PSE Circular for Brokers No. 2403-99

September 24, 1999 PSE CIRCULAR FOR BROKERS NO. 2403-99 MS. GRACE DE GUIA Asst. Manager, Disclosure Department Philippine Stock Exchange, Inc. PSE Centre, Exchange Road Ortigas Center, Pasig City Dear Ms. De Guia: We wish to inform that the Bank's Board, in its meeting today, September 23, 1999. has passed a resolution calling for the payment of the Bank's subscription receivables of P40.21 Million from its stockholders the due date of which shall be determined by a committee created by the Board. LexLib In connection with the Bank's unibanking capital requirement of P4.95 Billion by year end, the Bank's Board also passed a resolution for subscription to the Bank's unissued shares at the ratio of 2 shares for every outstanding share. The stock offering period shall be determined after the PSE has approved the listing of the shares for stock offering and the record date. The subscription price is P100.00 per share to be paid in cash or in the form of real estate properties acceptable to the Bank. The Bank also passed a resolution increasing its authorized capital stock from P5 Billion to P8 Billion. This will be submitted to the Bank's stockholders for their approval. LexLib Thank You. Very truly yours, (SGD.) ATTY. FRANCISCO A. RIVERA VP & Corporate Secretary