maria Isabel T. Garcia Head Listings Group Compliance Monitoring Ma'am : Please be informed that Messrs. Vicente C. Tinsay III and Michael P. Goco tendered their resignations as Chief Executive Officer and President, respectively and as members of the Board of Directors of PDCP Development Bank, Inc. effective immediately. Likewise, Mr. Kennedy B. Sarmiento resigned as member of the Board of Directors. llcd In their place, the following were elected as Directors: Carlos A. Pedrosa James A. Gallacher Grant S. Ferguson During the same meeting, the Board appointed Mr. Carlos A. Pedrosa as President and Chief Executive Officer of the Bank effective immediately. Attached is the press release announcing his appointment. For your information. PDCP DEVELOPMENT BANK, INC. By: (SGD.) GRACE R. DIZER Sr. Asst. Vice President & Officer in Charge PDCP BOARD APPOINTS NEW CEO PDCP Bank announced today the appointment of Carlos A Pedrosa as the new vice-chairman, president & CEO of PDCP Bank. The appointment of Carlos A. Pedrosa follows the management changes and appointments made earlier this year by Metro Pacific Corporation. Vicente C. Tinsay III, the current vice chairman & CEO of PDCP Bank is being recalled to Fort Bonifacio Development Corporation to continue the developments he started on the non-property side of FBDC. Michael P. Goco, president & COO of PDCP Bank is reassigned to MPC to assist Ricardo S. Pascua in the process of transforming MPC to be the premiere real estate property holding company of the group in the Philippines. In the last quarter of last year, MPC, the majority shareholder of PDCP Bank decided to increase its capitalization by P2.5 billion. The appointment of Mr. Pedrosa is another step towards making PDCP Bank an integral part of MPC's overall plan for growth. Carlos A. Pedrosa is a well-respected banker with more than 27 years of experience in banking. He was until 1992 an executive vice president of Metrobank and was president & CEO of Pilipinas Bank from 1993 to 1997. Immediately prior to his joining PDCP Bank, Mr. Pedrosa was president & CEO of Worldwide Investment Management Company of the Philippines (Winvest), a joint venture between GSIS and Clement Asia (Phils.) Inc., which is the Fund Manager of the GSIS Mutual Fund. He remains as its Managing Consultant. Mr. Pedrosa is also vice chairman of Toyota Motor Philippines, Inc., a joint venture between the Metrobank Group and Toyota Motor Corporation of Japan.