Ms. Carmelita Cruz Suezo

August 15, 1980 Ms. Carmelita Cruz Suezo Mr. Roger Suezo 588 Gastambide St. Sampaloc, Manila Sir/Madam: This refers to your undated letter requesting opinion on your rights as stockholders of the University of the East with common stocks class "A" against the alleged abuses of the management of the said educational institution. We regret to inform you that this Commission could not render an appropriate opinion based on facts alleged in your letter since the same is a matter of evidence and therefore a justiciable issue which could only be clarified and determined in a proper court proceeding. Like in letter-queries of similar nature, the Securities and Exchange Commission has adopted the policy of not taking any action that will prejudice the outcome of the case, if it will eventually be litigated in the future. Thus, instead of rendering an opinion on said questions and in order to afford the parties due process of law, we suggest that you file the necessary verified complaint with this Commission. Very truly yours, (SGD.) ROSARIO N. LOPEZ Director Corporate and Legal Department