PSE Circular for Brokers No. 1835-98

August 6, 1998 PSE CIRCULAR FOR BROKERS NO. 1835-98 August 5, 1998 Mr. Reynold P. Ong Vice President Listings & Disclosure Group Philippine Stock Exchange, Inc. Philippine Stock Exchange Centre Exchange Road, Ortigas Center Pasig City Dear Mr. Ong : Please be advised that on August 05, 1998 the Board of Directors of Planters Development Bank approved the declaration of cash dividends to Class "C" preferred shares (equivalent to P0.349 per share) corresponding to the third calendar quarter of 1998 (July 01-Sept. 30) to stockholders of record as of September 30, 1998. Attached is certified copy of the resolution prcd Sincerely yours, (SGD.) RONALD A. POLIDO Corporate Secretary Cash Dividend (Class "C" Preferred Shares) Cash P0.349/share Ex-Cash September 24, 1998 Records Date September 30, 1998 Date Payable October 5, 1998 August 05, 1998. PLANTERS DEVELOPMENT BANK 314 Sen. Gil J. Puyat Avenue, Makati City CERTIFICATION I, the undersigned, hereby certify that I am the Corporate Secretary of Planters Development Bank (PDB); that the following resolution was approved by the members of the Board of Directors of said corporation at its meeting held on August 05, 1998 at which a quorum was present and voted throughout; and that such resolution has not been rescinded or nullified: "RESOLVED, That the Board approved the declaration of 13.643% p.a. cash dividends to Class "C" preferred shares (equivalent to P0.349 per share) corresponding to the third calendar quarter of 1998 (July 01-Sept. 30) to stockholders record as of September 30, 1998: Dividend No of Shares Par Value Rate Amount Payment Date 10,000,000 P10.00 13.643 P3,490,000 05 Oct. 1998 RESOLVED Further, that the computation of dividends will be made in accordance with the provisions of the bank's amended articles of incorporation, at 2% per annum above the average net yield of the 91-day treasury bills for the last two auctions of the immediately preceding calendar quarter as presented hereunder: T-bills average rate on last two auction dates of the preceding calendar quarter 22 June 1998 14.093% 29 June 1998 15.014% Average rate of the last two auctions 14.554% Average net yield (net of withholding tax or 80% thereof) 11.643% Add: 2% 2.000% Dividend Rate 13.643% Computation of Dividend: (P100M x 13.643% x 91/360 or P10,000,000 shares x P0.349) P3,490,000" (SGD.) RONALD A. POLIDO Corporate Secretary SUBSCRIBED AND SWORN BEFORE ME, this Aug. 5 day of 1998, at Makati City, affiant having exhibited to me his Com. Tax Cert. No. 06423310 issued on February 10, 1998 at Quezon City. Doc. No. 275 Page No. 56 Book No. XXXIV Series of 1998.