PSE Circular for Brokers No. 520-99

March 18, 1999 PSE CIRCULAR FOR BROKERS NO. 520-99 March 17, 1999 Disclosure Department Listings and Disclosure Group 4/F Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Gentlemen : By way of reply to your letter dated 17 March 1999, asking for clarification of the news article captioned "Former PCIBank exec files complaint" in the issue of Business World today, we wish to inform you that: 1. The matter of the complaint of Atty. Marcial O.T. Balgos has not been furnished the Bank hence we cannot make any comment and/or information thereon to you. As we understand it, the complaint merely involves the members of the Board Directors who voted to declare the position of Corporate Secretary vacant as principal defendants, those who voted against as unwilling co-plaintiffs and the one abstaining as a necessary party. Atty. Marcial O.T. Balgos did not include the Bank as a defendant. Cdphil 2. We also understand that the complaint did not in any way touch on the capital ownership or structure of the Bank nor with its operations. We hope you find the foregoing to your satisfaction. Very truly yours, PHILIPPINE COMMERCIAL INTERNATIONAL BANK By: (SGD.) LUTGARDA C. BAQUIRAN-PERALTA Assistant Corporate Secretary