Planters Development Bank Cash Dividend

April 24, 1998 PSE CIRCULAR FOR BROKERS NO. 794-98 SUBJECT : Planters Development Bank Cash Dividend Planters Development Bank ("PDB") furnished the Exchange, a copy of a Corporate Secretary's Certificate dated April 22, 1998, confirming the Board of Directors' approval on even date of the declaration of 14 . 661% p . a . cash dividends , equivalent to P0 . 3706 per share , to Class "C" Preferred Shares corresponding to the second calendar quarter of 1998 (April 1 to June 30) to stockholders of record as of June 30, 1998 . LLjur Enclosed for your reference is a copy of the aforesaid certificate. For your information. CASH DIVIDEND CASH P0.3706 per share EX-CASH June 24, 1998 RECORD DATE June 30, 1998 DATE PAYABLE July 6, 1998 (SGD.) REYNOLD P. ONG Vice-President, Listings and Disclosure Group 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held on April 22, 1998 at which a quorum was present and voted throughout; and that such resolution has not been rescinded or nullified: RESOLVED, That the Board approves the declaration of 14.661% p.a. cash dividends to Class "C" Preferred Shares (equivalent to P.3706 per share) corresponding to the second calendar quarter of 1998 (April 01 to June 30) to stockholders record as of June 30, 1998. No. of Par Dividend Payment Shares Value Rate Amount Date 10,000,000 P10.00 14.661% P3,705,975 06 July '98 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 (2) auctions of the immediately preceding calendar quarter as presented hereunder: Tbills average rate on last two auction dates of preceding calendar quarter: 30 March 1998 15.777% 23 March 1998 15.876% Average rate of the last two (2) auctions 15.827% Average net yield (net withholding tax or 80% thereof) 12.661% Add: 2% 2.000% Dividend Rate 14.661% Computation of Dividend: (P100M x 14.661% x 91/360 or 10,000,000 shares x P.3705975) = P3,705,975 Makati City, April 22, 1998. (SGD.) RONALD A. POLIDO Corporate Secretary SUBSCRIBED AND SWORN TO BEFORE ME, this April 22, 1998 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. 16; Page No. 5; Book No. XXXIII; Series of 1998.