PSE Circular for Brokers No. 1697-98

July 22, 1998 PSE CIRCULAR FOR BROKERS NO. 1697-98 July 21, 1998 Listings and Disclosure Group 4/F Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas, Pasig City Attention: Disclosure Department Gentlemen : We wish to advise the Philippine Stock Exchange that in the Special Stockholders Meeting of the Philippine National Bank held on July 21, 1998, the PNB stockholders to up and approved the following: Election of the following members of the Board of Directors for the ensuing year 1998-1999 and until their successors shall have been duly elected and qualified, viz : 1. Mr. Edgardo J. Angara Chairman 2. Mr. Benjamin Palma Gil President & Vice Chairman 3. Mr. Santiago Cua, Jr. Director 4. Mr. Valentin Daez Director 5. Mr. Roberto Marquez Director 6. Mr. Edward Matti Director 7. Mr. Razul Requesto Director 8. Mr. Alfonso Reyno, Jr. Director 9. Mr. Miguel Romero Director 10. Mr. Gregorio Santayana Director 11. Mr. Domingo A. Santiago, Jr. Director In the organizational meeting held thereafter, Mr. Edgardo J. Angara was elected Chairman of the Board and Mr. Benjamin Palma Gil as President and Vice Chairman of the Board. At the same meeting, the appointment of the following were approved and confirmed by the Board: cdt 1. Ms. Remedios Montecastro-Lim Corporate Secretary 2. Mr. Felix Carao, Jr. Chief Legal Counsel 3. Mr. Waldo Q. Flores Legal Consultant 4. Ms. Pearl S. Estacion First Asst. Corporate Secretary 5. Ms. Ma. Celia H. Fernandez Asst. Corporate Secretary (SGD.) PEARL S. ESTACION First Assistant Corporate Secretary