FORMAL LETTER OF INTENT TO PURCHASE

Carmen L. Tolentino

Thru:

Cristina B. Singson
Arlene Socal
Clyde Tabulog
Allan Telles

Dear Miss Tolentino

We would like to take this opportunity to declare our intention to purchase your Motor Vessel,
weighing 1,371 metric tons and a Tug Boat, that are both Inoperable (Scrap) located at
Zambales.

In line with the said intention, we, Ron Bolina and Rommel Abuzo, thru Cristina B. Singson,
Arlene Socal, Clyde Tabulog, and Allan Telles, hereby confirm with full responsibility that we are
willing and able to enter into contract for the purchase of the said Motor Vessel and Tug Boat
(Scrap) and that funding is available including the cost of salvage and hauling.

We understand that this letter of Intent is a starting point for further negotiations and operates
as a framework under which the transaction can proceed.

We look forward to working with you on the proposal and make a contract, hopefully beneficial
for both entries.

Ron Bolina
Trustee buyer

Rommel Medina Abuzo

Trustee buyer