BUREAU OF THE TREASURY
                                                            Auction Committee


                                                             SUMMARY OF AWARD


          Instrument      :      Treasury Bill    Instrument      :      Treasury Bill    Instrument      :      Treasury Bill    
          Series          :       PIBL0312A022    Series          :       PIBL1211G154    Series          :       PIBL1212A023    
          Auction Date    :         01/24/2012    Auction Date    :         01/24/2012    Auction Date    :         01/24/2012    
          Orig. Issue Date:         01/25/2012    Orig. Issue Date:         07/27/2011    Orig. Issue Date:         01/25/2012    
          Re-issue Date   :                       Re-issue Date   :         01/25/2012    Re-issue Date   :                       
          Coupon Rate/YTM :                       Coupon Rate/YTM :                       Coupon Rate/YTM :                       
          Offering        :         P2,500.00M    Offering        :         P3,000.00M    Offering        :         P3,500.00M    
          Maturity Period :             91 Day    Maturity Period :            182 Day    Maturity Period :            364 Day    
          Maturity Date   :         04/25/2012    Maturity Date   :         07/25/2012    Maturity Date   :         01/23/2013    


                       APPROXIMATE      ANNUAL                 APPROXIMATE      ANNUAL                 APPROXIMATE      ANNUAL
          LEVEL       EQUIV. PRICE       RATE     LEVEL       EQUIV. PRICE       RATE     LEVEL       EQUIV. PRICE       RATE
          -----       ------------      ------    -----       ------------      ------    -----       ------------      ------

          Average         99.579          1.674   Average         98.889          2.222   Average          0.000          0.000   
          Low             99.622          1.500   Low             98.912          2.175   Low              0.000          0.000   
          High            99.560          1.750   High            98.875          2.250   High             0.000          0.000   
          Comp. Stop-Out                100.000   Comp. Stop-Out                100.000   Comp. Stop-Out                  0.000   
          N-C Awarded                   100.000   N-C Awarded                   100.000   N-C Awarded                     0.000   

           TENDERED     ACCEPTED      REJECTED     TENDERED     ACCEPTED      REJECTED     TENDERED     ACCEPTED      REJECTED
              (M)          (M)           (M)          (M)          (M)           (M)          (M)          (M)           (M)
          ----------   ----------    ----------   ----------   ----------    ----------   ----------   ----------    ----------
Comp.       4,430.00     1,510.00      2,920.00     4,130.00       400.00      3,730.00     3,030.00         0.00      3,030.00   
Non-Comp.     450.00       450.00          0.00     1,200.00     1,200.00          0.00       150.00         0.00        150.00   
          ----------   ----------    ----------   ----------   ----------    ----------   ----------   ----------    ----------
Total       4,880.00     1,960.00       2,920.0     5,330.00     1,600.00       3,730.0     3,180.00         0.00       3,180.0   
          ==========   ==========    ==========   ==========   ==========    ==========   ==========   ==========    ==========