FILIPINO FUND, INC.

The original Filipino Fund, Inc. (FFI) was incorporated on May 9, 1991 as a closed-end investment company. FFI was registered with the Securities and Exchange Commission on March 28, 1995. In 2002, FFI's shareholders approved the proposal to re-organize the company, which will provide shareholders with a liquidity vehicle to cash in on their investment. The following year, the SEC approved the said financial restructuring of FFI. At present, FFI has no business operations save for the normal trading of its shares in the Philippine Stock Exchange, and the maintenance of the residual investment portfolio, which is now almost entirely composed of shares in the Philippine Stock Index Fund, an index-tracking mutual fund created as part of the financial restructuring of the original FFI. Source: SEC Form 17-A (2008)