PSE Circular for Brokers No. 1469-98

June 29, 1998 PSE CIRCULAR FOR BROKERS NO. 1469-98 PHILIPPINE STOCK EXCHANGE PSE, Centre, Exchange Road Ortigas Center, Pasig City Attention: Mr . Reynold Ong/VP Listing and Disclosure Group Gentlemen : Please be informed that during the Board of Directors meeting of Union Bank of the Philippines ("UBP") held on June 26, 1998, the Board approved the record date to be on July 10, 1998 for Stockholders entitled to cash dividend distribution declared in its meeting held on April 24, 1998 of ten (P.10) centavos per share to come from the Bank's surplus/operating income as of December 31, 1997. The dividend entitlement shall include also the shares subscribed and fully paid by stockholders of the Bank on December 22, 1997 stock rights offering. Hence, the Bank's outstanding capital stock per books which will be the basis of cash dividend of 10 centavos per share shall now be at 526,052,360 shares which includes 84,394,560 additional shares representing the stock rights subscribed and fully paid for on December 22, 1997. LLpr Payment date is not to exceed 18 trading days from the record date. For your information and guidance. Very truly yours, (SGD.) ATTY. FE B. MACALINO Corporate Secretary, First Vice President and General Counsel Cash Dividend Update Cash P0.10/Share Ex-Cash July 6, 1998 Record Date July 10, 1998 Date Payable To Be Announced