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Bernas : President Nobleza: Permanent Secretary Hautea and Pusa : General affairs directors Joseph : Director of Operation Armada: Director of Finance and Asset Antiquera: Director for Planning Dexter : Member The board room was opened and all the boards of directors with the President sit down and call the meeting into process. Bernas: Good morning to all. I am glad that everybody is present today and I know that you have received the notice of this special board meeting. I have emailed and send the letter two days ago and really appreciate the presence of all the directors to discuss a very special matter that pertains to the expansion of our company. Literally the expansion will entail a great challenge as well as opportunity to test our strengths and weigh down our weaknesses. And together with all the people who composed of our great company we welcome the expansion as a triumph of all. As a start let me call our secretary to read the minutes of meeting that was conducted by our company together with the National Power Corporation last March 16,2009. Mr. Nobleza.. Nobleza: Thank you. Last March 23, 2009, Monday our President together with the VP for Operation, had a meeting with the President of National Power Corporation and discussed the final plan for the expansion of our plant in terms of its

capacity. NPC and our company agreed to settle all the documentary and legal requirements within three months after the said meeting, of the expansion of our company. These are the minutes of meeting (distributed to all) that served as a reference of todays emergency Board Meeting. They discussed among things are the legal requirements that we should prepare and the assistance that NPC could provide in order to finish the expansion within the two-year period set by both parties. Bernas: So everybody has a copy and I will discuss to you the plans that we should undergo to beat the deadline as stated within three months. Mr. Hautea and Mr. Pusa can I get the feedback as to what the General Affairs is doing for the process of expansion? Hautea: With regards to General Affair we had directed the Human Resource Department to post job openings for the upcoming expansion. We had talked with Planning, Mr. Antiquera, so that we could know all the manpower that is needed to complete the task. We had directed HR Manager to conduct posting on the national papers as well as on the online job sites. Pusa: We had also discussed with the Finance with Mr. Armada regarding the budget that should be incurred and the total monetary requirements of all the new employees. In that case we can assess if the proposed budget for manpower is enough and within the allotted budget. Bernas: Well said and well done. So we can conclude there will be no problem in your areas of concern. Hautea: Yes but we are still negotiating with the officials of the vicinity to arrange the manpower that they could provide to us.

Pusa: As observed in the construction of the existing plant, we have a memorandum of agreement with the barangays nearby that most of the employees should be first from that affected barangays. Bernas: Okay, that will be a minor problem. Ah Mr. Antiquera what about on the side of Planning? Antiquera: Well we are ready with all the legal requirements. I had spoken with the Legal Department and all the clearances and permits are taking into consideration and should be finish before the end of next month. The necessary contracts with NPC are also being drafted and to be presented before the formal signing and before the commencement of the project. Bernas: Okay, that a good thing to know. For the Finance, Mr. Armada what are the development as I emailed you last week the preparation that you should do. Armada: Okay, we have talked to our lenders and we will have to finalized the entire budget cost of the extension project. The negotiation between our company and the Eximbank of China and Citibank has been close to success and to be reported to another board meeting all the details of the financial side of the project. We are also preparing the entire financial system that is to be used from the construction up to the actual operation of the plant. Indeed there are so many to consider but we are working on it before the deadline to NPC. Bernas: Well that is good! How about the tax exemption that we are working on with the Government?

Armada: Ah that is good news. Finance Group has already secured permits and clearance with the Department of Finance and Bureau of Customs in matters relating to tax exemption of the imported materials that our project will be using. We also working on some tax incentives that the Department of Finance can offer to us. Bernas: So everything is running smoothly. How about the operation side? Mr. Joseph? Joseph : On the operation side, together with the Operation Group, the designed system for the upcoming new turbines and machineries are already in place. We acquired again the latest turbine from Mitsubishi Heavy Industries. We will have also the Raytheon International who will be the general contractor for the construction as well as the commissioning of the extension power plant.

Bernas: Okay. How about our relationship with the community Mr. Dexter? Dexter : We have still strong and harmonious relationship with the City Government and the barangay. We have donated a dozen of computer sets for the barangay high school and we are on a schedule next month for the annual coastal cleanup activities. We have an on-going screening for the scholarship offered by our company to those deserving students. Bernas: Okay. So I am hoping everything will be on the right track. We are on verge of a new milestone for our company and these steps will get us closer to our dream of being the biggest power producer in the Philippines. Meeting adjourned and the minutes will be sent to every one of us tomorrow. Have a good day.