PSE Circular for Brokers No. 812-99

April 20, 1999 PSE CIRCULAR FOR BROKERS NO. 812-99 April 19, 1999 PHILIPPINE STOCK EXCHANGE 4/F Center, Exchange Road Ortigas Center, Pasig City Attention: Ms . Grace B . De Guia Assistant Manager Head, Disclosure Dept . Gentlemen : Please be informed as follows; 1. The Stockholders of PHILIPPINE SAVINGS BANK in the Annual Meeting held on April 19, 1999: (a) Elected the following director: POSITION NAME Honorary Chairman Soledad L. Dolor Chairman Renato C. Valencia Vice-Chairman Jerry C. Angping Vice-Chairman Danilo L. Dolor Member Adelita A. Vergel De Dios Member Arthur Vy Ty Member George S. Lee Member Daniel Y. Laogan Member Alfredo S. Barretto (b) Ratified the 10% stock dividend declared by the Board of Direction on February 22, 1999. As authorized under Board Resolution NO. 99-7 dated February 22, 1999, the President has fixed May 5, 1999 as the record date for stockholders entitled to the 10% stock dividend. (2) The Board of Directors of PHILIPPINES SAVINGS BANK in its meeting held on April 19, 1999 elected the following officers. POSITION NAME Honorary Chairman Soledad L. Dolor Chairman Renato C. Velencia Vice-Chairman Jerry C. Angping Danilo L. Dolor President Adelita A. Vergel De Dios Executive Vice-President Alfredo S. Barretto Senior Vice-President Ismael A. De Leon Senior Vice-President Yolanda L. Dela Paz Edgardo A. Anion First Vice-President Franco E. Burgos Vice-President Floro N. Largoza Philip P. Sykimte Franklin S. Umadhay Rosario Setias-Reyes Assistant Vice-President Wendy P. Andong Adeliza H. Aton Anicia l. Belza Lili F. Castro Pompeyo A. Claveria Teresita J. Dizon Leonardo C. Laurena Jose S. Lee Esther T. Matibag Dolores S. Puno Paterno A. Satur Florencio P. Soneja Treasurer Arthur Vy Ty Asst. Treasurer Margaret L. Ty Corporate Secretary Diana D. Enrique Asst. Corporate Secretary Ro Y. Martelino STOCK DIVIDEND (UPDATE) STOCK 10% EX-STOCK APRIL 29, 1999 RECORD DATE MAY 5, 1999 Very truly yours, (SGD.) DIANA D. ENRIQUE Corporate Secretary