PSE Circular for Brokers No. 206-99

February 3, 1999 PSE CIRCULAR FOR BROKERS NO. 206-99 1. 02 February 1999 2. SEC Reg. No. 16283 3. BIR TIN 000-487-355 4. PHILIPPINE COMMERCIAL INTERNATIONAL BANK 5. Philippines 7. PCIBank Tower I, Makati Avenue corner H.V. dela Costa Street, Makati City, Philippines 0726 8. Tel. No. (632) 840-7000 10. Securities registered: Capital Stock, Common 152,246,166.40 shares Bills Payable P8,486,576,503.44 (as of February 1, 1999) 11. Item number reported herein; Item 9 At the meeting of the Executive Committee of PCIBank held on 29 January 1999, the Committee approved the following requests of Management relative to the establishment of a representative office in Tel-Aviv, Israel: a) Establishment of a Representative Office in Tel-Aviv, Israel to be called "PCIB Representative Office Tel-Aviv"; b) Establishment of a remittance tie-up with the Israel Postal Authority (IPA) which shall collect and process the remittances; cdlex c) Incurring of capital expenses at US$25,000 (approximately Php1,050,000) and operating expenses at US$54,000 (approximately Php2,400,000) for the first fifteen (15) months of operation; d) Authority of Mr. Remigio I. David/FVP to sign any documents, agreements, papers, etc. necessary or relative to the establishment of the representative office; e) Execution of a lease agreement for the Rep Office premises at the Ground Floor, Textile Center Building in Tel Aviv with an area of 65 sq.m. and a monthly rental of US$1,600 + 17% VAT or US$1,927.72. Pursuant to the requirements of the Revised Securities Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PHILIPPINE COMMERCIAL INTERNATIONAL BANK By: (SGD.) LUTGARDA C. BAQUIRAN-PERALTA Assistant Corporate Secretary