BDO Tier 2

completed

Banco de Oro- EPCI, Inc. (BDO) is the second largest universal and commercial bank in the Philippines, with total assets of $12.6 billion and a capital base of $1.1 billion as of June 30, 2007. BDO, an IFC investee company since 2002, offers a wide range of products and services to its corporate, commercial and retail clients. These include traditional loan and deposit products, as well as treasury, trust banking, investment banking, cash management, retail cash cards, insurance, trade finance and credit card services. The bank has also strengthened its consumer lending business by offering an expanded range of consumer finance products, including personal loans, residential mortgages, auto loans and credit card services. BDO is listed in the Philippine Stock Exchange. In January 2006, Primebridge Holdings, Inc., a member of the SM Group, issued Global Depositary Receipts (GDRs) with BDO common shares as underlying securities. These GDRs are listed on the London Stock Exchange. The proposed project is IFC’s participation in up to $150 million of BDO’s planned public issuance of Philippine Peso denominated unsecured subordinated notes with an expected issue size of PHP10 billion (approximately $217 million), that would qualify as Lower Tier 2 capital under the regulations of the Bangko Sentral ng Pilipinas (Central Bank).