MEMORANDUM OF AGREEMENT

By virtue of my fiduciary trust and in consideration of the handwork given by the following negotiators
listed below, to offer and negotiate the 8000 metric ton scrap ship at Php 7.00 / kg.

That the ceiling price of Php 30,000,000.00 (Thirty Million Pesos) for the total amount of the scrap ship
was agreed by the seller and the negotiators. That proportionate to the amount over Php 30,000,000.00
shall be distributed on equal sharing by 8 (eight) persons as gratitude and incentive for their efforts.

Now therefore, I hereby give my full authority to the negotiators listed below namely:

Negotiators: Signature:

1. Brenda C. Llorin ____________________

2. Edgar Alejandro ____________________

3. Luisito Perez ____________________

4. Nicanor Flavier ____________________

5. Carlo A. Maderazo ____________________

6. Albert B. Madjid ____________________

7. Hedwig Bay ____________________

8. Jeanne Dimatatac ____________________

to negotiate the sale of the scrap ship located at Nasugbu, Batangas as subject of the purchase of
whoever Buyer they will represent on their behalf.

Should the sale be made or effected on modified terms or such terms as may be accepted by me, they
are likewise credited for the said sale and shall be given the appropriate negottiator’s fee in such cases of
whatever amount paid by the Buyer.

_________________________
(Printed Full Name, Signature & Date)

ID No:

Owner / Seller