Legal Forms Finals

III-B Board Resolution – Tikoy and Hopia Factory

Board Resolution
Meeting of March 1, 2008
Tikoy & Hopia Factory
(the “Corporation”)

OBTAINING A LOAN FROM RICHARD BANK

WHEREAS, Director Robert Escano, upon a tourist visit to Iraq last year, happened to have
some of the Corporation’s products with him and he in turn offered these to the locals he
encountered on his travels there;

WHEREAS, without exception, everyone Iraqi who sampled the Corporation’s products found
them to be extremely favorable and desirable and inquired from Director Robert Escano where
they could purchase more of the Corporation’s products;

WHEREAS, the Iraqi market then seems to be a possibly lucrative expansion site for the
Corporation;

WHEREAS, such overseas expansion would require additional capital of 10 Million Pesos
(P10,000,000)

NOW THEREFORE BE IT RESOLVED RESOLVED, That the Board of Directors of the

Corporation, hereby authorizes the Corporation to obtain a loan of 10 Million Pesos from
Richard Bank for the purposes of expanding the Corporation’s business to Iraq

RESOLVED FURTHER, that the Corporation, in consideration of Taho Factory providing the
security for the Corporation’s loan with Richard Bank, will engage in a marketing tie up with
Taho Factory for the period of June 1, 2008 – December 31, 2008 with such tie up being
reexamined for possible renewal at the end of the stipulated period;
RESOLVED FINALLY that for all matters relating, pertaining, adjunct and consequent of the
two immediately previous resolutions, Director Marc Buensalido is hereby authorized to
represent the Corporation, act in its stead, sign any document and otherwise execute any act
which in his discretion will result in the efficacy of the two immediately previous resolutions.

___________________________
Thomas Cox
Corporate Secretary

Attested:

___________________________
Shelly Lim

___________________________
Joan To

___________________________
Robert Escano

___________________________
Marc Buensalido

SUBSCRIBED AND SWORN TO before me this March 1, 2008 by affiant who exhibited to
me his Community Tax Certificate bearing number 97153 issued at the City of Manila on
February 14, 2008

Doc. No. GREGOR SAMSA

Page No. Notary Public
Book No. Until 31 December 2008
Series of 2008 Atty. Roll No. 18160
IBP No. 048151 1-20-2008
PTR No. 05053 03-15-2008
MCLE Cert. No. 010718