PSE Circular for Brokers No. 2595-99

October 12, 1999 PSE CIRCULAR FOR BROKERS NO. 2595-99 October 11, 1999 PHILIPPINE STOCK EXCHANGE, INC. PSE Center, Exchange Road Ortigas Center Pasig City Attention: Ms . Grace de Guia Listing and Disclosure Group Gentlemen: At the meeting of the Board of Directors of the Philippines Banking Corporation ("Philbank"), at which a quorum was present, and acting throughout, the following matters were unanimously approved and adopted. 1. The Special Stockholders' Meeting (the "Special Meeting") of Philbank, which had been earlier set for Friday, 29 October 1999, shall be postponed to a later date. Please find attached a copy of the Affidavit of Postponement of Special Stockholders' Meeting dated 11 October 1999 duly executed by the Acting Assistant Corporate Secretary. 2. The record date for determining the stockholders of Philbank entitled to notice an and vote at the Special Stockholders' Meeting shall be reset and announced when the date for the said Special Stockholders' Meeting is determined. cdll We are making this disclosure in compliance with the Continuing Listing Requirements of the Philippine Stock Exchange. Very truly yours, THE PHILIPPINE BANKING CORPORATION By: (SGD.) RENATO J. FERNANDEZ Corporate Information Officer REPUBLIC OF THE PHILIPPINES) MAKATI CITY, METRO MANILA) S.S. AFFIDAVIT OF POSTPONEMENT OF SPECIAL STOCKHOLDERS' MEETING I, RENATO J. FERNANDEZ, of legal age, Filipino, and with office address at Philbank Building, 6778 Ayala Avenue, Makati City, Metro Manila, after being duly sworn in accordance with law hereby depose and state that: 1. I am the Acting Assistant Corporate Secretary of the Philippine Banking Corporation ("the Corporation"), a corporation organized and existing under the laws of the Republic of the Philippines, with address at Philbank Building, 6778 Ayala Avenue, Makati City, Metro Manila. 2. At a Special Meeting of the Board of Directors of the Corporation, it was unanimously decided that, the Special Stockholders' Meeting of the Corporation, which had been earlier set for Friday, 29 October 1999, shall be postponed to a later date in order to give Management more time to study certain corporate matters which in intends to present to the stockholders for their approval. 3. I am executing this affidavit in compliance with SEC Memorandum Circular No. 96-5 and for whatever legal purpose it may serve. cdlex IN WITNESS WHEREOF, I have hereto signed this document on this 11th day of October 1999 at Makati City. (SGD.) RENATO J. FERNANDEZ Acting Assistant Corporate Secretary SUBSCRIBED AND SWORN to before me this 11th day of October 1999, affiant exhibited to me his Community Tax Certificate No. 0100496 issued at Makati City on April 12, 1999. (SGD.) LEONARDO C. BOOL Notary Public