Implementing Guidelines on the adoption of the Basel III Framework on Liquidity Standards - Net Stable Funding Ratio

BANoKo Serurnau No PtLtptNAs OFFICE OF THE GOVERNOR ctRcuLAR NO.1007 Series of 2018 Subject: lmplementing Guidelines on the adoption of the Basel llt Framework on Liquidity Standards - Net Stable Funding Ratio The Monetary Board, in its Resolution No. 865 dated 24 May 20L8, approved the implementing guidelines on the adoption of the Basel lll Framework on Liquidity Standards - Net Stable Funding Ratio (NSFR). Section 1. Subsection XL76.5/4L76Q.5 of the Manual of Regulations for Banks (MORB)/Manual of Regulations for Non-Bank Financial Institutions (MORNBFt) is hereby added to set out guidelines on NSFR. "SubsectionXl76.5l4716Q.5 Net Stable Funding Ratio (NSFR). To promote long-term resilience of a bank/quasi-bank (QB) against liquidity risk, it shall maintain a stable funding profile in relation to the composition of its assets and off-balance sheet activities. The Net Stable Funding Ratio (NSFR) seeks to meet this objective by limiting overreliance on short-term wholesale funding and promoting enhanced assessment of funding risk across all on- and off- balance sheet accounts. The NSFR complements the Liquidity coverage Ratio (LCR), which promotes short term resilience of a bank's/eB's liquidity profile. The NSFR framework shall apply to all universal and commercial banks (uBs/KBs) and their subsidiary banks and QBs, hereinafter referred to as "covered banks/QBs", on both solo (head office plus branches) and consolidated (parent bank plus subsidiary financial allied undertakings, but excluding insurance companies) bases. a. Minimum requirement. The NSFR is the ratio of a covered bank's/eB's available stable funding (AsF) to its required stable funding (RsF), as shown below: Available stable funding (ASF) Basel lll Net Stable Funding Ratio (%) Required stable funding (RSF) The covered bank/QB shall maintain an NSFR of at least 100.0 percent (IOOo/o) at alltimes. The NSFR shall be computed and reported in a single currency, i.e., in peso equivalent terms of all currencies. Notwithstanding this requirement, a covered bank/QB shall internally measure and monitor NSFR per significant currency. A currency is considered significant if the aggregate liabilities A. Mabini st., Malate 1004 Manila, Philippines - (61217a,-27a1 . wwl r.bsp.gov.ph r [email protected]

denominated in that currency amount to five percent (5o/o) or more of the covered banks'/QBs' total liabilities as of NSFR measurement date. The guidelines implementing the NSFR are provided in Appendix 74e/Q-44-e (Attachment 7). b. Reporting ond monitoring requirements. Covered banks/QBs shall comply with the minimum NSFR on a daily basis, and shall have appropriate systems in place to ensure the same. For reporting purposes, the covered banks/QBs shall submit a report of their NSFR fAttachment 2/ to the Bangko Sentral, through the Supervisory Data Center (SDC), on both solo and consolidated bases, in accordance with the following timelines: Reporting Details Solo Basis Consolidated Basis Frequencv Monthlv Quarterly Measurement Date End-of-month End-of-ouarter NSFR Calculation Period One (1) vear from measurement date 15 banking/business days 30 banking/business days from Submission Deadlines from measurement date measurement date The NSFR reports shall be accompanied by a certification under oath to the effect that a covered bank/QB has fully complied with the NSFR requirement on all calendar days of the reference period in the form provided under Appendix 74t/Q-44f (Attochment 3). This requirement shall take effect on 0l January 2OL9. The solo and consolidated NSFR reports, together with the Sworn Certification, shall be classifie d as Category A-l reports. The submission of the NSFR report shall be subject to the governance process on the quality of bank reporting under Section X184 of the MORB. Any non-compliance with the reporting standards, or non-submission or delayed submission of the NSFR report shall be subject to the monetary and non-monetary sanctions provided under Subsection X184.3 of the MORB/fines for delayed reports under Subsection 4L92Q.2 of the MORNBFI. c. lmplementotion. The implementation of the minimum NSFR shall be phased in to help ensure that the covered banks/QBs can meet the standard through reasonable measures without disrupting credit extension and financial market activities. In order to facilitate compliance, covered banks/QBs shall undergo an observation period before the minimum NSFR becomes a requirement. The timelines are set out in the table below: Tbrrllifrleg Observation period 01July 2018 - 31 December 2018 01 January 2019 and thereafter Actual implementation -LOO% Requirements during the observation period. Consistent with the expectations set out on the governance process for an effective reporting system, the Board and Senior Management shall ensure the generation of

complete, accurate, consistent, and reliable reports that are timely submitted to the Bangko Sentral. For monitoring purposes, covered banks/QBs shall submit the solo and consolidated NSFR Reports in accordance with the following timelines: Reoortinc Details Frequency Quarterly Measurement Date End-of-ouarter 30 banking/business days Submission Deadlines from measurement date Any non-submission or delayed submission of the NSFR Reports during the observation period shall be subject to monetary and non-monetary sanctions provided under Subsection X184.3 of the MORB/fines for delayed reports under Subsection 4L92Q.2 of the MORNBFI. During the observation period, the Bangko Sentral is not precluded from assessing the covered bank's/QB's compliance with the NSFR requirement. The covered banks/QBs with NSFRs that are already at or near the prescribed minimum should not view the transition period as an opportunity to reduce their stable funding profile. Where a covered bank/QB is unable to meet the minimum NSFR for two consecutive weeks during the observation period, the covered bank/QB shall immediately adopt a board-approved stable funding build-up plan. The plan should clearly articulate the covered bank's/QB's defined strategies and timelines for meeting the required NSFR by 01 January 20L9, and should include estimates of the NSFR at every quarter prior to the effectivity date. In modifying its stable funding profile, the covered bank/QB should ensure that all other minimum liquidity requirements shall be complied with. The build-up plan shall be submitted to the Bangko Sentral, through the appropriate supervisory department, within ten (10) banking/ business days after it is approved by the board. The appropriate supervisory department concerned will evaluate the continuing compliance of the covered bank/QB with the said plan. In case of non-submission of, or non- compliance with, the said build-up plan, the Bangko Sentral may require the covered bank/QB to undertake a set of actions. The Bangko Sentral may ikewise impose enforcement actions as provided under Subsection Xl76.2O/ f 4L76Q.20 of the MORB/MORNBFI." Section 2. Subsection XL76.7/4L76Q.7 of the MORB/MORNBFI is hereby amended as follows: "Subsection XL76.714t76Q.7. Supervisory Framework for the Minimum Prudential Liquidity Requirements. a. General Provisions (1) xxx (2) xxx (3) As the stock of liquid assets is intended to serve as a defense against the potential onset of liquidity stress, banks/QBs are allowed to use

their stock of liquid assets as necessary during a period of financial stress in order to meet unforeseen liquidity needs, thereby causing the LCR to temporarily fall below the minimum requirement or the MLR to be breached. This may also alter the stable funding profile of banks/QBs and result in non-compliance with the required NSFR. Under this condition, the Bangko Sentral will assess the situation to determine the extent to which the reported decline in the LCR or NSFR/non-compliance with the MLR is due to a bank-/QB-specific or market-wide shock and will accordingly provide the supervisory response necessary to address the circumstances. The action of the Bangko Sentral shall be proportionate to the drivers, magnitude, duration and frequency of the reported liquidity deficit. In all cases, the Bangko Sentral will be cognizant of the procyclicality of supervisory actions if applied in circumstances of market-wide stress. Likewise, the Bangko Sentral will consider the potential for contagion to the financial system and the additional restricted flow of credit or reduced market liquidity due to actions to maintain a minimum LCR, NSFR, or the MLR. Overall, the supervisory response will be based on a forward-looking assessment of macroeconomic and financial conditions of the financial system as a whole. b. Liquidity ratios below the minimum (1) ln the event that a shortfall in the stock of HQlA/eligible liquid assets/available stable funding occurs on three (3) banking/business days within any two-week rolling calendar period, thereby causing the LCR or NSFR to fall below the minimum threshold/the MLR to be breached on such days, the bank/QB must notify the Bangko Sentral, through the appropriate supervising department, of such non- compliance within the banking/business day immediately following the occurrence of the third liquidity/stable funding shortfall, notwithstanding the restoration of the LCR or NSFR/compliance with the MLR on the day that the shortfall must be reported. The shortfall notice shall be signed by the bank/QB President or officer of equivalent rank, and by the officer charged with managing the liquidity of the bank/QB. lt shall contain the following minimum information: (a)The dates the shortfalls occurred; (b) The reason/s or factor/s leading to the utilization of the stock of liquid assets and non-compliance with the minimum LCR/MLR/N5FR; (c)The action/s the bank/QB has taken and/or willtake to achieve full compliance with the minimum requirement; (d) The expected duration and possible extent of the shortfall

(although this may no longer be applicable if the LCR or NSFR has been restored/MLR has been met); and (e) A commitment to submit its LCR/MLR/NSFR Report weekly until the bank/QB is able to comply with the required LCR /NSFR/MLR. A shortfall will not necessarily result in supervisory or enforcement xxx (2) The Bangko Sentral will require effective and timely remedial action from the bank/QB to address the deficiency in its liquidity position within a committed timeline under the following circumstances: (a) The liquidity requirement is not met for a prolonged period of time or if the Bangko Sentral has determined that the bank/QB is otherwise materially non-compliant with the minimum LCR, NSFR, or the MLR; or (b) The reported shortfall is caused by a firm-specific stress situation XXX Subject to the approval of the Monetary Board, banks/QBs may xxx" Section 3. Subsection XL76.2O/4I76Q.20 of the MORB/MORNBFI is hereby amended as follows: "Subsection X176.2014176Q.20 Superuisory enforcement octions. Consistent with Section X009/4009Q of the MORB/MORNBFI, the Bangko Sentral may deploy enforcement actions xxx and bring about timely corrective actions. xxx Sanctions may likewise be imposed on a bank/QB and/or its directors, officers and/or employees. The Bangko Sentral reserves the right, upon authority of the Deputy Governor, SES, to require the submission of reports and information prescribed under ltem "b" of Subsec. XL76.L/4L76Q.1, under ltem "b" ot Subsec. XL76.3/4L76Q.3, and under ltem "b" of Subsec. XL76.5/4L76Q.5 outside the regular reporting periods, and to conduct on-site inspections outside of regular or special examinations, for the purpose of ascertaining the accuracy of calculations of the minimum liquidity requirement/s as well as the integrity of the related monitoring and reporting systems. lf a bank/QB experiences a shortfall in respect of its minimum prudential liquidity requirement and fails to restore its liquidity position within the committed timeline, the Bangko Sentral may deploy more stringent enforcement actions. In cases where a bank's/QB's liquidity problem is deemed to be exceptionally serious from the outset, or when the bank/QB refuses to restore the required liquidity position, the Bangko Sentral may employ more drastic measures based on existing laws, rules and regulations."

Section 4. Effectivity. This Circular shall take effect fifteen (15) calendar days after publication in the Official Gazette or in a newspaper of general circulation. FOR THE MONETARY BOARD: l#"ffi6 I Governor 06 tune zota

Attachment 1 Appendix 74elQ-44e GUIDETINES ON THE BSP IMPTEMENTATION OF THE NET STABLE FUNDTNG RATTO (NSFRI The guidelines on the implementation of the NSFR are aligned with the provisions of the "Basel lll: The Net Stable Funding Ratio" document issued by the Basel Committee on Banking Supervision (BCBS). National discretion is exercised in certain areas considering domestic conditions. For purposes of these guidelines, the definitions used in the Liquidity Coverage Ratio (LCR) Framework as provided in Appendix 74o of the Manual of Regulations for Banks (MORB) shall apply, unless otherwise explicitly provided. A. Available Stable Funding 1.. The available stable funding (ASF) represents the portion of a covered bank's/QB's capital and liabilities that are expected to be reliable sources of funds over a one- year time horizon. The amount of ASF is determined by assigning the carrying value of the covered bank's/QB's capital and liabilities to different ASF categories, multiplying each category by an ASF factor and adding the weighted amounts. The carrying value of the covered bank's/QB's capital and liabilities shall refer to the recorded amount before the application of any regulatory deductions and other adjustments. Characteristics of Fundine Stabilitv 2. Under the NSFR framework, liabilities are accorded with presumed degree of stability as reflected in their corresponding ASF factor. The factors are scaled from 100.0 percent ILOOo/ol to 0.0 percent (0%) with 100.0 percent (lOO%l representing the most stable account. 3. Three (3) characteristics are identified for funding stability, namely: tenor, type and counterparty: a. Funding Tenor. Longer-term liabilities are assumed to be more stable than short term liabilities. As such, funding that matures in more than one year is considered more stable than those maturing in less than a year. b. Funding type. The framework recognizes that certain types of funding are inherently more stable than other types without considering the tenor. Retail deposits are generally considered more stable than wholesale deposits. c. Funding counterparty. The covered bank's/QB's counterparty influences the stability of funding such that retail customers or counterparties are considered more stable than similar types of funding provided by wholesale customers. Likewise, funds provided by non-financial corporates/entities are considered more stable than those provided by financial corporates/entities. Maturitv of Fundine 4. Funding instruments with options to redeem and deposits with withdrawal notice periods shall be assumed to be redeemed through the exercise of an option or withdrawn on the earliest date possible.

Attachment 1 5. For long dated liabilities, only the portion of cash flows due beyond six months and one year time horizon shall receive an ASF factor based on residual maturity of six months to less than one year and one year or more, respectively. ASF Categories Liobilities ond copitol with L00.0 percent (100%) ASF foctor 6. Liabilities and capital instruments receiving L00.0 percent (LOO%I ASF factor include: a. Total amount of regulatory capitalt before the application of regulatory adjustments excluding Tier 2 instruments with residual maturities of less than one year or those instruments with explicit or embedded options that, if exercised, would reduce the expected maturities to less than one year. b. Other capital instruments not included above, that have effective residual maturities of one year or more, but excluding any instruments with explicit or embedded options that, if exercised, would reduce the expected maturity to less than one year. c. Secured and unsecured funding with residual maturities of one year or more. d. Wholesale non-operational deposits with residual maturities of one year or more. e. Retail term deposits with residual maturities of one year or more. Liabilities with 95.0 percent (95%l ASF factor 7. Retail non-maturity deposits and retail term deposits with residual maturities of less than one year and that have an outstanding balance of P500,000.00 and below. Liabilities with 90.0 percent (90%) ASF factor 8. Retail non-maturity deposits and retail term deposits with residual maturities of less than one year and that have an outstanding balance of more than P500,000.00. Liabilities with 50.0 percent (50%l ASF foctor 9. Wholesale non-operational deposits with residual maturities of less than one year from the Philippine National Government (NG) and other sovereigns, Local Government Units (LGUs), Government Owned and Control Corporations (GOCCs), Public Sector Entities (PSEs) of Foreign Countries, and Multilateral Organizations including Multilateral Development Banks (MDBs). 10. Wholesale non-operational deposits with residual maturities of less than one year from non-financial corporates. 11. Wholesale non-operational deposits with residual maturities of six months to less than one year from the BSP, other central banks, banks and financial corporates. 1 Regulatory capital is the sum of Tier 1 and Tier 2 capital before the application of any regulatory deductions and other adjustments.

Attachment 1 12. Wholesale operational deposits. All current and savings accounts (CASA) including negotiable order of withdrawal accounts are automatically categorized as operational deposits. 13. Secured and unsecured funding with residual maturities of less than one year provided by the NG and other sovereigns, LGUs, GOCCs, PSEs of Foreign Countries, and Multilateral Organizations including MDBs. 14. Secured and unsecured funding with residual maturities of less than one year provided by non-financial corporates. 15. Secured and unsecured funding with residual maturities of six months to less than one year provided by the BSP, other central banks, banks and financial corporates. 15. Other sources of funding with residual maturities of six months to less than one year. t7. For foreign bank branches, any balance of "Net due to head office/branches/agencies abroad" excluding accumulated "unremitted profits" and "losses in operation". Liobilities ond equities with 0.0 percent (0%) ASF foctor 18. Wholesale non-operational deposits with residual maturities of less than six months from the BSP, other central banks, banks and financial corporates. 1.9. Secured and unsecured funding with residual maturities of less than six months provided by the BSP, other central banks, banks and financial corporates. 20. Other sources of funding with residual maturities of less than six months. 21. All other liabilities and equity items not included in the above categories. The liabilities shall include those without a stated maturity such as short positions and open maturity positions. Two exceptions shall be recognized for liabilities without a stated maturity: o First, deferred tax liabilities, which shall be treated according to the nearest possible date on which such liabilities could be realized; and ' Second, minority interest, which shall be treated according to the term of the instrument, usually in perpetuity. These liabilities shallthen be assigned either a 100.0 percent (lOO%l ASF factor if the effective maturity is one year or greater, or 50.0 percent (5Oo/o), if the effective maturity is between six months and less than one year. 22. Trade date payables arising from purchase of financial assets pending actual receipt/settlement of the underlying securities.

Attachment 1 B. Required Stable Funding 23. The amount of required stable funding (RSF) represents the amount of funding needed to support a covered bank's/QB's assets and off-balance sheet (OBS) exposures based on their liquidity characteristics or liquidity risk profile. RSF is calculated by assigning the carrying value of assets and OBS exposures to the relevant RSF category. The carrying value is then multiplied by the corresponding RSF factor to arrive at the weighted amounts. The carrying value of an asset shall be gross of the general loan loss provisions (GLLP) and net of specific provisions. Considerations for Asset Liquiditv 24. Similar to ASF, a set of standardized weightings shall be used to determine the amount of stable funding a covered bank/QB must maintain. RSF factors shall be scaled from 0.0 percent (0%) to 100.0 percent ll0}%l based on the liquidity characteristics of asset and OBS exposures. 25. The RSF factor assigned to each asset represents the amount of a particular asset estimated to be funded, either because the asset will be rolled over or because it could not be monetized through sale or be used as collateral in secured borrowing transaction, over the course of one year. 26. The following characteristics are considered collectively for each asset, as applicable: a. Credit Quality. Assets with higher credit quality are perceived to attract more demand from market participants than those with lower credit quality, and thus more liquid than the latter. Under the framework, assets with lower credit quality shall require more stable funding than those with higher credit quality. b. Tenor. Assets with longer maturities are expected to require more funding than those with shorter maturities. This is in view of the longer time necessary for the asset to be converted to cash or for cash inflows to be realized from the asset. Additionally, assets with longer tenor may liquidate at a discount because of the higher market and credit risks associated with the longer time to wait for cash inflows. c. Counterparty. Relationships with counterparties are critical in continuing business. Covered banks/QBs would generally roll over certain exposures to non-financial counterparties to maintain business relationship and generate additional business in the future. d. Market Characteristics. Assets that are traded in an exchange tend to exhibit a higher degree of liquidity, thus, shall require less stable funding. e. Asset Encumbrance. In general, encumbered assets cannot be monetized during the period they are encumbered. The longer an asset is encumbered, the more stable funding it would require.

Attachment 1 27. For purposes of determining the RSF, covered banks/QBs shall include financial instruments, foreign currencies, and commodities for which a purchase order has been executed and shall exclude those for which a sales order has been executed. Maturitv of assets 28. ln determining the maturity of an instrument, it shall be assumed that investors will exercise any option to extend maturity. On the other hand, for assets with options exercisable at the discretion of the covered bank/QB, the reputationalfactors which may limit a covered bank's/QB's ability not to exercise the option shall be considered. For amortizing loans, the portion that comes due within the one-year period shall be classified under the less than one year residual maturity category. Asset Encumbrance 29. The RSF factor for an encumbered asset is either the same as, or higher than, the RSF factor for an equivalent unencumbered asset. The specific RSF factors for encumbered assets depend on the remaining period of encumbrance. On-balance sheet assets that are encumbered for one year or more shall have an RSF factor of 100.0 percent (1.OO%l while assets encumbered for a period of six months to less than one year shall have a 50.0 percent (50%) RSF factor. Encumbered assets with less than six months remaining in the encumbrance period shall receive the same RSF factor as if the equivalent asset was unencumbered. 30. Where beneficial ownership is retained in assets that are encumbered in a repo or other securities financing transactions, and these assets are included in the balance sheet, such assets shall be allocated in their respective RSF category. RSF Catesories Assets assiqned o 0.0 percent (0%l RSF factor 31. Cash on hand, checks and other cash items. 32. Covered bank/QB reserves in the BSP and all claims on the BSP (including demand, overnight, and term deposits and reverse repos where the BSP is the counterparty) with residual maturities of less than six months. 33. Trade date receivables arising from sale of financial assets pending actual settlement/delivery of the underlying securities. Assets ossianed o 5.0 percent (5%l RSF foctor 34. Eligible securities representing claims on or guaranteed by the NG, the BSP, sovereigns, other central banks and PSEs of Foreign Countries, and Multilateral Organizations including MDBs. These securities are assigned 0.0 percent (0%) risk weight under the standardized approach for credit risk and are not direct obligations of a covered bank/QB or any of a covered bank's/eB's financial allied undertakings.

Attachment 1 Assets ossianed a 70.0 percent (70%l RSF foctor 35. Loans to banks, financial corporates and other central banks with residual maturities of less than six months and where the loans are secured by Level L assets as defined in the LCR rules. Assets assianed o 75.0 percent (75%) RSF factor 36. Eligible securities representing claims on or guaranteed by the LGUs, GOCCs, sovereigns, other central banks and PSEs of Foreign Countries, and Multilateral Organizations including MDBs. These securities are assigned a 20.0 percent (20%l risk weight under the standardized approach for credit risk and are not direct obligations of a covered bank/QB or any of a covered bank's/QB's financial allied undertakings. 37. Corporate debt securities (including commercial papers) assigned with a credit rating equal or equivalent to at least AA- by a third-party credit assessment agency recognized by the BSP, and not issued by a covered bank/QB or any of a covered bank's/QB's financial allied undertakings. 38. Loans to banks, financial corporates, and other central banks with residual maturities of less than six months 39. Non-operational deposits held at other banks with residual maturities of less than six months. Assets assianed o 50.0 percent (50%l RSF factor 40. Eligible securities representing claims on or guaranteed by the LGUs, GOCCs, sovereigns, other central banks and PSEs of Foreign Countries, and Multilateral Organizations including MDBs. These securities are assigned a 50.0 percent (50%l risk weight under the standardized approach for credit risk and are not direct obligations of a covered bank/QB or any of a covered bank's/QB's financial allied undertakings. 4L. Corporate debt securities (including commercial papers) assigned with a credit rating of between A+ and BBB- or equivalent by a third-party credit assessment agency recognized by the BSP, and not issued by a covered bank/QB or any of a covered bank's/QB's financial allied undertakings. 42. Common equity shares that are included in the main index of an organized exchange and not issued by a covered bank/QB or any of a covered bank's/QB's financial allied undertakings. 43. Other debt securities with residual maturities of less than one year. 44. Loans to banks, financial corporates, the BSP and other central banks, with residual maturities of between six months to less than one year. 45. Non-operational deposits held at other banks with residual maturities of between six months to less than one year.

Attachment 1 46. Operational deposits held at other banks. 47. Loans to the NG, LGUs, GOCCs, sovereigns, PSEs of Foreign Countries, and Multilateral Organizations including MDBs with residual maturities of less than one year. 48. Loans to non-financial corporates and micro, small and medium enterprises (MSME) with residual maturities of less than one year. 49. Consumer loans with residual maturities of less than one year. 50. For foreign bank branches, any balance of "Net due from head office/branches/agencies abroad" excluding accumulated "unremitted profits" and "losses in operation". Assets assiqned o 65.0 percent (65.0%l RSF foctor 51. Loans to the NG, LGUs, GOCCs, sovereigns, PSEs of Foreign Countries, and Multilateral Organizations including MDBs with residual maturities of one year or more and would qualify for a 50.0 percent (50%l or lower risk weight under the standardized approach for credit risk. 52. Loans to non-financial corporates with residual maturities of one year or more and would qualify for a 50.0 percent (5O%l or lower risk weight under the standardized approach for credit risk. 53. Residential real estate loans with residual maturities of one year or more and would qualify for a risk weight of 50.0 percent (50%l under the standardized approach for credit risk. Assets assianed on 85.0 percent (85%) RSF foctor 54. Loans to the NG, LGUs, GOCCs, sovereigns, PSEs of Foreign Countries, and Multilateral Organizations including MDBs with residual maturities of one year or more and would not qualify for a 50.0 percent (50%) risk weight under the standardized approach for credit risk. 55. Loans to non-financial corporates and MSMEs with residual maturities of one year or more and would not qualify for a 50.0 percent (5Oo/ol risk weight under the standardized approach for credit risk. 56. Residential real estate loans with residual maturities of one year or more, which do not qualify for a risk weight of 50.0 percent (5O%l under the standardized approach for credit risk. 57. Other consumer loans with residual maturities of one year or more. 58. Other traded equity securities and debt securities with residual maturities of one year or more and not issued by a covered bank/QB or any of a covered bank's/QB's financial allied undertakings.

Attachment 1 Assets ossianed o L00.0 percent (700%l RSF foctor 59. Loans to banks, financial corporates, the BSP and other central banks, with residual maturities of one year or more. 60. Non-operational deposits held at other banks with residual maturities of one year or more. 51. Non-traded equity securities which are not issued by a covered bank/QB or any of a covered bank's/QB's financial allied undertakings. 62. Non-performing loans and securities. 63. ltems deducted from regulatory capital; and 64. All other assets. C. Off-Balance Sheet Exposures 55. For OBS exposures, the covered bank/QB shall apply the RSF factor shown below: RSF Factor Off-balance Sheet ltems 5o/o Guarantees and financial standby letters of credit lrrevocable and conditionally revocable credit and liquidity facilities RSF Factor Off-balance Sheet ltems L% Other transaction and trade-related contingent items U nconditionally revocable cred it and liqu idity facilities o% Non-contractual obligations D. Derivatives 66. The amount of NSFR derivative assets is calculated based on the replacement cost for derivative contracts (obtained by marking to market) where the contract has a positive value. On the other hand, where the contract has a negative value, this shall be reflected as NSFR derivative liabilities. For contracts that inherently require net settlement (e.g., non-deliverable forward exchange contract), the expected derivatives exposure shall be reported on a net basis. 67. NSFR derivative assets are assigned a 100.0 percent (lOO%l RSF factor while NSFR derivative liabilities would not be considered a source of stable funding and would be assigned a 0.0 percent (0%) ASF factor. When the NSFR derivative assets are greater than the NSFR derivative liabilities, a 100.0 percent (Lloo/ol RSF factor shall be assigned to 5.0 percent l5%l of the NSFR derivative liabilities.

Lt Aftachment 2 15 banking days after 30 banking days after end of reference month end of reference ouarler FOR UNIVERSAL BANKS/COMMERCIAL BANKS AND THEIR SUBSIDIARY BANKS AND OUASI-BANKS (Name of BanUQuasi-Bank) (Code) BASEL III NET STABLE FUNDING RATIO REPORT (lndicate if for Solo Basis or Consolidated Basis) As of ffi

Part I Name of BanUQuasi-Bank Basel lll NSFR Report (Solo / Consolidated) As of (Month-end/Quarter-end ) PART I. CALCULATION OF NET STABLE FUNDING RATIO (ln Absolute Amount) Item Reference Account Code Weighted Amount A. Available Stable Funding Part ll ltem A xxx Capital Part ll ltem 1 XXX RetailDeposits Part ll ltem 2 xxx Wholesale Deposits Part ll ltem 3 xxx Secured and Unsecured Funding Part ll ltem 4 xxx Other Liabilities and Equities Part ll ltem 5 XXX B. Required Stable Funding Part lll ltem A xxx NSFR Hish-Quality Liquid Assets (HQLA) Part lll ltem 1 xxx Deposits Held at other Financial Instutions Part lll ltem 2 xxx Performing Loans and Non-HQLA Securities Part lll ltem 3 XXX Other assets Part lll ltem 4 xxx Off-Balance Sheet Exposures Part lll ltem 5 xxx C. Net Stable Funding Ratlo [NB] xxx

Part ll Page 1 of3 Name of BanUQuasi-Bank Basel lll NSFR Report (Solo / Consolidated) As of (Month-end/Quarter-end) PART ll. CALCULATION OF AVAILABLE STABLE FUNDING (ln Absolute Amountl Item Amount (a) Factor (b) wetonteq Atnounr ta x Dl A Available Stable Fundins (ASF) (Sum of ltems I to 5)1' (1) Capital (Sum of ltems 1.a to 1.b) 1.a) Total amount of reoulalorv eaoilal2t lOOo/o 1.b) Other canital inslruments nol inchrded al-rnvau IQQYo (2) Retail Deposits (Sum of ltems 2.a to 2.b) (2.a) Term deposits (2.a.1) With residual maturitv of one vear or more (2.a.1.i) With outstandins balance P500,000.00 and below 'l00vo (2.a.1.i) With outstandins balance of more than P500.000.00 lOOo/" (2.a.2) With residual maturity of less than one vear (2.a.2.i1 With outstandino balance P500.000.00 and below 95Yo (2.a.2.i1 With outstandinq balance of more than P500.000.00 90% (2.b) Non-maturitv deoosits{ (2.b.1) With outstandins balance P500,000.00 and below 95Yo (2.b.2) With outstandinq balance of more than P500.000.00 90% (3) Wholesale Deposits (Sum of ltems 3.a to 3.b) (3.q) Wholesale deposits (except operational deposits) (Sum of ltems 3.a.1 to 3.a.3) (3.a.1) With residual maturities of one vear or more (3.a.1.i) Philippine National Government (NG) and other sovereigns; Local 100% Government Units (LGUs); Government-Owned and Controlled Corporations (GOCCs); public sector entities (PSEs) of foreign countries, Multilateral Organizations including Multilateral Develooment Banks (MDBs) (3.a.1.ii) Non-financial corporates 100% (3.a.1.iii) BSP, Central banks. Banks and Financial Coroorates 100% (3.a.2) With residual maturities of six months to less one vear (3.a.2.i) Philippine National Government (NG) and other sovereigns; Local 50% Government Units (LGUs); Government-Owned and Controlled Corporations (GOCCs); public sector entities (PSEs) of foreign countries, Multilateral Organizations including Multilateral Develooment Banks (MDBs) (3.a.2.ii) Non-financial coroorates SOY' (3.a.2.iii) BSP, Central banks, Banks and Financial Coroorates 50o/o

Part ll Name of BanUQuasi-Bank Basel lll NSFR Report (Solo / Consolidated) As of (Month-end/Quarter-end) PART II. CALCULATION OF AVAILABL Item Amount (al Factor (b) weashted Amount la x bl (3.a.3) With residual maturities of less than six months (3.a.3.i) Philippine National Government (NG) and other sovereigns; Local 50% Government Units (LGUs); Government-Owned and Controlled Corporations (GOCCs); public sector entities (PSEs) of foreign countries, Multilateral Organizations including Multilateral Development Bankg (MDBs) (3.a.3.ii) Non-financial corporates 5lo/o (3.a.3.iii) BSP, Central banks, Banks and Financial Coroorat,es OYo (3.b) Operational depositss/ 50o/o (4) Secured and Unsecured Fundinq (Sum of ltems 4.a to 4.c) (4.a) With residual maturities of one year or more (Sum of ltems 4.al to 4€.6) (4.a.1) Philippine National Government (NG) and other sovereigns; Local Government Units 10oo/o (LGUs); Government-Owned and Controlled Corporations (GOCCs); public sector entities (PSES) of foreign countries (4.a.2) Multilateral organizations includinq Multilateral Develooment Bants ftr,tOSs) 100% (4.a.3) Non-financial corporates 100% (4.a.4) tssp and other central banks 100o/o (4.a.5) Banks and Financial corporates 100% (4.a.6) Others 100% (4.b) With residual maturities of six months to less than one year (Sumof lterns +-Ul to +-OS; (4.b.1) Philippine National Government (NG) and other sovereigns; Local Government Units 50% (LGUs); Government-Owned and Controlled Corporations (GOCCs); public sector entities (PSEs) of foreign countries (4.D.2) Multrlateral organizations includinq Multilateral Develooment Banks (MDBs) 50Yo (4.b.3) Non-financial corporates 50o/o (4.b.4) BSP and other central banks 50Yo (4.b.5) Banks and Financial coroorates 50% (4.b.6) Others 50% (4.c) With effedlre residual maturities of less than six months (Sum of ttems 4c.t to +cS) (4.c.1) Philippine National Government (NG) and other sovereigni; Local Govemnrent Units 50% (LGUs); Government-Owned and Controlled Corporations (GOCCs); public sector entities (PSEs) of foreign countries

Part ll Name of BanUQuasi-Bank Basel lll NSFR Report (Solo / Consolidated) As of (Month-end/Quarter-end) ax Liabilities (Sum of ltems 5.a.1 With residual maturities of six months to less than one No. 905 dated 10 unless othenrvise explicitly provided. zg6foElh€apdice|ionofrgU|atoradi$tnenE,€xdudingTbr2ing'Umenbwilhr6idus|msbdtyof|e$thanon€y€arorlhos€irEt'Um€.|bu,ith€xp|idtolqnb€d(o|or that f e)(enis€d, nould €duc€ the €xp€cl€d metudty to l6s lhan one y€€r, 3Tha|h6an€f€ctiver3Hua|matudtyofonsy€gorrnore,buto@|udingsnyinstr'nenEwilh€mb€dd€doro9|idoptbnsthatrexeId3ed,$ou|dr€duc€th€oQ€ct6dmafli io l€sa than on€ y€ar /V All qlne.|t and savlngB accounb (CASA) Indudlng negotiabl€ ordsr of withdta|Et3 5/ All orn€nt and seyingE accounb (CASA) Induding n6goliabl6 ord€r of $/ilhdrav€b ars automalic€lly cat€go.izod 6 op€rstion€l d€podb. 6/Alisingfompud|6€ofnnanc{a|iGtrm€.G,for€ignqjn€nd$andcommoditi€sthat(|)aroe,9*i6dtos€tt|€wihinth€standardop€EungG}c|€orp€llodthethdJstolnafi lh€ r€l€vant e)dlang€ or lyp€ lreftaclbn, or (ii) ha\re fall€d to. but ar€ still €!e€c1€d b 36tte.

Part lll Page 1 ofS Name of Bank/Quasi-Bank Basel lll NSFR Report (Solo / Consolidated) As of (Month-end/Quarter-end) Item Amount tsactor lDl wetqnteo Amount la r Dl A. Requlred Stable Fundlnq {RSFI (Sum of ltems 1 to $r' ll ) Nst-r{ High-Quatity Liquid Assets (HQLA) (sum of ltems 1 .a to 1 .d) (1.a) Cash on hand, checks and other cash items 00 (1.b) Bank reserves in the BSP (includinq excess reserves) o% (1.c) All claims on the BSP 0o/o (1 .d) Elioible securities3/ that are (Sum of ltems 1.d.1 to 1 .d.6) - (1.d.1)|ssuedorguaranteedbythePhi|ippineNationa|Government(t'tc)an0 ii) - (r) unencumbered 5o/" (ii) Encumbered; of which: (Sum of ii.a to ii.c) (ii.a) Remaining period of encumbrance - less than six months 5% (ii.bl Remaini4g period of encumbrance - between six months to less than one vear 50o/o (il.c) f{emaining period of encumbrance - one \ear or more 10Oo/o (1.d.2) With a 0% Basel ll credit risk weight issued or quaranl (a) Sovereigns, other central banks or PSES of foreion countries (Sum of i to ii) (i) Unencumbered 50h ) Encumbered; of wttich: (Sum of ii.a to ii.c) (ii.a) Remaining period of encumbrance - less than six months 50h ii.b) Remaininq period of encumbrance - between six months to less than one \rear SOYo (ii.c) Remaining period of encumbrance - one \€ar or more 1O0o/o (b) Multilateral oroanizations includino MDBS4/(Sum of i to ii (i) Unencumbered 5o/" ) Encumbered; of which: (Sum of ii.a to ii.c) (ii.a) Rernaining period of encumbrance - less than six months 5o/o (ii.b) Remaining period of e4cumbrance - between six months to less lhan one \€ar 50o/o (ii.c) Remaining period of encumbrance - one \r'ear or more lOOo/o (1.d.3) With a 20% Basel ll credit risk Weight issued or guaranteed bv (a) Local Govemment Units (LGUs) and Government-owned and Controlled Corporations (GOCCsISurn of i to ii) (i) Unencumbered 15o/o [!] Encumbered; of which: (Sum of ii.a to ii.c) (li.a) Remainino period of encumbrance - less than six months 15o/o (!!.b) Remaining period of encumbrance - between six months to less than one rielr 50o/o (ii.c) Remaininq period of encumbrance - one \€ar or more 100% (b) Sovereigns, olher central banks or PSEs of foreiqn countries (Sum of i to ii (i) Unencumbered 15% (!) Encumbered; of which: (Sum of ii.a to ii.c) (ii.a) Remainanq period of encumbrance - less than six months 15% (ii.b) Remaining period of encumbrance - between six months to less than one vejlr 50o/o (ii.c) Remaininq period of encumbrance - one vear or more 10Oo/o (c) Mullilateral oroanizations includinq MDBS{ (Sum of i to ii)

Part lll Name of Bank/Quasi-Bank Basel lll NSFR Report (Solo / Consolidated) As of (Month-end/Quarter-end) Item Amount (€ Factor (bl Weiohted Amount (a x bl (i) Unencumbered 150/" (ii) Encumbered; of wtrich: (Sum of ii.a to ii.c) (ii.a) Remaining period of encumbrance - less than six months 150/" (ii.b) Remaining period of encumbrance - between six months to less than one vear 50o/o (ii.c) Remaining period of encumbrance - one year or more 100o/o ( 1.d.4) With a 50% Basel ll credit risk weight issued (Sumffi or guaranteeO by (a)|ssuedorguaranteedbythePhi|ippineNationa|Government(N - (Sum of i to ii) (t) unencumbered 50o/o (ii) Encumbered;olwtrich: (Sum of ii.a to ii.c) (ii.a) Remaining period of encumbrance - less than six monthJ 50% (ii.b) Remaining Beriod of encumbrance - between six months to less than one vear 50o/o (ii.c) Remaining period of encumbrance - one \r'ear or more lOOo/" (b) Locat covernment Units (LGUs) and Govemment-owned and Controlled Corporaffi (t) unencumbered 50o/o (ii) Encumbered; of which: (Sum of ii.a to ii.c) (il.al t{emaining period of encumbrance - less than six months 50o/o (ii.b) Remaining period of encumbrance - between six months to less than one vear 50% (ii.c) Remaining period of encumbrance - one ! -aar or more lOOo/" (c) Sovereigns, other central banks or PSEs of foreiqn countries (Sum of i to ii) (r) unencumbered 50o/o (ia) Encumbered; of which: (Sum of ii.a to ii.c) (il.a) Remaining period of encqmbrance - less than six months 5Oo/" (ii.b) Remaining period of encumbrance - between six months to less than one rrear 50Yo (ai.c) Remaining period of encumbrance - one \Ear or more 10Oo/" (d) Multilater€l orqanizations includino MDBsa/ (Sum of i to ii) il, unencumoereo S0a/o (ii) Encumbered; of which: (Sum of ii.a to ii.c) (ii.a) Remaining period of encumbrance - less than six months 5Oo/" (ii.b) Remaining period of encumbrance - between six months to less than one vear 50o/o (ii.c) Remaining period of encumbrance - one \r'ear or more 1000/" (1.d.5) Elioible coroorate securitiesr (includino commercial paoers) (Sum of ltems 1 .d.s.a to 1.d.s-b) (1.d.5.a) With lonq-term credit rating of at least AA- or its equivalent (i) Unencumbered 1SYo (ii) Encumbered; olwfrich: (Sum of ii.a to ii.c) (ii.a) Remaining period of encumbrance - less than six months 15o/o (ii.b) Remaining period of encumbrance - behiveen six months to less than one vear 50o/o fij..c) Remaining period of encumbrance - one \€ar or more ''000/o (1.d.5.b) With long-term credit rating of between A+ and BBB- or its eouivalent (i) Unencumbered 50o/o

Part lll Name of Bank/Quasi-Bank Basel lll NSFR Report (Solo / Consolidated) As of (Month-end/Quarter-end) PARTIII, CALCULATION OF REQUIREDffi Item Amount (a) Factor {b} Weiohted Amount (a x bl (ii) Encumbered; of which: (Sum of ii.a to ii.c) (ii.a) Remaininq Deriod of encumbrance - less than six months 50o/o (x.D) Kemaining period of encumbrance - between six months to less than one \ear 5Oo/" (ii.c) Remainino period of encumbrance - one \€ar or more lOOo/o (1.d.6) Efioible common eouitv sharesa that are included in lhe main index of an oroanized exchanoe 5Oo/o (2) Deposrts Held at other Fanancial Institutions (Sum of ltems 2.a to 2.b) (2.a) For qperational purposes 50o/o (2.b) For non-operational purposes (including deposits received under correspondent banking and brokering services) (Sum of ltems 2.b.1 to 2.b.3) (2.b.1) With residual maturities of less than six months '150/o (2.b.2) With residual maturities between six months to less than one vear 500/" (2.b.3) With residual maturities of one vear or more '100o/o (3) Performinq loans and non-HQLA securities (Sum of ltems 3.a to 3.b) (3.a) Performino loans (Sum of ltems 3.a.1 to 3.a.7) (3.a.1) Loans to BSP (Sum of ltems 3.a.1 .a to 3-a.'l .c) (3.a.1.a) With residual maturiiies of less than six months Oo/" (3.a.1.b) With residual maturities between six months and less than one vear 50o/o (3.a.1.c) With residual maturities of one vear or more 1000/" (3.a.2) Loans to banks, financial corDorates and other central banks (Sum of ltems 3.a.2.a to 3.a.2.d) (3.a.2.a1With residual maturities of less than six months, where the loan is secured by Level 1 assets provided that the 1Oo/o banks has the abilitv to freelv rehvDothecate the received collateral for the life of the loan (3.a.2.b) With residual maturities of less than six months 15% (3.a.2.c) With residual maturities between six months to less than one vear 50o/o (3.a.2.d) With residual maturities of one vear or more 100o/o (3.a.3) Loans with residual maturilies of one year or more and would qualify for a 50% Basel ll risk weight or lower (Sum of Items 3.a.3.a to 3.a.3.d) (3.a.3.a) Philippine NG and other sovereions: LGUs: GOCCs: PSEs of foreion countries 65% (3.a.3.b) Multilateral orqanizations includinq MDBs 65% (3.a.3.c) Non:fi nancial corporates 650/o (3.a.3.d) Retail clientss/ 650/o (3.a.4) Loans with residual maturities of one year or more and have a higher than 50o/o Basel ll risk weight (Sum of ltems 3.a.4.a to 3.a.4.d) (3.a.4.a) Other sovereions: LGUs: GOCCs: PSEs of foreion countries 850/" (3.a.4.b) Multalateral orqanizations includinq MDBs 85Yo (3.a.4.c) Non-financial corDorates 85o/" (3.a.4.d) Retail clientss/ 85o/o (3.a.5) Loans with residual maturities of less than one \r'ear (Sum of ltems 3.a.5.a to 3.a.5.d) (3.a.5.a) Philippine NG and other sovereions: LGUs: GOCCs: PSEs of foreion countries 50o/"

Part lll Name of Bank/Quasi-Bank Basel lll NSFR Report (Solo / Consolidated) As of (Month-end/Quarter-end) PART III. CAL Item Amount Fac{or (bl wetqnteo Amount ta x Df L3.a.5.b) Multilateral organizations includinq MDBs 50o/o (3.a-5.c) Non-financial corpolaies 50o/o (3.a.5.d) Retail clientss/ 50% (3.a.6) Residential Real Estate Loans (Sum of ltems 3.a.6.a to 3.a-6.b1 (3.a.6.a) With residual maturities of less than one vear 50o/o (3.a.6.b) With resjdual maturities of one \rear or more (sum of (i to ii)) (r) Qualitied tor a 50% Basel ll risk weioht or lower 650/o (ii) Not qualified for a SQo/o Basel ll risk weioht 85% (3.a.7) Other Consumer Loans (Sum of ltems 3.a.7.a to 3.a.7.b) (3.a.7.a\ With residual maturities of less than one vear 50% (3.a.7.b) With residual maturities of one vear or more 85o/o (3.b) Performing Non-HQ[A Securities (Sum of ltems 3.b.1 to 3.b.4) (3.b.1) Other debt securities with residual maturities of less than one vear 500/" (3.b.2) Other traded equity securities 85o/o (3.b.3) Debt securities with residual maturities of one \€ar or more 850/o (3.b.4) Non-traded equity securities 100% (4) Other assets (Sum ol ltems 4.a to 4.f) (4.a) Net due from - for foreiqn bank branches 500/. (4.b) ltems deducted from requlatorv caDital 100% (4.c) Non-performing loans and securities lOOo/o (4.d) NSFR derivative assetsd 100% (4.e) Trade date receivables oo/" (4.f) All other assets 100o/o (5) Off-Balance Sheet Exposures (Sum of items 5.a to S.e) (5.a)DirectcreditSubstitutes(.e.g.genera|guaranteesofindebtednessandacc (5.a.1 ) Guarantees issued 5o/" (5.a.2) Einancial standby letters of credit - domestic 5o/o {5.a.3) Financial standbv letters of credit - foreion 50/" (5.a.4) Other irrevocable and conditionally revocable credit and liouiditv facilities to anv client 50h (5.b)Transaction-re|atedcontingencies(e.g.,performancebonds,bidbonds,w@dto particular transactions) (sum of ltems 5.b.1 to 5.b.3) (5.b..t)PerformanceStandbyLCs-domestic(nelofmargindeposit)estab|i@s 1o/o transaction will be performed (5.b.2) Performance Standby LCs - foreign (net of margin deposit) estrablished as a guarantee that a business trans:ction- 1o/o will be performed (5.b.3) Note issuance facilities and revolving undeMriting facilities 1o/"

Part lll Name of BanUQuasi-Bank Basel lll NSFR Report (Solo / Consolidated) As of (Month-end/Quarter-end) (5.c)Trade+e|atedcontingenciesarisingfro with an original maturitv of up to one (1) )ear (Sum of ltems 5.c.1 to S.c.1 of the bank's own debt or that of related conduits. vehicles products where customers anticipate ready , such as adjustable rate notes and varioable 1/ As defined in Circular daied 10 March 2016 ? Overnight and term deposits with the BSP, including reverse repos where the BSP is the counterparty, with residual maturity of less than six (6) months. 3/ Must not be issued by the bank or any of the bank's financial allied undertakings. 4/ Include the Bank of International 5/ Referto individual clients including sole proprietorships and partnerships, and those classified as micro and small enterprises 6/ When NSFR derivatives assets are greater than NSFR derivatives liabilities, a 100.0% RSF factor shall be assigned to 5.0% of NSFR derivatives liabilities.

Attachment 3 Appendix 74ilq-44f (Appendix to Subsec. x176.5/4776Q.5) {FORMATI SWORN CERTIFICATION OF COMPTIANCE WITH THE NET STABLE FUNDING RATIO (NSFRI REQUIREMENTS <NAME OF BANK/QUASI-BANK> CERTIFICATION Pursuant to Subsection X176.5/47LGQ.5 of the Manual of Regulations for Banks/Manual of Regulations for Non-Bank Financial Institutions, we hereby certify that the Bank/QB has fully complied with the minimum NSFR requirement on all calendar days ofthe month/quarter ended 20 We further certify to the best of our knowledge that above statement is true and correct. President/CEO or Country Head [Other outhorized signotories for Cotegory A-7 report] TIN: TIN: TIN: [Officer Chorged with Liquidity Compliance Officer Monogement Functionl TIN: TIN: SUBSCRIBED AND SWORN TO before me this day of 20_, at Philippines affiant/s exhibiting - their government-issued identification cards as follows: NAME GOVERNMENT-ISSUED ID DATE OF ISSUE PLACE OF ISSUE Witness my hand and notarial seal on the date and place above-written. NOTARY PUBLIC Doc. No. _; Page No. _; Book No. _; Series of 20

Attachment 3 (ln cose of occurrences of non-complionce during the month/quarter, the certificotion should read os follows:) Pursuant to Subsection X176.5 /47LGQ.5 of the Manual of Regulations for Banks (MORB)/Manual of Regulations for Non-Bank Financial Institutions (MORNBFI), we hereby certify that the Bank/QB have fully complied with the minimum NSFR requirement on all calendar days of the month/quarter ended 20_, except on (example): Dates (Day) NSFR Compliance (%) 11 January 2018 (Thursday) 99.55% 15 January 2018 (Monday) 98.L0% 16 January 2018 (Tuesday) 98.97% A shortfall notice containing the minimum information required under subsection xt76.7/4I76Q.7 of the MORB/MORNBFI had been submitted to the BSP on 17 Jonuorv 2078 , through the appropriate supervisory department. We further certify to the best of our knowledge that above statement is true and correct. President/CEO or Country Head [Other outhorized signatories for Cotegory A-7 report] TIN: TIN: TIN: [Officer Chorged with Liquidity Compliance Officer Management Functionl TIN: TIN: SUBSCRIBED AND SWORN TO before me this _ day of 20_, Philippines affiant/s exhibiting their government-issued identification cards as follows: NAME GOVERNMENT-ISSUED ID DATE OF ISSUE PLACE OF ISSUE Witness my hand and notarial seal on the date and place above-written. NOTARY PUBLIC Doc. No. _; Page No. _; Book No. _; Series of 20