Far East Bank Appoints Goldman Sachs as Financial Advisor

August 26, 1999 PSE CIRCULAR FOR BROKERS NO. 2127-99 FAR EAST BANK APPOINTS GOLDMAN SACHS AS FINANCIAL ADVISOR In its regular meeting last Monday, the board of directors of Far East Bank and Trust Company (FEBTC) confirmed the appointment of Goldman Sachs to assist the Bank in identifying and evaluating prospects for acquisitions. Goldman Sachs is a leading global investment banking and securities firm with a proven track record in financial advisory, mergers and acquisitions. "The engagement of the services of Goldman Sachs is an affirmation of the Bank's thrust towards acquisition as a basic approach to positioning itself for greater growth and leadership in the banking industry," said O. V. Espiritu, FEBTC president at chief executive officer. Espiritu added, "While the Bank's basic strategy in pursuing its corporate growth directions is to acquire other banks, it remains open to exploring other options such as, as merger with a bank, the infusion of fresh equity from existing or prospective institutional investors, or a combination of these three options." Far East Bank intends to aggressively pursue acquisition opportunities, even as it continues its internal growth efforts to strengthen its core business by capitalizing on its strong franchise in trust, treasury, and the corporate and middle markets; streamline its operations and work processes; and improve cost standards to achieve best-in-industry practice. "All these are expected to enhance operating efficiencies and better position Far East Bank to respond to present and future business challenges," said Espiritu.