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First Metro Asset Management, Inc. NAVPS: 1.7781 August 20, 2009 Weekly Performance Report Performance from 07.11.08 to 08.20.09 Suitable for investors seeking . . . Moderate growth with moderate risk. To invest in an actively managed portfolio of selected stocks with strong balance sheets and attractive valuations. NAVPS To provide growth through long-term capital appreciation by investing in equity securities. 2.1600 2.0800 2.0000 1.9200 1.8400 1.7600 1.6800 1.6000 1.5200 1.4400 1.3600 1.2800 1.2000 Fund Manager’s Report 08.11.09 We believe this rally will sustain because: 1. “liquidity” will return to Asia. Investors are convinced that Asia will emerge from the recession sooner. Inasfar as the Philippine economy is concerned, global economists expect the Philippines to be 1 of only 4 economies where GDP will record positive growth in 2009 and recover strongly next year; 2. cash will chase equity as interest rates stay low. The gap between the yields on earnings (as gauged by the inverse of price-earnings ratio) and money market remains wide, i.e. investors are shifting away from money market to stocks due to the low returns of the former combined with the positive momentum of equities. “Free liquidity” (or the supply of cash that is in excess of what is needed to fund the economy) will add to the cash (that will chase equity). In recent years, the growth of money supply has outpaced the rate at which the economy has been producing goods and services. Excess cash will find its way into stocks, resulting in higher prices; and most importantly, 3. any correction in stock prices will not turn into a reversal of the rally because Philippine equities are re-rating higher. Moody’s upgrade of the country’s foreign and local currency government ratings to two notches below investment grade merits a re-rating of Philippine equities as well. 7/11/2008 7/26/2008 8/10/2008 8/25/2008 9/9/2008 9/24/2008 10/9/2008 10/24/2008 11/8/2008 11/23/2008 12/8/2008 12/23/2008 1/7/2009 1/22/2009 2/6/2009 2/21/2009 3/8/2009 3/23/2009 4/7/2009 4/22/2009 5/7/2009 5/22/2009 6/6/2009 6/21/2009 7/6/2009 7/21/2009 8/5/2009 8/20/2009 Fund objective Cumulative performance % (as of August 20, 2009) 7-day 30-day 60-day YTD Save & Learn Equity Fund -1.74% 2.56% 4.47% 27.16% Average of other funds -2.40% 4.01% 10.12% 33.56% Top holdings Stock AP RLC PNB FLI SCC AC GMAP EEI ACPA EDC (as of August 14, 2009) Sector Independent Power Producers Property Banks Property Mining Mutisector Holdings Media Construction & Engineering Holding Firms Independent Power Producers % 10.45% 9.33% 8.68% 8.62% 7.75% 7.29% 7.14% 3.01% 3.00% 2.72% Selected features Base currency Philippine peso Minimum initial investment PhP 5,000.00 Minimum additional investment PhP 1,000.00 Management fee 1.75% Buying / Selling price Based on the Fund’s prevailing net asset value per share Sales load and redemption fees apply. 5,000 – less than 100,000 2.0% 100,000 – less than 500,000 1.5% 500,000 – less than 2,000,000 1.0% 2,000,000 and above 0.5% Investmert Period Redemption fees: <180 days 1.0% >180 days 0.0% Past performance is not indicative of future performance. Investment involves risk. Please refer to the prospectus for details. About us First Metro Asset Management, Inc. (FAMI) is a joint venture between: Catholic Education Association of the Philippines (CEAP) 15% Marist Development Foundation 15% First Metro Investment Corporation (FMIC) 70% First Metro Investment Corporation (FMIC), a Metrobank subsidiary, is a financial institution specializing in investment banking services. It has been rated as the Best Domestic Bond House 2004 & 2005 (The Asset Magazine, HK) Best Investment Bank 2005 (Finance Asia, HK) Best Bond House 2005 (Finance Asia, HK) For more information, visit or contact:: First Metro Asset Management Inc. 18th Floor, PS Bank Center, 777 Paseo de Roxas Street, Makati City Tel Nos. 891-2860 to 65.