Yields on the BMA-PGBI decreased by 2.4 pps and its value increased by 0.02% to close at 99.3251. The yield to maturities for the short tenors decreased by 2 basis point, while the medium tenors remained stable.

The long tenors saw a 4 basis points increase in yields, but only amongst the 10-15 year and 15-20 year segment.

The decrease in short term yields coupled with interest rate return, more than negated the increase in yields in the long tenors, and thus led to the increase in value of the BMA-PGBI.

====================================================================

Index Statistics                27-Oct-05     26-Oct-05       Change

====================================================================

BMA-PGBI          (Index Value)  99.3251  99.3073   0.0179   (0.02%)

Principal Return  (Index Value)  83.8794  83.8816  -0.0023   (0.00%)

Interest Return    %               18.41%   18.39%  0.0002   (0.13%)

Average Coupon     %             10.4548  10.4543   0.0004   (0.00%)

Average Maturity   %              5.8502   5.8537  -0.0035  (-0.06%)

Average Yield      %              9.2365   9.2389  -0.0024  (-0.03%)

Average Duration         Value    4.0817   4.0848  -0.0031  (-0.08%)

Average Convexity        Value   27.2514  27.2618  -0.0104  (-0.04%)

====================================================================

Copyright Business Recorder, 2005