PSE Circular for Brokers No. 951-99

May 3, 1999 PSE CIRCULAR FOR BROKERS NO. 951-99 April 30 1999 Disclosure Department Listings and Disclosure Group 4/F Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Gentlemen : Please be advised that at the regular meeting of the Board of Directors of PCIBank held today, the 30th of April 1999, the Board approved the following: 1. Declaration of cash dividend for Land Bank of the Philippines as holder of Series A preferred shares with a total par value of Php532,840.00 at the rate of 12% from July 1, 1998 to June 30, 1999 in the amount of Php63,940.80. 2. Declaration of cash dividend at the rate of Php1.50 per share to all common stockholders of record as of May 31, 1999 payable on June 24, 1999. 3. Resignation of Mr. Leslie Cham, Vice President/Area Head-Sta. Cruz Area effective May 15, 1999. 4. Promotion of Mr. Rene J. Buenaventura, Senior Vice President, to the position of Executive Vice President of PCIBank and will concurrently remain the President & CEO of PCI Leasing and Finance, Inc. He will likewise take over the position vacated by Mr. Roberto L. Panlilio as Chief Operating Officer for Non-Banking activities. 5. Promotion of Gerard L.B. Co., Senior Vice President, to Executive Vice President. LLphil Thank you for your kind attention. CASH DIVIDEND CASH P150 PER SHARE EX-CASH MAY 25, 1999 RECORD DATE MAY 31, 1999 DATE PAYABLE JUNE 24, 1999 Very truly yours, PHILIPPINE COMMERCIAL INTERNATIONAL BANK By: (SGD.) LUTGARDA C. BAQUIRAN-PERALTA Assistant Corporate Secretary