PSE Circular for Brokers No. 2595-98

November 15, 1998 PSE CIRCULAR FOR BROKERS NO. 2595-98 November 13, 1998 PHILIPPINE STOCK EXCHANGE, INC . Listing & Disclosure Group Philippine Stock Exchange Center Exchange Road, Pasig City Attention: Ms . Grace de Guia Supervisor Disclosure Department RE : Prudential Bank Gentlemen : This is with reference to the labor dispute between Prudential Bank and the Prubankers Association, the collective bargaining representative of the Bank's rank and file employees nationwide. Please be informed that yesterday, November 12, 1998, at 11:00 P.M., the Prubankers Association and the Management Panel representing Prudential Bank have fully settled and agreed to the remaining unresolved issues of the 1998 Collective Bargaining Agreement. Since all issues were resolved and approved by both parties, the labor dispute has been fully settled and a document was signed by the Prubankers Association and the Management Panel representing Prudential Bank. The said document was attested by Atty. Tuy Magsalin, Chairman of the National Conciliation and Mediation Board of the Department of Labor, Atty. Rey Ubaldo, Deputy Director and Mr. Mario Santos and Atty. Conrado Pasco, Conciliators of the Department of Labor. LexLib In a news item appearing in page B2 of the Philippine Daily Inquirer today, we categorically deny that this Bank submitted a proposal to the Bangko Sentral ng Pilipinas for either a merger with or the acquisition of a smaller bank. We trust that the foregoing information will suffice your requirements and be assured of our cooperation at all times. Very truly yours, (SGD.) RENATO L. SANTOS Sr . Vice President (SGD.) OCTAVIO D. FULE Vice President Corporate Secretary