The Presidents/Chief Executives,
All Banks/DFIs

Dear Sirs/Madam,

ESTABLISHMENT OF SUBSIDIARIES / BROKERAGE
COMPANIES BY BANKS / DFIs

Please refer to BPD Circular No. 1 dated January 28, 2005 on the captioned subject.

2. It has been decided to withdraw the conditions contained in Para 4 of the said Circular, pertaining to the Board of Directors of the subsidiary.

3. Other instructions on the subject will, however, remain unchanged.

Please acknowledge receipt.