18 June 2012

STANDARD INSURANCE CO., INC.

28th Floor Petron MegaPlaza Building
358 Sen. Gil Puyat Avenue, Makati City

Attention : MR. JUDE ECHAUZ

Chairman

MR. ANTONIO ESPEJO

Senior Vice President

Re : Insurance Policy for Diving Boat

Gentlemen:

We write in behalf of our client, Seadoors, Inc. Our client has recently purchased
a diving boat, The APO Explorer, from The Cruise and Island Adventure, Inc. Attached
is the Memorandum of Agreement between Seadoors, Inc. and the seller where our
client has already paid more than half of the purchase price. Also, attached are the
registration papers of the vessel.

The vessel is to be delivered from Batangas to Cebu on the 21 st or 22nd of June

2012, provided the weather and sea conditions are favorable. Thereafter, the Deed of
Absolute Sale will be executed between the parties. Our client wishes to secure an all-
risk insurance policy for the vessel prior to the said dates, before the vessel departs from
Cebu to Batangas. Please inform us of the rates for the all-risk insurance policy for the
vessel and other requirements so we can decide on obtaining the said policy from your
company.

Thank you.

Very truly yours,

TEOFILO C. ABEJO II

AMADO DANILO G. TAYAG

For the Firm
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