PDCP Development Bank, Inc. Additional Listing

January 29, 1999 PSE CIRCULAR FOR BROKERS NO. 176-99 SUBJECT : PDCP Development Bank, Inc. Additional Listing Please be informed that on November 12, 1997, the Exchange 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 P125.00 per share. In connection therewith, please be advised that the Company has received additional notices from the preferred shareholders for the conversion of 13,220 preferred shares to 5,288 common shares. In view thereof, the listing of the 5,288 common shares is set for Monday, February 1, 1999 . This would bring to a total of 10,212 common shares already listed arising from the conversion 13,220 preferred shares. For your information and guidance. (SGD.) JOSE LUIS U. YULO, JR. President/CEO