Providential Holdings Reports Operating Results for Q2 FY ‘09

LOS ANGELES, CA - 02/17/09— Providential
Holdings, Inc. (OTCBB: PRVH) (FRANKFURT: PR7) (WKN 935160), a company
engaged in mergers and acquisitions,  real estate development, mining
and investing in special situations, today announced financial
results for the second quarter of fiscal year 2009, ended December
31, 2008.

Total revenues were $6,000 and $645,838 for the three months ended
December 31, 2008, and 2007, respectively, from management services
and consulting services. Total operating expenses were $390,689 and
$329,761 for the three months ended December 31, 2008, and 2007,
respectively. Total other expense was $2,061,905 for the three months
ended December 31, 2008 compared to $88,126 for the three months
ended December 31, 2007. A one-time loss of $2,074,647 was recognized
for the adjustment of DDC Industries, Inc.‘s stock when this entity
was restructured to become PHI Mining Group, Inc. (PINKSHEETS: PHIG),
now a majority owned subsidiary of the Company focused on acquiring
and developing industrial mineral properties.

Net loss for the three months ended December 31, 2008 was $2,442,175
as compared to a net income of $227,950 for the same period in 2007,
which is equivalent to $(0.01) and $0.00 per share, respectively,
based on the weighted average number of basic and diluted shares
outstanding.

The decrease in net income is primarily due to a decrease in revenue
of $639,838 and a loss of $1,927,880 due to the adjustment of DDC
Industries’ marketable securities following its restructuring for the
three months ended December 31, 2008.

Total revenues were $1,994,220 and $674,338 for the six months ended
December 31, 2008, and 2007, respectively.  We generated $1,982,220
revenues from consulting services and $12,000 for management fees for
the six months ended December 31, 2008 compared to $639,838 for
consulting fees and $34,500 for management fees in the six months
ended December 31, 2007.

Net loss for the six months ended December 31, 2008 was $768,196,
compared to $109,460 for the same period in 2007, which is equivalent
to ($0.00) per share for both periods, based on the weighted average
number of basic and diluted shares outstanding.  The difference is
primarily due to $1,319,882 increase in revenue, offset by an
increase in administrative and general expenses of $34,428, increase
in salaries and wages of $54,430 and increase in professional service
cost of $67,748. Increase in net loss was also contributed by an
increase of $1,815,963 in loss recognized due to the restructuring of
PHI Mining Group, offset by an increase of $133,757 in gain on debt
settlement which were not present during the corresponding period in
2007.

Providential CEO Henry Fahman said, “Although we did not realize
significant revenue from our advisory and M&A activities for the last
quarter, we did secure a consulting contract during the period, which
is expected to generate substantial revenue for us when completed. In
addition, we were successful in restructuring our mining business
and currently own about 18 million shares of common stock of PHI
Mining Group. During the last quarter we also applied for permission
to trade our Philand Corporation’s common shares on the Open Market
Segment of the Frankfurt Stock Exchange and expect to receive the
approval soon.”

About Providential Holdings

Providential Holdings and its subsidiaries engage in a number of
diverse business activities, the most important of which are M&A and
consulting services, real estate development, mining and investing in
special situations. The Company assists companies to go public and
raise capital, develops “Pointe 91,” a luxury resort and premium
residential community in Chu Lai, central Vietnam, through Philand
Corporation (http://www.philandranch.com), and engages in mining through PHI
Mining Group (http://www.phimining.com). The Company’s main web site address
is http://www.phiglobal.com.

Safe Harbor: This news release contains forward-looking statements
that are subject to certain risks and uncertainties that may cause
actual results to differ materially from those projected on the basis
of such forward-looking statements. Such forward-looking statements
are made based upon management’s beliefs, as well as assumptions made
by, and information currently available to, management pursuant to
the “safe-harbor” provisions of the Private Securities Litigation
Reform Act of 1995.

Contact:
Henry Fahman
Phone: (714) 843-5455
Email: .(JavaScript must be enabled to view this email address)