Manulife clarifies

Manulife clarifies

It was with great concern that I read your Saturday June 15,
2002 front page headline, "400,000 Manulife clients face
uncertainty" as the title, in addition to some incorrect
information in the article, it was truly misleading.

As I have tried to make clear to all of our clients, they are
not facing uncertainty. In fact, I have stated that despite this
unbelievable ruling, we are fully dedicated to doing everything
we can to ensure our employees and customers are not negatively
affected by the criminal acts that led to the court decision.

Our clients can be certain that Manulife Indonesia remains
committed to Indonesia in the long term and they can be certain
that Manulife Indonesia is doing all it can to reverse the
bankruptcy decision and return to normal operations.

In addition, the article states that there are fears that the
value of the policyholders claims exceeds that of AJMI's assets.
This is totally incorrect. In fact the Ministry of Finance
issued a statement on Friday June 14, 2002 which clearly states
that Manulife Indonesia is a solvent company, meaning that its
assets are sufficient to cover its liabilities.

This is a challenging time for all of us and it is critical
that the information circulating in the media is accurate so that
the public, especially the policy holders, are not misled and
confused. Manulife Indonesia is appealing the decision to the
Supreme Court of Indonesia and is confident it will prevail.

We have received tremendous support from Indonesians,
policyholders and even fellow insurance companies in Indonesia
during this difficult time and look forward to being able to
return to doing business in Indonesia in the near future.

Philip Hampden Smith

President of Asuransi Jiwa Manulife Indonesia