PSE Circular for Brokers No. 3208-99

December 16, 1999 PSE CIRCULAR FOR BROKERS NO. 3208-99 15 December 1999 Disclosure Department Listings & Disclosure Group 4/F Philippine Stock Exchange, Inc. PSE Center, Exchange Road Ortigas Center, Pasig City Attention: Ms . Ma . Isabel T . Garcia Listings and Disclosure Group We wish to inform you that at its regular meeting today, 15 December 1999, the Board of Directors of the Bank of the Philippine Islands (BPI) approved the amendment of Article VI of the amended By-Laws of BPI to incorporate the following: cdlex " For purposes of election to the Board of Directors, all nominations for election of Directors by the Stockholders shall be submitted in writing to the Board of Directors through the Corporate Secretary, together with the written acceptance of the nominee, at least five (5) working days before the date of stockholders meeting or at such earlier or later date as the Board of Directors may fix . No nominee shall qualify to be elected as Director unless this requirement is complied with . (As amended on 15 December 1999). Thank you. Very truly yours, (SGD.) CARLOS B. AQUINO VP & Corporate Secretary