Philippine National Bank : Clarification of News Reports

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER 1. Date of Report (Date of earliest event reported) Apr 12, 20222. SEC Identification Number ASO96-0055553. BIR Tax Identification No. 000-188-209-0004. Exact name of issuer as specified in its charter Philippine National Bank5. Province, country or other jurisdiction of incorporation Philippines6. Industry Classification Code(SEC Use Only) 7. Address of principal office PNB Financial Center, Pres. Diosdado Macapagal Blvd., Pasay City, Metro ManilaPostal Code13008. Issuer's telephone number, including area code (632) 8526-3131 to 70/(632) 8891-6040 to 709. Former name or former address, if changed since last report Not Applicable10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA

Title of Each Class	Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common Shares	1,525,764,850

11. Indicate the item numbers reported herein Item 9

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Philippine National BankPNB PSE Disclosure Form 4-13 - Clarification of News Reports References: SRC Rule 17 (SEC Form 17-C) and
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

Clarification of News Article - Tycoon Tan's bank brings forward property listing

Source	Business Mirror (Online Edition)
Subject of News Report	Tycoon Tan's bank brings forward property listing
Date of Publication	Apr 11, 2022

Clarification of News Report

We write in response to the letter of the Exchange today, seeking clarification and/or confirmation of the news article entitled "Tycoon Tan's bank brings forward property listing" posted in Business Mirror (Online Edition) on April 11, 2022, reporting in part that: "BILLIONAIRE Lucio Tan's Philippine National Bank (PNB) brought forward its plan to list its property unit, now aiming to float the asset by the end of this year to boost capital. That puts the listing of PNB Holdings Corp. ahead of the original 2023 schedule and will generate about P10 billion ($194 million) of additional capital, President and Chief Executive Officer Jose Arnulfo A. Veloso said in an interview. . . . . " Please be advised that the statement in the above news article is consistent with the May 3, 2021 disclosure. In the May 3, 2021 disclosure, PNB just submitted the initial requirements of key regulators, such as but not limited to Securities and Exchange Commission (SEC) and was waiting for their approval. PNB is pleased to announce that it already attained the approvals of the said regulators for its prior submissions by the end of the year 2021. Based on the recent success in terms of attaining the regulatory approvals, such as but not limited to the Bank receiving the Certificate of Filing the Notice of Property Dividend Declaration issued by SEC, which was disclosed to PSE on December 28, 2021, we wish to confirm that the Bank hopes that remaining regulatory approvals needed to have PNB Holdings Corporation (PHC) listed would be attained before the end of the year 2022. Nonetheless, the timeline of PHC's listing is still subject to regulatory and internal approvals as well as other external factors that are part of the listing processes. We also want to clarify that the Bank's remaining stake in PHC has a fair value of around P23 billion as of March 31, 2022, which is only 2% of the Bank's total assets. Consistent with the disclosure provided to PSE on May 31, 2021, the Bank recognized P34 billion in its books reflecting the difference between the fair value of P46.677 billion and the book value of P12.6 billion of the properties exchanged for shares of PHC. Specifically, the change was reflected in the Bank's income statement as of May 28, 2021, thereby strengthening its financial position as the transaction generated P10 billion additional capital, after the effects of the property dividends. We trust you will take note accordingly.

Other Relevant Information

None.

Filed on behalf by:

Name	Ruth Pamela Tanghal
Designation	Corporate Secretary