PSE Circular for Brokers No. 1620-99

July 5, 1999 PSE CIRCULAR FOR BROKERS NO. 1620-99 July 2, 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 special meeting of the Board of Directors of PCIBank held yesterday, the 1st day of July 1999 at 5:00 o'clock in the afternoon, the following matters were taken up: 1. Resignation of Mr. Sergio LL. Naranjilla, Jr. as Director and election of Mr. George L. Go as replacement. Resignation of Atty. Nilo T. Divina as Director and election of Mr. Wilfrido V. Vergara as replacement. Resignation of Atty. Elmer B. Serrano as Director and election of Mr. Edilberto V. Javier as replacement. 2. Election of Atty. Ricardo J. Romulo as Director to fill in the vacancy left by Mr. Rafael B. Buenaventura. LexLib 3. Election of Mr. George L. Go as Chairman of the Board of Directors & President. 4. Trans Middle East Equities (Phils.) Inc. was allowed to partially exercise its preemptive right to 13 million PCIBank shares, provided that the shares so subscribed are to be placed in escrow and be deemed also subject to the writ of sequestration dated April 15, 1986. Thank you for your kind attention. Very truly yours, PHILIPPINE COMMERCIAL INTERNATIONAL BANK By: (SGD.) LUTGARDA C. BAQUIRAN-PERALTA Assistant Corporate Secretary (SGD.) ANTONIO A. PICAZO Assistant Corporate Secretary