1

During the term hereof and as long as there is no default, Pledgor shall have full rights to vote
said shares and be entitled to all dividends income, except that stock dividends shall be
pledged.

During the pendency of this agreement, Pledgor shall not issue any proxy, voting trust
agreement or assignment of rights to the pledged shares.

Pledgor warrants and represents good title to the shares which are free from liens and
encumbrances or prior pledge with full authority to transfer said shares as collateral security.

Upon default of payment of the debt, or breach of this agreement, Pledgee or transferee shall
have full rights to foreclose pursuant to law.

Pledgor understands that upon foreclosure the pledged shares may be sold at public auction or
public sale with right to receive reasonable prior written notice of any said intended sale and
with full rights to redeem said shares at any time prior to said sale upon payment of the balance
due, and accrued costs of collection. In the event the shares shall be sold for less than the
amount then owing, Pledgor shall be liable for any deficiency.

Upon payment of the debt, the shares shall be returned to Pledgor and this pledge agreement
shall be terminated.

This pledge agreement shall be binding upon and inure to the benefit of the parties, their
successors, assigns and personal representatives.

Upon default the Pledgor shall pay all reasonable attorneys' fees and cost of collections.

This Deed shall be governed and constructed in accordance with the laws of the Philippines.

10

All expenses for notarization, Documentary Stamp Tax and other expenses incident to this
contract shall be for the exclusive account of the Pledgee.

11

This Agreement constitutes the entire understanding between the parties and may only be
modified, altered or amended only with the prior written consent of the party of or parties against
whom, such modification, alteration, or amendment shall take effect.
IN WITNESS WHEREOF, the parties have executed