PSE Circular for Brokers No. 745-98

April 22, 1998 PSE CIRCULAR FOR BROKERS NO. 745-98 April 21, 1998 PHILIPPINE STOCK EXCHANGE Exchange Road, Ortigas Centre Pasig City Attention: Ms . Isabel T . Garcia Head, Compliance and Surveillance Department Gentlemen : We are pleased to confirm to you that the International Finance Corporation (IFC) has approved a debt financing of US$60.0 Million to Far East Bank and Trust Company. The financing consists of an "A" Loan in the amount of US$45.0 Million which will be funded by IFC and a "B" Loan in the amount of US$15.0 Million which will be syndicated among other financial institutions. The debt financing is the second of two (2) tranches approved by the IFC in favor of the Bank. The first (1st) tranche which was committed on September 15, 1997 amounted to US$75.0 Million out of which US$61.0 Million has been released with the remaining $14.0 Million expected to be released by the end of May 1998. The terms and conditions of the second tranche have not been finalized and are currently being negotiated. Several financial institutions have been invited to participate in the syndicate which will finance the "B" Loan. The funds from the debt financing are intended for the Bank's project finance loans as well as loans to export-oriented small and medium scale business enterprises. We trust that you find the foregoing in order. Very truly yours, (SGD.) ANGELITA L. ORTEGA-CORTEZ Corporate Secretary (SGD.) VILMA D. FABIAN Assistant Corporate Secretary