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Philam Asset Management, Inc. (PAMI) administers, distributes and provides investment advisory to seven (7) mutual funds.

PAMI gives shareholders superior yields through active management, diversification and investment expertise only organizations with extensive financial muscle can provide.

P h i la m F u n d , I n c . ( PF I)
April 16, 2010

Historical Performance
YTD 11.21% YOY 41.87% 3 Yrs. 10.68% 5 Yrs. 84.72% Since Inception 335.57%

Investment Objective
The Fund is a moderate type of investment dealing with equity securities and fixed-income instruments. An adequate portion of the portfolio will be invested in cash or near cash assets to ensure that redemptions will be adequately and immediately serviced. An investment in a balanced fund should be regarded as long-term in nature and only suitable for sophisticated investors who understand and appreciate the risk involved.

NAVPS Graph
9.3500

Top Ten Holdings
COMPANY PHIL LONG DISTANCE TEL. CO. AYALA LAND INC
8.2500

PERCENTAGE 11.45% 7.21% 7.06% 6.72% 6.25% 5.64% 5.45% 5.29% 5.10% 4.09%

8.8000

ABOITIZ POWER CORPORATION LIMITED ENERGY DEVELOPMENT CORP SM INVESTMENTS CORPORATION ALLIANCE GLOBAL GROUP INC ICTS, INC. BANCO DE ORO - EPCI. INC
16-J u n -09 16-A u g-09 16-O c t-09 16-De c -09 16-Fe b -10 16-Ap r-10

7.7000

7.1500

6.6000

6.0500
16-Ap r-09

METROBANK FIRST PHILIPPINE HOLDINGS CORP

Source: Investment Company of the Philippines published NAVPS * Past Performance is not indicative of future results

Sector and Fund Allocation

Commentary
Market pauses from its prior week’s rally to close 3265.54 (+0.30%WoW) or up 9.8pts. Daily average volume was lower at US$83m compared to prior weeks’ us$93m. Positive economic and corporate news flows continued to support the index as it hovered around 3299 level for most of the week before investors decided to take profits. GLO (-4.9%WoW) dropped after the company managed investor’s expectation that competition in the telecom industry will limit topline growth. On the other hand, TEL (+0.8WoW) gained on news that its broadband division is working on delivering strong growth over the next two years. Market’s perception clearly played a role on the telecom stocks. Both GLO and TEL are experiencing tight competition and both are also spending heavily to grow its broadband division, but the tone of the news flow from each company affected investor’s preference. In the economic front, OFW remittances continued to post growth of 7.1% for the month of February ( 8.5% in January). Port operator, ICT (+7.1%WoW) gained on news that February exports was up by 42.3% YoY (42.5% in January). Moreover, despite last year’s slowdown in export which affected port operations, management has decided to maintain regular dividend payout this year. The improvement in bank’s NPL ratio to 3.18% in February (3.22% in January) helped sustain gains from banking stocks MBT (+2%WoW) and BDO (+1%WoW). Expect market to continue its consolidation phase as investors become cautious with the coming election. Base-building at this level is healthy as the market gears up for a stronger uptrend.

REAL ESTATE BANKS TELECOMM CONGLOMERATES ELEC POWER&GAS ELEC OTHER FINANCE MANUFACTURING WATER TRANS OTHER
7.52% 7.06% 1 3.87% 1 % 3.71

1 7.08%

Fixed
6.72% 6.25% 5.64% 5.51 % 5.45%

Income, 25.72%

Equity, 74.28%

Key Figures
Net Asset Value per Share (NAVPS) Total Fund Size (in Millions) as of 3/31/10 PFI YOY return as of 3/31/10 Benchmark YOY return as of 3/31/10 Inception Date Fund Currency Domicile Valuation Method Fund Classification Risk Profile Minimum Holding Period Redemption Notice Period Custodian Bank Transfer Agent PHP 9.5385 PHP 2,433.78 41.10% 33.57% September 28, 1993 Philippine Peso Philippines Marked-to-Market Balanced Fund Moderate Six Months Three Days Citibank N.A. Deutsche Bank A.G. (Manila)

Readership: This document is intended solely for the addressee(s). Its content may be legally privileged and/or confidential. Opinions: Any opinions expressed in this document may be subject to change without notice. We are not soliciting or recommending any action based on this material. Risk Warning: Past performance is not indicative of future results. Our investment management services relate to a variety of investments, each of which can fluctuate in value. The value of portfolios we manage may fall as well as rise, and the investor may not get back the full amount originally invested. The investment risks vary between different types of instruments. For example, for investments involving exposure to a currency other than that in which the portfolio is denominated, changes in the rate of exchange may cause the value of investments, and consequently the value of the portfolio, to go up or down. In the case of a higher volatility portfolio the loss on realization or cancellation may be very high (including total loss of investment), as the value of such an investment may fall suddenly and substantially. In making an investment decision, prospective investors must rely on their own examination of the merits and risks involved.