PSE Circular for Brokers No. 1832-99

July 23, 1999 PSE CIRCULAR FOR BROKERS NO. 1832-99 July 23, 1999 LISTINGS AND DISCLOSURE GROUP PHILIPPINE STOCK EXCHANGE, INC. Tektite Towers, Exchange Road Ortigas Center, Pasig City Attention: Ms . Luisa W . Buenaventura Supervisor, Corporate Disclosure Department RE : Article entitled "PBCom abandons AsianBank" in the July 23, 1999 issue of the Business World Gentlemen : We refer to the above-captioned article and to your letter of even date seeking clarification regarding the said news article. Please be advised that PBCom has not approached the Bank of the Philippine Islands for a possible merger. Merger talks between PBCom and AsianBank are still on-going. cdll PBCom and AsianBank remain optimistic that a final agreement will be reached on the various issues involved in the merger by the end of September, 1999, which is the expiration of the three month extension requested by both banks from the Bangko Sentral ng Pilipinas to finalize their merger plans. We trust that the foregoing sufficiently clarifies the above-captioned matter. Thank you. Very truly yours, (SGD.) MAURICE C. NUBLA Corporate Information Officer