PSE Circular for Brokers No. 2419-99

September 27, 1999 PSE CIRCULAR FOR BROKERS NO. 2419-99 SUBJECT : Equitable Banking Corporation Listing of EBC Merger Shares and Delisting of PCIB Shares Further to Circular no. 2215-99 dated September 3, 1999, please be informed that the Exchange approved on September 8, 1999, the application submitted by EQUITABLE BANKING CORPORATION ("EBC") to list up to a maximum of 460,798,350 common shares ("Merger Shares"), with a par value of P10.00 per share, to cover the merger with Philippine Commercial International Bank ("PCIB") by way of a share-for-share swap at an exchange ratio of 3:1 (three EBC common shares for every one PCIB share held). Consequently, the delisting of the 152,246,166 common shares of PCIB from the Official Registry of the Exchange was likewise approved. However, EBC confirmed that the actual number of shares to be listed was reduced to 362,617,845 common shares after deducting 98,180,505 common shares retired by EBC. On the effective date of merger on September 2, 1999, EBC owned 32,726,835 common shares of PCIB which, pursuant to the exchange ratio of 3:1, are equivalent to 98,180,505 common shares of EBC ("EBC Merger Shares"). These EBC Merger Shares were not issued by EBC to itself but were retired instead. In view thereof, the listing of the 362,617,845 common shares of EBC and the delisting of the 152,246,166 common shares of PCIB are set for Tuesday, September 28, 1999. For your information and guidance. prcd (SGD.) JOSE LUIS U. YULO, JR. President & CEO