Metropolitan Bank and Trust Company

March 16, 1999 PSE CIRCULAR FOR BROKERS NO. 501-99 SUBJECT : Metropolitan Bank and Trust Company Further to Circular No. 344-99 dated February 25, 1999, Metropolitan Bank and Trust Company ("MBT') furnished the Exchange a copy of its SEC Form 34-C (Preliminary Information Statement) in connection with its Annual Stockholders' Meeting which will be held on April 21, 1999 , at. 4:00 p.m., at the Metrobank Auditorium, Metrobank Plaza, Sen. Gil J. Puyat Avenue, Makati City. The agenda for the meeting shall be as follows: 1. Call to Order 2. Certification of Notice and Quorum 3. Approval of the Minutes of the Special Meeting of Stockholders held on July 22, 1998 4. Annual Report to the Stockholder 5. Ratification of Corporate Acts 6. Election of Directors 7. Ratification of the 10% Stock Dividend 8. Other Matters 9. Adjournment As previously announced, stockholders of record as of March 11, 1999 are entitled to notice of, and to vote at, said meeting. A copy of MBT's Preliminary Information Statement is available for reference at the PSE Library and PSE-Plaza Administration Office. For your information. (SGD.) RAFAEL L. LLAVE Chief Operating Officer