Expected Returns

Year BDO SMC BPI

2015 -0.00709 -0.038426 -0.015106
2016 0.00858 0.021451 0.001187
2017 0.03418 0.011814 0.017072
2018 -0.01425 0.001874 -0.019055
2019 0.0143 -0.000553 -0.003151
2020 -0.22325 -0.259783 -0.23658

Portfolio 1 Portfolio 2
Year BDO SMC Year BDO BPI
2015 -0.00709 -0.038426 2015 -0.00709172 -0.015106083
2016 0.00858 0.021451 2016 0.00858312 0.0011867089
2017 0.03418 0.011814 2017 0.03418406 0.0170724021
2018 -0.01425 0.001874 2018 -0.01425168 -0.019055047
2019 0.0143 -0.000553 2019 0.01430184 -0.003150882
2020 -0.22325 -0.259783 2020 -0.22324914 -0.23658006
Correlation 0.98285 Correlation 0.9984341804
Portfolio 3
Year BPI SMC
2015 -0.015106 -0.03842583
2016 0.001187 0.0214505
2017 0.017072 0.011813961
2018 -0.019055 0.001874481
2019 -0.003151 -0.00055264
2020 -0.23658 -0.25978331
Correlatio 0.987813901
BDO Unibank
(Expected Return for Years 2015-2020)

2015 Closing Price Returns 2018 Closing Price Returns

January 108.47 January 153
February 105.15 -0.03108573 February 155.8 0.01813521204
March 117.18 0.108323312 March 139 -0.1140992003
April 103.26 -0.12646113 April 131.7 -0.0539473244
May 102.31 -0.00924266 May 130.5 -0.009153382
June 102.69 0.003707321 June 125.5 -0.0390674682
July 95.93 -0.06809598 July 132 0.05049616401
August 94.12 -0.01904819 August 130.1 -0.0144985371
September 98.9 0.049538675 September 119.8 -0.0824796998
October 97.18 -0.01754431 October 122.4 0.0214706844
November 96.51 -0.0069183 November 130.2 0.0617773597
December 100.33 0.038818123 December 130.8 0.00459770925
Expected Return -0.00709172 Expected Return -0.0142516802

2016 Closing Price Returns 2019 Closing Price Returns

January 97.46 January 135
February 94.6 -0.02978456 February 127.6 -0.0563744075
March 97.75 0.032755723 March 133.8 0.04744577678
April 95.55 -0.02276353 April 134 0.00149365226
May 96.51 0.009996959 May 138 0.02941388521
June 107.02 0.103369103 June 140 0.01438873745
July 108.16 0.010595879 July 147 0.04879016417
August 109.22 0.009752584 August 149 0.01351371917
September 104.92 -0.04016604 September 143 -0.0411016757
October 107.78 0.026893958 October 154.9 0.07993511716
November 107.02 -0.00707638 November 151.8 -0.0202158825
December 107.11 0.000840611 December 158 0.04003116807
Expected Return 0.008583119 Expected Return 0.01430184133

2017 Closing Price Returns 2020 Closing Price Returns

January 112.6 January 148
February 115.5 0.025428814 February 139 -0.0627383406
March 117.6 0.018018506 March 94.7 -0.3837599329
April 119.9 0.019369027 Expected Return -0.2232491368
May 122.5 0.021452968
June 124 0.012170536
July 125.9 0.015206375
August 127.1 0.009486237
September 130.7 0.027930442
October 137.5 0.050719296
November 146 0.059982705
December 164 0.116259806
Expected Return 0.034184065
San Miguel Corporation
(Expected Return for Years 2015-2020)

2015 Closing Price Returns 2018 Closing Price Returns

January 76.15 January 144
February 77.5 0.01757285701813 February 141 -0.0210534092
March 67.45 -0.1388913537055 March 134 -0.05092009043
April 68.5 0.01544716261441 April 140 0.043802622658
May 65 -0.0524464753725 May 142 0.014184634992
June 59.5 -0.0884109573441 June 138 -0.02857337244
July 56.3 -0.0552817774059 July 139.2 0.008658062743
August 52 -0.0794508165642 August 169 0.193986967023
September 48.5 -0.069679920638 September 169.5 0.002954211897
October 48 -0.0103627870355 October 171 0.008810629682
November 46.8 -0.0253178079843 November 174.7 0.021406660637
December 49.9 0.06413779983387 December 147 -0.17263763036
Expected Return -0.038425825144 Expected Return 0.001874480655

2016 Closing Price Returns 2019 Closing Price Returns

January 72.9 January 165
February 74.8 0.02572924596582 February 170.9 0.035133116221
March 77 0.02898753687325 March 174 0.017976709093
April 67 -0.1391128024627 April 180.5 0.036675478558
May 82 0.20202662787329 May 187.5 0.038048067638
June 78.35 -0.0455332784622 June 175.2 -0.06785066691
July 82 0.04553327846222 July 178 0.01585537179
August 84.5 0.03003228709888 August 180 0.011173300598
September 81.6 -0.0349222723931 September 171.5 -0.04837358428
October 80.5 -0.0135720775455 October 167 -0.02658945419
November 84 0.0425596144188 November 159.2 -0.04783253901
December 92.3 0.09422734266549 December 164 0.029705154414
Expected Return 0.02145050022674 Expected Return -0.00055264055

2016 Closing Price Returns 2020 Closing Price Returns

January 98 January 139.8
February 107.4 0.09159270340419 February 126.2 -0.10234487969
March 104 -0.0321692829334 March 83.15 -0.41722174447
April 110 0.05608946665104 Expected Return -0.25978331208
May 108 -0.0183491386682
June 104 -0.0377403279828
July 101.6 -0.023347363997
August 100 -0.0158733491563
September 98.3 -0.017146158835
October 103 0.04670496107652
November 111.8 0.08198257249136
December 111.6 -0.0017905107738
Expected Return 0.01181396102515
Bank of the Philippine Islands
(Expected Return for Years 2015-2020)

2015 Closing Price Returns 2018 Closing Price Returns

January 96.28 January 115.92
February 93.8 -0.0260957569 February 116.6 0.0058489759
March 97.73 0.04104371834 March 113.78 -0.02448251459
April 98.51 0.00794949152 April 105 -0.08030640916
May 95.3 -0.0331282552 May 95 -0.10008345856
June 91.9 -0.0363287813 June 88.5 -0.07087433959
July 92.39 0.00531771832 July 98 0.10196492666
August 82.27 -0.1160122265 August 93.75 -0.04433581382
September 78.09 -0.0521445135 September 83.3 -0.11818311568
October 82.27 0.05214451351 October 82.15 -0.01390170469
November 81.2 -0.013091274 November 94 0.13474793779
December 81.54 0.00417845022 December 94 0
Expected Return -0.0151060832 Expected Return -0.01905504689

2016 Closing Price Returns 2019 Closing Price Returns

January 85.24 January 91
February 81.45 -0.0454814722 February 84 -0.08004270767
March 84.61 0.03806312789 March 84.2 0.0023781224
April 88.01 0.03939798145 April 84.85 0.00769007043
May 89.71 0.01913180119 May 80.8 -0.04890802615
June 94.62 0.05328662463 June 78.5 -0.02887834074
July 93.36 -0.0134058822 July 90 0.13671104554
August 102.6 0.09437494476 August 87.95 -0.02304119915
September 102.11 -0.0047872692 September 93 0.05583102197
October 98.32 -0.0378231983 October 97 0.04211148535
November 87.52 -0.1163601266 November 85.95 -0.12094524667
December 86.36 -0.013342733 December 87.9 0.02243407286
Expected Return 0.00118670895 Expected Return -0.00315088198

2017 Closing Price Returns 2020 Closing Price Returns

January 87.13 January 82.5
February 91.41 0.04795362542 February 74.1 -0.10738276104
March 98.42 0.07388915377 March 51.4 -0.36577735984
April 101.92 0.03494415639 Expected Return -0.23658006044
May 102.5 0.00567460675
June 101.14 -0.0133571029
July 101.72 0.0057182449
August 102.99 0.01240795558
September 96.71 -0.0629150864
October 95.3 -0.0146869991
November 100.07 0.04884013044
December 105.13 0.04932773849
Expected Return 0.01707240212