PSE Circular for Brokers No. 2323-98

October 7, 1998 PSE CIRCULAR FOR BROKERS NO. 2323-98 October 02, 1998 THE PHILIPPINE STOCK EXCHANGE Philippine Stock Exchange Center Exchange Road, Ortigas Center Pasig City Attention: Mr . Jose Luis U . Yulo, Jr . President Gentlemen : PDCP Bank is pleased to announce the appointment of two key executives to its senior management core to complete its reorganization of banking and related businesses. MS . CARIDAD R . VALDEHUESA , has been appointed Executive Vice President and Chief of the Operations Division, which includes Settlements & Appraisal, Information Technology, Legal Services. Human Resources & Administration. Ms. Valdehuesa had been consulting for the Bank since July 1998 after completion of her Government service as National Treasurer of the Republic of the Philippines. Ms. Valdehuesa had been a senior director at the Bangko Sentral ng Pilipinas, and brings to the Bank a wealth of experience in banking operations. cdt MS . CORAZON R . ESTRELLA has been appointed Executive Vice President and Chief Financial Officer of the Bank, encompassing all controllership and treasury functions. Ms. Estrella is concurrently a Director of Metro Pacific Corporation and a Director of Bonifacio Transport Corporation, a subsidiary of Fort Bonifacio Development Corporation. Her most recent assignments were as chief financial adviser of North Luzon Railways Corporation and president and CEO of the Philippine Cocoa Corporation until 1997. These appointments took effect on 01 October 1998, following the appointments of MR. RICARDO S. PASCUA as Chairman of the PDCP Bank Board of Directors and of Mr. Vicente C. Tinsay III as Director and Chairman of the Executive & Trust Committees. Very truly yours, (SGD.) MICHAEL P. GOCO President