The Philippine Banking Corporation

May 5, 1999 PSE CIRCULAR FOR BROKERS NO. 978-99 SUBJECT : The Philippine Banking Corporation Further to Circular for Brokers No. 703-99 dated April 8, 1999, The Philippine Banking Corporation ("TPB") furnished the Exchange a copy of its SEC Form 34-C (Definitive Information Statement), including its 1998 Audited Consolidated Financial Statements, in connection with its Annual Stockholders' Meeting which will be held on June 28 , 1999 , at 8:30 A.M. at the 6th Floor, Philbank Building, 6778 Ayala Avenue, City of Makati, with the following Agenda: dctai 1. Calling of the Roll 2. Proof of due Notice of the Meeting and Existence of Quorum 3. Approval of the Minutes at the Previous Stockholders Meeting held on May 4, 1998 4. Approval of Annual Report and Financial Statement for the year 1998 5. Election of Directors 6. Appointment of External Auditor 7. Confirmation of all Resolutions, Contracts and Acts of the Board of Directors, the Executive Committee, other Board and Management Committees and of Management 8. Other Matters 9. Adjournment Stockholders of record as of June 9 , 1999 are entitled to notice of, and to vote at, said meeting. A copy of TPB's Definitive Information Statement, together with its 1998 Audited Consolidated Financial Statements, is available for reference at the PSE Library and PSE-Plaza Administration Office. For your information. (SGD.) JOSE LUIS U. YULO, JR. President and CEO