Short-Term CREDIT RATING THROUGH THE YEARS PHILRATINGS DOCUMENT Companies 1985 1986year-end 1987 1988 1989 Amt. Rated Rating Amt. Rated Rating Amt. Rated Rating Amt. Rated Rating Amt. Rated Rating A. Soriano Corporation N.A. 3 100.00 3- 100.00 3- 100.00 3- 200.00 2- Aboitiz & Co., Inc. All Asia Capital & Leasing Corp. N.A. 2- Atlantic Gulf & Pacific Co of Mla N.A. 2 N.A. 3 100.00 3- Ayala Land, Inc. BPI Leasing Corporation CFC Corporation N.A. 3+ 200.00 3+ 200.00 3+ N.A. 3+ 200.00 3+ Cagayan Elec Power & Light Co. California Mfg. Co. Inc. N.A. 2 Chemical Industries of the Phils. Chemphil Albright & Wilson Corp Coca-Cola Bottlers Phils., Inc. 400.00 2+ 400.00 2+ 400.00 1- 800.00 1- Consolidated Orix Leasing & Fin Del Monte Phils., Inc. N.A. 2+ N.A. 2+ N.A. 2+ 200.00 2+ Dharmala Philippines, Inc. Eveready Battery Co. Phils., Inc. N.A. 3+ 50.00 2 50.00 2 50.00 2 50.00 2 FEB Investments, Inc. 500.00 2 FEB Leasing & Finance Fort Bonifacio Development Corp General Electric Phils., Inc. N.A. 3+ 50.00 2 Jollibee Foods Corporation N.A. 2 50.00 2 Kimberly Clark Phils. N.A. 2 LMG Chemicals Corporation La Tondeña Distillers, Inc. MB Finance Corporation 30.00 2- Magnolia Corporation Manila Electric Co. N.A. 5 450.00 3 600.00 3 600.00 2- 600.00 2- Mariwasa Manufacturing Inc. Mercury Drug Corporation N.A. 3+ 100.00 2 100.00 2 100.00 2 N.A. 2+ Metro Drug Corporation Metro Pacific Corporation Mondragon Intl Phils., Inc. National Steel Corporation 100.00 2+ N.A. 2+ 2+ PCI Leasing and Finance N.A. 3+ 45.00 2- 80.00 2- 80.00 2- 180.00 2- PCCI Finance Corporation Phelps Dodge Phils., Inc. N.A. - 50.00 3 100.00 2- Phil Commercial Capital, Inc. N.A. 3 300.00 3+ 350.00 3+ 350.00 3+ 350.00 3+ Phil Global Communications Inc. Phil. Long Distance Telephone Co. Phil. Packing Corp. N.A. 2+ N.A. 2+ 200.00 2+ Phil Telegraph & Telephone Co. Philtread Tire & Rubber Co. N.A. 3- Phimco Industries Inc. N.A. 2- N.A. 2+ Pilmico Foods Corporation Polyphosphates Inc. N.A. - N.A. 2 25.00 2 25.00 2 Procter & Gamble PMC N.A. 2+ N.A. 2+ Puerto Azul Land, Inc. Purefoods Corporation Ramcar Inc. Reynolds Philippine Corporation Rightpak International Corp Robinson’s Land Corporation San Miguel Corporation N.A. - N.A. - 1,000.00 N.A. 1,000.00 - 1,000.00 San Miguel Foods, Inc. Shell Chemical Co. N.A. 2 N.A. 2 50.00 2 50.00 2 - 2 Stateland Investments Corp Universal Robina Corporation 400.00 3+ Victorias Milling Company Vitarich Corporation Warner Lambert Phils., Inc. N.A. 2+ N.A. 2+ NOTE : Amount rated in million pesos. N.A. - Amount records or rating records not available. CREDIT RATING THROUGH THE YEARS PHILRATINGS DOCUMENT year-end Short-Term CPs Companies 1990 1991 1992 1993 1994 Amt. Rated Rating Amt. Rated Rating Amt. Rated Rating Amt. Rated Rating Amt. Rated Rating A. Soriano Corporation N.A. 2- 200.00 3+ 200.00 2- 200.00 2 Aboitiz & Co., Inc. 300.00 2- 300.00 2- 500.00 2- 2- Atlantic Gulf & Pacific Co of Mla N.A. 3- Ayala Land, Inc. 1,000.00 1- 1,000.00 1- BPI Leasing Corporation 200.00 2+ CFC Corporation 1,000.00 2 600.00 2 Cagayan Elec Power & Light Co. 75.00 2 75.00 2 75.00 2 California Mfg. Co. Inc. Chemical Industries of the Phils. 50.00 1- 50.00 1- 50.00 1- Chemphil Albright & Wilson Corp 150.00 1- 200.00 1- 200.00 1- Coca-Cola Bottlers Phils., Inc. N.A. 1- 1,000.00 1- 800.00 1- 500.00 1- Consolidated Orix Leasing & Fin 200.00 2 200.00 2 Del Monte Phils., Inc. Dharmala Philippines, Inc. 250.00 2- Eveready Battery Co. Phils., Inc. N.A. 2 50.00 2+ 50.00 2+ FEB Investments, Inc. FEB Leasing & Finance 290.00 2- 290.00 2- Fort Bonifacio Development Corp General Electric Phils., Inc. Jollibee Foods Corporation N.A. 2 100.00 2+ 100.00 2+ 100.00 1- Kimberly Clark Phils. LMG Chemicals Corporation N.A. 1- 200.00 2+ La Tondeña Distillers, Inc. 100.00 N.A. N.A. 2 MB Finance Corporation N.A. 2- Magnolia Corporation 75.00 2 Manila Electric Co. N.A. 2- 1,000.00 2 Mariwasa Manufacturing Inc. 50.00 2 Mercury Drug Corporation Metro Drug Corporation N.A. 2 500.00 2 500.00 2 500.00 1- Metro Pacific Corporation N.A. 2 N.A. 2 N.A. 1- 1,000.00 1- Mondragon Intl Phils., Inc. 50.00 3+ 100.00 3+ 200.00 2- National Steel Corporation PCI Leasing and Finance N.A. 2 300.00 2 400.00 2 650.00 2 1,200.00 2+ PCCI Finance Corporation Phelps Dodge Phils., Inc. N.A. 2- 100.00 2 100.00 2 100.00 2 100.00 2+ Phil Commercial Capital, Inc. N.A. 3+ 175.00 2- 250.00 2 250.00 2 500.00 2- Phil Global Communications Inc. 500.00 1- 500.00 1- 500.00 1- Phil. Long Distance Telephone Co. Phil. Packing Corp. Phil Telegraph & Telephone Co. 100.00 3+ 200.00 2- 200.00 2- 200.00 2- Philtread Tire & Rubber Co. Phimco Industries Inc. Pilmico Foods Corporation Polyphosphates Inc. 100.00 1- 200.00 1- Procter & Gamble PMC Puerto Azul Land, Inc. Purefoods Corporation 300.00 1- 500.00 1- Ramcar Inc. 250.00 2 Reynolds Philippine Corporation 200.00 2 200.00 2- Rightpak International Corp 200.00 2+ 200.00 2+ Robinson’s Land Corporation 500.00 N.A. 500.00 2- 1,000.00 2+ 1,000.00 2+ San Miguel Corporation N.A. 1- 1,500.00 1- 1,500.00 1- 1,500.00 1- 1,500.00 1- San Miguel Foods, Inc. 300.00 1- 300.00 1- Shell Chemical Co. Stateland Investments Corp N.A. 3+ Universal Robina Corporation 1,000.00 N.A. 1,000.00 2- - 2- Victorias Milling Company 500.00 N.A. Vitarich Corporation Warner Lambert Phils., Inc. NOTE : Amount rated in million pesos. N.A. - Amount records or rating records not available. CREDIT RATING THROUGH THE YEARS PHILRATINGS DOCUMENT year-end Short-Term CPs Companies 1995 1996 1997 1998 1999 Amt. Rated Rating Amt. Rated Rating Amt. Rated Rating Amt. Rated Rating Amt. Rated Rating A. Soriano Corporation 200.00 2+ 300.00 2+ 300.00 2+ 300.00 2+ 300.00 2 Aboitiz & Co., Inc. 500.00 2- 500.00 2 Atlantic Gulf & Pacific Co of Mla Ayala Land, Inc. 1,000.00 1 1,000.00 1 1,000.00 1 1,000.00 1 BPI Leasing Corporation 400.00 2+ CFC Corporation Cagayan Elec Power & Light Co. 75.00 2 California Mfg. Co. Inc. Chemical Industries of the Phils. 100.00 2+ Chemphil Albright & Wilson Corp Coca-Cola Bottlers Phils., Inc. 500.00 1 1,000.00 1 1,000.00 1 1,000.00 1 Consolidated Orix Leasing & Fin 200.00 2+ Del Monte Phils., Inc. Dharmala Philippines, Inc. Eveready Battery Co. Phils., Inc. FEB Investments, Inc. FEB Leasing & Finance 500.00 2 500.00 2 Fort Bonifacio Development Corp 1,000.00 2- 1,000.00 3 General Electric Phils., Inc. Jollibee Foods Corporation Kimberly Clark Phils. LMG Chemicals Corporation La Tondeña Distillers, Inc. MB Finance Corporation Magnolia Corporation Manila Electric Co. Mariwasa Manufacturing Inc. 200.00 2 Mercury Drug Corporation Metro Drug Corporation Metro Pacific Corporation 1,000.00 2+ 1,000.00 2+ 2,000.00 2- 2,000.00 2 2,000.00 2- Mondragon Intl Phils., Inc. 500.00 3+ 500.00 2- 500.00 2- 394.00 6 394.00 6 National Steel Corporation PCI Leasing and Finance 1,600.00 2+ 1,600.00 1- 1,600.00 1- 1,600.00 2+ 1,000.00 2+ PCCI Finance Corporation 300.00 2- Phelps Dodge Phils., Inc. 100.00 2+ 100.00 2 100.00 2 Phil Commercial Capital, Inc. 500.00 2- 500.00 2- 500.00 2- Phil Global Communications Inc. 500.00 2 500.00 3+ Phil. Long Distance Telephone Co. Phil. Packing Corp. Phil Telegraph & Telephone Co. 200.00 2- Philtread Tire & Rubber Co. Phimco Industries Inc. Pilmico Foods Corporation 200.00 2 200.00 2 Polyphosphates Inc. Procter & Gamble PMC Puerto Azul Land, Inc. 400.00 2- 400.00 3 Purefoods Corporation Ramcar Inc. Reynolds Philippine Corporation 200.00 2- 200.00 2- Rightpak International Corp 200.00 1- 200.00 1- 200.00 2+ Robinson’s Land Corporation 1,000.00 2+ 1,000.00 2+ 2,000.00 2+ 670.00 2+ San Miguel Corporation 1,500.00 1- 1,000.00 1- San Miguel Foods, Inc. Shell Chemical Co. Stateland Investments Corp Universal Robina Corporation Victorias Milling Company Vitarich Corporation 500.00 2 Warner Lambert Phils., Inc. NOTE : Amount rated in million pesos. N.A. - Amount records or rating records not available. CREDIT RATING THROUGH THE YEARS PHILRATINGS DOCUMENT year-end Short-Term Commercial Paper Companies 2000 2001 2002 2003 2004 2005 2006 Amt. Rated Rating Amt. Rated Rating Amt. Rated Rating Amt. Rated Rating Amt. Rated Rating Amt. Rated Rating Amt. Rated Rating A.