PSE Circular for Brokers No. 2663-99

October 18, 1999 PSE CIRCULAR FOR BROKERS NO. 2663-99 October 18, 1999 Securities and Exchange Commission Attn: Director Linda A. Daoang Money Market Department S.E.C. Building, EDSA Mandaluyong City Philippine Stock Exchange Attn: Disclosure Department Listing and Disclosure Group 4/F PSE Centre, Exchange Road Ortigas Center, Pasig City SUBJECT : Ayala Group Buys Stake of Gokongwei in Far East Bank Gentlemen: We are pleased to inform you that the Ayala Group, through holding company Ayala Corporation and BPI Capital Corporation, has reached agreement with the Gokongwei Group for the acquisition of the latter's approximately 20 % stake in Far Bast Bank and Trust Co. The acquisition worth about P9.9 billion reinforces Ayala's commitment to the financial services industry. The acquisition of shares of Far East Bank falls within Ayala's strategy of building up leading presence in the banking industry. The foregoing is submitted in compliance with the rules of the SEC and the PSE. Very truly yours, (SGD.) RUFINO LUIS MANOTOK Managing Director