Mr. Jose J. Diaz

September 29, 1983 Mr. Jose J. Diaz Sicangco, Tingson, Diaz & Ortiz Plaza Mart Bldg.,Araneta St. Bacolod City, 6001 Sir : This has reference to your letter dated May 24, 1983, inquiring as to whether the following capital structure of Wuthrich Hmnos., Inc. as of May 24, 1983 is violative of the Philippine Constitution: Authorized Capital Stock 5,000 shares equivalent to P500,000 Subscribed Capital Stock 1,500 shares broken down as follows: Filipinos 900 shares (60%) Foreigners 600 shares (40%) In connection therewith, please be informed that pursuant to P.D. 1789, otherwise known as the Omnibus Investments Code, the Commission requires every corporation with more than 30% alien equity to secure prior approval from the Board of Investments (BOI). However, with the approval by the Commission of the increase of capital stock of subject corporation from P500,000 to P2,000,000 wherein foreign equity was reduced to less than 30% of the total subscription ,no prior authority from said Office is required. Please be advised accordingly. Very truly yours, (SGD.) CORAZON I. MORANDO Director Corporate and Legal Department