LBP INSURANCE BROKERAGE, INC. TARGET FOR 2014 TARGET Gross Service Fees 85,039,774.98

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1 FOR (in Philippine Peso) Gross Service Fees 85,039, Less: Handling Fees (8,486,724.67) NET SERVICE FEES 76,553, Extra Remuneration - Contingent Profit Commission 3,549, Trading/Service Fees 11,310, Other Income 30,119, TOTAL REVENUES 121,533, Manpower 18,516, Operating Expenses 16,277, EXPENSES 34,793, OPERATING INCOME 86,739, Other Expenses 1,908, NET INCOME BEFORE TAX 84,831, PROVISION FOR TAX 17,197, Income Tax Benefits (514,014.60) NET INCOME AFTER TAX 68,148,039.78

2 FOR (in Philippine Peso) INSURANCE DIVISION Gross Service Fees 85,039, Less: Handling Fees (8,486,724.67) NET SERVICE FEES 76,553, Contingent Profit Commission 3,549, OTHER INCOME 29,677, TOTAL REVENUES 109,781, Manpower 16,217, Operating Expenses 14,216, EXPENSES 30,433, OPERATING INCOME 79,347, OTHER EXPENSE 1,908, NET INCOME BEFORE TAX 77,438, PROVISION FOR TAX 15,044, INCOME TAX BENEFITS (514,014.60) NET INCOME AFTER TAX 62,908,649.37

3 FOR (in Philippine peso) FOREX DIVISION TRADING GAIN 11,310, OTHER INCOME 441, TOTAL REVENUES 11,752, Manpower 2,298, Operating Expenses 2,061, EXPENSES 4,360, OPERATING INCOME 7,392, OTHER EXPENSE - NET INCOME BEFORE TAX 7,392, PROVISION FOR TAX 2,152, IncomeTax Benefits - NET INCOME AFTER TAX 5,239,390.41

4 BUDGET ON MANPOWER EXPENSES-INSURANCE DIVISION Salaries & Wages 7,475, SSS,EC & Medicare Premium expense 513, HDMF Premium expense 38, Overtime 420, Medical, Dental & Hospitalization 377, Rice Subsidy 940, Uniform Allowance 145, Bonus to Employees 686, Executive & Employee Development 350, Employees Other Benefits 5,270, T O T A L 16,217, LBP INSURANCE BROKERAGE, INC. BUDGET ON OPERATING AND OTHER EXPENSES-INSURANCE DIVISION FIXED COSTS: Rental - Data Security Center 754, Rental-Office Equipment 120, Professional Fee 400, Audit Fee 560, Janitorial & Security Services 2,042, Depreciation-Office Equipment 261, Depreciation-Information Technology 150, Depreciation-Furniture & fixtures 20, Depreciation-Motor Vehicle 539, Depreciation-Building & Improvements 1,702, Total-Fixed Cost 6,549, VARIABLE COSTS: Light & Water 1,238, Office Supplies & Stationeries 740, Taxes & Licenses 872, Representation & Entertainment 560, Planning, Sports & Development Expense 60, Business Development 680, Directors & Comm. Members' fees 1,300, Books & Periodicals 16, Transportation & Travel 200, Postage, Telephone & Telegram 696, Insurance Expense 247, Advertising Promotion 28, Office Rental 20, Repairs-Office Equipment 153, Repairs-Furniture & Fixtures 33, Repairs-Building & Improvements - Repairs-Motor Vehicle 60, Loss on Disposal of Office Equipment 50, Miscellaneous 708, Total-Variable Cost 7,666, Donation & Contributions 50, Bank Service Charge 125, Impaiment Loss 20, Provision for Probable Loss 1,713, Other Expenses 1,908, T otal Operating & Other Expenses 16,124, TOTAL EXPENSES 32,342,105.00

5 BUDGET ON MANPOWER EXPENSES-FOREX DIVISION Salaries & Wages 1,213, SSS,EC & Medicare Premium expense 71, HDMF Premium expense 5, Overtime - Medical, Dental & Hospitalization 58, Rice Subsidy 134, Uniform Allowance 20, Bonus to Employees 81, Executive & Employee Development 100, Employees Other Benefits 613, T O T A L 2,298, LBP INSURANCE BROKERAGE, INC. BUDGET ON OPERATING AND OTHER EXPENSES-FOREX DIVISION FIXED COSTS: Office Rental 153, Professional Fee - Audit Fee 150, Janitorial & Security Services 30, Depreciation-Office Equipment 22, Depreciation-Furniture & fixtures - Depreciation-Motor Vehicle - Total-Fixed Cost 355, VARIABLE COSTS: Light & Water Office Supplies & Stationeries 55, Taxes & Licenses 871, Representation & Entertainment 131, Planning, Sports & Development 10, Business Development 136, Directors & Comm. Members' fees 370, Books & Periodicals Transportation & Travel 18, Postage, Telephone & Telegram 70, Insurance Expense 12, Advertising Promotion - Repairs-Office Equipment 6, Repairs-Furnitures & fixtures - Repars-Motor Vehicle - Trustee Fee - Loss on disposal of office equipment - Miscellaneous 23, Total-Variable Cost 1,705, Provision for Probable Loss T O T A L 2,061, TOTAL EXPENSES 4,360,000.00