PSE Circular for Brokers No. 3287-99

December 27, 1999 PSE CIRCULAR FOR BROKERS NO. 3287-99 23 December 1999 Disclosure Department Listings & Disclosure Group 4/F Philippine Stock Exchange, Inc. PSE Center, Exchange Road Ortigas Center, Pasig City, MM Attention: Ms . Ma . Isabel T . Garcia Listings and Disclosure Group Gentlemen: Further to our letter to you dated 15 December 1999 (copy attached for ready reference), we wish to inform you that at its regular meeting held on 15 December 1999, the Board of Directors of the Bank of the Philippine Islands (BPI) also approved the amendment of paragraph 6 of Article VI of the amended By-Laws of BPI to read as follows: LexLib "The Board of Directors may hold special meetings when necessary, upon call by the Chairman of the Board or upon request of at least three (3) of its members. Notice of the special meeting shall be sent through messenger by the Secretary of the .Bank to every member of the Board of Directors at his address registered with the Bank at least two (2) days prior to the meeting, and in the case of members of the Board of Directors residing abroad, notice of the special meeting shall be given by fax, e-mail, cable or telex, or any other acceptable means of communication . The notice shall specify the date, hour and place of the special meeting." cdlex Thank you. Very truly yours, (SGD.) CARLOS B. AQUINO VP & Corporate Secretary 15 December 1999 Disclosure Department Listings & Disclosure Group 4/F Philippine Stock Exchange, Inc. PSE Center, Exchange Road Ortigas Center, Pasig City, MM Attention: Ms . Ma . Isabel T . Garcia Listings and Disclosure Group Gentlemen: 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: " 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