NOVEMBER 23, 2012

Fund Name FIRST METRO SAVE AND LEARN EQUITY FUND, INC. (SALEF) 5.0000 NAVPS Movement Inception Date September 6, 2005 4.5000 Type Equity Mutual Fund 4.0000 Investment Long-term Capital Growth Objective 3.5000 Investment Outlets Stocks listed in the Philippine 3.0000 Stock Exchange 2.5000 Risk Profile Aggressive 2.0000 Minimum P5,000.00 1.5000 Investment Additional P1,000.00 1.0000 Investment 0.5000

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NAVPS 1-Year 3-Year 5-Year Year-to- Return Return Return Date 4.6555 28.59% 30.26% 18.70% 23.37%

Weekly Highlights (source - First Metro Securities):

EU Leaders End Summit With No Deal on a Budget BIR Eyes P1.278 T Collection Next Year French Firm to Join Bidding for MRT-LRT Single Ticketing System Philex Allots P1.06 B for Padcal Rehab, Clean Up Notes Issuance for DMCI Homes Exceeds Expecta-tions Travellers Group Breaks Ground on Phase 3 of RWM SMC, MPIC Clash on Road Projects STOCK DESCRIPTION % SM SM Investment Corporation 5.911% Equities Commentary: The Philippine bourse ended Friday with a bang, hitting another fresh record peak (i.e., its 28th ALI , Inc. 5.252% record close for the year), on euphoria over BPI-PNB merger talks. The PSE index finished near GTCAP GT Capital Holdings, Inc. 4.596% the day’s high, gaining 38.97 (+0.71%) to end at 5,552.34, led by gains in BPI, MBT, DMC, SM, and BDO Unibank 4.479% AC. Intraday high is at 5,552.99. The PSEi is now up 27% YTD. Market breadth was positive as gainers outnumbered losers, 88 to 72, while 51 issues were unchanged. Market value turnover PF San Miguel Purefoods 4.304% was at P5.75 b. Foreigners were NET BUYERS by P16 m. Company, Inc. SMPH SM Prime Holdings 3.975% Wall Street rallied on Friday’s shortened session as encouraged by positive economic data in PSB Philippine Savings Bank 3.881% Germany and China. Lack of positive catalysts and the disruption from the MSCI Semi-Annual AC 3.862% Rebalancing are likely to be the cause of weakness in our local equities market from here on to mid-December. Also, we expect some consolidation in the local bourse given its rise to record MBT Metropolitan Bank and Trust 3.837% highs. While pullbacks are warranted, we still maintain our stance that any market retraction is a Co. chance to enter the market. Support is at 5,488.92. ORE Oriental Peninsula Resources 3.635% Group

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Past performance is not a guide to future performance. The price of securities can and does fluctuate, and any individual security may experience upward or downward movement. All information contained herein is obtained by First Metro Asset Management from sources believed by it to be accurate and reliable. Please read the Prospectus of each fund more information.