FIRST METRO SAVE & LEARN BALANCED FUND, INC President s Report 07.13.2013

FINANCIAL HIGHLIGHTS AS OF 12.31.2012 FIRST METRO SAVE AND LEARN BALANCED FUND, INC. (An Open-End Mutual Fund Company) STATEMENTS OF COMPREHENSIVE INCOME Years Ended December 31 2012 2011 % VAR INVESTMENT INCOME Trading gain - net (Notes 7, 8 and 15) 268,459,432 16,774,354 1500% Interest income (Note 11) 16,710,167 8,773,981 90% Dividend income 12,450,867 8,923,069 40% Miscellaneous income 1,083,767 - n.a. 298,704,233 34,471,404 767% OPERATING EXPENSES n.a. Management fees (Note 15) 24,141,863 12,586,447 92% Taxes and licenses 5,508,034 5,467,384 1% Brokers commission 3,690,396 2,496,334 48% Custodian and clearing fees 238,820 231,005 3% Directors and officers fees (Note 15) 217,000 217,000 0% Professional fees 271,000 211,024 28% Miscellaneous 541,407 162,312 234% 34,608,520 21,371,506 62% NET INVESTMENT INCOME BEFORE INCOME TAX 264,095,713 13,099,898 1916% PROVISION FOR FINAL TAX (Note 13) 3,315,549 1,568,408 111% NET INVESTMENT INCOME (Note 14) 260,780,164 11,531,490 2161% OTHER COMPREHENSIVE INCOME n.a. Changes in the fair value of available-for-sale investments (21,870,191) 25,858,091-185% TOTAL COMPREHENSIVE INCOME 238,909,973 37,389,581 539%

FIRST METRO SAVE AND LEARN BALANCED FUND, INC. (An Open-End Mutual Fund Company) STATEMENTS OF FINANCIAL POSITION FINANCIAL HIGHLIGHTS AS OF 12.31.2012 Years Ended December 31 2012 2011 % VAR ASSETS Cash and Cash Equivalents (Notes 6 and 15) 102,250,390 21,195,451 382% Financial Assets at Fair Value through Profit or Loss (Note 7) 1,292,226,334 518,629,796 149% Available-for-Sale Investments (Note 7) 204,628,784 159,876,584 28% Loans and Receivables (Notes 8 and 15) 11,990,845 87,313,394-86% Creditable Withholding Taxes 70,673 60,347 17% 1,611,167,026 787,075,572 105% LIABILITIES Accounts Payable and Accrued Expenses (Notes 9 and 15) 33,348,245 7,900,796 322% Derivative Liabilities (Note 8) - 741,752-100% 33,348,245 8,642,548 286% EQUITY Capital Stock (Note 10) 482,672,086 92,917,520 419% Additional Paid-in Capital (Note 10) 473,231,561 18,220,681 2497% Deposits for Future Shares Subscriptions (Note 10) 288,233,930 547,204,998-47% Net Unrealized Gain on AFS Investments (Note 7) 3,987,900 25,858,091-85% Retained Earnings 329,693,304 94,231,734 250% 1,577,818,781 778,433,024 103% TOTAL LIABILITIES AND EQUITY 1,611,167,026 787,075,572 105%

FINANCIAL HIGHLIGHTS AS OF 06.30.2013 SALBF: SUMMARY OF INCOME STATEMENT 06.30.2013 06.30.2012 % VAR. TOTAL INCOME 110,660,420.78 171,799,409.54-36% TOTAL EXPENSES 26,450,209.28 11,257,856.21 135% IBIT 84,210,211.50 160,541,553.33-48% NET INCOME 77,408,517.26 157,328,245.34-51% SALBF: SUMMARY OF BALANCE SHEET 06.30.2013 12.31.2012 % VAR. TOTAL ASSETS 2,594,535,781.33 1,614,848,906.43 61% TOTAL LIABILITIES 23,238,115.12 30,930,693.48-25% CAPITAL 2,471,297,666.21 1,583,918,212.94 56%

PORTFOLIO ALLOCATION 12/30/2012 06/30/2013 RANK STOCK DESCRIPTION % STOCK DESCRIPTION % PSB Philippine Savings Bank 6.41% 1 PSB Philippine Savings Bank 5.45% MBT Metropolitan Bank and Trust Corp. 5.39% 2 GTCAP GT Capital Holdings, Inc. 4.59% SM SM Investment Corporation 5.04% 3 COSCO Cosco Capital, Inc. 4.29% PIP Pepsi-Cola Products Philippines 4.96% 4 SM Sm Investments Corporation 4.10% PGOLD Puregold Price Club Inc 4.35% 5 MWIDE Megawide Construction Corporation 3.79% AC Ayala Corporation 3.91% 6 TEL PLDT 3.74% BDO Banco de Oro Unibank Inc. 3.84% 7 AC Ayala Corporation 3.72% ALI Ayala Land, Inc. 3.75% 8 MBT Metropolitan Bank and Trust Co. 3.21% VLL Vista Land and Lifescapes Inc 3.43% 9 PIP Pepsi-Cola Products Philippines, Inc. 3.17% GTCAP GT Capital Holdings, Inc. 3.40% 10 SMPH Sm Prime Holdings 2.46%

J-12 F-12 M-12 A-12 M-12 J-12 J-12 A-12 S-12 O-12 N-12 D-12 J-13 F-13 M-13 A-13 M-13 ASSETS UNDER MANAGEMENT AS OF 12.31.2012 3,000,000,000 2,500,000,000 2,000,000,000 1,500,000,000 1,000,000,000 500,000,000 0 SALBF AUM As of 12.31.2012 P1.5 Bln up 100% YTD As of 06.30.2013 P2.5 Bln up 56% YTD

ASSETS UNDER MANAGEMENT AS OF 12.31.2012 SALBF MARKET SHARE 46% Sun Life Prosperity Balanced Fund, Inc. Philam Fund, Inc. ALFM Growth Fund, Inc. SALBF 1% 1% 19% GSIS Mutual Fund, Inc. Optima Balanced Fund, Inc. 2% 1% 6% 6% 18% ATRKE Philippine Balanced Fund, Inc. NCM Mutual Fund of the Phils., Inc. Bahay Pari Solidaritas Fund, Inc.

46% ASSETS UNDER MANAGEMENT AS OF 06.30.2013 SALBF MARKET SHARE Sun Life Prosperity Balanced Fund, Inc. ALFM Growth Fund, Inc. Philam Fund, Inc. 1% 1% 0% 1% 4% 21% First Metro Save and Learn Balanced Fund, Inc. PAMI Horizon Fund, Inc. ATRKE Philippine Balanced Fund, Inc. NCM Mutual Fund of the Phils., Inc. 7% 19% Bahay Pari Solidaritas Fund, Inc. Optima Balanced Fund, Inc.

COMPARATIVE FUND PERFORMANCE AS OF 12.31.2013 Period 1-yr 3-yr 5-yr YTD Rank Bahay Pari Solidaritas Fund 25.69% 19.09% na 25.48% 1 Sunlife Prosperity Balanced Fund 25.88% 19.26% 9.50% 25.38% 2 SALBF: 2.6555 25.26% 29.28% 24.02% 25.27% 3 Optima Balanced Fund 24.89% 19.15% 9.36% 24.89% 4 Philam Fund 24.59% 23.94% 11.80% 24.60% 5 GSIS Mutual Fund 23.73% 22.50% 11.46% 23.74% 6 ATRKE Philippine Balanced Fund 23.34% 19.46% 8.30% 23.36% 7 NCM Mutual Fund 22.02% na na 21.52% 8 ALFM Growth Fund 19.49% 22.08% na 19.17% 9 Average (Other Funds) 23.88% 21.85% 12.41% 23.71% SALBF's RANK 3 1 1 3 As of 06.30.2013 SALBF Yield Fr. 05.11.07 Total Return 162.66% CAGR 18.65%

EQUITIES MARKET OUTLOOK July 2013

MONEY FLOW REVERSAL

CASH OUTFLOWS TURN WORLD S BEST STOCKS TO WORST: SOUTHEAST ASIA Stock markets in Indonesia, the Philippines and Thailand have gone from being the world s best to among the worst as the threat of reduced bond purchases by the U.S. Federal Reserve sends foreign investors to the exit. (Source: Bloomberg) Korea (USD 4.8 B) Taiwan (USD 4.1 B) Indonesia (USD 2.1 B) Thailand (USD 1.6B) Philippines (USD 387 M) Vietnam (USD 71M)

VOLATILITY IS BACK!

Fundamentals Shaken by Structural Stress China United Sates GDP Growth (1Q13) 7.6% 1.8% Unemployment 4.10% 7.6% Inflation (CPI) 2.10% 1.4% National Savings 50% 13.8% Debt -to-gdp 23% 105% Budget-deficit 1.5% of GDP 8.5% of GDP China Credit Rating Fitch: A+ Fitch: AAA - China has the resources to continue state support for companies - can tap its huge FX reserves of around US$3.5 Trillion - Still has trade surplus of $20.4 bn - Current account surplus of 2.3% of GDP ($47.6 bn)

China Risks 1. China economic slowdown/hard landing: growth trimmed to 7.7% from 8.0%, by IMF and World Bank and could slow to 6.0% in 2013 2. Shadow banking: strong credit growth driver - potential source of financial instability 3. Lending boom: which historically precedes financial crises 4. Asset bubble risk: e.g. real estate 5. Policy risk: e.g. effective communication of the Central Bank s intentions

OECD: PHL is Strong and Least Vulnerable Composite Coincident Indicators firmed up to 102.4 points last quarter from 101.0 points the preceding three months, while the Composite Leading Indicators edged up 101.9 points from 101.6 points. Composite Ci

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013E EXPENSIVE BUT HAS UPSIDE PSEi 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 2013 P/E Estimate 18.7x P/E 30.0 25.0 20.0 15.0 10.0 5.0 0.0

ACCELERATING GDP UNDERPINS EPS GROWTH Real GDP (in Php tn) EPS Growth % 2.00 1.80 1.60 1.40 1.20 1.00 0.80 0.60 0.40 0.20-2007 2008 2009 2010 2011 2012 2013E 50 40 30 20 10 0-10 -20-30 -40

GDP GROWTH RATES 1Q2004 (Presidential Election Year) 1Q2007 (General Election Year) FY2013 Estimate 7.0% - 7.5% 4.80 4.80 5.30 5.00 7.30 7.70 5.80 6.10 4.40 5.10 4.40 5.10 5.40 5.30 4.90 5.40 6.30 7.60 6.30 6.30 4.00 4.30 5.30 3.10 1.00 1.60 0.50 1.40 8.40 8.90 7.30 6.10 4.87 3.55 3.24 4.02 6.32 6.03 7.20 6.82 7.80 3/31/2003 3/31/2004 3/31/2005 3/31/2006 3/31/2007 3/31/2008 3/31/2009 3/31/2010 3/31/2011 3/31/2012 3/31/2013 12/31/2013 1Q2010 (Presidential Election Year)

2013 YTD TOTAL RETURN, 2013E EPS GROWTH -30.19% SERVICES HOLDING FIRMS PROPERTY FINANCIALS -7.31% INDUSTRIAL MINING & OIL 1.00% 19.53% 18.09% 18.29% 11.30% 21.04% 9.97% 34.17% 31.40% 25.00% -40% -30% -20% -10% 0% 10% 20% 30% 40%

SECTOR GDP DRIVERS 14 12 10 8 6 4 2 0 Growth Rates % 2007 2008 2009 2010 2011 2012 Household Consumption Government Consumption Service Sector

PHL GROSS INTERNATIONAL RESERVES VS. FOREIGN DEBT

PHL CURRENT ACCOUNT & BALANCE OF PAYMENTS

PHL NET DEBT/EQUITY

PHL DEBT-TO-GDP

7/11/2008 1/27/2009 8/15/2009 3/3/2010 9/19/2010 4/7/2011 10/24/2011 5/11/2012 11/27/2012 6/15/2013 SALEF vs PSEi Performance Comparison SALBF VS PSEI PERFORMANCE COMPARISON YTD 1Y 3Y 5Y 2012 SALBF 7% 13% 83% 211% 25% PSEi 9% 20% 89% 151% 33% -22% -15% SALBF PSEi

7/4/2008 1/20/2009 8/8/2009 2/24/2010 9/12/2010 3/31/2011 10/17/2011 5/4/2012 11/20/2012 6/8/2013 SALEF vs PSEi Performance Comparison SALEF VS PSEI PERFORMANCE COMPARISON SALEF: -19% PSEi: -22% YTD 1Y 3Y 5Y 2012 SALEF 5% 12% 89% 209% 27% PSEi 8% 19% 89% 151% 33% PSEi SALEF

SECTOR PICKS FINANCIALS 15% PROPERTY 14% HOLDING FIRMS 22% POWER & ENERGY 22% CONSUMERS 27%

A NEW ERA THE NEW NORMAL 1. Monetary tightening 2. Rate increases 3. Sterilization of excess liquidity 4. Market corrections 5. Prevention of economic overheating

WHAT THE US RECOVERY MEANS TO PHL Short term Negative impact due to volatility Long term Positive impact due to more trade US is our biggest trading partner Money flows will return to EMs with solid fundamentals

FORECAST PSEi target 7,200 by year-end Underpinned by 20% EPS growth (normalized for banks) 18.7x PE In sync w/ accelerating 2013 GDP, 7.0%-7.5% GDP Growth Drivers: Nearly 100M population, bigger than Malaysia, Taiwan, HK and Singapore combined. Government expenditure PPP, Double-digit Public % Private Construction Growth Services Sector Projected GDP per capita at USD2,850 in 2013 (from USD2,600 in 2012) Investment grade credit rating Strong liquidity Fastest growing economy in Asia with 1Q13 GDP of 7.8%

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FIRST METRO SAVE & LEARN DOLLAR BOND FUND, INC President s Report 07.13.2013

FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. (Formerly First Metro Save and Learn Money Market Fund, Inc.) (An Open-End Mutual Fund Company) STATEMENTS OF COMPREHENSIVE INCOME FINANCIAL HIGHLIGHTS AS OF 12.31.2012 Years Ended December 31 2012 2011 % VAR INVESTMENT INCOME Interest income (Notes 11 and 14) 7,809,724 7,138,707 9.4% Trading gains 0.0% 7,809,724 7,138,707 9.4% OPERATING EXPENSES n.a. Management fees (Note 14) 1,284,327 1,339,517-4.1% Directors and officers fees (Note 14) 222,000 222,000 0.0% Custodian and clearing fees 110,627 60,931 81.6% Professional fees 67,760 56,640 19.6% Taxes and licenses 30,072 27,952 7.6% Miscellaneous 21,399 33,327-35.8% 1,736,185 1,740,367-0.2% INVESTMENT INCOME BEFORE INCOME TAX 6,073,539 5,398,340 12.5% PROVISION FOR FINAL TAX (Note 12) 1,561,945 1,522,296 2.6% NET INVESTMENT INCOME 4,511,594 3,876,044 16.4%

FINANCIAL HIGHLIGHTS AS OF 12.31.2012 FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. (Formerly First Metro Save and Learn Money Market Fund, Inc.) (An Open-End Mutual Fund Company) STATEMENTS OF FINANCIAL POSITION Years Ended December 31 2012 2011 % VAR ASSETS Cash and cash equivalents (Notes 6 and 14) 211,576,088 205,701,973 2.9% Accrued interest receivable (Notes 7 and 14) 388,615 504,513-23.0% 211,964,703 206,206,486 2.8% LIABILITIES Accounts payable and accrued expenses (Notes 8 and 14) 213,247 228,940-6.9% EQUITY Capital stock (Note 9) 19,834,265 19,715,389 0.6% Additional paid-in capital (Note 9) 181,997,210 180,845,739 0.6% Retained earnings 9,919,981 5,416,418 83.1% 211,751,456 205,977,546 2.8% 211,964,703 206,206,486 2.8%

FINANCIAL HIGHLIGHTS AS OF 06.30.2013 SALDBF: SUMMARY OF INCOME STATEMENT 06.30.2013 06.30.2012 % VAR. TOTAL INCOME 2,446,781.59 3,982,678.67-39% TOTAL EXPENSES 892,172.84 808,394.00 10% IBIT 1,554,608.75 3,174,284.67-51% NET INCOME 1,065,252.54 2,377,748.63-55% SALDBF: SUMMARY OF BALANCE SHEET 06.30.2013 12.31.2012 % VAR. TOTAL ASSETS 212,935,144.55 211,964,702.38 0% TOTAL LIABILITIES 267,590.20 186,666.50 43% CAPITAL 212,667,554.35 211,778,035.88 0%

SALDBF PORTFOLIO ALLOCATION PORTFOLIO ALLOCATION AS OF 12.31.2012 Loans and receivables 15% AFS investments 22% Cash & cash equivalents 63%

J-12 F-12 M-12 A-12 M-12 J-12 J-12 A-12 S-12 O-12 N-12 D-12 J-13 F-13 M-13 A-13 M-13 J-13 ASSETS UNDER MANAGEMENT AS OF 12.31.2012 214,000,000 213,000,000 212,000,000 211,000,000 210,000,000 209,000,000 208,000,000 207,000,000 206,000,000 205,000,000 204,000,000 203,000,000 SALDBF AUM As of 12.31.2012 P212 Mln Up2.8% YTD As of 06.30.2013 P213 Mln up 0.4% YTD

ASSETS UNDER MANAGEMENT AS OF 12.31.2012 2% SALMMF MARKET SHARE 19% ALFM Money Market Fund, Inc. ATR KimEng Money Market Fund, Inc. SALMMF 0% 13% 66% Philam Managed Income Fund, Inc. Sun Life Prosperity Money Market Fund

COMPARATIVE FUND PERFORMANCE AS OF 12.31.2013 Period 30-day 90-day 180-day YTD Rank ALFM Money Market Fund 0.15% 0.69% na 3.02% 1 Philam Managed Income Fund -0.08% 0.44% 1.04% 2.43% 2 SALMF: 1.0677 0.17% 0.50% 1.02% 2.19% 3 Sunlife Prosperity Money Market Fund 0.01% 0.04% 0.10% 0.37% 4 Average (Other Funds) 0.06% 0.42% 0.72% 2.00% SALMF's RANK 1 2 2 3 SALMMF Yield Fr. 06.08.09 Total Return 6.05% CAGR 1.66%

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FIRST METRO SAVE & LEARN FIXED-INCOME FUND, INC President s Report 07.13.2013

FIRST METRO SAVE AND LEARN FIXED-INCOME FUND, INC. (An Open-End Mutual Fund Company) STATEMENTS OF COMPREHENSIVE INCOME INCOME FINANCIAL HIGHLIGHTS AS OF 12.31.2012 2012 2011 % VAR Trading gain - net (Notes 7 and 8) 163,021,732 93,821,050 74% Interest income (Note 12) 60,005,863 26,272,913 128% Miscellaneous Income 4,051,071 n.a. EXPENSES 227,078,666 120,093,963 89% Management fees (Note 16) 40,909,200 18,763,383 118% Taxes and licenses (Note 17) 7,753,848 4,611,339 68% Professional fees 172,480 253,680-32% Directors and officers fees (Note 16) 232,000 212,000 9% Custodian and clearing fees 111,631 60,099 86% Miscellaneous 1,576,210 1,444,221 9% 50,755,369 25,344,722 100% INVESTMENT INCOME BEFORE INCOME TAX 176,323,297 94,749,241 86% PROVISION FOR INCOME TAX (Note 13) 10,060,443 3,532,905 185% NET INVESTMENT INCOME (Note 14) 166,262,854 91,216,336 82% OTHER COMPREHENSIVE INCOME Changes in fair values of available-for-sale investments 4,663,464 4,312,799 8% Income tax effect (Notes 7 and 13) Years Ended December 31 TOTAL COMPREHENSIVE INCOME 170,926,318 95,529,135 79%

FIRST METRO SAVE AND LEARN FIXED-INCOME FUND, INC. (An Open-End Mutual Fund Company) STATEMENTS OF FINANCIAL POSITION FINANCIAL HIGHLIGHTS AS OF 12.31.2012 Years Ended December 31 2012 2011 % VAR ASSETS Cash and cash equivalents (Notes 6 and 16) 270,806,560 778,376,674-65% Financial assets at fair value through profit or loss (Note 7) 1,198,684,928 - n.a. Available-for-sale investments (Note 7) 273,388,234 59,153,402 362% Loans and receivables (Notes 8 and 16) 186,242,765 232,384,859-20% Other assets 659,386 308,955 113% TOTAL ASSETS 1,929,781,873 1,070,223,890 80% LIABILITIES Accounts payable and accrued expenses (Notes 9 and 16) 15,416,135 9,127,268 69% Derivative liabilities (Note 8) - 3,138,280 n.a. 15,416,135 12,265,548 26% EQUITY Capital stock (Note 10) 995,304,435 295,474,987 237% Additional paid-in capital (Note 10) 555,469,510 93,693,559 493% Deposits for future shares subscriptions (Note 10) 78,085,050 531,292,479-85% Net unrealized gain on AFS investments (Note 7) 8,976,263 4,312,799 108% Retained earnings 276,530,480 133,184,518 108% 1,914,365,738 1,057,958,342 81% TOTAL LIABILITIES AND EQUITY 1,929,781,873 1,070,223,890 80%

FINANCIAL HIGHLIGHTS AS OF 06.30.2013 SALFIF: SUMMARY OF INCOME STATEMENT 06.30.2013 06.30.2012 % VAR. TOTAL INCOME 467,186,287.89 57,611,261.68 711% TOTAL EXPENSES 38,548,834.99 19,665,799.28 96% IBIT 428,637,452.90 37,945,462.40 1030% NET INCOME 420,138,550.66 33,273,082.67 1163% SALFIF: SUMMARY OF BALANCE SHEET 06.30.2013 12.31.2012 % VAR. TOTAL ASSETS 3,161,468,827.33 1,925,853,174.96 64% TOTAL LIABILITIES 113,253,689.37 5,332,958.88 2024% CAPITAL 3,048,215,137.96 1,920,520,216.08 59%

PORTFOLIO ALLOCATION 12.31.2012 06.30.2013 RANK INSTRUMENT % INSTRUMENT % FXTN 59.91% 1 FXTN 52.63% Bonds 18.17% 2 Bonds 18.60% Time Deposits 13.85% 3 Retail Treasury Bond 10.65% Loans and Discounts 8.08% 4 Loans and Discounts 9.52% 5 Time Deposits 8.60%

J-12 F-12 M-12 A-12 M-12 J-12 J-12 A-12 S-12 O-12 N-12 D-12 J-13 F-13 M-13 A-13 M-13 J-13 ASSETS UNDER MANAGEMENT AS OF 12.31.2012 3,500,000,000 3,000,000,000 2,500,000,000 2,000,000,000 1,500,000,000 1,000,000,000 500,000,000 0 SALFIF AUM As of 12.31.2012 P1.9 Bln Up 82% YTD As of 06.30.2013 P3.0 Bln up 59% YTD

ASSETS UNDER MANAGEMENT AS OF 12.31.2012 ALFM Peso Bond Fund, Inc. SALFIF MARKET SHARE 1% Cocolife Fixed Income Fund, Inc. Ekklesia Mutual Fund, Inc. 0% 1% 8% 3% 0% 3% 0% 9% 75% SALFIF Grepalife Bond Fund Corporation Philam Bond Fund, Inc. Philequity Peso Bond Fund, Inc. Prudentialife Fixed Income Fund, Inc. Sun Life Prosperity Bond Fund, Inc. Sun Life Prosperity GS Fund, Inc.

ASSETS UNDER MANAGEMENT AS OF 06.30.2013 SALFIF MARKET SHARE ALFM Peso Bond Fund, Inc. 80% Philam Bond Fund, Inc. 0% 0% 1% 0% 0% 2% 3% 7% 7% Sun Life Prosperity Bond Fund, Inc. First Metro Save and Learn Fixed Income Fund, Inc. Cocolife Fixed Income Fund, Inc. Sun Life Prosperity GS Fund, Inc. Grepalife Bond Fund Corporation Philequity Peso Bond Fund, Inc. Ekklesia Mutual Fund, Inc. Prudentialife Fixed Income Fund, Inc.

COMPARATIVE FUND PERFORMANCE AS OF 12.31.2013 Period 1-yr 3-yr 5-yr YTD Rank SALFIF: 1.8499 11.51% 11.97% 8.56% 11.31% 1 Grepalife Bond Fund 10.71% NA NA 10.77% 2 Philam Bond Fund 10.33% 8.34% 6.51% 8.97% 3 Philequity Peso Bond Fund 6.91% NA NA 8.03% 4 Prudential Fixed Income Fund 7.82% 5.24% 2.82% 7.82% 5 Cocolife Fixed Income Fund 7.67% 8.89% 8.94% 7.63% 6 Ekklesia Mutual Fund 7.05% 7.87% 6.04% 6.82% 7 Sun Life Prosperity GS Fund 6.48% 7.68% 6.28% 6.05% 8 ALFM Peso Bond Fund 5.99% 7.23% 6.14% 5.87% 9 Sun Life Prosperity Bond Fund 5.84% 7.38% 5.87% 5.75% 10 Average (Other Funds) 8.03% 8.08% 6.40% 7.90% SALFIF's RANK 1 1 2 1 As of 06.30.2013 SALFIF Yield Fr. 10.12.05 Total Return 83.61% CAGR 8.77%

First Metro Asset Management, Inc. FUND PERFORMANCE AND OUTLOOK SAVE AND LEARN FIXED INCOME FUND July 13, 2013

2013 PERFORMANCE as of July 12, 2013 Fund Size: PhP3,112,328,501 NAVPU: 2.1920 YTD Return: 18.17% 5-Year Government Bond 3-Year Government Bond China Bank TD (30 days) BDO TD (30 days) Metrobank TD (30 days) Gross 3.2083% 3.0146% 1.250% 1.250% 0.875% Net 2.5666% 2.4117% 1.00% 1.00% 0.70%

2013 PERFORMANCE NAVPU January 2008 July 12, 2013 2.200 2.150 2.100 2.050 2.000 1.950 1.900 1.850 1.800 1.750 1.700 1.650 1.600 1.550 1.500 1.450 1.400 1.350 1.300 1.250 1.200 1.150 NAVPU 1.2536 2.2% 1.3179 1.4767 5.13% 12.05% 1.6589 12.34% 1.8499 11.31% 2.1920 18.17% 2008 2009 2010 2011 2012 2013

2013 PERFORMANCE 20-Year Government Securities Yield January 2008 July 12, 2013 2009 2010 2011 2012 YTD 2013 Trading Gain 9.250M 36.351M 92.688M 161.616M 423.902M Interest Income 16.592M 17.172M 25.119M 58.476M 52.718M 2008 2009 2010 2011 2012 2013

2013 PERFORMANCE SALFIF vs Industry as of July 12, 2013 31-Dec-12 12-Jul-13 YTD % change SALFIF 1.8549 2.1920 18.17% Philequity Peso Bond Fund, Inc. 3.0030 3.4526 14.97% Prudential Fixed Income Fund 1.7547 1.9091 8.80% Ekklesia Mutual Fund 1.8524 1.9927 7.57% Philam Bond Fund 3.7209 3.9887 7.20% Sun Life Prosperity Bond Fund 2.5465 2.6916 5.70% Ayala Life Fixed Income Fund 299.89 314.97 5.03% Grepalife Bond Fund Corp. 1.3210 1.3845 4.81% Sun Life Prosperity GS Fund 1.4849 1.5437 3.96% Cocolife Fixed Income Fund 2.1838 2.2383 2.50%

2013 PERFORMANCE Portfolio Mix as of July 12, 2013 Trading Portfolio PRINCIPAL NET RATE/ YTM % OF FUND CASH 79,309,963 0.200% 2.926% TIME DEPOSIT 275,355,296 0.537% 10.157% PROMISSORY NOTES 30,000,000 1.904% 1.107% GOVERNMENT SECURITIES 1,382,430,000 3.240% 50.995% SUBTOTAL 1,767,095,259 2.660% 65.185% Annuity Portfolio PRINCIPAL NET RATE/ YTM % OF FUND CORPORATE NOTES 445,950,000 5.666% 16.450% CORPORATE BONDS 497,860,000 4.193% 18.365% SUBTOTAL 943,810,000 4.889% 34.815% TOTAL PORTFOLIO 2,710,905,259 3.436% 100%

PHILIPPINE INTEREST RATES 9.0 8.0 Dec 30, 2010 7.0 6.0 Dec 29, 2011 Dec 28, 2012 5.0 4.0 3.0 2.0 1.0 0.0 3m 6m 1y 2y 3y 4y 5y 6y 7y 8y 9y 10y 15y 20y 25y

PHILIPPINE INTEREST RATES 7.0 6.0 Dec 28, 2012 5.0 July 12, 2013 4.0 3.0 2.0 1.0 0.0 3m 6m 1y 2y 3y 4y 5y 6y 7y 8y 9y 10y 15y 20y 25y

PHILIPPINE INTEREST RATES 6.0 5.0 July 12, 2013 4.0 Year-End 2013 3.0 2.0 1.0 0.0 3m 6m 1y 2y 3y 4y 5y 6y 7y 8y 9y 10y 15y 20y 25y

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