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ING TAX EXEMPT PHILIPPINE DOLLAR FIXED INCOME FUND Bloomberg Code: INGTEDI Index A Unit Investment Trust Fund of ING Bank, N.V. Fund Fact Sheet, February 2011 Philippine Branch (Trust Department) visit us at www.ingim.com.ph FIGURES AS OF 2/28/2011 Investment Objective Since This Fund is for US Dollar investors who want to preserve their capital and achieve Cumulative Performance (%) 1 mo 1YR 3YRS 5YRS Inception growth in income over a period of time for institutions certiﬁed tax-exempt by the BIR. ING TE Philippine Dollar FI Fund 0.33 14.04 23.80 45.99 84.39 To achieve this, the Fund will be invested in a diversiﬁed portfolio of USD dollar- Benchmark 0.20 13.79 34.28 62.59 113.45 denominated ﬁxed income instruments issued by the Philippine government, corpora- Past performance not indicative of future performance. Benchmark adjusted for CTF reserve requirement of the tions, & ﬁnancial institutions. The Fund aims to outperform its benchmark (gross of fees BSP prior to conversion to UITF in December 2004. and taxes), the JP Morgan Chase Asia Total Return Philippines Index. Since Annualized Performance (%) 1YR 2YRS 3YRS 4YRS 5YRS Inception Top 10 Holdings ING TE Philippine Dollar FI Fund 14.04 15.57 7.38 6.94 7.86 9.01 Name Yield (%) Maturity % of Fund Benchmark 13.79 16.23 10.32 9.41 10.21 11.28 Philippines 2012 9.375% 3.57 1/18/2012 9.31% Philippines 2034 6.375% 5.98 10/23/2034 8.78% Calendar Year Performance (%) YTD 2010 2009 2008 2007 2006 2005 2004* Philippines 2021 4% 4.62 1/15/2021 6.29% ING TE Philippine Dollar FI Fund -0.51 14.00 22.59 -11.69 6.41 14.49 16.97 5.38 Philippines 2019 8.375% 5.01 6/17/2019 5.43% Benchmark -0.06 13.78 26.07 -6.71 7.57 16.39 19.50 6.68 Philippines 2025 10.625% 6.20 3/16/2025 5.09% *The Fund was launched on January 27, 2004. Returns are from January 27, 2004 to December 29, 2004. PSALM 2024 7.39% 6.68 12/2/2024 5.05% Philippines 2030 9.5% 6.25 2/2/2030 4.95% NAVPU Graph 24.0 Philippines 2031 7.75% 6.18 1/14/2031 4.95% 23.0 ING TE Phil Dollar Fixed Income Fund PSALM 2019 7.25% 6.49 5/27/2019 4.38% 22.0 Benchmark Philippines 2020 6.5% 4.71 1/20/2020 4.29% 21.0 20.0 19.0 Allocation Portfolio Composition: Govt 71%, Corps 19%, Cash 10% 18.0 17.0 Maturity Proﬁle 16.0 15.0 Cash and less than 1 year 19.1% 14.0 13.0 Between 1 and 3 years 2.6% 12.0 11.0 Between 3 and 5 years 5.7% 10.0 9.0 Between 5 and 7 years 8.3% Jan-04 May-06 Oct-08 Feb-11 Between 7 and 10 years 27.6% Manager’s Report More than 10 years 36.6% Market Review The JP Morgan Chase Asia Total Return Philippine Bond Index (Benchmark) posted a 0.20% return Key Figures and Statistics during the month for a year-to-date loss of 0.06%. 1 USD 18.4389 Net Asset Value per Unit (NAVPU) Philippine bond prices generally slid this month, with the exception of long-end benchmark Total Fund NAV (Mln) USD 9.24 heavyweights. Prices of ROP21 bond and ROP34 bond ended the month higher by 0.63 and 0.37 Duration (Interest Rate Risk) Years 6.54 points respectively. Prices declined as the historical step-down of three-decade Egyptian leader, Hosni Mubarak, failed to quell risk aversion with political unrest immediately spilling over to neighboring Middle East General Information countries. Civilian protests broke out in Algeria, Bahrain and Libya. The latter drove oil prices up by Launch Date 27-Jan-04 10% as oil production was curbed while its 42-year leader Muammar Gaddaﬁ refused to step down Fund Structure Unit Investment Trust Fund from power and took the ﬁght to the protesters. About 16% of the world’s oil production is sourced (converted to UITF in December 2004) from countries plagued with political unrest. Fund Currency US Dollar On food prices, the U.N.’s Food and Agriculture Organization noted that its Food Price Index Domicile Manila, Philippines increased to 231 in January 2011 – a 3.4% month-on-month growth and its highest level since 1990. Valuation Method Marked-to-Market Fund Classification Long-Term Bond Fund Outside of the Middle East, U.S. and China continue to post strength in their economies. China, Management/Trust Fee 1.25 % p.a. however, continues to impose various types of controls to contain bank lending, rising property prices including interest rate hikes and increasing reserve requirements. Minimum Holding Period 20 banking days Redemption Notice Period 4 banking days Fund Performance Trustee ING Bank NV (Trust Department) Philippine Branch The Fund gained 0.33% during the month, outperforming its benchmark by 13 bps but lagging it by rd 3 Party Custodian HSBC, Ltd. (Philippines) 45 bps year-to-date. Fund Strategy 1. Effective 10/24/05, is net of 3rd party custody fees, as allowed by the regulator. This amounts to 0.02% p.a. based on the face amount of the fixed income securities held by the Fund at month-end. Events outside of the Philippines will continue to inﬂuence the movement of bond prices. The fund’s position will be kept nimble given the anticipated volatility. The views expressed herewith by ING Investment Management Philippines – Trust Department of ING Bank N.V. Manila Branch ("ING Trust") are strictly for information purposes only. ING Trust does not however make representations towards the accuracy or completeness of market information in this release. Information contained in this release is based on data that ING Trust considers reliable but ING Trust does not represent that it is accurate or complete and it should not be relied upon as such. The participation in the Fund is a trust product, not a bank deposit nor an obligation of, nor guaranteed, nor issued, nor insured by ING Bank N.V. or its affiliates or subsidiaries and therefore is not insured or governed by the Philippine Deposit Insurance Corporation (PDIC). Investment or participation in the Fund is subject to risk and possible loss of principal. ING Trust as Trustee is not liable for losses unless upon willful default, bad faith or gross negligence. Losses, if any, shall be for the account and risk of the Trustor/Participant. Past performance is not indicative of future performance. Value of the Fund can go up and down. Any quoted "income expectation" or like terms is neither assured nor guaranteed by ING Trust as Trustee and does not therefore entitle Trustor to a fixed interest or return on its investments. Units of participation in the Fund, when redeemed, may be worth more or less than the original contribution amount. This release does not endorse nor constitute an offer, recommendation or a solicitation to buy or sell any product, security or currency referred to in it. Before acting on any representation in this release, a client should consider whether it is suitable for his particular circumstances and if necessary, seek professional advice. The Trustor/Participant/client is advised to read the complete details of the Fund in the Plan Rules, make his/her own risk assessment and when necessary, seek independent professional opinion before investing.
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