Azcor Finance Corporation

October 1, 1981 Azcor Finance Corporation c/o Renato N. Noel Natividad Bldg. cor. Rizal Avenue & Lopez Jaena Sts. San Pablo City Gentlemen: This is in reply to your letter dated September 14, 1981, inquiring as to whether you are required to renew every year your certificate of authority to operate as a financing company and if so required, the consequences for its failure to renew the same. In connection therewith, please be informed that under Section 2, paragraph (c) of the Basic Rules and Regulations to Implement the Provisions of Republic Act No. 5980, otherwise known as "An Act Regulating the Organizations and Operation of Financing Companies (as amended), all corporations/partnerships and their branches are required to renew annually their certificate of authority by filing an application for renewal not later than 45 days before the expiry date of the certificate of authority granted to it by the Commission (45 days prior to the anniversary date of issuance of the certificate of authority). Failure to renew the same within the regulatory period shall subject the offending corporation/partnership and their branches to a penalty of P200.00 per day for every day of delay. (R. A. 1143, Section 1[b]). Please find enclosed a copy of the SEC rules and regulations implementing R. A. 5980. Very truly yours, (SGD.) CORAZON I. MORANDO Officer-in-Charge Corporate and Legal Department