The Philippine Banking Corporation

December 3, 1999 PSE CIRCULAR FOR BROKERS NO. 3083-99 SUBJECT : The Philippine Banking Corporation Further to Circular for Brokers No. 2948-99 dated November 18, 1999, The Philippine Banking Corporation ("TPB") furnished the Exchange a copy of its SEC Form 34-C (Definitive Information Statement), including the Plan of Merger with Global Business Bank, Inc., in connection with its Special Stockholders' Meeting which will be held on December 24, 1999 , at 9:00 a.m., at the 6th Floor, Philbank Building, 6778 Ayala Avenue, Makati City. The agenda for the meeting shall be as follows: cdlex 1. Call to Order prcd 2. Secretary's Proof of Due Notice LexLib 3. Approval of the Minutes of the Previous Stockholders Meeting held on June 28, 1999 4. Appointment of External Auditors 5. Amendment of Articles of Incorporation and By-Laws of the Corporation 6. Approval of the Increase in Authorized Capital Stock from P3.5B to P10B LexLib 7. Approval of the Plan of Merger between the Corporation and Global Business Bank, Inc. LibLex 8. Other Matters cdlex 9. Adjournment As previously announced, stockholders of record as of December 3, 1999 are entitled to notice of, and to vote at, said meeting. Stockholders who will not be able to attend the meeting may designate their respective proxies and send their proxy forms to the Office of the Corporate Secretary on or before December 14, 1999. A copy of TPB's Definitive Information Statement, including the Plan of Merger with Global Business Bank, is available for reference at the PSE Centre and PSE-Plaza Libraries. cdlex For your information. (SGD.) MARIA ISABEL T. GARCIA OIC, Listings and Disclosure Group