PSE Circular for Brokers No. 2122-99

August 26, 1999 PSE CIRCULAR FOR BROKERS NO. 2122-99 August 25, 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 ''AsianBank-PBCom merger to have P65B asset base" in the August 25, 1999 issue of Manila Standard Gentlemen : This is in reference to the above-captioned article and to your letter of even date seeking clarification regarding the said news article. We wish to confirm that both PBCom and AsianBank are hoping to come to an agreement on its merger plans before fee end of September, 1999. PBCom and AsianBank remain optimistic that a final agreement will be reached on the various issues involved in the merger fly 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