NEWSFLASH

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US BANK EXPANDS IN RP DESPITE ASIAN CURRENCY TURMOIL
(Reprinted with permission from The Philippine Journal)

Seattle, Washington, Nov. 23, 1997 - A large American investment bank and consultancy firm will expand its Philippine operations despite the financial crisis sweeping Southeast Asia.

Meeting with President Fidel Ramos, Francis Baxter, chairman of Jefferies and Company, Inc., expressed continued confidence in the Philippine economy and said his firm will pursue its expansion program as originally scheduled.

"In our pursuit of finding interesting investments all over the world, we discovered the Philippines. There are unique qualities that your country possesses, mainly because of our administration's much known political will," Baxter told the President.

Baxter's company is the sole placement agent and co-developer of the $450-million Light Rapid Transit Rail Project and the Ninoy Aquino International Airport Rail-Link. It plays the same role in the $600-million LRT project in Cebu City.

Jefferies and Company also is financial advisor and sole placement agent for the $100 million High Yield Debt Issue of the AFP Retirement and Separation Benefits System (RSBS), and the $50-$100 million High Yield Debt Issue of private developer Primetown Properties.

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