PDCP Development Bank , Inc. Additional Listing

May 28, 1999 PSE CIRCULAR FOR BROKERS NO. 1246-99 SUBJECT : PDCP Development Bank , Inc. Additional Listing The Exchange on November 12, 1997, approved subject to actual exercise of the Conversion Right by the preferred shareholders, the application of PDCP DEVELOPMENT BANK, INC . ("the Company") to list additional 40,000,000 common shares, with a par value of P10.00 per share, to cover the underlying shares of the P1.0 billion worth of Convertible Preferred Shares at the conversion price of P25.00 per share. In connection therewith, please be advised that the Company has received additional notices from the preferred shareholders for the conversion of 43,603 preferred shares to 17,441 common shares. LLjur In view thereof, the listing of the 17,441 common shares is set for Monday, May 31, 1999 . This brings the number of common shares listed arising from the conversion of 532,158 preferred shares to a total of 212,858 common shares. For your information and guidance. (SGD.) JOSE LUIS U. YULO, JR. President & CEO