PSE Circular for Brokers No. 2437-98

October 27, 1998 PSE CIRCULAR FOR BROKERS NO. 2437-98 October 26, 1998 Philippine Stock Exchange, Inc. Phil. Stock Exchange Center Exchange Road, Ortigas Center Pasig, Metro Manila Attention: Mrs . Maria Isabel T . Garcia Head, Listing Department Compliance Monitoring Division (CDD) Gentlemen : In compliance with the Philippine Stock Exchange's rules on disclosure, transmitted herewith is a news article relating to House of Investments, Inc., that we will release to the public. Thank you. Very truly yours, (SGD.) JOSE MA. G. CASTILLO III VP-Finance & Treasurer AMBASSADOR YUCHENGCO IS BACK AT GREAT PACIFIC SAVINGS BANK The return of Ambassador Alfonso T. Yuchengco as a member of Great Pacific Savings Bank's (former BA Savings Bank) board of directors was announced recently by Lourdes M. Llaneza, President and Chief Executive Officer. GreatBank has also retained former Prime Minister Cesar E.A. Virata as Senior Adviser. "We are very proud that Ambassador Yuchengco has joined us again at GreatBank. As you may remember, Ambassador Yuchengco had been the head of the company since its inception in 1966, and was the prime mover in the conversion of BA Finance Corp. to BA Savings Bank in 1994. His vast experience in banking and all other aspects of finance will truly benefit our relaunch as GreatBank." Llaneza said. LexLib Ambassador Yuchengco relinquished the Chairmanship of the bank to his son, Alfonso S. Yuchengco III, in 1995 when he was appointed Philippine Ambassador to Japan. Before that, he had served as Ambassador to the People's Republic of China (1986 to 1988). Ambassador Yuchengco also formerly held the position of Chairman of Rizal Commercial Banking Corp. (RCBC), Great Pacific Life Assurance Corp. (Grepalife), the Malayan Group of Insurance Companies and Philippine Long Distance Telephone Co. (PLDT). Ambassador Yuchengco said he is "very happy to be back as one of the directors of GreatBank. This bank has always been close to my heart, having nurtured its growth from a small financing company to a savings bank in a span of three decades." He added: "Today, we will take GreatBank even farther, by giving it a more active role in the Yuchengco Group's vision to provide the public with Integrated Financial Services. cdlex In the case of Mr. Virata, Ms. Llaneza said: "We are also fortunate to have Mr. Cesar E.A. Virata as an adviser for GreatBank. Mr. Virata is a well-known financial expert not just in the private and public sectors of the Philippines, but in international bodies such as the International Monetary Fund and the World Bank as well." Mr. Virata served as the country's Prime Minister from 1981 to 1986, and also held the post of Secretary/Minister of Finance from 1970 to 1986. He was at one time Chairman of the Central Bank's Monetary Board and has held advisory positions in various local and international groups related to economics and finance. Currently, Mr. Virata is Chairman of RCBC and RCBC Realty Corp., and of his own management consultancy firm, Virata and Associates, Inc. He is also a Director of House of Investments, Inc. (HI, and holding company which purchased GreatBank from BankAmerica. The other Directors of GreatBank's board are its President, Lourdes M. LLaneza; Atty. Leonardo T. Siguion-Reyna, Managing Partner of the Siguion-Reyna, Montecillo and Ongsiako Law Offices; Yvonne S. Yuchengco, President of Malayan Insurance Co., Inc. and Perry Y. Uy, Vice Chairman of Philrock, Inc.; Chairman of the Board is Alfonso S. Yuchengco III, Vice Chairman of both RCBC and HI. LLjur GreatBank was formerly known as BA Savings Bank. It is one of three banks owned by the Yuchengco Group of Companies, the others being RCBC and RCBC Savings, which recently purchased 112 branches of Capitol Development Bank. Other member companies of the Yuchengco Group are the Malayan Group of Insurance Companies, Grepalife, EEI, Manila Memorial Park, Philippine Fuji Xerox, Honda Cars Quezon City, Manila and Kalookan and Isuzu Manila.