Mr. Wilson L. Sy

April 3, 1995 Mr. Wilson L. Sy Manila Stock Exchange Unit 1507-B Philippine Stock Exchange Centre Exchange Road, Ortigas Center, Pasig, Metro Manila S i r : This refers to your letter of March 29, 1995 informing this Commission of the decision of the members of the Manila Stock Exchange to dissolve the corporation as of June 30, 1995. Please be informed that the Corporation Code expressly that a corporation (stock or non-stock) may be voluntarily dissolved by complying with any of the method provided for under Section 118, 119 and 120 thereof. In addition to the basic documents required under said provision the following supporting documents should be submitted to the SEC: 1. List of creditors, if there is any; 2. Consent of creditors, if there is any, to the dissolution of the corporation; 3. Certification in affidavit form that no creditors will be affected by the dissolution; 4. Affidavit of any member of the Board of Directors or Officers or stockholders/members assuming any valid claim of creditors against the corporation; 5. Latest balance sheet which must not be earlier than the date of the meeting of the stockholders/members approving the dissolution ; 6. Tax clearance certificate from the BIR; 7. Publisher's affidavit certifying the publication of the dissolution once a week for three (3) consecutive weeks in a newspaper of general circulation. Take note that the dissolution of a corporation shall be officially effective only upon approval by the Securities and Exchange Commission. Very truly yours, (SGD.) ROSARIO N. LOPEZ Chairman