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March 22, 2000PSE CIRCULAR FOR BROKERS NO. 735-00March 20, 2000MS. GRACE DE GUIAAssistant Manager, Disclosure Dept.Philippine Stock Exchange, Inc.PSE Centre, Exchange RoadOrtigas Center, Pasig CityDear Ms. de Guia :Please be informed that the annual stockholders' meeting of Banco Filipino Savings and Mortgage Bank will be on April 8, 2000, Saturday, 5:00 p.m. at 9th Floor, BF Building, 101 Paseo de Roxas, Makati City.Pursuant to SEC Circular No. 5, the Bank's Stock and Transfer book has been closed on March 17, 2000 — 20 days before the said date of annual meeting. Thank you.Very truly yours,(SGD.) ATTY. FRANCISCO A. RIVERAVP & Corporate Secretary