BUREAU OF THE TREASURY
                                                            Auction Committee


                                                             SUMMARY OF AWARD


          Instrument      :      Treasury Bond    Instrument      :                       Instrument      :                       
          Series          :       PIBD2032B183    Series          :                       Series          :                       
          Auction Date    :         01/31/2012    Auction Date    :                       Auction Date    :                       
          Orig. Issue Date:         02/02/2012    Orig. Issue Date:                       Orig. Issue Date:                       
          Re-issue Date   :                       Re-issue Date   :                       Re-issue Date   :                       
          Coupon Rate/YTM :             5.875%    Coupon Rate/YTM :                       Coupon Rate/YTM :                       
          Offering        :         P9,000.00M    Offering        :                       Offering        :                       
          Maturity Period :            20 Year    Maturity Period :                       Maturity Period :                       
          Maturity Date   :         02/02/2032    Maturity Date   :                       Maturity Date   :                       


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

          Average        100.000          5.906   Average                                 Average                                 
          Low            100.000          5.750   Low                                     Low                                     
          High           100.000          5.990   High                                    High                                    
          Comp. Stop-Out                 49.284   Comp. Stop-Out                          Comp. Stop-Out                          
          N-C Awarded                     0.000   N-C Awarded                             N-C Awarded                             


           TENDERED     ACCEPTED      REJECTED     TENDERED     ACCEPTED      REJECTED     TENDERED     ACCEPTED      REJECTED
              (M)          (M)           (M)          (M)          (M)           (M)          (M)          (M)           (M)
          ----------   ----------    ----------   ----------   ----------    ----------   ----------   ----------    ----------
Comp.      41,475.00     9,000.00     32,475.00                                                                                   
Non-Comp.       0.00         0.00          0.00                                                                                   
          ----------   ----------    ----------   ----------   ----------    ----------   ----------   ----------    ----------
Total      41,475.00     9,000.00      32,475.0                                                                                   
          ==========   ==========    ==========   ==========   ==========    ==========   ==========   ==========    ==========