BUREAU OF THE TREASURY
                                                            Auction Committee


                                                             SUMMARY OF AWARD


          Instrument      :      Treasury Bill    Instrument      :      Treasury Bill    Instrument      :      Treasury Bill    
          Series          :       PIBL1209L250    Series          :       PIBL1210C052    Series          :       PIBL1210I181    
          Auction Date    :         09/06/2010    Auction Date    :         09/06/2010    Auction Date    :         09/06/2010    
          Orig. Issue Date:         12/09/2009    Orig. Issue Date:         03/10/2010    Orig. Issue Date:         09/08/2010    
          Re-issue Date   :         09/08/2010    Re-issue Date   :         09/08/2010    Re-issue Date   :                       
          Coupon Rate/YTM :                       Coupon Rate/YTM :                       Coupon Rate/YTM :                       
          Offering        :         P1,500.00M    Offering        :         P3,000.00M    Offering        :         P3,500.00M    
          Maturity Period :             91 Day    Maturity Period :            182 Day    Maturity Period :            364 Day    
          Maturity Date   :         12/08/2010    Maturity Date   :         03/09/2011    Maturity Date   :         09/07/2011    


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

          Average         99.012          3.946   Average         97.862          4.322   Average         95.657          4.490   
          Low             99.024          3.900   Low             97.897          4.250   Low             95.667          4.480   
          High            98.987          4.050   High            97.848          4.350   High            95.653          4.495   
          Comp. Stop-Out                 80.000   Comp. Stop-Out                 20.000   Comp. Stop-Out                 10.000   
          N-C Awarded                   100.000   N-C Awarded                    75.000   N-C Awarded                    51.852   


           TENDERED     ACCEPTED      REJECTED     TENDERED     ACCEPTED      REJECTED     TENDERED     ACCEPTED      REJECTED
              (M)          (M)           (M)          (M)          (M)           (M)          (M)          (M)           (M)
          ----------   ----------    ----------   ----------   ----------    ----------   ----------   ----------    ----------
Comp.       1,770.00       950.00        820.00     5,450.00     1,800.00      3,650.00    17,760.00     2,100.00     15,660.00   
Non-Comp.     550.00       550.00          0.00     1,600.00     1,200.00        400.00     2,700.00     1,400.00      1,300.00   
          ----------   ----------    ----------   ----------   ----------    ----------   ----------   ----------    ----------
Total       2,320.00     1,500.00         820.0     7,050.00     3,000.00       4,050.0    20,460.00     3,500.00      16,960.0   
          ==========   ==========    ==========   ==========   ==========    ==========   ==========   ==========    ==========