Asiatrust Development Bank, Inc.

April 23, 1999 PSE CIRCULAR FOR BROKERS NO. 851-99 SUBJECT : Asiatrust Development Bank, Inc . Asiatrust Development Bank, Inc. ("ASIA") clarified to the Exchange a news article entitled "Asiatrust shares rising on possible buy-in talks" published in the April 21, 1999 issue of Business World. The article reported that stock market traders said a foreign bank is interested in taking a stake in ASIA through the shares that the Asian Development Bank (ADB) reportedly plans to unload. Furthermore, President Dionisio Ong said ASIA is considering the acquisition of smaller thrift or rural banks, and that it is in "preliminary discussions" with at least two banks. cdll In its letter, ASIA advised that: ". . . While Asiatrust welcomes the entry of a strategic investor, Asiatrust is not currently negotiating with any foreign bank for its entry as investor in Asiatrust. Asiatrust is also not aware nor is it privy to the reported plan of Asian Development Bank to unload its Asiatrust shares in favor of a foreign bank. Asiatrust is currently in discussion with a group for a possible acquisition of a majority stake in a thrift bank. But there is nothing concrete in said discussions. Given the preliminary character of such discussions, the reported acquisitions of smaller banks being negotiated by Asiatrust is purely a speculation. . . ." For your information. (SGD.) JOSE LUIS U. YULO, JR. President and CEO