FUND PERFORMANCE REPORT

METRO BALANCED FUND

April 2013
FUND CLASSIFICATION: BALANCED CLIENT SUITABILITY: Suitable for aggressive investors who want income and growth for their investments over a period of time. FUND OBJECTIVE: The Fund aims to provide for its participants growth and high income by investing in a diversified portfolio of equities composed mainly of blue chip and select second line companies listed at the Philippine Stock Exchange (PSE) and peso-denominated fixed instruments. FUND SUMMARY NAV NAVPU PRODUCT FEATURES
Base Currency Min. Initial Participation Min. Maintaining Participation Min. Addl. Participation Min. Redemption Investment Horizon Min. Holding Period Early Redemption Charge : Php : Php 25,000 : Php 25,000 : Php 25,000 : Php 25,000 : Five years : 90 calendar days : 50% of income earned from the redeemed amount : 2.0% p.a. based on NAV : 0.015% p.a. : 20% Final Tax for Fixed Income Investments : Marked-to-Market : Daily up to 12:00nn : Next Banking Day from Date of Redemption : Metrobank-Trust Banking Group : Standard Chartered Bank : April 8, 2005

FUND PERFORMANCE as of 04/30/2013 Period Past 1 month Past 3 months YTD YOY Past 3 Years Fund 2.312% 12.586% 19.246% 28.007% 78.503% Benchmark 3.460% 7.605% 12.009% 20.531% 65.063%

: Php 3.88 Billion : 3.395356

Rates shown are absolute. Benchmark is a combination of 50% Philippine Stock Exchange index (PSEi), 40% HSBC Local Currency Bond Index (HSLI) 1-5 years (net) and 10% Phil. 30-Day Special Savings Rate Gen. Average (net).

NAVPU TREND, Year-on-Year

3.50 3.20 2.90 2.60 2.30 5/2 6/2 7/2 8/2 9/2 10/2 11/2 12/2 1/2 2/2 3/2 4/2

TOP 10 HOLDINGS Security TEL ALI SM AC BDO BPI MBT JGS SMPH URC % 11.39% 8.05% 7.91% 6.00% 5.43% 5.15% 4.89% 3.79% 3.61% 3.19%

Trust Fee Custodian Fee Applicable Tax Valuation Dealing Day Redemption Settlement Fund Manager Custodian Launch Date

FUND COMPOSITION Stocks 56.0%

GS 5 yrs up 35.0%
Deposits 9.0%
SECTOR ALLOCATION

OTHER DISCLOSURES 1. Average Net Asset Value (NAV) for Apr 2013: Php3.20 Billion 2. Fees for the quarter (% of Ave. NAV): Trust Fees : 0.165% Audit Fees : 0.000% Custody Fees : 0.000% 3. Prospective investment outlets shall be limited to those described in the Declaration of Trust of the Fund.

Food Others Service 0.9% 0.4% Financials 16.2% 16.4% Property 16.8%
Mining 2.3%

Holdings 28.9%
Industrial 18.1%

FUND MANAGERS REPORT

Stocks
By John L. Padilla
PSEi 7070.99 + 3.25% MoM, + 21.64% YTD

Outlook The PSEi nearly crossed the 7300 mark early in May as the market reacted strongly to the S&P investment grade rating, but profit-taking stalled the advance. With the major catalyst at hand, the market will be looking for the next major driver for the market. But the game does not end with this upgrade as this only bolsters our case for a prolonged period of healthy economic growth path and a buoyant stock market in the country. Thus, we affirm our conviction for equities. Previously we mentioned the PPP as one of the other catalysts in the market together with the low interest rate environment. The PPP however takes time. Meanwhile investors may look to digest current prices and adjust their appetite vis--vis the outlook. We maintain the view that the market will remain expensive driven by vibrant optimism and the wave of funds hunting for worthy investment outlets. We believe the S&P upgrade is just the beginning of very good things to come. The index is tipped to stretch its winning run for the next several years but for this year a move to 7500 (+30% YoY) is not demanding at all. Strategy We maintain our bullish stance in stocks given the compelling macro conditions that support our outlook for a higher index level. With our optimism anchored on solid macro fundamentals, we will keep our exposure in the market and take advantage of weakness in the share prices to reinforce our conviction. We will continue to target increased investments in consumerrelated companies, banks, property and power which are poised to capture the full benefits of the expanding economy.

Stocks scaled the 7000 milestone in April; adding 223pts to 7070.99 (+3.25% MoM). The index was confined within the 6700-6900 range in the first half of the month as investors appeared to be easing back on the market given the high valuation at 21x per Bloomberg estimate. The index initially softened to 6710 in the first week of Apr as some investors saw an opportunity to sell-on-news following the surprise announcement of first ever investment grade credit rating for the Philippines by Fitch in the last day of March. The PSEi inched its way up back to 6900 by mid-month as the BSP hinted of further cut in SDA rate amid benign inflation numbers. Positive news on the countrys drive to boost investments via the (long-delayed) PPP somewhat got the interest of investors soaring again with the successful bidding of the P15B NAIA Expressway which was interestingly won by SMC edging out MPI by a cool P10B. The 4th PPP, the CALA Expressway, will be underway in June. This and the specter of another cut in the SDA rate pushed the index to punch through the 7000 milestone on 22 Apr. The index managed to hold on to that level to end the month at 7070.99. GLO was the stellar performer for the month rising 19% on the back of optimism that telcos will deliver improved revenues moving forward (TEL +1.94%) while offering healthy dividend yields. MER gained 14% as investors ride on the power companys bright prospects amid the expanding economy. BEL rose 14% as investors position ahead of the 2H14 opening of its Belle Grande Manila Casino Complex.

Visit www.metrobank.com.ph or www.uitf.com.ph for daily NAVPUs and historical performance.

Participation in the Fund is NOT a bank deposit or an obligation of, or guaranteed, nor issued, nor insured by Metropolitan Bank & Trust Company or its affiliates or subsidiaries and therefore are not insured or governed by the Philippine Deposit Insurance Corporation (PDIC). Any income and loss arising from market fluctuations and price volatility of the securities held by the fund, even if invested in government securities, is for the account of the investor. As such the fund is not capital protected and may not be suitable for clients seeking preservation of capital. Historical performance when presented is purely for reference purposes and not a guarantee of similar future results. The Declaration of Trust of the Fund is available at the principal office of the Trustee upon request.