PSE Circular for Brokers No. 324-99

February 23, 1999 PSE CIRCULAR FOR BROKERS NO. 324-99 February 22, 1999 PHILIPPINE STOCK EXCHANGE Philippine Stock Exchange Center Exchange Road, Ortigas Center Pasig City Attention: Ms . Grace B . De Guia Assistant Manager Head Disclosure Department Gentlemen : The Board of Directors of Philippine Savings Bank in its meeting held on February 22, 1999 has approved and fixed the following: 1. April 19, 1999 as the date of the Annual Stockholders Meeting; 2. March 19, 1999 as the record date to determine the stockholders entitled to notice and to vote in the April 19, 1999 Annual Stockholders Meeting; and 3. Declared a stock dividend equivalent to 10% of total outstanding capital stock or 16,138,320 common shares equivalent to P163,183,200 to be issued to all common stockholders of record as of a date to be fixed after the approval by the Bangko Sentral ng Pilipinas and the stockholders and compliance with the listing requirements of the Philippine Stock Exchange and the Securities and Exchange Commission. STOCK DIVIDEND STOCK 10% RECORD DATE To be announced Very truly yours, (SGD.) DIANA D. ENRIQUE Corporate Secretary