Mssr. Cesar Campos, Jose Duran

July 20, 1998 Mssr. Cesar Campos, Jose Duran and Arlu Gomez Club Filipino C/o No. 3 Johnson St. North Greenhills, San Juan Metro Manila Gentlemen: This refers to your letter dated July 15, 1998 inquiring whether or not the proprietary members of Club Filipino, who have not been sent nor have received the prescribed proxy form for failure of the Election Committee to send the same, authorize another proprietary member to vote for and in their behalf. In other words, may a proprietary member who has not received the prescribed proxy form, issue a proxy letter or any document to the effect that he or she is authorizing another proprietary member to vote for him or her. LexLib Please be advised that inasmuch as the Club Filipino is registered under their Revised Securities Act, the Proxy Rules under RSA Rule 34 (a)-1 which prescribe, among others, the required form of proxy and manner of using, procuring and voting the same shall be applicable, notwithstanding the provision of its By-laws. Said Proxy Rules have long been enforced by the Commission after complying with the required public hearing and publication for the Rules to become legally effective. Hence, every one who is covered under said Rules is presumed to have notice on the existence thereof and is duty bound to comply with the requirements imposed therein. Thus, any proxy secured or executed in violation of the provisions of RSA Rule 34 (a)-1 is not considered valid. Please be advised accordingly. Very truly yours, (SGD.) PERFECTO R. YASAY, JR. Chairman