Notice of Annual Stockholders' Meeting

March 17, 1999 PSE CIRCULAR FOR BROKERS NO. 507-99 NOTICE OF ANNUAL STOCKHOLDERS' MEETING NOTICE IS HEREBY GIVEN that pursuant to Article of the Amended By-Laws of the Bank of the Philippine Islands (BPI), the Annual Meeting of the Stockholders of BPI will be held at the Grand Ballroom. Hotel Inter-Continental, Makati City, Metro Manila, on Tuesday, April 13, 1999, at 9:00 o'clock in the morning, for the transaction of the business: 1. Calling of Meeting to order. 2. Certification of Notice. 3. Roll Call of Stockholder. 4. Determination and declaration of quorum. 5. Reading and approval of the minutes of the Annual Meeting of Stockholders on April 14, 1998. 6. Reading of Annual Report and approval of the Bank's Statement of Condition as of 31 December 1998 incorporated in the Annual Report. 7. Approval and Confirmation of all acts during the past year of the Board of Directors, Executive Committee, Audit Committee, Trust Committee, Pension Committee, all other Board and Management Committees, and Officers of BPI. 8. Election of 15 Members of the Board of Directors. 9. Election of External Auditor and fixing their remuneration. 10. Directors' Bonus. 11. Other Matters. 12. Adjournment. Only Stockholders of record as of and of business hours on March 12, 1999 will be entitled to notice and to vote at this meeting. For this purpose and in accordance with Article XIII of the Company's Amended By-Laws, the Stock and Transfer Book of BPI will be closed from 13 March to 13 April 1999. cdpr If you cannot personally attend the meeting and you wish to be represented thereat, you may designate your authorized representative by submitting a PROXY instrument to the Office of the Corporate Secretary not later than 5:00 P.M. of March 31, 1999. Makati City, 12 March 1999 FOR THE BOARD OF DIRECTORS (SGD.) CARLOS B. AQUINO Vice President & Corporate Secretary