PSE Circular for Brokers No. 424-99

March 8, 1999 PSE CIRCULAR FOR BROKERS NO. 424-99 February 26, 1999 Ms . GRACE B . DE GUIA Assistant Manager Disclosure Department Philippine Stock Exchange Ortigas Center Pasig City Dear Ms. De Guia : We wish to inform your office that the Regular Annual Meeting of the stockholders of BANCO FILIPINO Savings and Mortgage Bank will be held at Banco Filipino Bldg., 9th Floor, 101 Paseo de Roxas, Makati City, Metro Manila on Friday, the 26th day of March 1999 at 5:00 in the afternoon at which meeting the following matters will be taken up: 1. Certification by the Corporate Secretary on the sending of notices and existence of a quorum; 2. Approval of Minutes of the Stockholders' Meeting held on March 27, 1998; 3. Approval of the Annual Report and Financial Statements and Ratification of the Acts of the Board of Directors and Management; 4. Amendment of Articles of Incorporation to include among the Bank's primary purposes the following. "F) To engage in the business of dealing in government securities". 5. Amendment of By-Laws to include the position of Internal Auditor. 6. Election of the Board of Directors, and 7. Such other business as are indicated in the Code of By-laws and as a properly come before the meeting. Only stockholders of record and are in good standing as of March 5, 1999 shall be entitled to vote and be voted during the meeting. For this purpose, the Stock and Transfer Book of the Corporation will be closed from March 6 to 26, 1999. (SGD.) ATTY. FRANCISCO A. RIVERA Corporate Secretary