ACKNOWLEDGEMENT LETTER

SM Investments
Harbor Drive Mall of Asia Complex, CBP-IA, Pasay, Philippines
Tel: 9473344 / 947-3345
Email: sminvestments@yahoo.com.ph

March 21, 2020

Mr. Charles Tan

General Manager
Banco De oro
7899, Makati Avenue, Makati City.

Dear Mr. Tan,

Greetings!
I have received your letter of apology and I am glad to let you know that your apology has
been gracefully accepted.
I have completely reviewed the bank statement that you sent us, and I am pleased to inform
you that our company is glad at your prompt action.

Thank you.

Respectfully,

Estella Rosaupan
MS. ESTELLA ROSAUPAN
Chartered Accountant