PSE Circular for Brokers No. 3212-99

December 16, 1999 PSE CIRCULAR FOR BROKERS NO. 3212-99 15 December 1999 PHILIPPINE STOCK EXCHANGE PSE Center, Exchange Road Ortigas Center Pasig City, Metro Manila Attention: Ms . Grace De Guia Listing and Disclosure Gentlemen: At the meeting of the Board of Directors of the Philippine Banking Corporation ("Philbank") at 4:00 p.m. on 15 December 1999, at which a quorum was present and acting throughout, the following matters were approved and adopted by a majority of the Directors. cdll 1. The Special Stockholders' Meeting (the "Special Meeting") of Philbank, which had been earlier set for Friday, 24 December 1999, shall be indefinitely postponed. Please find attached a copy of the Affidavit of Postponement of Special Stockholders' Meeting duly executed by the Acting Assistant Corporate Secretary. 2. The record date for determining the stockholders of Philbank entitled to notice and vote at the Special Meeting shall be reset and announced when the date for the date for the Special Meeting is determined. 3. The Board accepted the resignation of Mr. Roberto C. Chiusinco as a member of the Board of Directors of the Corporation. prcd 4. The Board accepted the resignation of Mr. Robin A. King as Acting President. 5. The Board elected Mr. Henry M. Suan as Acting President, subject to the approval of the Bangko Sentral ng Pilipinas. 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: cdll 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 the Regular Meeting of the Board of Directors of the Philippine Banking Corporation (the "Corporation"), a majority of the Directors decided that the Special Stockholders' Meeting of the Corporation, which had been earlier set for Friday, 24 December 1999, shall be indefinitely postponed. 3. I am executing this affidavit in compliance with SEC Memorandum Circular No. 96-5 and for whatever legal purpose it may serve. (SGD.) RENATO J. FERNANDEZ Acting Assistant Corporate Secretary SUBSCRIBED AND SWORN TO before me this 15th day of December 1999, affiant exhibited to me his Community Tax Certificate No. 00100496 issued at Makati on November 12, 1999. Doc. No. 137 Page No. 28 Book No. II Series of 1999