Union Bank of The Philippines

June 1, 1999 PSE CIRCULAR FOR BROKERS NO. 1276-99 SUBJECT : Union Bank of The Philippines Union Bank of the Philippines ("UBP") clarified to the Exchange a news article entitled "Union Bank reports P407M net profit in first 4 months" published in the May 31, 1999 issue of the Manila Times. The article reported that UBP made a net income of P407 million in the first four months of the year, down from P485 million in the same period last year. In its letter dated May 31, 1999, UBP stated that: ". . . the items/figures cited in the news article are fair and accurate as borne by our submitted reports to the Securities and Exchange Commission and our Bank's Consolidated Financial Statements published in the newspapers as required by Bangko Sentral ng Pilipinas ("BSP") for the first quarter ending March 1999 showing a net income of P274.0M. While the figures cited thereat is P274.0M, the operating results for the month of April 1999 in the amount of P133.0M which, when combined with P274.0M, is equivalent to P407.0M. With this, we confirm the accuracy of the newspaper report on the Bank's performance for the first four (4) months as reported by the Bank's President during the Annual Stockholders' Meeting on May 28, 1999, which is in accordance with earlier submitted reports except for the April 1999 figures which arose in reply to a query during the stockholders' meeting. . . ." For your information. (SGD.) JOSE LUIS U. YULO, JR. President and CEO