PSE Circular for Brokers No. 532-99

March 19, 1999 PSE CIRCULAR FOR BROKERS NO. 532-99 Listings and Disclosure Group Philippine Stock Exchange 4/F PSE Center, Exchange Road Ortigas, Pasig City Attention: Disclosure Department Gentlemen : We wish to advise the Philippine Stock Exchange that the Board of Directors of the Philippine National Bank in its regular meeting held today, March 18, 1999, approved the holding of the Annual Stockholders' Meeting to be held on April 28, 1999 at 9:00 a.m. at the PNB Banking Hall, 3rd Floor, PNB Financial Center, Roxas Blvd., Pasay City. The Agenda for the meeting is as follows: 1. Call to Order 2 Secretary's Proof of Notice and Quorum 3. Approval of the Minutes of the 1998 Annual Stockholders' Meeting held on May 26, 1998 4. Approval of the Minutes of the 1998 Special Stockholders' Meeting held on July 21, 1998 5. Report of the President on the Results of Operations for the Year 1998 6. Approval of the 1998 Annual Report 7. Ratification of all Acts and Proceedings of the Board of Directors and Corporate Officers since the 1998 Annual Stockholders' Meeting 8. Election of Directors 9. Appointment of External Auditor 10. Other Matters 11. Adjournment For this purpose, only stockholders or record as of March 31, 1999 will be entitled to vote at this meeting. (SGD.) REMEDIOS MONTECASTRO-LIM Corporate Secretary