PSE Circular for Brokers No. 344-99

February 25, 1999 PSE CIRCULAR FOR BROKERS NO. 344-99 February 24, 1999 PHILIPPINE STOCK EXCHANGE, INC . 4/F Philippine Stock Exchange Center, PSE Center, Exchange Road Ortigas Center, Pasig City Attention: Ms . Grace B . De Guia Assistant Manager Head Disclosure Dept . Gentlemen : The Board of Directors of Metropolitan Bank and Trust Company in its meeting held on February 24, 1999 has approved the following: 1) April 21, 1999 as the date of the Annual Stockholders Meeting; 2) March 11, 1999 as the record date to determine the stockholders entitled to notice and to vote in the April 21, 1999 Annual Stockholders Meeting; 3) Declaration of a cash dividend of 2% of the outstanding capital stock payable to all common stockholders of record as of a date to be fixed by the President after approval of the same by the Bangko Sentral Ng Pilipinas, and 4) Declaration of a stock dividend of 10% of the outstanding capital stock or 27,002,495 common shares equivalent to Php 2,700,249,500.00 to be issued to all common stockholders of record as of a date be fixed after 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. cdll Cash Dividend Cash P2.00/Share Record Date To be Announced Stock Dividend Stock 20% Record Date To be Announced Posted 8:58 Very truly yours, (SGD.) ANTONIO V. VIRAY Senior 1st Vice President Asst . Corporate Secretary