The oxidative cleavage of prednisolone (I) using sodium metaperiodate produces carboxylic acid (II). Regioselective esterification of diol (II) with dichloroacetyl chloride (III) under phase-transfer conditions gives the 17-ester (IV). The title ethyl ester is then obtained by esterification of (IV) with iodoethane in the presence of NaHCO3 and tetrabutylammonium hydrogensulfate.