Employee Clearance Letter

January 12, 2001

Mr. Ruelle Alex Reyes
Manager
PNP Enterprises Inc.

Dear Mr. Reyes

I have the honor to advise you that I have satisfactorily accounted for all money and property for which I am responsible in this company and that all reports required of me were submitted.

Please fill up necessary clearance / documents with affix signature of your superior in order to process your clearance in the most possible time.

Thank you for your usual cooperation.

Sincerely yours,

Ricardo M. Yap