Document:

POWER
PURCHASE AGREEMENT

    

    THIS
POWER PURCHASE AGREEMENT (the “Agreement”) is entered into this 5th day of
December 2010 between:

    

    Romblon State University, a
Philippine State University with principal office address at Odiongan, Romblon
herein represented by its President, DR. JETER S. SESPEÑE and
herein referred to as “OFFTAKER”.

    

    - And
-

     

    CLENERGEN CORPORATION, a
company organized and existing under the laws of the United States of America
with its principal offices at 5379 Lyons Road, Suite 301, Coconut Creek, Florida
33073 represented herein by its Chairman, MARK LM QUINN, hereinafter
referred to as the “SUPPLIER”.

     

    (Each a
“Party” and together the “Parties”).

    

    RECITALS:

    

    
      	
               
      

            	
              A.

            	
              OFFTAKER
      is a University located in Romblon Island, Philippines. The OFFTAKER is
      planning to increase the capacity of the University and requires an
      uninterrupted supply of electricity

            

    

    

    
      	
               
      

            	
              B.

            	
              SUPPLIER
      is engaged in the business of supplying power, but particularly energy
      from renewable resources, in other countries and now seeks to impart their
      technology to the Philippines.

            

    

    

    
      	
               
      

            	
              C.

            	
              The
      Parties desire then to enter into this Agreement to define their
      respective rights and obligations regarding the supply of electricity to
      OFFTAKER by SUPPLIER.

            

    

    

    NOW,
THEREFORE in view of the foregoing premises and in consideration of the mutual
covenants and agreements hereinafter set forth, the Parties hereby agree as
follows:

    

    
      	
              1.

            	
              Definitions
      and Interpretation

            

    

    

    
      	
            	
              1.1

            	
              Definitions.  Wherever
      used in this Agreement, Schedules, Attachments or Annexes, unless the
      context otherwise requires, will use definitions according to the
      Philippine Distribution Code.

            

    

    
      	
            	
              1.2

            	
              Ordinary
      words will use definitions according to the Webster
      dictionary.

            

    

    
      
        	
              	
                1.3 

              	
                Abbreviations
      in this agreement are based on standard engineering
      abbreviations

              

      

    

    

    
      	
              2.

            	
              Scope
      of Agreement

            

    

    

    
      	
            	
              2.1

            	
              General. It is
      understood that, except as otherwise expressly provided in this Agreement,
      the OFFTAKER shall only pay for actual energy
  delivered.

            

    

    

    
      	
            	
              2.2

            	
              Responsibilities of
      SUPPLIER.  At its own cost, SUPPLIER shall be responsible
      for the following:

            

    

    

    
      	
               
      

            	
              (a)

            	
              The
      control and possession, operation and maintenance of the Power Station,
      including obtaining all necessary government consents, including
      environmental approvals, required in connection with the Power Station, in
      accordance with good industry practice, the technical parameters set forth
      as required by the offtaker and in compliance with Applicable
      Law.  Provided that, the SUPPLIER shall not be held liable for
      any deficiency/ies arising from the requirements of any Government
      Consents, including but not limited to the Environmental Compliance
      Certificate (ECC), which occurred prior to the SUPPLIER’s control and
      possession of the Site;

            

    

    
      	
               
      

            	
              (b)

            	
              Making
      available for dispatch by OFFTAKER the generating capacity in accordance
      with the needs of the OFFTAKER of this
  Agreement;

            

    

    
      
      

    

    
      
      

    

    
      
      

    

    
      
      

    

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    
      	
            	
              (c)

            	
              Acquisition
      of the Site by purchase, lease or any other arrangement entitling SUPPLIER
      to possession and occupation thereof until the termination of Commercial
      Operations Period;

            

      
        	
                 
      

              	
                (d)

              	
                Cooperate
      with and assist OFFTAKER in securing any contract with, consent of or
      approvals from the Energy Regulatory Commission (the “ERC”), and any other
      office or agency or Government Authority necessary for the operation of
      Power Station and implementation of this
  Agreement;

              

      

      
        	
                 
      

              	
                (e)

              	
                At
      its own cost, source, supply and arrange for the delivery of fuel to the
      Power Station, including providing for fuel storage facility, until the
      end of the Commercial Operations period;
and

              

      

      
        	
                 
      

              	
                (f)

              	
                Generate
      and supply the electricity requirements of OFFTAKER up to the Net Expected
      Energy level and deliver at the Delivery Point/s in accordance with the
      terms of this Agreement.

              

      

    

     

    
      	
            	
              2.3

            	
              Responsibilities of
      OFFTAKER. At its own cost, OFFTAKER shall be responsible for the
      following:

            

    

    

    
      	
            	
              (a)

            	
              Dispatch
      power from the Power Station in accordance with the Dispatch Protocols
      that will be agreed by both parties and will become apart of this
      PPA.

            

    

    
      	
            	
              (b)

            	
              Provide
      the Payment Security and make payments in
  accordingly,

            

    

    
      	
            	
              (c)

            	
              Obtain
      any contract with OFFTAKER or such other parties, the consent of or
      approvals from necessary government authorities to enable OFFTAKER’s
      system to take electricity from the Power Station and in implementation of
      this Agreement;

            

    

    
      	
            	
              (d)

            	
              Cooperate
      with and assist SUPPLIER in providing information, acknowledgements,
      confirmations and consents necessary for SUPPLIER to obtain financing for
      the Power Station;

            

    

    
      	
            	
              (e)

            	
              Cooperate
      with and assist SUPPLIER in identifying and making available for lease
      suitable generation sites for the Power Station that may be owned by
      OFFTAKER at mutually agreed prices;

            

    

    
      	
            	
              (f)

            	
              Cooperate
      with and assist SUPPLIER (at SUPPLIER’s cost) in procuring any required
      rights of way to enable SUPPLIER to connect to the
      Sub-transmission  System or distribution system, as the case may
      be; and

            

    

    
      	
            	
              (g)

            	
              Operate
      and maintain its distribution system on its plant as to achieve the
      reliability indices set by the ERC in compliance with the Philippine
      Distribution Code.

            

    

    

    
      	
            	
              2.4

            	
              Control of the Power
      Station.  SUPPLIER shall at all times maintain possession
      and control of the Power Station and all the structures, fixtures,
      fittings, machinery and equipment on the Site or used in connection with
      the Power Station.

            

    

    

    
      	
              3.

            	
              Term
      and Effective Date

            

    

    

    
      	
               
      

            	
              3.1.
      Term.  This Agreement shall be valid for fifteen (15)
      years from the effectivity date agreed upon by both parties, unless
      extended or earlier terminated upon mutual consent by both Parties.
      “Effectivity date” shall commence on the first business day immediately
      following the day when corporate approvals and other requirements, and
      government consents, as well as performance bonds have been
      delivered/secured.

            

    

    

    
      	
               
      

            	
              3.2. Failure to Achieve
      Effective Date.  In the event that Effective Date does
      not occur within three  (3) months from the date agreed in this
      Agreement, this Agreement shall be deemed terminated, unless the Parties
      agree in writing to a waiver of any or all the conditions in Section 3.1
      above or to an extension of the period to achieve Effective
      Date.  In case of termination pursuant to this Section, the
      confidentiality provisions of Section 15 shall survive for two (2) years
      following the Termination Date.

            

    

    

    
      	
              4.

            	
              Commercial
      Operations

            

    

    

    
      	
               
      

            	
              4.1. Commencement of Commercial
      Operations Period.   Commercial Operations period
      shall begin no later than twelve (12) months from Effective Date (“Target
      Commercial Operations Date”).  Failure to meet the Target
      Commercial Operations Date shall be governed by the provision to be
      established by both parties within thirty days from the signing of this
      agreement and will become part of this
PPA.

            

    

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    
      	
              5.

            	
              Supply
      of Electricity

            

    

    

    
      	
               
      

            	
              5.1.
      Supply.  SUPPLIER agrees to sell electricity and OFFTAKER
      agrees to take up to 1MW/h of electricity delivered from the Power Station
      in accordance with the Delivery Procedures that will be set out in a
      schedule that will be established when the OFFTAKER’S PLANT operating load
      and procedures have been established. This schedule will then be set as
      part of the Dispatch Protocols.

            

    

    

    
      	
               
      

            	
              5.2. Delivery
      Points.  The place for delivery of electricity shall be
      at designated metering points.  Title to and all risk associated
      with electricity from the Power Station shall pass to OFFTAKER at the
      Delivery Points.  Each Party shall be responsible for the
      maintenance and operation of the equipment owned by it or under its
      dominion and control.

            

    

    

    
      	
              6.

            	
              Total
      Fee and Charges

            

    

    

    
      	
               
      

            	
              6.1. Total
      Fee.  SUPPLIER is entitled to receive payment for the
      supply of electricity from the Power Station during a Billing Month, equal
      to the Total Fee calculated using Formula 1 as
  follows:

            

    

    

    Total Fee = Cost of delivered Power +
Value Added Taxes.

    

    Total Fee  = PhP 6.50 +
VAT    (in US$ @ 43:1)     = US$
0.151 + VAT

    

    
      	
               
      

            	
              6.2. Billing to
      OFFTAKER.  Within five (5) business days from the end of
      each Billing Month during the Commercial Operations Period, SUPPLIER shall
      deliver to OFFTAKER the SUPPLIER invoice setting forth the amount out of
      the Total Fee that is due from OFFTAKER for the preceding Billing
      Month.

            

    

    

    6.4. Payments.  Each
SUPPLIER Invoice shall be due and payable no later than 30 calendar days from
receipt of SUPPLIER invoice by OFFTAKER (“Payment Period”).  All sums
indicated in the SUPPLIER invoice shall be paid by OFFTAKER in Philippine Pesos,
free and clear of any deductions, bank draft  delivery charges,
set-offs, counterclaims, taxes, etc.. Delayed payments shall be subject to
interest at the rate of 12% per annum from the due date.

    

    
      	
              7.

            	
              Force
      Majeure.  Both Parties shall be excused from performing
      their respective obligations under this Agreement upon the occurrence of
      an Event of Force Majeure for a period not exceeding 30
      days.  In case of Force Majeure, the Commercial Operations
      Period shall be extended, without need of further agreement or consent, by
      such number of days necessary to allow SUPPLIER to supply the
      kWh-shortfall in the Net Expected Energy during the Temporary Force
      Majeure Period.

            

    

    

    
      	
              8.

            	
              Insurance

            

    

    

    Upon
Commercial Operations Date, the Parties shall obtain and maintain, or cause to
obtain and maintain through its contractor/s, the insurance policies required by
Applicable Law and such other insurance covers under commercially reasonable
terms.  Such policies should cover insurable events affecting or
causing damage to the Power Station and determining, with both parties’
agreement, where the insurance proceeds will be
directed.  Indemnification procedures shall follow standard insurance
policies, as agreed upon by both parties.

    

    
      	
              9.

            	
              Disputes
      and Arbitration.

            

    

    

    In case
of failure to settle disagreements and disputes between the PARTIES, either
Party may refer the matter for arbitration under UNCITRAL
Rules.   The proceedings shall be conducted in English and the
decision of the arbitration panel shall be final and binding on the
Parties.  The arbitration shall take place in Metro
Manila.  Judgment on the award may be entered by any court of
competent jurisdiction.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    
      	
              13.

            	
              Assignment

            

    

    

    This
Agreement shall be binding upon the Parties hereto, their successors and
assignees.  Each Party may assign its respective rights and
obligations under this Agreement subject to prior written notice and consent of
the other party.

    

    
      	
              14. 

            	
              Confidentiality

            

    

    

    Each
Party agrees that it, its employees, officers, directors, and agents will hold
in confidence all information, documentation, data or know-how disclosed to it
by the other Party and designated in writing as “confidential” (“Confidential
Information”), and will not disclose to any third party or use Confidential
Information or any part thereof without the other Party’s prior written
approval;

    

    
      	
              15. 

            	
              Miscellaneous

            

    

    

    
      	
            	
              15.1

            	
              Governing
      Law.  This Agreement shall be governed by and construed in
      accordance with the laws of the Republic of the
    Philippines.

            

    

    

    
      	
            	
              15.2

            	
              No
      Partnership.  Nothing contained in this Agreement shall be
      construed to create an association, trust, partnership, or joint venture
      or impose a trust or partnership duty, obligation, or liability on or with
      regard to either Party, or to create any principal/agent relationship
      between the Parties, or to create any duty, standard of care or liability
      to any person or entity not a Party hereto.  Each Party shall be
      liable individually and severally for its own obligations under this
      Agreement.

            

    

    

    
      	
            	
              15.2.

            	
              Notices.  Unless
      otherwise stated, each communication to be made hereunder shall be made in
      writing and delivered in person, by hand, air mail, telex, facsimile or
      established courier service to the other Party and which notice shall be
      effective upon receipt.

            

    

    

    
      	
            	
              15.3.

            	
              Separability.   If
      any provision of this Agreement shall be determined to be invalid, such
      provision shall be deemed separate and distinct, and the remainder of this
      Agreement shall remain in full force and effect, provided that the
      remaining provisions are sufficient to render to each Party the benefits
      contemplated hereby.

            

    

    

    
      	
            	
              15.4.

            	
              Amendments
      and Additions.  This Agreement will serve as the basic and
      general guideline for the supply and use of electric power by both
      PARTIES. Both PARTIES agree that provisions will be added or amended as
      both PARTIES proceed with the establishment of their plants and
      facilities. Each additional provisions, amendment or modifications may be
      included in this main agreement only after extensive consultations and
      discussions that will lead to mutual agreement and a written instrument
      signed by both of the Parties.

            

    

    

    IN
WITNESS WHEREOF, each of the parties has caused this Agreement to be executed in
more than one copy each of which shall be deemed to be an original as of the
date of this Agreement.

    

    
      
        
          
            
              	
                      CLENERGEN
      CORPORATION

                    	 
      	
                      ROMBLON
      STATE UNIVERSITY

                    
	
                      By

                    	 
      	
                      By

                    
	 
      	 
      	 
      
	
                      /s/Mark LM Quinn

                    	 
      	
                      /s/ Jeter Sespene

                    
	
                      MARK
      LM QUINN

                    	 
      	
                      JETER
      SESPENE

                    
	
                      Chief
      Executive Officer

                    	 
      	
                      President

                    

            

          

        

      

    

    

    Signed in
the presence of :

    

    
      
        
          
            	
                                             

                  	
                      

                  	
                                             

                  

          

        

      

    

     

    
      
         

      

      
        4MEMORANDUM
OF AGREEMENT

    

    

    
      Is
entered into between

    

    

    
      CLENERGEN PHILIPPINES CORPORATION,
a Philippine corporation organized under Philippine laws with office
address at Unit 311, The Annex, No. 24 Gen. Araneta Street, San Antonio Village,
Pasig City, Philippines, herein represented by its President, MR. ANTONIO A. GIMENEZ and
herein referred to as “CLENERGEN”.

      

    

    
      and

      

    

    
      NATIONAL POWER CORPORATION, a
Philippine government owned and controlled corporation organized and existing
under and by virtue of the laws of the Philippines, with principal office
address at Quezon Avenue corner BIR Road, Diliman, Quezon City, 1100
Philippines, herein represented by its President, MR. FROILAN A. TAMPINCO and
hereinafter referred to as “NPC”;

    

    

    
      On the
basis of the following premises

      

    

    
      Whereas,  Clenergen  signed
a Memorandum of Agreement  dated December 28, 2009 with National Power
Corporation  to undertake the feasibility studies for off-grid areas
covering  Romblon Islands, Kalinga and Apayao under a
Build-Operate-Own System;

      

    

    
      Whereas,  Clenergen
projects that in the medium and long term,  these designated
areas  will require a consolidated power need  of 10
MW  with  the Romblon cluster of islands needing at least 5
MW in the medium term;  Kalinga, 1.5MW; and the balance for Palawan
off-grid areas and others to be mutually decided upon between Clenergen and
NPC;

      

    

    
      Whereas, the NPC recognizes
that the projects relative to the 10MW power needs are in pursuance of NPC’s
off-grid power development plan and in the context of the Public-Private
Partnership (PPP) program of the government which aims to accelerate
development, financing, construction and operation of key infrastructure
projects and wherein, the government is willing to protect investors from
certain regulatory risks events and provide pertinent incentives, provided,
however, the projects undergo competitive bidding;

      

    

    
      Whereas, Clenergen in pursuit
of said projects, will consolidate the financial requirements of said areas
under a 10MW consolidated power delivery plan and will tap immediately
the global financial markets to take advantage of strong interests in
alternative energies from both institutional and private capital
investors;

    

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    
      Whereas, in pursuing such
capital markets,   NPC and Clenergen have agreed to conclude,
under a separate agreement and subject to existing laws, rules and
regulations,  a 10 MW Consolidated Power Purchase Agreement against
which foreign capital will be generated;

      

    

    
      Whereas, to make the
investment to said SPUG areas attractive and as part of the Consolidated PPA,
NPC will agree to provide and warrant sovereign risks cover under such agreement
as a safety net to investors in coordination with, and subject to the approval
of, appropriate government agencies;

      

    

    
      Whereas, it is the intent of
Clenergen to have said funds consolidated and drawn against individual Power
Purchase Agreements as they are concluded and executed;

      

    

    
      Whereas, Clenergen, in
submitting this proposal, has started to receive expressed capital commitments
for the Romblon initiative and a Clenergen – NPC Consolidated PPA will
facilitate these commitments, and that Clenergen will commit to the soonest
completion of the Feasibility Study, together with the National Power
Corporation, for said feasibility study to be endorsed by the Department of
Energy for consideration under the PPP Framework;

      

    

    
       Whereas,  this
direction is consistent with the new  government direction calling for
a joint government-private sector partnership in the power infrastructure area
and encourages the Philippine government to create new vehicles of partnership
with the private sector to induce fresh capital in the power
sector;

      

    

    
      Now,
therefore, for
and in consideration of the foregoing premises, NPC and Clenergen have
agreed as follows

    

    

    
      Article
1 - Execution

      

    

    
      Both
sides shall utilize the Joint Technical Working Group (JTWG) under the existing
NPC-Clenergen MOA   to organize the detailed terms of reference
of this proposal.  Both sides agree to come up with an execution plan
within 15 days from the signing of this Agreement.

      

    

    
      For
purposes of this Agreement:

      

    

    
      
        	
              	
                a)

              	
                Clenergen
      shall raise competitive foreign capital  to finance its 10MW
      mandated power generation program  with NPC under
      BOO;

              

      

       

    

    
      
        	
              	
                b)

              	
                Said  Funds
      shall be generated  against a consolidated  Power
      Purchase Agreement between NPC and
Clenergen;

              

      

      

        
          
             

          

          
            2

            
              

            

          

          
             

          

        

      

    

    
      
        	
              	
                c)

              	
                Said  Funds
      shall be generated in advance,  shall
      be  operated as
      a
      standby, revolving funds, and shall be tapped as projects mature
      and ready for commercialization under the Consolidated
  PPA;

              

      

       

    

    
      
        	
              	
                d)

              	
                Said
      Funds shall be secured by NPC, subject to the approval of the appropriate
      government agencies, against political risks and provided with sovereign
      warranties as a safety net for investors’
  protection.

              

      

       

    

    
      
        	
              	
                e)

              	
                Said
      Funds will be organized and managed by
      Clenergen in support of its BOO commitment under NPC’s
    SPUG.

              

      

       

    

    
      Article
2 - Role of Parties

      

    

    
      To
facilitate the work on both sides, the responsibilities have been divided as
follows:

      

    

    
      
        	
              	
                a)

              	
                Role of
      Clenergen

              

      

       

    

    
      
        	
              	
                1)

              	
                Take
      the lead in submitting proposed Consolidated Power Purchase Agreement to
      NPC covering a 10 MW program within 90 days from signing of this
      MOA;

              

      

    

    
      
        	
              	
                2)

              	
                Submit
      the detailed financial and management plan for consideration by NPC and in
      coordination with other relevant Philippine government
      agencies;

              

      

    

    
      
        	
              	
                3)

              	
                Be
      responsible for organizing  financial instruments to raise
      capital for this program;

              

      

    

    
      
        	
              	
                4)

              	
                In
      coordination with NPC, organize market-driven activities  to
      promote funding including relevant foreign road shows to generate capital
      and interests on the SPUG
projects;

              

      

    

    
      
        	
              	
                5)

              	
                Develop  financial
      models  to validate project assumptions and ensure
      sustainability;

              

      

    

    
      
        	
              	
                6)

              	
                Ensure
      competitiveness of capital generated for this
  project;

              

      

    

    
      
        	
              	
                7)

              	
                Submit
      regular reports on the status of the
program;

              

      

    

    
      
        	
              	
                8)

              	
                Undertake
      such tasks as necessary to facilitate this
  program

              

      

    

    
       

    

    
      
        	
              	
                b)

              	
                Role of
      NPC

              

      

       

    

    
      
        	
              	
                1)

              	
                Conclude
      with Clenergen the a Consolidated Power Purchase Agreement, within a
      reasonable amount of time after the receipt of the proposed Consolidated
      PPA from Clenergen as provided in Article 2, Section a(1) above and
      subject to ERC approval,;

              

      

    

    
      
        	
              	
                2)

              	
                Promote,
      coordinate and secure the necessary approvals for the Agreement among
      relevant Philippine government
agencies;

              

      

    

    
      
        	
              	
                3)

              	
                Provide
      relevant technical, financial, logistical and administrative information
      as necessary to facilitate the
      project;

              

      

    

    
      
        	
              	
                4)

              	
                Create
      a dedicated financial team within NPC to facilitate and monitor the
      project, as necessary;

              

      

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    
      
        	
              	
                5)

              	
                Participate
      in the promotional aspects of the project including  Investor
      Road Shows created for this
purpose;

              

      

    

    
      
        	
              	
                6)

              	
                Facilitate
      and conclude political and sovereign risk  cover under an
      expressed agreement for this
purpose;

              

      

    

    
      
        	
              	
                7)

              	
                Use
      the JTWG as continuing project development forum between NPC and
      Clenergen;

              

      

    

    
      
        	
              	
                8)

              	
                Undertake
      such tasks as necessary to promote the
project.

              

      

    

    
       

    

    
      Article
3 - Non Disclosure Agreement

      

    

    
      The
previously agreed Non-Disclosure Agreement signed December 28, 2009 forms part
of this Agreement.

    

    

    
      Article
4 - Settlement of Disputes

      

    

    
      The
Parties shall settle their differences amicably in the interest of the
project.  In case the Parties cannot settle their differences
amicably, the Parties will pursue Arbitration procedure and related governing
laws of the Philippines.  Arbitration venue shall be in the
Philippines.

    

    
      

    

    
      Article
5 - Special Efforts

    

    
      

    

    
      The Parties shall take
special efforts, using their respective resources, to give this agreement
special priority and attention including observance of timelines to facilitate
the objectives of this MOA.   Likewise, both parties shall consider,
towards the long term scenario, the partnering arrangement through the
Public-Private Partnership Guidelines of the Philippine government and to
prepare business plans
required
under this
program.

    

    
      

    

    
      Article
6 – Additional Agreements

    

    
      

    

    
      The
Parties shall enter into relevant agreements in pursuance of this MOA but in the
context of this agreement.

    

    
      

    

    
      Article
5 - Effectivity

      

    

    
       This
MOA shall take effect upon  signing hereof and shall continue to be in
effect for one (1) year, unless terminated by either Party upon ten (10) days
written notice to the other.

    

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    
      Signed  7th day of
December 2010

    

    

    
      	
              CLENERGEN
      PHILIPPINES CORPORATION

            	
              NATIONAL
      POWER CORPORATION

            
	 
      	 
      
	
              By:

            	
              By:

            
	 
      	 
      
	
              /s/Antonio A. Gimenez

            	 
      	
              /s/Froilan A. Tampinco

            	 
      
	
              ANTONIO
      A. GIMENEZ

            	
              FROILAN
      A. TAMPINCO

            
	
              President

            	
              President

            

    

    
      

    

    
      WITNESSED
BY

      

    

    
      
        
          
            
              	
                      /s/Miguel
Patolot

                    

            

          

        

      

    

     

    MIGUEL
PATOLOT

    Non
Executive Chairman

    Clenergen
Philippines Corporation

    

    
      
        
          	
                  /s/Mark LM
Quinn

                

        

      

    

    
      MARK
LM QUINN

    

    
      Executive
Chairman

    

    
      Clenergen
Corporation US

    

    
       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

    

    
      ACKNOWLEDGMENT

    

    

    
      	
              Republic of the Philippine

            	
              )

            
	
              City of _________________  

            	
              ) S.S.

            

    

    
       

    

    
      BEFORE ME, a Notary Public in and for
City of ______________, Philippines, this ____________ 2010, personally
appeared:

      

    

    
      
        
          
            	
                    
                      Name

                    

                  	
                    
                      Identification Document

                    

                    
                      Presented

                    

                  	
                    
                      Date and Place of Issue

                    

                  
	
                    
                      ANTONIO
      A. GIMENEZ

                    

                  	 
      	 
      
	
                    
                      FROILAN
      A. TAMPINCO

                    

                  	 
      	 
      

          

        

      

    

    
       

    

    
      known to
me and to me known to be the same person who executed the foregoing Memorandum
of Agreement and acknowledged to me that the same is his free and voluntary act
and deed as well as that of the Corporation he represents.

    

    
      

    

    
      This
Memorandum of Agreement consists of six (6) pages including this page on which
the Acknowledgment is written, signed by the parties and their instrumental
witnesses on the signature page, and sealed with my notarial
seal.

    

    
      

    

    
      IN TESTIMONY WHEREOF, I have hereunto
set my hand and affixed my notarial seal on the date and at the place first
above written.

      

    

    
      	 
      	
              NOTARY
      PUBLIC

            
	 
      	
              Until
      December 31, 20__

            
	 
      	
              PTR
      NO. ______________

            

    

    
       

    

    
      Doc. No.
_______;

    

    
      Page No.
_______;

    

    
      Book No.
_______;

    

    
      Series of
2010.

    

    
      
         

      

      
        5

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