MEMORANDUM OF AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

This MEMORANDUM OF AGREEMENT, made and entered into by and between:

LETICIA NAMOC-MANTUA, Filipino, of legal age, widow and a resident of St. Jude Acres
Subdivision, Violeta St., Phase 4-34 Bulacao, Pardo, Cebu City, Philippines, hereinafter referred as the
FIRST PARTY,

- and -

JOCELYN NAMOC-OLIS, Filipino, of legal age, marries and a resident of St. Jude Acres
Subdivision, Violeta St., Phase 4-34 Bulacao, Pardo, Cebu City, Philippines, hereinafter referred as the
SECOND PARTY,

WITNESSETH

1. That both the First Party and the Second Party are the daughters of SPOUSES FRANCISCO Q.
NAMOC AND SOCORRO PIASTRO;

2. That the Second Party and her family was the one living with their parents at their house and lot
located in Inayawan, Cebu City, covered by Transfer Certificate of Title No. 53230 with an area of 300
square meters, more or less, before the Second Party and her family emigrated to Australia;

3. That the house was verbally adjudicated to the Second Party being the youngest child in the
family;

4. That the First Party is now living in the aforesaid house with their widowed mother, Socorro
Piastro vda de Namoc, and she desires to repair at her own expense, the house which now needs major
repairs due to age and wear and tear;

5. That the Second Party hereby voluntarily WAIVES and RELINQUISHES in favor of the First
Party the above-described residential house and the area of the land only where the same is actually
constructed, in order to preserve their ancestral house, considering that the former is now a permanent
resident and an Australian citizen;

6. That the parties hereto have agreed that the Second Party or any member of her family retains
the right to stay in the house as long as they are in the Philippines;

7. That this Agreement shall take effect immediately upon the signing by the parties hereto.

IN WITNESS WHEREOF, the parties hereto have hereunto set their hands this _______________,
at Cebu City, Philippines.

JOCELYN NAMOC-OLIS LETICIA NAMOC-MANTUA

Second Party First Party

With my conformity:

NARCISO L. OLIS, JR.

Husband

CONFORME:

SOCORRO PIASTRO VDA DE NAMOC

Mother
 2

SIGNED IN THE PRESENCE OF:

1. FELICISIMA GABIANA 2. ELSA VILLAFUERTE

AKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES)

CITY OF CEBU ) S. S.

BEFORE ME, this ____________________, at Cebu City, Philippines, personally appeared the
above-named parties exhibiting to me respective Community Tax Certificates as indicated below, to wit:

NAME CTC NO. DATE/PLACE ISSUED

LETICIA NAMOC-MANTUA – ______________________ ___________________

JOCELYN NAMOC-OLIS – ______________________ ___________________

known to me to be the same persons who executed the foregoing instrument and they
acknowledged to me that the same is their free act and deed.

WITNESS MY HAND AND SEAL, on the date and place first above written.

Doc. No. _____

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Series of 2007