PSE Circular for Brokers No. 1354-98

June 17, 1998 PSE CIRCULAR FOR BROKERS NO. 1354-98 DISCLOSURE DEPARTMENT Listings and Disclosure Group 4/F Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Attention: Mr . Reynold P . Ong Vice President Listings & Disclosure Group SUBJECT : Cash Dividend on BPI Common Shares Gentlemen : Please be informed that at its regular meeting held on 17 June 1998, the Board of Directors of the Bank of the Philippine Islands (BPI) declared a Cash Dividend of P0.80 per share on the 806,489,038 Common shares of the capital stock of BPI (inclusive of: 1. 2,140,000 Common shares under Executive Stock Option Plan; 2. 2,401,970 Common shares under Stock Purchase Plan; and 3. 186,122,855 Common shares representing 30% stock dividend declared on 14 April 1998, but still awaiting Bangko Sentral ng Pilipinas (BSP) and Securities and Exchange Commission approvals) to Common Stockholders of record as of the 15th day from receipt by BPI of the approval of the BSP of the said dividend, distributable on the 15th day from said record date. Please take note that in accordance with regulations of the BSP, which has primary and direct supervisory authority over banking institutions, the payment of the above-mentioned Cash Dividend will be submitted by BPI to BSP for clearance/approval. A copy of the BSP clearance/approval will be forwarded to you for your information and records as soon as we receive the same. Very truly yours, (SGD.) CARLOS B. AQUINO Vice President & Corporate Secretary