PSE Circular for Brokers No. 2401-99

September 24, 1999 PSE CIRCULAR FOR BROKERS NO. 2401-99 PHILIPPINE STOCK EXCHANGE, INC. Disclosure Department 4/F Philippine Stock Exchange Center Exchange Road, Ortigas Center Pasig City Attention: Mr . Reynold P . Ong Vice President Listings and Disclosure Group RE : Election of Directors of the Philippine Trust Company also known as PHILTRUST BANK Gentlemen : Please be informed that at the Annual Meeting of the Stockholders of PHILTRUST BANK held today, September 22, 1999, at 4:00 p.m. at the Philtrust Building, United Nations Avenue corner San Marcelino Street, Manila, the following were re-elected Directors of the Bank for the ensuing year: 1. Dr. Emilio T. Yap 2. Justice Emilio A. Gancayco 3. Dr. Jaime C. Laya 4. Mr. Antonio H. Ozaeta 5. Mr. Jaime L. Sumulong 6. Atty. Eusebio S. Go 7. Mr. Ernesto O. Chan 8. Mr. Basilio C. Yap 9. Conrado S. Janairo 10. Francisco L. Gochioco 11. Atty. Ricardo G. Verzosa At the said meeting the stockholders likewise approved the amendment of ARTICLE V SECTION 3 the company's By-Laws to add a second paragraph to read as follows: "However, it is a declared policy of the Bank that retirement from the service of the Bank shall be compulsory upon the employee's attainment of either his sixtieth (60th) birthday or twenty (20) years of service whichever comes first, provided that if the exigency of the service so requires, the Bank has the option to extend the service of the employee concerned beyond the retirement period on a month-to-month or year-to-year basis." Very truly yours, (SGD.) RAMON V. TE Asst . Corporate Secretary