A Unit Investment Trust Fund of the Bank of the Philippine Islands

Investment Objective NAVPU Graph The objective of this Fund is to attain long-term capital growth for Peso investors. To Fund achieve this, the Fund will be invested in a concentrated portfolio of stocks listed on 240 the Philippine Stock Exchange. The Fund seeks to outperform the Philippine Stock Benchmark Exchange Index (PSEi). 190 Figures as of 9/30/2013 Cumulative Performance (%)¹ 140 1 mo 1YR 3YRS 5YRS S.I.2 Fund -3.33 -24.34 -6.90 96.63 37.85 90 Benchmark3 1.92 15.82 51.02 140.96 90.80 Annualized Performance (%)¹ 40 1YR 2YRS 3YRS 4YRS 5YRS S.I.2 Sep-08 Dec-09 Mar-11 Jun-12 Sep-13 Fund -24.34 -9.21 -2.36 13.44 14.48 4.93 Benchmark3 15.82 24.42 14.73 21.94 19.23 10.18 Allocation Calendar Year Performance (%)¹ Portfolio Composition: Equities 89.36%, Cash 10.64% YTD 2012 2011 2010 2009 2008 Fund -30.52 8.49 22.28 61.90 104.56 -58.60 Top Holdings Benchmark3 6.52 32.95 4.07 37.62 63.00 -48.29 Name Main Business % of Fund 1 Returns are net of fees. Past performance is not an indication of future returns. 2 Since Inception SM Investments Corp Holding Firms 8.18% 3 The Benchmark of the fund is the Philippine Stock Exchange Index. Lafarge Republic, Inc Construction 5.81% 4 Average daily NAV for the last three months. SM Prime Holdings, Inc Property 5.31% *Plan Rules are available upon request. GMA Network, Inc Media 4.53% Electric Company Power & Water 4.39% Key Figures and Statistics Philex Petroleum Corp Power & Water 4.35% Net Asset Value per Unit (NAVPU) PHP 137.85 JG Summit Holdings, Inc Holding Firms 4.34% Total Fund NAV (Mn) PHP 3,739.22 Property 4.26% Average Daily Net Asset Value (Mn)4 PHP 4,210.70 Melco Crown Resorts Corp Other 4.17% Current Number of Holdings 30 , Inc Property 3.85% Information Ratio5 -2.94 Sharpe Ratio5 -1.23 Sector Holdings Statistics (Past 5 Years) Fund Benchmark Holding Firms 28.09% Annualized Return (net) 14.48% 19.23% Property 17.12% Annualized Volatility 24.56% 22.55% Power & Water 11.73% Portfolio Beta 0.91 Financials 7.70% General Information Launch Date February 01, 2007 Construction 5.81% Fund Structure Unit Investment Trust Fund Food & Beverage 5.41% Fund Classification Equity Fund Media 4.53% Fund Currency Philippine Peso Other 4.17% Minimum Initial Investment PHP 10,000.00 Mining 2.8% Minimum Transaction PHP 5,000.00 Telecommunications 2.0% Minimum Holding Period None Days to Settlement (Contribution) Day 2 End-of-Day Any prospective investment shall be limited to the type of investments described in the Declaration of Trust for the Fund. Days to Settlement (Redemption) Day 4 1:00 pm Risk Disclosure 6 Management/Trust Fee 2.5% per annum/0.625% per quarter The Fund is suitable for investors with an aggressive profile or for those who take long-term views. As a 6 Custodianship Fees 0.004% per quarter marked-to-market UITF, the Fund’s net asset value and total return may fall as well as rise as a result of External Audit Fees7 0.006% stock prices and interest rates movements. On redemption of units, an investor may receive an amount less than the original amount of investment. Prior to investment in the Fund, the investor shall undergo a Valuation Methodology Marked-to-Market client suitability assessment procedure to determine whether the Fund is appropriate for him considering External Auditor Isla Lipana & Co. his investment objective, risk tolerance, preferences and experience. Trustee Bank of the Philippine Islands 5 The Information Ratio evaluates reward-to-risk efficiency relative to the benchmark, while the Sharpe BPI Branches and Ratio evaluates reward-to-risk efficiency relative to the risk free rate. The higher the number, the higher Available Through www.bpiexpressonline.com the reward per unit of risk. Sharpe and Information Ratios between funds of different classifications are non-comparable. Third-Party Custodian HSBC, Ltd. (Philippines) 6 Trust fees/management fees/custodianship fees as a percentage of average daily NAV for the quarter.

Dealing Cut-Off 2:30 PM 7 External Audit Fees as a percentage of 2011 end-year NAV 2013 Manager’s Report Local Market Review: The Philippine Stock Exchange Index (PCOMP) rose +1.92% in September, closing the month at 6,191.80. Emerging markets rallied on the news that the Federal Reserve would defer tapering of its quantitative easing program (QE), as it awaits clearer signs of a pickup in the U.S. economy. Average daily turnover was flat MoM at PhP7.59bn, with foreign funds net sellers of$69.8mn, a stark reduction from the $425.3mn net selling in August. YTD, foreigners remain net buyers of $1.13bn. Financial and property sectors gained +4.5% and +2.15%, respectively, as both sectors took the brunt of outflows since the QE-tapering concerns began in late May 2013.As of 9M13, the Philippines continues to outperform peers on both peso (+6.52%) and dollar (+0.44%) terms, with the MSCI Asia Ex. Japan Index at -2.49% for the year.

September 30, 30, September During the month, GT Capital Holdings and LT Group Inc. were formally inducted into the PCOMP, replacing and Belle Corporation. Subsequently, a rebalancing on

FTSE All-World Index saw Meralco and Resorts get added to the global stock index, while San Miguel Corp. and SM Prime Holdings weightings were reduced. – Emperador Distillers Inc., completed its backdoor listing on the PSE, under the ticker TSI (TrillionStars Holdings). 1.8bn TSI common shares were offered at PhP8.98 each, raising approximately PhP16.1bn. Fund Performance: The Odyssey Philippine High Conviction Equity Fund fell -3.33% in September, underperforming the benchmark PCOMP’s +1.92%. The 525bps underperformance came from the fund’s overweight position in the mining sector. Fund Strategy: For October, the extension of the market recovery in September seems likely with foreign portfolio inflows coming back after nearly one quarter of outflows. Investors, however, are expected to keep a watchful eye on developments in the U.S. with Washington expected to tackle U.S. government budget and debt ceiling adjustment. Unless the U.S. Congress fail to reach a resolution on the debt ceiling issue, we expect positive momentum to pick up going into latter part of the year. We

continue to like consumer and construction themes with a neutral to underweight view on conglomerates, telcos, and banks.

Bloomberg Code: INGPHCE INGPHCE Code: Index Bloomberg FactSheet Fund ww.bpiassetmanagement.com usVisit at

The Odyssey Philippine High Conviction Equity Fund is a Unit Investment Trust Fund (UITF) and not a deposit account or an obligation of, or guaranteed, or insured by the Bank of the Philippine Islands or its affiliates or subsidiaries and therefore, is not insured or governed by the Philippine Deposit Insurance Corporation (PDIC). Due to the nature of the investment, yields or potential yields cannot be guaranteed. Any income or loss arising from market fluctuations and price volatility of the securities held by the fund/s even if invested in government securities, is for the account of the Trustor. As such, units of participation of the Trustor in the fund/s, when redeemed maybe worth more or worth less than the Trustor’s initial investment/contribution. Historical performance, when presented, is purely for reference purposes only and not a guarantee of future results. The Trustee is not liable for losses, unless upon the willful default, evident bad faith or gross negligence. Investors are advised to read the Declaration of Trust for the Fund, which may be obtained from the office of the Trustee, before deciding to invest. For inquiries, please call: (632) 845-5340, (632) 845-5286 or (632) 845-5799, email [email protected] or visit www.bpiassetmanagement.com.