Equitable Banking Corporation Additional Listing

March 26, 1998 PSE CIRCULAR FOR BROKERS NO. 501-98 SUBJECT : Equitable Banking Corporation Additional Listing The Exchange approved on March 25, 1998, the application of EQUITABLE BANKING CORPORATION ("EBC") to list 23,230,000 subscription warrants attached to the US$100,000,000 certificates of deposits . The issuance of the Warrants were disclosed on page 15 of the Initial Public Offering Prospectus. The terms and conditions of the Warrants are as follows: cdll Issue Subscription Warrants Issue Size 23,230,000 warrants Original Issue Size is 23,240,000 warrants, of which, 10,000 warrants have been exercised. Issue Date April 3, 1997 Exercise Ratio One (1) warrant will entitle the warrantholder to purchase one (1) common share of EBC Exercise Shares 23,240,000 common shares (already listed as part of the IPO), of which, 10,000 shares have been issued. Exercise Period April 3, 1997 to December 31, 2000 * * Subject to qualifications under 3rd paragraph of Other Conditions. Exercise Price P113.30 per share Adjustment of Exercise Price The Exercise Price shall be adjusted in accordance with the following provisions: 1) If there shall be a change in the par value of the Exercise Shares, the adjusted Exercise Price shall be determined as follows: Exercise Price x New Par Value Old Par Value 2) If and whenever the Issuer shall issue stock dividends, effective on the Record Date, the adjusted Exercise Price shall be determined as follows: Exercise Price x 100% 100% + % of Declared Dividends Other Conditions Warrantholders who do not wish to exercise their Rights under the Warrants may surrender the Warrant Certificates to EBC Investments, Inc. (EBCII) within the following dates and shall be paid by EBCII the corresponding amounts per Warrant: 3/4/1998 to 4/3/1998/ P5.66 11/16/1999 to 12/31/1999 P3.40 11/16/2000 to 12/31/2000 P1.13 On January 1, 2001, the right to subscribe to any and all Exercise Shares covered by any and all unexpired Warrants, whether surrendered to it or otherwise, shall be deemed to have been transferred to EBCII. In which case, EBCII may exercise the right to subscribe to any and all Exercise Shares covered by the unexercised Warrants within 30 days from January 1, 2001. Registered Warrants The Warrants are issued in registered form. Warrant Registrar Security Bank Corporation In view thereof, the listing of the 23,230,000 subscription warrants is set for Friday, April 3, 1998 . The stock trading symbol of Equitable Banking Corporation's warrants is " EBCW ". For your information and guidance. (SGD.) MARIA ISABEL T. GARCIA Head, Listing and Disclosures Group