Philippine National Bank

May 6, 1998 PSE CIRCULAR FOR BROKERS NO. 951-98 SUBJECT : Philippine National Bank Philippine National Bank ("PNB") furnished the Exchange on April 30, 1998 a copy of SEC Form 34-C (Definitive Information Statement) in connection with its Annual Stockholders' Meeting which will be held on May 26, 1998, at 9:00 a.m., at the PNB Banking Hall, 3 rd Floor, PNB Financial Center, Roxas Blvd., Pasay City. The agenda for the meeting shall be as follows: 1. Call to Order 2. Secretary's Proof of Notice and Quorum 3. Approval of the Minutes of the 1997 Annual Stockholders' Meeting held on April 23, 1997 4. Report of the President on the Results of Operations for the Year 1997 5. Approval of the 1997 Annual Report 6. Ratification of all Acts and Proceedings of the Board of Directors and Corporate Officers since the 1997 Annual Stockholders' Meeting 7. Election of Directors 8. Appointment of External Auditor 9. Other Matters 10. Adjournment Stockholders of record as of April 27, 1998 will be entitled to vote at this meeting. For this purpose, the Stock and Transfer Books of the Corporation will be closed from May 18 to 25, 1998. cdt A copy of PNB's SEC Form 34-C is available for reference at the PSE Library and PSE-Plaza Administration Office. For your information. (SGD.) REYNOLD P. ONG Vice-President, Listings and Disclosure Group