CONTRACT OF LEASE

KNOW ALL MEN BY THESE PRESENTS:

That this AGREEMENT, made this _____ day of ___________ 1999, by and
between VANTAGE SECURITIES CORP., a corporation duly organized and
existing under the laws of the Republic of the Philippines, and represented
herein by its Assistant Vice-President for Finance, Ms. Irene T. Lim,
hereinafter called the "LESSOR"; and FIDELITY SECURITIES, INC., a
corporation duly organized and existing under the laws of the Republic of
the Philippines, and represented herein by its Chairman, Ms. Catherine C.
Tiu, hereinafter called the "LESSEE".

WITNESSETH:

WHEREAS, the LESSOR is the owner in fee simple of Condominium Unit

No. 901, including parking slot nos. 63 and 64, in Two Salcedo Place,
Tordesillas cor. Sanchez Streets, Makati City, Metro Manila (the "Property"),
as evidenced by Condominium Certificate of Title No. 41580.

WHEREAS, the LESSEE is desirous of leasing the Property under the

terms and conditions hereinafter provided.

NOW THEREFORE, for and in consideration of the mutual covenants

and stipulations hereinafter set forth, the parties hereto have agreed and
hereby agree as follows:

1. The LESSEE hereby agrees with the LESSOR for the

consideration hereinafter named, to lease the Property for a period of one
(1) year renewable at the option of the LESSOR.

2. The LESSEE agrees to keep and maintain in good repair the

Property and all improvements thereon and to return the same in as good as
a condition as at the commencement of the lease, natural wear and tear
and unavoidable accidents excepted.

3. In consideration of the faithful performance of all the stipulations

of this contract, the LESSEE agrees to pay the LESSOR a monthly rental,
payable during the first 5 days of the month, of Twenty-Five Thousand Pesos
(=25,000.00).

4. The LESSEE agrees not to assign this lease or to sublease any

part of the Property without the written consent of the LESSOR and the
LESSOR reserves the right of free entry upon the Property for the purpose of
inspecting and protecting improvements thereon.

5. Non-compliance by either party with the terms and conditions of

this contract, will be a cause for the termination of this contract, without
prejudice to the right of the injured party to collect damages from the other
for the breach of contract.

IN WITNESS WHEREOF, the parties hereto have subscribed their names

this ____ day of ___________ 1999, at ______________, Philippines.
 VANTAGE SECURITIES CORP. FIDELITY SECURITIES, INC.
(Lessor) (Lessee)
By: By:

IRENE T. LIM CATHERINE C. TIU

AVP - Finance Chairman

Signed in the Presence of:

______________________ ______________________

ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES)

______________________________) S.S.

BEFORE ME, a Notary Public in and for __________, this ____ day of
________ 1999, personally appeared the following:

Name Community Tax Cert. No. Date/Place Issued

Irene T. Lim 07949840 01.15.99/Makati City

(for Vantage Securities Corp.)

Catherine C. Tiu 00054801 02.26.99/Makati City

(for Fidelity Securities Inc.)

both known to me and to me known to be the same persons who executed

the foregoing Contract of Lease over a condominium, for and in behalf of
their respective principals, which instrument consists of two (2) pages,
including the page on which this acknowledgment is written, and signed by
the parties and their instrumental witnesses on page two (2), and on the left
margin of each and every page.

WITNESS MY HAND and notarial seal at __________ this ____ day of

________ 1999.

Doc No. _____;

Page No. _____;
Book No. _____;
Series of 1999.

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