Recommended Values of Selected Stocks as of Year-End 2014

January 22, 2015 INSURANCE CIRCULAR LETTER NO. 003-15 TO : All Insurance and Reinsurance Companies, Mutual Benefit Associations and Pre-Need Companies Authorized to Transact Business in the Philippines SUBJECT : Recommended Values of Selected Stocks as of Year-End 2014 Please be advised of the following: 1. The conversion rate to be used for foreign currencies shall be P44.6170 to US$1.00 or its equivalent. 2. The recommended values of selected stocks are in the attached list. For the valuation of stocks not included in the list, including insurance companies, the Investment Services Division of this Commission may be furnished with complete financial statements of the issuing companies for the past three (3) years for the computation of the corresponding values. For strict compliance. (SGD.) EMMANUEL F. DOOC Commissioner ATTACHMENT List of Recommended Values Per Share of Selected Stocks as of December 31, 2014 1. 8990 HLDG 7.1200 2. 2GO Group 3.3400 3. Abacore Capital 0.4800 4. Aboitiz Equity Ventures 52.7000 5. Aboitiz Power Corp. 42.9000 6. Abra Mining & Industrial 0.0063 7. A Brown Company, Inc. 1.0700 8. ABS-CBN Broadcating Corp. 46.5000 9. AC Pref B1 501.0000 10. AC Pref B2 504.0000 11. Acesite Phils. Hotel Corp. 1.1000 12. AG Finance 4.0000 13. Agri Nurture, Inc. 2.1000 14. Alliance Global Group, Inc. 22.5500 15. Alliance Select 1.2400 16. Anchor Land 10.0200 17. Alsons Consolidated Resources, Inc. 2.0300 18. Anglo Phil. Holdings Corp. 1.6500 19. Anscor 6.7700 20. APC Group, Inc. 0.7100 21. Apex Mining Co., Inc. 2.8000 22. Araneta Properties, Inc. 1.3400 23. Arthaland Corp. 0.2600 24. Asia Amalgamated Holdings 1.5000 25. Asia United 69.0000 26. Asiabest Group 8.5500 27. Asian Terminals, Inc. 11.8000 28. Atlas Mining 10.2000 29. ATN Holdings "A" 2.6400 30. ATN Holdings "B" 2.7000 31. Atok-Big Wedge Co. 11.7800 32. Ayala Corp. 694.0000 33. Ayala Land, Inc. 33.7000 34. Banco de Oro Universal Bank 109.8000 35. Banco de Oro Leasing & Finance 2.1500 36. Bank of the Phil. Islands 94.0000 37. Basic Energy 0.2900 38. Belle Corporation 4.8900 39. Benguet Corp "A" 8.4300 40. Benguet Corp "B" 8.0000 41. Berjaya 28.5000 42. Bloomberry 12.4000 43. Bogo Medellin 42.4000 44. Boulevard Holdings, Inc. 0.1050 45. Bright Kindle 3.3400 46. Calata Corp 3.0500 47. Cebu Air 85.8500 48. Cebu Holdings, Inc. 5.1600 49. Cebu Prop A 5.4100 50. Central Azucarera 89.2000 51. Centro Escolar University 10.5000 52. Century Food 16.3400 53. Century Peak Metals Holdings 0.9100 54. Century Prop. 0.9500 55. China Banking Corp. 47.0000 56. Cirtek Holdings 19.0000 57. City & Land 1.2100 58. Cityland Devt. 1.0200 59. CityState Savings Bank 13.9800 60. Coal Asia 0.9600 61. Col Financial 15.2400 62. Concepcion 43.0000 63. Cosco Capital 8.6500 64. Crown Equities, Inc. 0.1300 65. Cyber Bay Corp. 0.4900 66. Davinci Capital 1.7400 67. DFNN, Inc. 7.1000 68. Discovery World 1.8000 69. Dizon Copper Silver Mines 6.3200 70. DMCI Holdings, Inc. 15.7000 71. DNL Indus 16.6600 72. Delmonte 15.4800 73. EEI Corp. 10.9000 74. Easy Call 2.8300 75. East West Bank 23.9500 76. Emperador 10.3800 77. Empire East Land, Inc. 0.9000 78. Energy Development Corp. 8.2000 79. Euromed 1.3600 80. Ever Gotesco Resources 0.2030 81. Far Eastern University 1,020.0000 82. Fed Resources 16.6000 83. Filipino Fund 7.0500 84. Filinvest Dev. Corp. 4.3200 85. Filinvest Land, Inc. 1.5300 86. First Abacus Financial 0.8500 87. First Gen Corp. 25.5000 88. First Phil Holding 89.9000 89. F & J Prince Holdings Corp. "A" 3.3000 90. F & J Prince Holdings Corp. "B" 3.3900 91. FGEN Pref F 115.0000 92. FGEN Pref G 107.0000 93. Forum Pacific 0.3150 94. Ginebra San Miguel 15.8800 95. Geograce Res. Phil., Inc. 0.3850 96. GLO Pref P 502.0000 97. Global-Estate 1.7000 98. Globe Telecom, Inc. 1,730.0000 99. GMA Network, Inc. 6.3000 100. Greenergy 0.4900 101. GT Capital 1,032.0000 102. Harbor Star 1.4900 103. Holcim Phils., Inc. 14.9800 104. House of Investments, Inc. 6.1500 105. Integrated Micro 6.7700 106. Int'l. Container Terminal Services 115.0000 107. I People, Inc. 12.0000 108. IP E-Game 0.0140 109. Ionics, Inc. 0.6200 110. I-Remit, Inc. 1.8200 111. IRC Properties 1.4900 112. Island Info 0.3050 113. ISM Communication 1.5100 114. Jackstones 4.1500 115. J.G. Summit Holdings, Inc. 66.0000 116. Jollibee Foods Corp. 215.0000 117. Keppel Prop. 4.8200 118. Keppel Holdings "B" 5.1000 119. Lafarge Rep 8.8800 120. Leisure & Resorts Corp. 11.8000 121. Lepanto Consolidated Mining Co. "A" 0.2210 122. Lepanto Consolidated Mining Co. "B" 0.2220 123. Liberty Flour 60.8000 124. Liberty Telecommunications Holdings 2.2000 125. LMG Chemicals 2.8500 126. Lodestar Investment Holding Corp. 0.6200 127. Lopez Holdings 6.7000 128. Lorenzo Shipping Corp. 1.2100 129. LR Pref 1.0300 130. LT Group 12.1400 131. Mabuhay Holdings Corp. 0.6400 132. Mabuhay Vinyl Corp. 2.4300 133. Macay Holding 46.5000 134. Macroasia Corp. 2.4500 135. Manila Bulletin 0.7000 136. Manila Electric Co. 256.0000 137. Manila Jockey Club 2.0500 138. Manila Water Co. 29.0000 139. Manila Mining Corp. "A" 0.0150 140. Manila Mining Corp. "B" 0.0150 141. Manulife Financial Corp. 847.0000 142. Marcventures 6.7000 143. Max's Group 24.5500 144. MEDCO HLDG 0.4200 145. Megawide 8.8900 146. Megaworld Corp. 4.6800 147. Melco Crown 13.5800 148. Metro Pacific Investment 4.6000 149. Metropolitan Bank & Trust Co. 83.0000 150. MG Holdings 0.3650 151. Minerales Industrias 5.5700 152. MRC Allied Industries, Inc. 0.1120 153. Mwide Pref 103.0000 154. National Reinsurance Corp 0.9000 155. Nickel Asia 47.6000 156. Nihao Mineral Res. 2.3000 157. Now Corp 0.5700 158. Omico Corporation 0.7400 159. Oriental Peninsula Res. 2.1000 160. Oriental Petroleum & Mining "A" 0.0130 161. Oriental Petroleum & Mining "B" 0.0140 162. Pacifica 0.0420 163. Pacific Online System Corp. 17.7800 164. Panasonic 4.0200 165. PAL Holdings, Inc. 4.7600 166. Paxy's, Inc. 3.0000 167. PB Bank 18.8000 168. PBCOM 32.0000 169. PCOR Pref 101.8000 170. PCOR Pref 2A 1,020.0000 171. PCOR Pref 2B 1,030.0000 172. PF Pref 1,009.0000 173. Pepsi-Cola Products 4.1100 174. Petron Corporation 10.6000 175. Petroenergy Res. Corp. 6.2000 176. Phil. Long Distance Tel. Co (PLDT) 2,906.0000 177. Phil. Estates Corp. 0.3900 178. Phil H2O 4.8500 179. Phinma 10.0800 180. Phil. National Bank 80.0000 181. Phil. Racing Club 9.4500 182. Phil. Realty & Holdings 0.4850 183. Phil. Savings Bank 106.0000 184. Phil. Seven Corp. 84.5000 185. Phil. Stock Exchange 297.8000 186. Philodrill Corp. 0.0180 187. Philweb Corp. 9.7500 188. Phoenix Petroleum Phil. 3.0900 189. Phoenix Semiconductor 2.8000 190. Prime Media Holdings, Inc. 1.3900 191. Prime Orion Phils., Inc. 0.6900 192. Primex Corp. 4.9700 193. Premiere Horizon 0.6000 194. Premium Leisure 2.1300 195. Purefoods 208.0000 196. Puregold 38.5500 197. PX Mining 7.6500 198. PX Petroleum 5.0400 199. Republic Glass 2.3100 200. RFM Corp. 5.0100 201. Rizal Comm'l. Banking Corp. 48.0000 202. Robinson's Land Corp. 26.5000 203. Robinsons RTL 75.7000 204. Rockwell 1.7400 205. Roxas and Co 2.9000 206. Roxas Holdings 6.7000 207. San Miguel Corp. 73.8000 208. Seafront Resources 2.6300 209. SeaCem 2.7400 210. Security Bank Corp. 152.0000 211. Semirara Mining Corp. 142.0000 212. Shang Properties 3.3000 213. SM Investments Corp. 815.0000 214. SM Prime Holdings, Inc. 17.0400 215. SMC Pref 2A 75.6000 216. SMC Pref 2B 78.1500 217. SMC Pref 2C 78.0000 218. Soc Resources 1.0800 219. Solid Group, Inc. 1.2400 220. Splash Corp. 1.8400 221. SSI Group 9.910 222. Sta. Lucia Land, Inc. 0.8000 223. Starmalls 7.2000 224. STI Holdings 0.7600 225. Sun Life Financial Services 1,535.0000 226. Suntrust Home Dev., Inc. 1.1500 227. Swift Foods, Inc. 0.1610 228. TA Oil 2.2300 229. TA Petroleum 4.2000 230. TKC Steel Corp. 1.6200 231. Top Frontier 124.0000 232. Transpacific Broadband 2.1500 233. Travellers 8.2000 234. Unioil Res. & Holdings Co. 0.3000 235. Union Bank of the Phils. 66.6500 236. Universal Robina Corp. 196.0000 237. United Paragon Mining 0.0110 238. Vantage Equities, Inc. 2.9800 239. Victorias 4.5800 240. Vista Land & Lifescapes 7.2000 241. Vitarich Corp. 0.8200 242. Vivant 20.0000 243. Vulcan Industrial 1.7300 244. Waterfront Phils., Inc. 0.3800 245. Wellex Industries, Inc. 0.2650 246. Yehey 1.2100 247. Zeus Holdings, Inc. 0.3250