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PSE Circular for Brokers No. 2109-99

PSE Circular for Brokers No. 2109-99 • Philippine Stock Exchange • Circulars for Brokers • Aug 25, 1999

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August 25, 1999 PSE CIRCULAR FOR BROKERS NO. 2109-99 August 24, 1999 Listings and Disclosure Group PHILIPPINE STOCK EXCHANGE 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 the Board of Directors of the Philippine National Bank (PNB) in its regular meeting held today, August 24, 1999, approved, ratified and confirmed the Consultancy Agreement with Price Waterhouse Coopers (PWC) of United Kingdom by virtue of which PWC shall conduct the financial and accounting audit and assessment, in accordance with International Audit Standards, of the 1998 Consolidated Financial Statements of PNB. In addition, PWC will assist PNB in the preparation of, and report on the reconciliation of US GAAP of shareholders equity as of December 31, 1998 and net income for the year then ended. (SGD.) RODERICK R. C. SALAZAR III Corporate Secretary

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