Mr. Jose D. Infiesto

April 16, 1991 Mr. Jose D. Infiesto Acasia, Catadman Ozamis City S i r : This refers to your letter of March 6, 1991, requesting information on the following queries: LibLex 1. Qualification for those who want to buy shares of stock in the Stock Market. Anybody or the general public may buy shares of stock in the Stock Market unless prohibited by law. 2. What agencies are authorized to sell shares of stock in the provinces and cities outside Manila? Corporations whose shares are duly registered pursuant to the provisions of the Revised Securities Act and duly licensed stock brokers are authorized to sell shares anywhere in the Philippines. 3. Aside from money, what are acceptable consideration for the purchase of stock? Consideration for the issuance of stock may be any or a combination of any two or more of the following: 1. Actual cash paid to the corporation; 2. Property, tangible or intangible, actually received by the Corporation and necessary or convenient for its use and lawful purposes at a fair valuation equal to par or issued value of the stock; 3. Labor performed for or services actually rendered to the corporation; 4. Previously incurred indebtedness by the corporation; 5. Amounts transferred from unrestricted retained earnings to stated capital; and 6. Outstanding shares exchanged for stocks in the event of reclassification or conversion. (Section 62 Corporation Code). 4. How will you know that there are shares of stocks allotted to the provinces and cities outside Manila? Shares of stocks are made available to the public through direct purchase from the issuer company ,or through the stock exchanges or through a duly licensed stock broker .The stock exchange is where the shares of corporations are traded (Manila Stock Exchange or Makati Stock Exchange).A stock broker is a duly licensed individual who buys and sells stock for the investor. If you want to invest in the stock market you may get information from any of the foregoing sources. cdll Very truly yours, (SGD.) ROSARIO N. LOPEZ Chairman