PSE Circular for Brokers No. 1400-98

June 23, 1998 PSE CIRCULAR FOR BROKERS NO. 1400-98 Philippine Stock Exchange PSE Center, Exchange Road Ortigas Center, Pasig City Gentlemen : With reference to your fax message dated June 22, 1998 requesting clarification of a news article relating to the capital base of Bank of Commerce (Bancom), we are transmitting herewith a copy of a clipping of a self-explanatory press release of Bancom which was published in today's issue of Business World. Very truly yours, PHILIPPINE LONG DISTANCE TELEPHONE COMPANY (SGD.) ENRIQUE D. PEREZ Senior Executive Vice President BANCOMMERCE CAPITAL AT P2 . 04B Bank of Commerce recently announced it has already complied with the new minimum capital requirement of the Bangko Sentral after its major shareholders infused fresh funds into the commercial bank. In a statement, Bancommerce said the Cojuangco group (not the Philippine Long Distance Telephone Company as earlier announced) and the College Assurance Plan (CAP) infused the additional capital last June 16. The Cojuangco group and the pre-need company put in P400 million and P150 million, respectively, beefing up the bank's capital structure of P2.045 billion The Bangko Sentral earlier required commercial banks to boost their capitalization to a minimum of P2 billion by December.