PELAC NAVPU
Investment Funds of Variable Life Insurance Contracts	Valuation Date 11/19/2008	Valuation Date 11/12/2008
PELAC Dollar Bond Fund	1.2420	1.2852
PELAC Global Bond Fund	1.0592	1.0732
PELAC Peso Fixed Income	0.9765	0.9749
PELAC Peso Equity Fund	0.8936	0.9161
PELAC Balanced Fund	0.7024	0.7196
Principal Protect 1	0.8697	0.8697
Principal Protect 2	0.8746	0.8746
Principal Protect 3	0.8370	0.8370

These investment funds are specific to variable life insurance contracts and are not considered
mutual funds. Life insurance products are regulated by the Insurance Commission.
PHILAM EQUITABLE LIFE ASSURANCE COMPANY

                                                                 *Fund prices are net of transaction costs