Philippine Bank of Communications

November 10, 1998 PSE CIRCULAR FOR BROKERS NO. 2560-98 SUBJECT : Philippine Bank of Communications Philippine Bank of Communications ("PBC") informed the Exchange, in a letter dated November 5, 1998, that the Securities and Exchange Commission (SEC) approved on November 4, 1998 its Amended Articles of Incorporation, particularly the amendments to the following articles: "SIXTH The number of the directors of the corporation shall be fifteen (15) , and the names and residences of the directors who are to serve until their successors are elected and qualified, . . . cdlex SEVENTH . . . Provided further, that no stockholders of any class of shares shall have or otherwise, be entitled to any pre-emptive right to subscribed to, purchase or receive any class of shares of the Corporation, or part thereof, whether issued from its unissued capital, future increases in capital stock or its treasury stock. Any such shares may at any time be issued, sold or disposed of by the Corporation pursuant to the resolution of its Board of Directors, to such persons and upon such terms as the Board of Directors may deem proper, without first offering such shares to existing stockholders." For your information. (SGD.) JOSE LUIS U. YULO, JR. President and Chief Executive Officer