PSE Circular for Brokers No. 2573-99

October 11, 1999 PSE CIRCULAR FOR BROKERS NO. 2573-99 October 8, 1999 Listing and Disclosure Department PHILIPPINE STOCK EXCHANGE 4/F Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Attention: Disclosure Department Gentlemen: In compliance with the disclosure requirement of the Philippine Stock Exchange (PSE), attached hereto are the data on the ownership structure of Philippine National Bank (PNB) updated as of October 8, 1999, the listing date for the PNB Stock Rights Offering of 68,740,086 shares, together with the list of the top 50 PNB stockholders as of the same date. Very truly yours, (SGD.) RODERICK R.C. SALAZAR Corporate Secretary PNB OWNERSHIP STRUCTURE As of October 8, 1999 No. of shares Paid-in Percentage of Subscribed Capital Ownership COMMON SHARES Republic of the Philippines 62,670,355 P6,267,035,500.00 30.39% Private Stockholders 143,549,902 14,354,990,200.00 69.61% Breakdown: Shares % Filipino 99,222,934 48.12% Foreign 44,326,698 21.49% 143,649,902 69.61% TOTAL 206,220,257 20,622,025,700.00 100.00% SHARES PERCENTAGE Total Shares Issued and Outstanding 206,220,257 100.00% Foreign Ownership Limit 82,488,102 40.00% Foreign Ownership Level PCD 44,070,070 21.37% Non-PCD 256,898 0.12% 44,326,968 21.49% As provided for under Art. 7 of PNB Articles of Incorporation: AUTHORIZED CAPITAL = 25,000,000,000.00 (250,000,000 shares @ P100 par value) ISSUED - 206,220,257 = 82.5% UNISSUED - 43,779,743 = 17.5% TOTAL NUMBER OF PNB STOCKHOLDERS AS OF OCTOBER 8, 1999 - 28771 PHILIPPINE NATIONAL BANK CORPORATE SECRETARY'S OFFICE TOP 50 STOCKHOLDERS AS OF OCTOBER 8, 1999 NO. STOCKHOLDER CITIZENSHIP SHARES VOTING % 1 REPUBLIC OF THE PHILIPPINES FILIPINO 62,670,355 30,39000000 2 PCD NOMINEE CORP. (NON-FILIPINO) FOREIGN 44,070,070 21,37000000 3 PCD NOMINEE CORP. (FILIPINO) FILIPINO 33,068,036 16,04000000 4 WEALTH SECURITIES, INC. FILIPINO 12,779,467 6,20000000 5 WITTER WEBBER AND SCHWAR INVESTMENT, INC. FILIPINO 7,833,795 3,80000000 6 RF INVESTMENTS, INC. FILIPINO 7,833,795 3,80000000 7 INTEGRION INVESTMENT, INC. FILIPINO 7,833,794 3,80000000 8 DREYFUSS MUTUAL INVESTMENT, INC. FILIPINO 7,833,794 3,80000000 9 MANDARIN SECURITIES CORPORATION FILIPINO 4,287,566 2,08000000 10 LUYS SECURITIES CO., INC. FILIPINO 2,945,458 1,43000000 11 PAL EMPLOYEES' SAVING AND LOAN ASSOCIATION, INC. FILIPINO 1,229,094 0,60000000 12 TRITON SECURITIES CORPORATION FILIPINO 1,071,477 0,52000000 13 THE INSULAR LIFE ASSURANCE CO., LTD. FILIPINO 335,883 0,16000000 14 CHING, JOSE T. FILIPINO 200,000 0,10000000 15 YU TEN PIAK FILIPINO 120,376 0,06000000 16 TANENGLIAN, MARIANO FILIPINO 103,488 0,05000000 17 NG SIU KHENG, FLORA FILIPINO 10,375 0,05000000 18 LIM, EDWARD FILIPINO 69,250 0,05000000 19 R. NUBLA SECURITIES INC. FILIPINO 92,836 0,05000000 20 ABACUS CAPITAL & INV. CORP. FILIPINO 90,000 0,04000000 21 FEBTC T/A # 201-00155 FILIPINO 82,100 0,04000000 22 YU, PAQUITO &/OR YU, RAMONA FILIPINO 80,000 0,04000000 23 PUA SHIN HING FILIPINO 79,692 0,04000000 24 CHUA, DOMINGO FILIPINO 76,403 0,04000000 25 DEE, ANDRES S. FILIPINO 72,459 0,04000000 26 MAKATI SUPERMARKET CORPORATION FILIPINO 69,821 0,03000000 27 THE MANUFACTURERS LIFE INSURANCE CO. (PHILS.), INC. FILIPINO 68,420 0,03000000 28 RATTI, GIORGIO B. ITALIAN 60,768 0,03000000 29 PAN ASIA SECURITIES CORPORATION FILIPINO 55,645 0,03000000 30 TAN LEE, JUANITA FILIPINO 50,155 0,02000000 31 QUE BOK KUN FILIPINO 50,000 0,02000000 32 UY, ABETO A. FILIPINO 45,072 0,02000000 33 CHUA SENG FILIPINO 43,421 0,02000000 34 PHIL. FIRST INSURANCE CO., INC. FILIPINO 42,972 0,02000000 35 TAI-PAN DEVELOPMENT, INC. FILIPINO 42,799 0,02000000 36 HEVA MANAGEMENT & DEVELOPMENT CORPORATION FILIPINO 42,799 0,02000000 37 AGO, EMMANUEL F. &/OR AGO, ANGELITA F. FILIPINO 41,611 0,02000000 38 UNITED RFN TY CORPORATION FILIPINO 40,779 0,02000000 39 PUA YOK BING FILIPINO 40,013 0,02000000 40 TAN, ANTONIO G. FILIPINO 39,000 0,02000000 41 DE LEON, JORGE J. L. &/OR DE LEON, RAQUEL G. &/OR CORP., LE FILIPINO 38,214 0,02000000 42 PARITY VALUES, INC. FILIPINO 38,198 0,02000000 43 BORJA SR., BASILIO E. FILIPINO 37,000 0,02000000 44 HOCK, SO HIO &/OR KIM, SIY SIU FILIPINO 35,600 0,02000000 45 YOUNG, ELISEO C. &/OR YOUNG, EVELYN C. FILIPINO 33,548 0,02000000 46 SYSMART CORPORATION FILIPINO 33,126 0,02000000 47 FIRST LEPANTO-TAISHO INSURANCE CORPORATION FILIPINO 32,395 0,02000000 48 LEE, RAMON &/OR LEE, RUBY C. FILIPINO 31,062 0,02000000 49 ONG TIONG FILIPINO 28,370 0,01000000 50 TENG, LPURDES FILIPINO 28,000 0,01000000