March 22, 2000

PSE CIRCULAR FOR BROKERS NO. 735-00

March 20, 2000
MS. GRACE DE GUIA
Assistant Manager, Disclosure Dept.
Philippine Stock Exchange, Inc.
PSE Centre, Exchange Road
Ortigas Center, Pasig City

Dear 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. RIVERA
VP & Corporate Secretary