PSE Circular for Brokers No. 325-99

February 23, 1999 PSE CIRCULAR FOR BROKERS NO. 325-99 February 22, 1999 PHILIPPINE STOCK EXCHANGE, INC . Disclosure Department Listings and Disclosure Group 4th Floor, PSE Center Exchange Road, Ortigas Center Pasig City Gentlemen : This is to inform you that at its regular meeting held on 22 February 1999, the Board of Directors of the Bank approved the declaration of a two percent (2.0%) cash dividend equivalent to P0.20 per share payable on 14 April 1999 to stockholders of record as of 31 March 1999. Likewise approved was the declaration of a stock dividend equivalent to ten Percent (10.00%) on the 540 Million issued and outstanding shares of the Bank thereby increasing paid-up capital by P540,000,000.00 from P5,400,000,000.00 to P5,940,000,000.00. The additional 54,000,00 shares shall be taken from the 308,500,000 unissued shares of the Bank and shall be listed in the stock exchange. LLjur The stock dividend declaration shall be submitted to the stockholders for their approval and ratification in the annual stockholders' meeting scheduled on 26-April 1999. CASH DIVIDEND CASH P0.20/share EX-CASH March 25, 1999 RECORD DATE March 31, 1999 DATE PAYABLE April 14, 1999 STOCK DIVIDEND STOCK 10% RECORD DATE TO BE ANNOUNCED Very truly yours, (SGD.) ANGELITA L. ORTEGA-CORTEZ First Vice President and Corporate Secretary