June 30, 2019

PAMI EQUITY INDEX FUND, INC.

FUND FACT SHEET

Investment Objective Fund Allocation

The investment objective is to achieve returns that will track the performance of
the Philippine Stock Exchange Index (PSEi). The recommended timeframe for
the fund is 10 years or more. This fund is suitable for investors who: have a long-
term term investment horizon; want a diversified portfolio of investment in stock Cash &
companies comprising the Philippine Stock Exchange; and/or are willing to take Equivalents
Equities 1.1%
aggressive risk for potentially high capital return over the long term.
98.9%

Historical Performance1
3
FUND 1 MO 1 YR 3 YRS S.I.
Cumulative 0.33% 10.71% 1.11% 4.12%
Annualized 10.71% 0.37% 1.01%
YTD 2018 2017 2016
7.24% -12.74% 24.27% -2.86%
Top Ten Equity Holdings
SM INVESTMENTS CORP 12.78%
Benchmark2 1 MO 1 YR 3 YRS S.I.3 AYALA LAND INC 10.05%
Cumulative 0.49% 13.19% 7.72% 13.90% SM PRIME HOLDINGS INC 8.53%
Annualized 13.19% 2.51% 3.28% BDO UNIBANK INC 6.86%
YTD 2018 2017 2016 AYALA CORPORATION 6.77%
8.52% -11.33% 27.13% -0.63% JG SUMMIT HOLDINGS INC 5.02%
1. Returns are net of fees. Past performance is not indicative of future returns. BANK OF THE PHILIPPINE ISLAN 4.35%
2. Philippine Stock Exchange Index (Total Return) as of06/30/2019
3. Since Inception (June 16, 2015)
UNIVERSAL ROBINA CORP 3.93%
INTL CONTAINER TERM SVCS INC 3.74%
METROPOLITAN BANK & TRUST 3.51%

Key Figures and Statistics

Net Asset Value per Share (NAVPS) PHP 52.77
NAVPS Graph
Total Fund Size (in Millions) PHP 10,786.01
Inception Date June 16, 2015
Fund Classification Equity Fund 60
Risk Profile Moderately Aggressive
6/30/2019
Fund Currency Philippine Peso
Domicile Philippines
50
Min. Initial Investment PHP 1,000.00
Min. Transaction PHP 500.00
Min. Holding Period Six Months
Redemption Notice Period Five Days 40
Valuation Method Marked-to-Market
Custodian Bank Citibank N.A.
Transfer Agent Philam Asset Management, Inc.

Commentary
PCOMP Index 7999.71, MOM : +0.4%, YTD : +7.14%

Local Market Review

A flat June saw the market closed just at the 8000 level, gaining 30 pts (0.4%) with foreigners selling $139Mn (Php 7.1Bn) worth of shares. PCOMP Index also ended the first half of the year with a price
appreciation of 7.15%. Uncertainties over the US-China Trade War and the Persian Gulf tensions dominated global sentiment. On the domestic front, company buybacks and placement were the major
news for the month. First was the sale of 1.27Bn shares (Php 2.22Bn) of Filinvest Land by Invesco Hong Kong, for which the shares were bought by the parent company, Filinvest Development Corp.
Next we had the sale of 83Mn BDO shares by Khazanah Nasional Berhad in the amount of $220Mn (Php 11.3Bn), half of which was bought by SM Group. The last is the buyback made by First
Philippine Holdings of its own shares in the amount of Php 1.4Bn. The administration also passed HB 2233 that increases tobacco excise tax on a staggered basis from July 1, 2019 to Jan 2023.

Top Sector for the month was the Conglomerates while the Property Sector continued its strong run from last month. GTCAP (+8.9%), JGS (+7.7%), MPI (+6.7%) and SM (+2.9%) were the leaders
here. While Property saw 3 strong performers in MEG (+3.4%), ALI (+2.6%) and RLC (+1.3%). FGEN (+16%), ICT (+7.6%) and SCC (+5.2%) were the other strong performers.

There were no major trends on the laggards but more liquidity and company specific news. Stocks that performed poorly were: SMPH (-6.8%), SMC (-6.6%), AP (-4.7%) and AC (-2.7%).

Inflation continued its downward line with June inflation coming in at 2.7%, reversing the uptick in May of 3.2%. First Half inflation is now at 3.4%, comfortably within the BSP target of 2-4%. Declines in
the CPI were from rice (-0.5% mom) and transport (-1.5% mom). The BSP also decided to pause in cutting rates further during their monthly meeting. The attitude from monetary authorities was to
wait and see how the recent monetary actions would affect loan growth and money supply. The rhetoric on a US rate cut, now almost certain for a 25bps end of July, would also be a consideration by
the BSP if only to maintain a level of interest rate differential. This expectation of a US rate cut has benefited the Peso which appreciated by 1.8% during the month to Php51.235 / US$.

Outlook and Strategy

Our outlook and stance continue to be risk on. We are bullish on the recovery of equities as the economy shifts out of the soft patch during H2 of 2018. Our funds continue to be overweight on equities
since May when we flagged a turnaround. Our current target of PCOMP Index continues to be the 8200-8500 range with the potential for overshoot should earnings perform stronger than our
expectations.
This is going to be an exciting second half for 2019.