PSE Circular for Brokers No. 777-98

April 23, 1998 PSE CIRCULAR FOR BROKERS NO. 777-98 April 21, 1998 Philippine Stock Exchange PSE Center, Exchange Road Ortigas Center, Pasig City Attention: Ms . Janet J . Alcala Listings and Disclosure Group Gentlemen : We refer to your letter dated April 20, 1998 for a written clarification/confirmation of the news articles which was published in the April 17, 1998 issue of Manila Times captioned "Equitable to take RCBC's place as Orient's saviour". At the outset, we would like you to take note that the Bangko Sentral ng Pilipinas ("BSP") invited Equitable Banking Corporation ("EBC"), together with other banks, to tender its bid for the purchase of 100% of the equity of Orient Commercial Bank Corporation ("Orient Bank"). On the basis of such invitation, EBC, on February 3, 1998, submitted its bid. Since then we were not informed officially of the outcome of the bidding. We simply read in the newspapers that RCBC tendered the highest bid among the participating banks, with Equitable Bank coming in as a close second. The purchase of Orient Bank's shares was therefore never consummated, insofar as EBC is concerned. Thereafter, we again learned from the papers that RCBC withdrew its bid. We wish to stress that the withdrawal of RCBC's offer does not automatically make EBC the winning bidder or bind EBC to proceed with purchase. At the present time, we have not officially withdrawn our offer. aisadc We trust that we have adequately clarified the foregoing matter. Should you have any question, please do not hesitate to let us know. Very truly yours, (SGD.) PURITA M. JEANJAQUET Vice President & Corporate Secretary