Delgado Brothers Hotel Corporation

June 28, 1983 Delgado Brothers Hotel Corporation Manila Hilton U.N. Avenue, Manila Attention : Atty . Emerito dela Cueva Corporate Secretary Gentlemen: This relates to your letter, dated March 2, 1983, requesting the clearance of this Commission on the proposed amendment to Article VII of the amended articles of incorporation thereof, splitting your 35,000 common no-par value shares into 3,500,000 no-par value shares at the ratio of 1:100. Anent thereto, please be informed that the Commission, in its meeting of June 24, 1983, resolved to grant your request for stock split insofar only as your outstanding shares of 17,600 common no par value shares are concerned via amendment to the articles of incorporation. However, in connection with the proposed split of your unissued shares consisting of 17,400 common no-par value shares, it is advised that you could do so only by complying with the provisions of Section 38 of the Corporation Code of the Philippines, as the same would result in increase of your authorized capital stock. Regarding your verbal representations that your Board and Stockholders have already approved by resolutions the split of your entire 35,000 common no-par shares, it is advised that said resolutions as well as the Directors' Certificate to the Amended Articles of Incorporation are considered accordingly modified to conform to the resolution of this Commission issued on June 24, 1983. Very truly yours, (SGD.) JESUS J. VALDES Associate Commissioner