Metropolitan Bank and Trust Company

June 24, 1998 PSE CIRCULAR FOR BROKERS NO. 1417-98 SUBJECT : Metropolitan Bank and Trust Company Further to Circular No. 1167-98 dated May 28, 1998, Metropolitan Bank and Trust Company ("MBT") furnished the Exchange on June 23, 1998 a copy of SEC Form 34-C (Definitive Information Statement) in connection. with its Special Stockholders' Meeting which will be held on July 22, 1998 , at 4:00 p.m., at the Metrobank Auditorium, Metrobank Plaza, Sen. Gil J. Puyat Avenue, Makati City. The agenda for the meeting shall be as follows: 1. Call to Order 2. Certification of Notice and Quorum 3. Approval of the Minutes of the Annual Stockholders' Meeting held on April 22, 1998 4. Statement of the President 5. Ratification of the 20% stock dividend 6. Amendment of Article VII of the Articles of Incorporation by providing that pre-emptive rights shall not extend to the issuance of shares relating to equity linked debt or other securities offered and sold in the international capital market 7. Other matters 8. Adjournment As previously announced, stockholders of record as of June 11, 1998 are entitled to notice of, and to vote at, said meeting. LLpr A copy of MBT's Definitive Information Statement is available for reference a the PSE Library and PSE-Plaza Administration Office. For your information. (SGD.) REYNOLD P. ONG Vice-President, Listings and Disclosure Group