PSE Circular for Brokers No. 2471-98

October 29, 1998 PSE CIRCULAR FOR BROKERS NO. 2471-98 October 28, 1998 Listings & Disclosure Group Philippine Stock Exchange, Inc. Philippine Stock Exchange Centre Exchange Road, Ortigas Center Pasig City Please be advised that on October 28, 1998 the Board of Directors of Planters Development Bank ratified/approved the declaration of cash dividends to Class "C" preferred shares (equivalent to P0.122967 per share) corresponding to the period October 01 - November 03, 1998 to stockholders record as of November 3, 1998. Attached is certified copy of the resolution. cdt Cash Dividend (Class C Preferred Shares) Cash P0.122967 per share Ex-Cash October 27, 1998 Record Date November 3, 1998 Date Payable November 9, 1998 Sincerely yours, (SGD.) RONALD A. POLIDO Corporate Secretary 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 ratified/approved by the members of the Board of said corporation at its meeting held on October 28, 1998 at which a quorum was present and voted throughout; and that such resolution has not been rescinded or nullified: "RESOLVED, That the Board ratify/approve the declaration of 13.020% p.a. cash dividends to Class "C" preferred shares (equivalent to P0.122967 per share)corresponding to the period October 01 - November 03, 1998 to stockholders of record as of November 3, 1998: Dividend No of Shares Par Value Rate Amount Payment Date 10,000,000 P 10.00 13.020 P1,229,670 09 Nov 1998 RESOLVED Further, that the computation of dividends will be made in accordance with the provisions of the bank's amended 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 preceding calendar quarter 21 Sept 1998 13.754% 28 Sept 1998 13.795% Average rate of the last two auctions 13.775% Average net yield (net of withholding tax or 80% thereof) 11.020% Add: 2% 2.000% Dividend Rate 13.020% Computation of Dividend: (P100M x 13.020% x 34/360 or P10,000,000 shares x P0.122967) P1,229,670 Makati City, October 28, 1998. (SGD.) RONALD A. POLIDO Corporate Secretary SUBSCRIBED AND SWORN TO BEFORE ME, this 28th day of October, 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. 317 Page No. 65 Book No. XXXV Series of 1998.