Philippine Stock Exchange, Inc.

February 19, 1998 PSE CIRCULAR FOR BROKERS NO. 169-98 Philippine Stock Exchange, Inc. PSE Center, Exchange Road Ortigas Center, Pasig City, MM Gentlemen : We wish to report that at its regular meeting on 18 February 1998, the Board of Directors of the Bank of the Philippine Islands (BPI) 1. Accepted the resignation of Mr. Jakob T. Stott as BPI Director and member of Audit Committee, effective 28 February 1998, and Mr. Isagani G. De Castro as BPI Director and member of the Trust Committee, effective 17 February 1998; and 2. Elected Mr. Bruce Carnegie-Brown as BPI Director and member of Audit Committee, effective 01 March 1998, and Mr. Romeo L. Bernardo as BPI Director and member of the Trust Committee, effective 18 February 1998, to fill in the vacancy created by the resignation of Mr. Jakob T. Stott and Mr. Isagani G. De Castro, respectively, and to hold office as such for the unexpired term and until his successor is duly elected and qualified. With the above-mentioned and election, the following are the current members of the Board of Directors of BPI: cdlex 1. Jaime Zobel de Ayala 2. Jaime Augusto Zobel de Ayala II 3. Xavier P. Loinaz 4. Benito R. Araneta 5. Romeo L. Bernardo 6. Bruce Carnegie-Brown 7. Cezar P. Consing 8. Ariston Estrada, Jr. 9. Jose R. Facundo 10. Rebecca G. Fernando 11. Mercedita S. Nolledo 12. Bernardo M. Villegas 13. Vicente M. Wams 14. Crisostomo A. Yalung 15. Fernando Zobel de Ayala Thank you. Very truly yours, (SGD.) CARLOS B. AQUINO SVP & Corporate Secretary