First Philippine Fund Inc.

First Phillipines Fund Inc. has gone out of business. In June 2003, the shareholders of The First Philippine Fund, Inc. (Fund) approved the proposal to liquidate and dissolve the Fund. Subsequently, in July 2003, the Fund made its first distribution to shareholders in the amount of $2.52 per share or a total of $24,526,152. This amount represented nearly 95% of the Fund's net assets. The First Philippine Fund, Inc., prior to the approval of the liquidation plan, operated as a non-diversified, closed-end management investment company.