PSE Circular for Brokers No. 1817-98

August 4, 1998 PSE CIRCULAR FOR BROKERS NO. 1817-98 August 3, 1998 Philippine Stock Exchange, Inc. Phil. Stock Exchange Center Exchange Road, Ortigas Center Pasig, Metro Manila Attention: Mrs . Maria Isabel T . Garcia Head, Listing Department Compliance Monitoring Division (CDD) Gentlemen : In compliance with the Philippine Stock Exchange's rules on disclosure, transmitted herewith is a news article relating to House of Investments, Inc., that we will release to the public. prcd Thank You. Very truly yours, (SGD.) ELSIE P. MAGLAYA VP - Corporate Planning YUCHENGCO GROUP COMPLETES ACQUISITION OF BA SAVINGS BANK Manila, July 31, 1998 - The Yuchengco Group of Companies announced today that House of Investments, Inc. (HI), one of its flagships, has already completed its acquisition of all shares of BA Savings Bank, increasing its ownership to almost 100%. BankAmerica Corporation previously held a 39% minority share in BA Savings Bank. The Yuchengco Group also announced its intention to change the name BA Savings Bank to Great Pacific Savings Bank, subject to approval by Bangko Sentral ng Pilipinas and the Securities and Exchange Commission. "We feel this is a strong name to carry forward our expansion plans in the Philippines and to build on the bank's successful track record," said Alfonso S. Yuchengco III, Chairman of the bank and Vice Chairman of HI. "We plan to put more capital into the bank and grow our product offerings, expanding the availability of real estate financing and middle market lending nationwide, and introducing credit cards and other products. "The acquisition of BA Savings Bank complements the Yuchengco Group's thrust of offering integrated financial services to potential clients around the country," he added. The Yuchengco Group also owns Rizal Commercial Banking Corp. (RCBC), RCBC Savings and First Malayan leasing and Finance Corp. It also owns several insurance and pre-need companies such as the Malayan Insurance Group, Great Pacific Life Assurance, and Pacific Plans. Its non-finance subsidiaries include EEI, Philippine Fuji Xerox Corp., Manila Memorial Park, and Honda and Isuzu dealerships. BA Savings Bank has been serving the public for more than 30 years and to date has 27 branches throughout the country. It offers a full range of consumer banking products and services, from savings deposits to loans, and ATM, remittance and foreign exchange services. LLpr