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To the Board of Directors:

Scope and Limitation—

Our services aim to provide you with a reasonable basis for establishing the market value
of the shares of the Corporation. Our procedures shall assist you in determining and
deciding, through fair and reasonable means, such price of stocks to be offered to
prospective shareholders. In particular, we shall assess and estimate the current value of
your Property, Plant and Equipment account.

Please note, however, that our engagement shall not constitute an audit or review of your
financial statements, internal control or operations, such that no assurance or findings to
that effect will be expressed.

Correspondingly, our report is solely for the purpose mentioned in the first paragraph,
and shall not be used for any other purpose.

Fees—

Our fee is fixed at TEN THOUSAND PESOS (Php10,000.00) inclusive of all consultations
and appearances.

***

We look forward to working with your staff, and we trust that they will make available to
us whatever records, documentation and other information requested in connection with
our engagement.

Please sign and return the attached copy of this letter to indicate that it is in accordance
with your understanding of the terms of the engagement.

Thank you very much.

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