Conditional Letter of Compliance

April 12, 2001

Mr. Jonathan Daniel
Saranggani St.
Orani, Bataan

Dear Mr. Daniel:

Please be informed that before we can close your account and transfer its balance to our Singapore branch, it is necessary that we secure the authorization of the Bangko Sentral ng Pilipinas.

In this regard, please accomplish and return the enclosed application to facilitate balance transfer.

Truly yours,

Celeste Legaspi