PSE Circular for Brokers No. 784-98

April 23, 1998 PSE CIRCULAR FOR BROKERS NO. 784-98 April 22, 1998 PHILIPPINE STOCK EXCHANGE, INC. Philippine Stock Exchange Center Exchange Road, Ortigas Center Pasig City Attention: Ms . Maria Isabel T . Garcia Head, Listings and Disclosure Group Gentlemen : Please be informed as follows: 1) The stockholders of METROPOLITAN BANK AND TRUST COMPANY in the Annual Meeting held on April 22, 1998 elected the following directors: NAME POSITION George S.K. Ty Chairman Placido L. Mapa, Jr. Vice Chairman Jose T. Pardo Member Victor A. Lim Member Antonio S. Abacan, Jr. Member Gabriel Chua Member James Go Member Ricardo W. Gella Member Johnip G. Cua Member 2) The board of directors of METROPOLITAN BANK AND TRUST COMPANY in its meeting held on April 22, 1998 elected the following officers: NAME POSITION George S.K. Ty Chairman Placido L. Mapa, Jr. Vice Chairman Antonio S. Abacan, Jr. President James Go Executive Director Elvira Ong Chan Senior Executive Vice President/ Corporate Secretary Ricardo W. Gella Senior Executive Vice President Henry M. Sun Executive Vice President Angelito M. Villanueva Executive Vice President Theresita O. Turla Executive Vice President Samuel S. Yap Executive Vice President Vy TonneSo Senior Vice President/Treasurer Alfredo P. Javellana II Senior Vice President/ Asst. Corporate Secretary Aniceto M. Sobrepea Senior Vice President Ms. Concepcion N. Singson Senior Vice President Patricio O. Go Senior Vice President Francis T. Lee Senior Vice President Carmelita R. Araneta First Vice President Alfredo D. Lim First Vice President Jaime T. Dee First Vice President Cynthia R. Manalang First Vice President Diana D. Enrique First Vice President Paul Y. Sim, Jr. First Vice President Pantaleon P. Francisco First Vice President Dennis G. Suico First Vice President Wilfredo S. Tiongson First Vice President Arthur Vy Ty First Vice President/ Asst. Corporate Secretary/ Asst. to the President Eligio C. Labog, Jr. First Vice President Antonio V. Viray First Vice President/ Asst. Corporate Secretary Mauricio M. Chiong First Vice President Angelita T. Jao First Vice President Bernardito M. Lapuz First Vice President Sergio D. Lim, Jr. First Vice President Aurora J. Yambot First Vice President Reynaldo H. Liao First Vice President William Wen Pai Yu First Vice President Yuichi Okazaki First Vice President Melinda C. Ching First Vice President Alfred V. Madrid First Vice President Ricardo T. Chan Vice President Alberto P. Maglaque Vice President Roy Y. Martelino Vice President Fermin T. Chio Vice President Benjamin A. Mayuga, Jr. Vice President Manuel P. Phua Vice President Fernando P. Porras Vice President Edgardo O. Ignacio Vice President Herminio O. Timbol Vice President Rogelio T. Uy Vice President Steve Po-Tsun Juo Vice President Lorenzo G. De Vera, Jr. Vice President Ma. Rosario C. Victorino Vice President Alex C. Lim Vice President Philip H. Wong Vice President Victorio B. Yamat Vice President Luis R. Ymson, Jr. Vice President Mariquita L. Agena Vice President Antonio P. Chua Vice President Rosalie Wee Chu Vice President Lydia G. Chua Vice President Rafael T. Yu Vice President Amelin S. Yao Vice President Lucila Y. Uy Vice President Gloria T. Uy Vice President Wilfredo S. Rivera Vice President Norma G. Recibio Vice President Avmir D. Pangilinan Vice President Francisco N. Noble, Jr. Vice President Yuji Mikoshiba Vice President Kyung Bay Coe Vice President Bernabe O. Galang Vice President Bon Juan Go Vice President Domingo C. Go Vice President Daniel Hsu Vice President Katie Kuo-Hwa Kao Vice President Edgardo C. Marquez Vice President Mary Vy Ty Asst. to the Chairman Very truly yours, (SGD.) ANTONIO V. VIRAY First Vice President Asst . Corporate Secretary