Request of Titan Resources Corporation for Assistance on the Alleged Insistence of the City Treasurer of Pasay City to Collect Real Property Tax Due on the Real Property (Parcel of Land) Located in Said City, which was Acquired by the Said Corporation on October 29, 1996 from Public Estates Authority (PEA)

July 12, 2006 BLGF MEMORANDUM FOR : Secretary Margarito B. Teves THRU : USEC Roberto B. Tan FROM : Atty. Flosie Fanlo-Tayag ICO-Deputy Executive Director for Administration SUBJECT : Request of Titan Resources Corporation for Assistance on the Alleged Insistence of the City Treasurer of Pasay City to Collect Real Property Tax Due on the Real Property (Parcel of Land) Located in Said City, which was Acquired by the Said Corporation on October 29, 1996 from Public Estates Authority (PEA) With reference to the above subject matter, attached is the Bureau's opinion/ruling finding the collection from Titan Resources Corporation of its real property tax delinquencies including penalties due on the subject parcel of land (previously owned by PEA), in order, for reasons stated therein. CTHaSD The subject ruling was earlier cleared with USEC G.A. Mendoza. For your reference. Thank you. (SGD.) F. FANLO-TAYAG