Philippine National Bank successfully raises Php 11.6 billion in common stock rights offering

Philippine National Bank (the “Bank”) has successfully completed its previously announced rights offering (the “Offer”) of common shares (the "Rights Shares") following the closure of the offer period on February 3, 2014.

The Offer was oversubscribed, receiving strong support from the Bank’s shareholders with many of them applying for shares beyond their entitlement. The Bank’s major shareholder LT Group, Inc. fully subscribed to its entitlement of the Rights Offer.

A total of 162,931,262 Rights Shares will be issued pursuant to the Offer (ratio of 15:100 common shares held) at a price of PHP71.00 each and is scheduled to be listed on the Philippine Stock Exchange (the “PSE”) on February 11, 2014.

The Offer raised gross proceeds of PHP11.6 billion and provides a capital injection into Allied Savings Bank, to build and refocus the Bank’s consumer lending business. The Offer also strengthens the Bank’s capital position under the Basel III standards, effective January 1, 2014. The Bank believes the Offer better positions it to fulfill its medium-term growth objectives and further capitalize on the benefits of its merger with Allied Banking Corporation.

“The support shown by the Bank’s stockholders to this latest Stock Rights Offering reflects their strong conviction on the long term prospects of PNB’s growth and the strengthening of our position not only in the local banking industry but also in the overseas market that it serves. We are truly appreciative to our stockholders for their show of faith in the capability of PNB’s management to carry the Bank to greater heights,” PNB President and Chief Executive Officer Omar Mier said.

Credit Suisse and Deutsche Bank served as Joint International Lead Managers and International Underwriters and PNB Capital and Investment Corporation served as Sole Domestic Underwriter.

About Philippine National Bank

Philippine National Bank is the country’s fourth largest private domestic bank in terms of total resources with an extensive distribution network of 655 domestic branches and offices and 833 ATMs nationwide. PNB has 80 overseas offices and remains the only domestic bank with the largest global presence across Asia, Europe, Middle East, and North America. The new PNB is now in a better and stronger position to serve its clients’ interests and enhance overall customer experience.

PNB’s net income for the first three quarters of 2013 grew by 56% year on year. Moreover, total consolidated assets increased by 83% in the same year.

This document is not an offer of securities for sale in the United States or elsewhere. The offer of the Rights Shares is not being registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), and the Rights Shares may not be offered or sold in the United States unless registered under the U.S. Securities Act or pursuant to an exemption from such registration. There will be no public offering of the Rights Shares in the United States.

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