June 28, 1999PSE CIRCULAR FOR BROKERS NO. 1516-99June 25, 1999

June 28, 1999 PSE CIRCULAR FOR BROKERS NO. 1516-99 June 25, 1999 Disclosure Department Listings and Disclosure Group 4/F Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Gentlemen : Please be advised that at the regular meeting of the Board of Directors of PCIBank held on June 25, 1999, the following matters were taken up: 1. Resignations of the following; POSITION EFFECTIVITY RAFAEL B. BUENAVENTURA Director & Pres. July 1, 1999 Chief Executive Officer LANCE Y. GOKONGWEI Vice President and June 1, 1999 Assistant Treasurer PABLITO H. YAP Executive Vice August 16, 1999 President 2. Revised Agenda for the rescheduled 1999 Annual Stockholders' Meeting to be held on July 21, 1999 at two o'clock in the afternoon (2:00 p.m.): 1. Call to Order 2. Secretary's Proof of Due Notice 3. Determination of Quorum 4. Approval of the Minutes of the Annual Stockholders' Meeting held on April 30, 1998 LLcd 5. Consideration of the President's Report on the Results of the Bank's Operations for the Year Ended December 31, 1998 (Annual Report and Financial Statements of the Bank) 6. Confirmation/Ratification of the Acts of Management, the Executive Committee and the Board of Directors 7. Approval of the Plan of Merger 8. Election of Directors for the ensuing year 9. Appointment of External Auditor 10. Such other business as may properly come before the meeting 11. Adjournment The record date for the determination of the stockholders entitled to notice of, and to vote at, said meeting is fixed at the close of business hours on June 18, 1999. 3. Appointments of the following Officers: NAME POSITION Edilberto V. Javier Senior Executive Vice President Romuald U. Dy Tang Executive Vice President Oscar Lopez Dee Executive Vice President Juana Gavino First Vice President Thank you for your kind attention. Very truly yours, PHILIPPINE COMMERCIAL INTERNATIONAL BANK By: (SGD.) LUTGARDA C. BAQUIRAN-PERALTA Assistant Corporate Secretary