Republic of the Philippines ]

City of Tagbilaran ] S.S.

AFFIDAVIT OF UNDERTAKING

I, NOKANAH MULYONO RARA, Filipino, of legal age, married to Teodoro S. Rara II, and a
resident of 9 New Capitol Site, Cogon District, Tagbilaran City, Bohol, after being sworn in accordance
with law, depose and say:

1. That I am the wife of TEODORO S. RARA II who is the registered owner of a certain parcel
of land designated as Lot 1681-B-9, Psd-214926 situated in the Districts of Cogon and Dao, Tagbilaran
City with an area of Four Hundred Thirty (430) square meters, more or less, covered under Transfer
Certificate of Title No. T-52547 of the Registry of Deeds for the City of Tagbilaran;

2. That we are applying for a loan with the Bank of the Philippine Islands (BPI), Tagbilaran
Branch using the said parcel of land as collateral so that its proceeds may be used for the payment of our
obligations with Nelita Uy-Fuentes in the amount of Five Hundred Thousand Pesos (P500,000.00) and
Lourdes Rara in the amount of One Million Four Hundred Thousand Pesos (P1,400,000.00);

3. That in view of the foregoing, I undertake to appropriate our BPI loan proceeds of the aforesaid
parcel of land in favor of our creditors, Nelita Uy-Fuentes and Lourdes Rara, and I also give my consent
that the check proceeds of such loan be issued in their names;

4. That I execute this affidavit voluntarily to attest to the truth of the foregoing statements for
whatever legal purpose this may serve.

IN WITNESS WHEREOF, I have hereunto set my hand this 27 th day of October 2008 at
Tagbilaran City, Bohol, Philippines.

NOKANAH MULYONO RARA

Affiant

SUBSCRIBED AND SWORN to before me this October 27, 2008 at Tagbilaran City, Bohol,
Philippines, affiant with her Non-Professional Driver’s License No. G03-00-051198 issued by the LTO
on February 14, 2008.

Atty. REYNARD D. NAMOCATCAT

Doc. No. _____; Notary Public until December 31, 2009
Page No. _____; PTR No. 5359429, 12-14-07; IBP No. 711011, 12-14-07
Book No. ____; Attorney’s Roll No. 47939
Series of 2008. TIN 918-97-5668