Philippine Taxation

The statements made regarding taxation in the Philippines are based on the laws in force as of the date of this Document and are subject to any changes in law occurring after such date. The following summary does not purport to be a comprehensive description of all of the tax considerations that may be relevant to a decision to participate.

Legal Matters

Certain legal matters as to Philippine law relating to the Philab Industries Loans will be passed upon by Siguion Reyna, Monticello & Ongsiako, the Company’s legal counsel. None of the above mentioned advisers have any direct or indirect interest in the Company arising from this transaction.