Asiatrust Development Bank, Inc.

November 16, 1998 PSE CIRCULAR FOR BROKERS NO. 2591-98 SUBJECT : Asiatrust Development Bank, Inc . Further to Circular No. 2473-98 dated October 30, 1998, Asiatrust Development Bank, Inc. ("ASIA") informed the Exchange, through SEC Form 11-C, that the Bangko Sentral ng Pilipinas (BSP), in a letter dated November 10, 1998, approved the bank's cash dividend declaration in the amount of P31,203,967.00 (3% or P0.30 per share) to stockholders of record as of November 11, 1998. The payment of said cash dividend is subject to the following conditions: 1. The bank has sufficient (a) legal reserves for deposits; (b) liquidity floor for government funds; and (c) cover for its foreign currency deposits as of the time it requested BSP approval of dividend declaration up to dividend payment date; and 2. The bank has not incurred (a) net weekly deficiency in its required legal reserves for deposits; (b) any deficiency in its liquidity floor for government funds; nor (c) any deficiency in its reserve cover for foreign currency deposits during the last two (2) months immediately preceding the date of request for approval of dividend declaration up to payment date. LLphil Furthermore, in relation to the said declaration, ASIA informed the Exchange that the checks of cash dividend payments shall be available on December 2, 1998 . For your information. CASH DIVIDEND UPDATE CASH P0.30 per share EX-CASH November 5, 1998 RECORD DATE November 11, 1998 DATE PAYABLE December 2, 1998 (SGD.) JOSE LUIS U. YULO, JR. President and CEO