Torres, Campos, Hernandez & Lim

November 21, 1983 Torres, Campos, Hernandez & Lim c/o Attys. Eduardo F. Hernandez and Antonio R. Velicaria 5th Floor, Magsaysay Building T.M. Kalaw, Ermita, Manila Gentlemen: This is in connection with your letter dated October 27, 1983, requesting for reconsideration of the ruling of the Commission granting the founders' stocks of University of the East the exclusive right to vote and be voted for the election of the Board only up to April 30, 1985. prcd You claimed that the Commission granted the corporation a period of fifteen (15) days from May 30, 1982 within which to submit its amended articles of incorporation relative to the foregoing to comply with Section 148 in relation to Section 7 of the Corporation Code, and the same was submitted on June 14, 1982. Considering that the request was granted by the Commission and that the amendment was approved by the stockholders, you now request for reconsideration that the exclusive right of founders' shares be valid until 1987. Relative thereto, we would like to call your attention to our letter dated April 19, 1982 addressed to the corporation wherein we emphasized the policy of the Commission on the matter, to wit: "....As a matter of policy, however, the Commission will not approve a period of limitation that will extend beyond April 30, 1985." In view thereof, your request for reconsideration is hereby denied. cdlex Very truly yours, (SGD.) MANUEL G. ABELLO Chairman