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CVC CAPITAL PARTNERS ACQUIRES A 15% STAKE IN RCBC

The Rizal Commercial Banking Corporation ("RCBC") announced today that funds managed by CVC Capital Partners ("CVC") will acquire a stake in RCBC equivalent to approximately 15% of RCBC's outstanding common stock on a pro forma post-transaction basis. Under the terms of the agreements RCBC and certain of its shareholders will sell 171,000,000 common shares of RCBC to Hexagon Investment Holdings Limited ("HIHL"). HIHL will pay Php 29.00 per share or total consideration of nearly Php 4.96 billion (approximately US$115 million) for this stake in RCBC.

The investment by CVC, which raises the capital of RCBC by at least Php 3.7 billion (US$ 86 million), completes the capital raising strategy announced by the management of RCBC in the second half of 2010 that also includes the over Php 2.1 billion investment made by the International Finance Corporation ("IFC") announced earlier this year on March 9th. The proceeds from these investments will continue to support the strong growth in RCBC's loan book, which in addition to large corporate clients targets growth in the consumer finance, SME and micro finance segments. The incremental capital raised may also be used to support the future acquisition of small and/or medium-sized banks in the Philippines.

From the investments by both CVC and the IFC, RCBC's Consolidated Capital Adequacy Ratio and Tier 1 CAR will increase to 19.89% and 14.91%, respectively.

Closing of the transaction remains subject to regulatory clearance and shareholder approval, and is expected to take place at the end of June 2011.

Citi acted as RCBC’s sole financial advisor on this transaction.

Lorenzo Tan, Chief Executive Officer of RCBC, noted: "The investment by CVC marks an important milestone in RCBC's distinguished history and we are pleased to have such a high calibre and knowledgeable partner with whom we can grow and pursue new opportunities in the years ahead."

Brian Hong, Managing Director and a member of CVC's Global Financial Institutions Group said: "We are very positive on the prospect of the Philippines economy and the growth prospect of its attractive banking sector. RCBC's core strategy of providing comprehensive financial services to the growing consumer and SME segments of the Philippines makes this a compelling opportunity for CVC. We are very impressed with the quality of the institution and its management team and are honoured to be a partner to the Yuchengco Group during this important stage of RCBC's development."

Tze-Ching Chan, Senior advisor to CVC and a member of CVC’s Global Financial Institutions Advisory Board said "RCBC represents a very attractive investment opportunity for CVC in one of the fastest developing banking markets in Asia. I am highly impressed with the management team’s vision and drive in developing the business and believe the partnership with CVC will be truly beneficial to both parties."

About RCBC
RCBC is among the top five largest private domestic commercial banks in the Philippines. RCBC and its various subsidiaries and associates collectively provide essential banking services needed by its diverse and rapidly expanding customers and markets which include large corporations, small and medium sized enterprises, high net worth individuals, the growing middle income consumer market, OFWs, and the C market segment. RCBC is a key player in investment banking, trust services, wealth management, foreign exchange, remittance and payment services (with both foreign and domestic outlets), credit card, micro-finance/SME lending, electronic banking and cash management and retail depository services among others. RCBC is among the most distinguished financial institutions in the Philippines and last year celebrated its 50th golden anniversary.

About CVC Capital Partners
CVC Capital Partners ("CVC") is a leading global private equity firm managing over US$42 billion in funds. CVC was founded in 1981 and has a network of 20 offices throughout Europe, Asia and the United States. CVC has completed over 250 investments across a wide range of industries and countries. CVC has been one of the most active private equity investors in Asia and is currently investing dedicated Asian funds of approximately US$6.8 billion. CVC has extensive experience in the financial institutions sector, including Sun Hung Kai (Hong Kong's leading retail brokerage house and consumer finance company), Brit Insurance (leading insurance and reinsurance provider in the UK), Avolon (leading global aircraft leasing player), Acromas Holdings (leading finance, motoring and leisure services provider in the UK), and Fraikin (leading commercial vehicle operational leasing company in Europe). CVC's current Asia Pacific portfolio includes Matahari Department Store (the leading department store operator in Indonesia), Magnum (the leading lottery operator in Malaysia), and Zhuhai Zhongfu (China's largest beverage packaging company).