Asiatrust Development Bank, Inc.

October 21, 1998 PSE CIRCULAR FOR BROKERS NO. 2415-98 SUBJECT : Asiatrust Development Bank, Inc . Further to Circular No. 2339-98 dated October 12, 1998, Asiatrust Development Bank, Inc. ("ASIA") furnished the Exchange a copy of SEC Form 34-C (Preliminary Information Statement) in connection with its Annual Stockholders' Meeting which will be held on November 18, 1998 , at 2:00 p.m., at the Skytop, Hotel Intercontinental Manila, Makati City. The agenda for the meeting shall be as follows: 1. Call to Order 2. Proof of Notice and Determination of Quorum 3. Ratification of Minutes of Previous Stockholders Meeting 4. Annual Report of Management and Approval of Financial Statements for the Fiscal Year ending 30 June 1998 5. Approval and Ratification of all Acts and Resolutions of the Board of Directors and Management for the Fiscal Year 1997-1998 6. Election of the Board of Directors for the ensuing term 7. Appointment of External Auditors 8. Such other business as may properly come before it 9. Adjournment As previously announced, stockholders of record as of September 21, 1998 are entitled to notice of, and to vote at, said meeting. cdt A copy of ASIA's Preliminary Information Statement is available for reference at the PSE Library and PSE-Plaza Administration Office. For your information. (SGD.) JOSE LUIS U. YULO, JR. President & CEO