PNB Advisory

(May 12, 2021) —In reference to previous news articles that have been published regarding PNB’s investment in PNB Holdings Corporation, PNB would like to clarify, in the interest of an accurate and factual appreciation of the transaction, that the Bank received regulatory approval from the Securities and Exchange Commission in January 2021 to increase its equity investment in PNB Holdings Corporation, and not from the Bangko Sentral ng Pilipinas (BSP) as some articles have reported. Earlier, the BSP approved in December 2020, PNB’s request for temporary exemption from prudential limits on its equity investments in PNB Holdings Corporation.