PSE Circular for Brokers No. 679-99

April 6, 1999 PSE CIRCULAR FOR BROKERS NO. 679-99 April 5, 1999 Philippine Stock Exchange 4th Floor, Phil. Stock Exchange Centre Exchange Road., Ortigas Center Pasig, Metro Manila Attention: Disclosure Department Listings and Disclosure Group Gentlemen : Please be advised that House of Investments, Inc. (HI) and ABN AMRO Bank signed this afternoon a Memorandum of Understanding for the acquisition by ABN AMRO of the entire shareholdings of HI in Great Pacific Savings Bank (formerly known as BA Savings Bank). aisadc Enclosed is a copy of the prepared press release on the matter. Very truly yours, (SGD.) ROSULA P. LAWENKO Assistant Corporate Secretary Monday, April 15, 1999 The Yuchengco Group and ABN AMRO Bank announced today that they have signed a Memorandum of Understanding with a view to the acquisition by ABN AMRO of a controlling stake in the Great Pacific Savings Bank (formerly known as BA Savings Bank), a subsidiary of House of Investments, Inc. (Hi). As at the year end 1998, the Great Pacific Savings Bank, a thrift bank based in Manila with 25 branches around the Philippines, had total assets of PhP 5484 min and loan assets of PhP 3778 min. LexLib The Yuchengco Group, of which HI is a member, is engaged mainly in financial services through Rizal Commercial Banking Corporation, Malayan Insurance, and Great Pacific Life Assurance, and in other activities such as construction through EEI and Philrock; vehicle assembly and dealerships through Honda and Isuzu; and pre-need plans through Pacific Plans and Manila Memorial Park. ABN AMRO currently holds only a restricted Offshore Banking Unit (OBU) license in the Philippines. The proposed acquisition would allow ABN AMRO to establish a foothold in the domestic Philippine banking market and to expand into peso-denominated businesses. ABN AMRO plans to supplement its existing highly successful Structured Finance business, with expansion into Consumer Banking in the Philippines market through the new entity. cdlex ABN AMRO Bank NV is one of the leading universal banks in the world, offering retail, commercial, and investment banking services through a global network of over 3,500 offices in 74 countries and territories. ABN AMRO has total assets of over EUR 432 billion and employs 105,000 staff.