Joaquin G. Hofilena is investment analyst and co-portfolio manager for the First Philippine Fund (FPF), a listed New York Stock Exchange closed-end country fund. Mr. Hofileņa is responsible for developing and executing the Fund's portfolio strategy. Mr. Hofilena is also responsible for covering the Southeast Asian markets for Clemente Capital's investment team. He provides political and economic analysis of the region, as well as investment strategy and stock selection.

Prior to joining Clemente Capital, Mr. Hofilena was Senior Manager with Clemente Capital Consultants Inc. in the Philippines from 1994 to 1996. At Clemente Capital Consultants Inc., he co-managed the Philippine Strategic Investments (Holdings) Ltd., a US $10 million closed-end fund designed for strategic investments in unlisted Philippine companies. Mr. Hofilena was responsible for investment research and evaluation, including the preparation of industry and company studies which included telecommunications, cement and tourism sectors. He also prepared the performance reports for the fund's directors and existing shareholders, as well as the marketing material for potential investors.

In the summer of 1991, he was an associate at the New York City Partnership, Inc., an affiliate of the New York Chamber of Commerce and Industry. Mr. Hofilena designed and conducted economic and market research to identify countries, industries and corporations for the Partnership's International Business Initiative, a program aimed at promoting and retaining foreign investment in New York City.

From 1988 to 1990, Mr. Hofilena was a Senior Planning Officer in the International Finance Group of the Philippine governments' Department of Finance. There he participated in all phases of negotiations for the restructuring of the Philippine foreign debt. He also performed financial and profitability analyses of debt swap and debt reduction proposals and created databases to monitor and forecast levels of Philippine debt.

Mr. Hofilena earned his BS in Management Engineering, cum laude, from Ateneo de Manila University in 1988. He went on to earn his MBA at Yale University in 1992. Mr. Hofilena is fluent in English and Tagalog.