PSE Circular for Brokers No. 832-98

April 27, 1998 PSE CIRCULAR FOR BROKERS NO. 832-98 For Immediate Release Refer Mr. Wilfrido V. Vergara President, Equitable Bank All 23 banking units of MDB Bank resume business as usual Tuesday, April 28, after a three-day bank holiday declared due to check clearing arrangement problems with its conduit bank. This was announced jointly yesterday (Friday) by MDB and Equitable Bank whose negotiations for the acquisition of majority interest in the largest development bank in the Visayas-Mindanao Area have been concluded successfully. George L. Go, Chairman and Wilfrido V. Vergara, President of Equitable Bank stated that negotiations with MDB had been ongoing as part of the universal bank's growth program following the enhancement of its capital funds soon after it held its initial public offerings (IPO) early last year which generated some P7 billion in new capital. prLL Go and Vergara assured depositors of MDB Bank, that all their requirements will be serviced normally at all of its branch units. Equitable Bank is today the third largest private domestic bank in terms of market capital. Go and Vergara said that MDB's dominant presence in the Vis-Min where it has 18 of its branches fully complements Equitable's expansion in the Philippine south. The acquisition Go and Vergara said, is a good strategic fit with Equitable's branching and servicing capabilities. The bank intends to continue its acquisition strategy that will enhance shareholders' value and improve service.