Atty. Dominador R. Aytona

August 30, 1988 Atty. Dominador R. Aytona 7th Floor, Philippine Banking Building 6797 Ayala Avenue Makati, Metro Manila Sir : This refers to your letter dated August 1, 1988, requesting among others that the required affidavit of publication of notice of dissolution of Stilianopulos, Inc. to be executed by the publisher of the print medium be dispensed with alleging that the same is not required in Section 120 of the Corporation Code and that no creditors will be prejudiced by its dissolution. Relative thereto, please be advised that the publisher's affidavit of publication of notice of dissolution is one of the requirements prescribed by SEC rules and regulations (as amended in April 1974) for dissolution of corporation via amendment of articles of incorporation shortening the corporate term of existence. A copy of our rules and regulations on the matter is herewith attached for your ready reference and guidance. By virtue of said publication requirement, unknown creditors are afforded the chance to come forward and file their claims or register their objection to the dissolution. The publication of the notice of dissolution therefore serves as a protection of the rights of existing creditors of the dissolving corporation who, under the law, enjoy preference in the distribution of assets before the stockholders are finally entitled to a return of their investments. We, therefore, request to inform you that the Commission is not inclined to grant your request. cdll Very truly yours, (SGD.) JULIO A. SULIT, JR. Chairman