October 11, 1999PSE CIRCULAR FOR BROKERS NO. 2574-99October 8, 1999

October 11, 1999 PSE CIRCULAR FOR BROKERS NO. 2574-99 October 8, 1999 Philippine Stock Exchange, Inc. Disclosure Department 4/F Philippine Stock Exchange Center Exchange Road, Ortigas Center Pasig City Attention: Ms . Grace B . de Guia Assistant Manager Gentlemen: In compliance with Article 1 of the PSE By-Laws, we are please to disclose herewith the results of Prudential Bank' Annual Stockholders' Meeting held today, October 8, 1999, at 4:00 p.m.: 1. Approval of the Plan of Merger of Prudential Bank and Pilipinas Bank, details of which shall be disclosed in SEC Form 11-C; 2. Amendments of provisions of the Amended By-Laws of the Bank, indicating; a. City of Makati as principal office, instead of Makati Rizal; b. Third Wednesday of each month as the regular meeting date of the Board of Directors; c. Director's fee of P200.00 for every attendance at any meeting of the Board of Directors; d. The inclusion of one or more positions of Executive Vice Presidents, Senior Vice Presidents, Senior Assistant Vice Presidents and the separation of office of the Secretary from the Trust Officer; cdll e. Portion of the profit sharing shall be for the Senior Officers without having to be members of the Management Committee. We hope that this will meet your requirements and please be assured of our cooperation at all times. Very truly yours, (SGD.) OCTAMIO D. FULE Vice President and Corporate Secretary