Recommended Values of Selected Stocks as of Year-End 2015

January 20, 2016 INSURANCE CIRCULAR LETTER NO. 003-16 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 2015 Please be advised of the following: 1. The conversion rate to be used for foreign currencies shall be P47.1660 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 Insurance Commissioner ATTACHMENT List of Recommended Values Per Share of Selected Stocks as of December 31, 2015 1. 8990 HLDG 7.1000 2. 2GO Group 6.8800 3. Abacore Capital 0.3800 4. Aboitiz Equity Ventures 57.9500 5. Aboitiz Power Corp. 41.7000 6. Abra Mining & Industrial 0.0050 7. A Brown Company, Inc. 0.7500 8. ABS-CBN Broadcasting Corp. 61.9000 9. ABS Holding Pdr 62.7000 10. AC Pref B1 523.0000 11. AC Pref B2 549.0000 12. Acesite Phils. Hotel Corp. 1.2600 13. AG Finance 2.8600 14. Agri Nurture, Inc. 4.7300 15. Alliance Global Group, Inc. 16.1000 16. Alliance Select 0.7900 17. Anchor Land 7.5000 18. Alsons Consolidated Resources, Inc. 1.3400 19. Anglo Phil. Holdings Corp. 1.0500 20. Anscor 6.3800 21. APC Group, Inc. 0.4500 22. Apex Mining Co., Inc. 1.8000 23. Araneta Properties, Inc. 1.1200 24. Arthaland Corp. 0.2200 25. Asia United 46.1500 26. Asiabest Group 10.2800 27. Asian Terminals, Inc. 11.7000 28. Atlas Mining 4.0700 29. ATN Holdings "A" 0.2080 30. ATN Holdings, Inc. "B" 0.2080 31. Ayala Corp. 756.0000 32. Ayala Land, Inc. 34.4500 33. Banco de Oro Universal Bank 105.0000 34. Banco de Oro Leasing & Finance 2.4500 35. Bank of the Phil. Islands 83.8500 36. Basic Energy 0.2100 37. Belle Corporation 2.9100 38. Benguet Corp. "A" 5.5000 39. Benguet Corp. "B" 6.5000 40. Berjaya 28.5000 41. Bloomberry 4.5400 42. Boulevard Holdings, Inc. 0.0410 43. Bright Kindle 1.3200 44. Calata Corp. 3.2900 45. Cebu Air 82.3500 46. Cebu Holdings, Inc. 5.1800 47. Cebu Prop A 6.0000 48. Central Azucarera 99.9500 49. Centro Escolar University 9.8900 50. Century Food 16.4800 51. Century Peak Metals Holdings 0.6000 52. Century Prop. 0.5600 53. China Banking Corp. 37.2000 54. Cirtek Holdings 20.7500 55. City & Land 0.9700 56. Cityland Devt. 1.0300 57. CityState Savings Bank 10.0000 58. Coal Asia 0.5800 59. Col Financial 15.0000 60. Concepcion 43.0000 61. Cosco Capital 8.2000 62. Crown Asia 2.3500 63. Crown Equities, Inc. 0.1200 64. Cyber Bay Corp. 0.4450 65. Davinci Capital 1.6000 66. Del Monte 13.4400 67. DFNN, Inc. 5.3000 68. Discovery World 1.7000 69. Dizon Copper Silver Mines 7.2200 70. DMCI Holdings, Inc. 13.8000 71. DNL Indus 9.1500 72. Doubledragon 24.4000 73. EEI Corp. 5.4000 74. East West Bank 18.9400 75. Emperador 8.9500 76. Empire East Land, Inc. 0.7700 77. Energy Development Corp. 6.2000 78. Euromed 1.6600 79. Ever Gotesco Resources 0.1600 80. Far Eastern University 955.0000 81. Ferronickel 0.6900 82. Filipino Fund 7.0000 83. Filinvest Dev. Corp. 4.4000 84. Filinvest Land, Inc. 1.8100 85. First Abacus Financial 0.7400 86. First Gen Corp. 22.6000 87. First Phil. Holding 65.0500 88. F & J Prince Holdings Corp. "A" 5.8100 89. F & J Prince Holdings Corp. "B" 6.2000 90. FGEN Pref F 120.0000 91. FGEN Pref G 118.0000 92. Forum Pacific 0.2300 93. Ginebra San Miguel 12.2800 94. Geograce Res. Phil., Inc. 0.2750 95. GLO Pref P 522.0000 96. Global-Estate 1.0300 97. Globe Telecom, Inc. 1,852.0000 98. GMA Network, Inc. 6.9000 99. GMA Holdings, Inc. (PDR) 7.2200 100. Grand Plaza 17.8000 101. GT Capital 1,320.0000 102. Harbor Star 1.1700 103. Holcim Phils., Inc. 14.2400 104. House of Investments, Inc. 5.5100 105. Integrated Micro 5.6400 106. Int'l. Container Terminal Services 70.3000 107. I People, Inc. 11.0000 108. IP E-Game 0.0053 109. IPM Holdings 9.9400 110. Ionics, Inc. 2.4600 111. I-Remit, Inc. 1.8500 112. IRC Properties 1.1300 113. Island Info 0.1550 114. ISM Communication 1.4000 115. Jackstones 2.0300 116. J.G. Summit Holdings, Inc. 73.3000 117. Jollibee Foods Corp. 219.0000 118. Keppel Holdings "A" 5.9900 119. LBC Express 12.0000 120. Leisure & Resorts Corp. 7.6300 121. Lepanto Consolidated Mining Co. "A" 0.1740 122. Lepanto Consolidated Mining Co. "B" 0.2020 123. Liberty Flour 26.0000 124. Liberty Telecommunications Holdings 4.3600 125. LMG Chemicals 1.7700 126. Lodestar Investment Holding Corp. 0.6900 127. Lopez Holdings 6.6000 128. Lorenzo Shipping Corp. 1.0800 129. LR Pref 1.1100 130. LT Group 14.7800 131. Mabuhay Holdings Corp. 0.4700 132. Mabuhay Vinyl Corp. 3.1000 133. Macay Holding 41.3500 134. Macroasia Corp. 2.3500 135. Manila Broadcasting 29.9000 136. Manila Bulletin 0.5400 137. Manila Electric Co. 320.0000 138. Manila Jockey Club 2.0000 139. Manila Water Co. 24.8000 140. Manila Mining Corp. "A" 0.0100 141. Manila Mining Corp. "B" 0.0110 142. Manulife Financial Corp. 695.0000 143. Marcventures 2.0000 144. Max's Group 19.9800 145. Medco Holding 0.4900 146. Megawide 6.2000 147. Megaworld Corp. 4.2500 148. Melco Crown 2.2900 149. Metro Pacific Investment 5.2000 150. Metro Retail 3.9800 151. Metropolitan Bank & Trust Co. 80.5000 152. MG Holdings 0.2800 153. Minerales Industrias 9.8300 154. MJC Investments 3.5000 155. MRC Allied Industries, Inc. 0.0820 156. Mwide Pref 107.5000 157. National Reinsurance Corp. 0.9400 158. Nickel Asia 6.2500 159. Nihao Mineral Res. 2.8000 160. Now Corp. 0.7500 161. Omico Corporation 0.5700 162. Oriental Peninsula Res. 1.4000 163. Oriental Petroleum & Mining "A" 0.0100 164. Oriental Petroleum & Mining "B" 0.0110 165. Pacifica 0.0310 166. Pacific Online System Corp. 18.4800 167. Panasonic 3.9500 168. PAL Holdings, Inc. 4.5900 169. Paxy's, Inc. 2.9900 170. PB Bank 16.9800 171. PBCOM 22.5000 172. PCOR Pref 2A 1,070.0000 173. PCOR Pref 2B 1,065.0000 174. PF Pref 2 1,029.0000 175. Pepsi-Cola Products 3.6800 176. Petron Corporation 6.9900 177. Petroenergy Res. Corp. 3.5000 178. Phil. Long Distance Tel. Co. (PLDT) 2,060.0000 179. Phil. Estates Corp. 0.2850 180. Phil. H2O 3.7000 181. Phinma 11.8000 182. Phil. National Bank 52.0000 183. Phil. Racing Club 9.4000 184. Phil. Realty & Holdings 0.4450 185. Phil. Savings Bank 102.9000 186. Phil. Seven Corp. 100.0000 187. Phil. Stock Exchange 275.0000 188. Philtrust 122.0000 189. Philodrill Corp. 0.0120 190. Philweb Corp. 23.1000 191. Phoenix Petroleum Phil. 3.6500 192. Phoenix Semiconductor 1.6100 193. PNX Pref 3A 103.0000 194. PNX Pref 3B 106.0000 195. Prime Media Holdings, Inc. 1.2000 196. Prime Orion Phils., Inc. 1.8300 197. Primex Corp. 8.5500 198. Premiere Horizon 0.4900 199. Premium Leisure 0.6400 200. Pryce Corp. 2.3800 201. PTFC Redev Corp. 19.6000 202. Purefoods 129.0000 203. Puregold 34.7000 204. PX Mining 4.4000 205. PX Petroleum 1.3000 206. RFM Corp. 3.9500 207. Rizal Comm'l. Banking Corp. 33.0000 208. Robinson's Land Corp. 27.5000 209. Robinsons RTL 63.0000 210. Rockwell 1.4000 211. Roxas and Co 2.4000 212. Roxas Holdings 4.7900 213. San Miguel Corp. 49.9000 214. Seafront Resources 2.4000 215. SBS Phil. Corp. 6.1800 216. Security Bank Corp. 142.0000 217. Semirara Mining Corp. 136.5000 218. Shang Properties 3.1300 219. SM Investments Corp. 864.0000 220. SM Prime Holdings, Inc. 21.7000 221. SMC Pref 2B 77.4000 222. SMC Pref 2C 83.0000 223. SMC Pref 2D 85.0000 224. SMC Pref 2E 76.0000 225. SMC Pref 2F 79.9000 226. Soc Resources 0.7100 227. Solid Group, Inc. 1.1400 228. SPC Power 4.1800 229. Splash Corp. 2.4600 230. SSI Group 3.4500 231. Sta. Lucia Land, Inc. 0.7800 232. Starmalls 7.0000 233. STI Holdings 0.4300 234. Sun Life Financial Services 1,440.0000 235. Suntrust Home Dev., Inc. 0.8400 236. Swift Foods, Inc. 0.1440 237. TA Oil 2.1800 238. TA Petroleum 2.2800 239. TKC Steel Corp. 1.0000 240. Top Frontier 67.6000 241. Transpacific Broadband 1.5100 242. Travellers 4.4000 243. Unioil Res. & Holdings Co. 0.2800 244. Union Bank of the Phils. 57.0500 245. Universal Robina Corp. 186.0000 246. United Paragon Mining 0.0072 247. Vantage Equities, Inc. 3.1400 248. Victorias 4.7000 249. Vista Land & Lifescapes 5.1800 250. Vitarich Corp. 0.6000 251. Vulcan Industrial 1.0800 252. Waterfront Phils., Inc. 0.3400 253. Wellex Industries, Inc. 0.2100 254. Yehey 4.1100 255. Zeus Holdings, Inc. 0.2550