PSE Circular for Brokers No. 901-99

April 28, 1999 PSE CIRCULAR FOR BROKERS NO. 901-99 April 27, 1999 PHILIPPINE STOCK EXCHANGE, INC . Disclosure Department Listings and Disclosure Group 4th Floor, PSE Center Exchange Road, Ortigas Center Pasig City Attention: Mr . Reynold P . Ong Vice President Gentlemen : Please be informed that Far East Bank and Trust Co . (the "Bank ") held its annual stockholders' meeting last 26 April 1999 at 3:00 p.m. at the Mandarin Oriental Manila Hotel on Makati Avenue, Makati City and during the said meeting the following were elected as members of the Board of Directors of the Bank. 1. Mr. Tatsuo Abiru 2. Mr. Carlos A. Arellano 3. Mr. Manuel E. Cacho 4. Mr. Mariano M. Cacho, Jr. 5. Mr. Jose L. Cuisia, Jr. 6. Amb. Ramon V. del Rosario, Sr. 7. Mr. O. V. Espiritu 8. Mr. Enrique C. Fernandez 9. Mr. Henry L. Go 10. Mr. James L. Go 11. Ms. Robina Gokongwei-Pe 12. Ms. Toshiaki Kabe 13. Mr. Mitsuho Karakida 14. Mr. Shinsuke Shimizu 15. Mr. Henry Sy, Sr. At the organizational meeting held immediately after the stockholders' meeting, the Board of Directors elected the following principal officers of the Bank. Mr. Jose L. Cuisia, Jr. Chairman of the Board Amb. Ramon V. del Rosario, Sr. Vice-Chairman of the Board Mr. Octavio V. Espiritu President and Chief Executive Officer Mr. Vicente L. Panlilio Senior Executive Vice-President and Chief Operating Officer Mr. Emilio S. de Quiros, Jr. Treasurer Atty. Angelita L. Ortega-Cortez Corporate Secretary Mr. Victor C. Arbolada Internal Auditor Very truly yours, (SGD.) ANGELITA L. ORTEGA-CORTEZ First Vice President and Corporate Secretary