PSE Circular for Brokers No. 1665-98

July 20, 1998 PSE CIRCULAR FOR BROKERS NO. 1665-98 July 17, 1998 PHILIPPINE STOCK EXCHANGE, INC . Listings and Disclosures Group Philippine Stock Exchange Center Exchange Road, Ortigas Center Pasig City Gentlemen : We acknowledge receipt of your letter dated July 16, 1998 regarding the news article METROBANK NET INCOME DIPS IN Q2 that appeared in the July 16, 1998, issue of Business World (BW) . Please be informed that said news article was based on the Cash Flow Statement that the Bank submitted to the Securities and Exchange Commission (SEC) on July 14, 1998 in compliance with its reportorial requirement. Banks are required to submit to the SEC on a quarterly basis the Cash Flow Statement within ten (10) banking days after the end of each calendar quarter. We understand that the user of this report is the Money Market Operations Department of SEC. Summarized below are the net income figures for the half, first quarter and second quarter of 1998 and 1997. 2Q VS. 1Q FIRST SECOND FIRST INCREASE HALF QUARTER QUARTER (DECREASE) PERCENT Net income 1998 P2.84B P1.41B P1.43B (P0.02B) (1.4%) 1997 P2.73B P1.48B P1.25B P0.23B 18.4% Increase (Decrease) P0.11B (P0.07B) P0.18B Percent 4.0% (4.7%) 14.4% In compliance with the reportorial requirements under RSA Rule 48, the Bank's quarterly reports, which include the consolidated financial statements for the quarter ended July 30, 1998, shall be submitted to the SEC and your office not later than July 30, 1998. We trust that this meets your requirements. Very truly yours, (SGD.) ANTONIO V. VIRAY First Vice President