INVESTMENT FUNDS	Net Asset Value Per Unit
	Valuation Date January 31, 2012	Valuation Date February 1, 2012
ALFM Peso Bond Fund	284.74	285.34
ALFM Dollar Bond Fund	367.41	367.46
Philippine Stock Index Fund	510.35	514.12

The above investment funds are mutual funds and are also available to Ayala Life’s variable life insurance contracts. Express Unit Link (Peso & Dollar) and Wealth Link (Peso & Dollar) are variable life insurance contracts regulated by the Insurance Commission.