PSBank Center, 777 Paseo de Roxas corner Sedeno Street, Makati City, 1226Telephone: (02) 845-8888 I Fax: (02) 845-0048 I www.psbank.com.ph

cg:

Philippine Dealing & Exchange Corp.37/F Tower One, The Enterprise Center6766 Ayala Avenue, Makati City

Leah M. Zamora

Controller,

We submit our report on the application of the net proceeds for the SRO of Philippine Savings Bank

(PSBank).

Listing date on PSE: January 18, 2019No. of common shares issued: 142,856,925

Issue price per common share: P56.00

Gross proceeds': P7,999,987,800.00

Net proceeds: f>7,898,136,617.00

As of the quarter ended March 31, 2019, R7.90 billion of the net proceeds was deployed to loans.

With this, the total net proceeds of the stock rights offering have been fully deployed. This serves as

the last and final progress report of PSBank on the matter.

Thank you.

Very truly yours,

Dear Ms. Encarnacion,

Re: Quarterly Progress Report on the application of proceeds from the Stock Rights Offering (SRO)

MS. JANET A. ENCARNACIONHead, Disclosure Department

The Philippine Stock Exchange9/F PSE Tower, 28th Street cor. 5th Avenue

Bonifacio Global City (BGC) Taguig City, Philippines

April 15, 2019

PHILIPPINE SAVINGS BANK

d PSBank

Uses of Net Proceeds:

Loans87,898,136,617.00

Total Proceeds (142,856,925 shares at R56.00 per share)^7,999,987,800.00Less: Stock Rights Offering related Expenses101,851,183.00

Net Proceeds87,898,136,617.00

Philippine Savings BankQuarterly Progress Report on the Application of Proceeds of Stock Rights Offering 2019As of March 31, 2019