FRANZISKA'S BEACH RESORT, INC.

Jubay, Liloan, Cebu

Philippines
BOARD RESOLUTION NO. 2 Series 1994
RESOLVED by the undersigned members of the Board of Directors of Franziska's Beach
Resort, Incorporated to reiterate the decision to sell the parcel of land, Lot
4557-B of subdivision plan Psd-07-01-001446, situated in Jubay, Liloan, Cebu,
Philippines, covered by Transfer Certificate of Title No. T.P. 4016 in the name of
Franziska's Beach Resort Incorporated,under such terms and conditions best
obtainable in the premises;
RESOLVED further to revoke the authority to sell granted to Virginia C. Baruffol by
virtue of Board Resolution dated May 23, 1994 and hereby granting exclusive
authority to Mr. Renato Baruffol in his capacity as Chairman and President of the
Corporation, to sign, execute, and deliver whatever papers or documents necessary
in behalf of the Corporation to effect and implement this Resolution.
RESOLVED finally by the Board to appoint Mr. Paulino B. Abarca as the new Secretary
of the Corporation effective immediately upon approval of this resolution.
Done this 7th day of December, 1994 in Liloan, Cebu, Philippines.
RENATO BARUFFOL FRANZISKA BARUFFOL
PAULINO B. ABARCA HENRY Y. RODRIGO
JEPHEN M. ENILOG
FRANZISKA'S BEACH RESORT, INCORPORATED
Jubay, Liloan, Cebu
Philippines
SECRETARY'S CERTIFICATE
I, PAULINO B. ABARCA, Secretary of the Corporation, hereby certify that the
following is a correct and true copy of a resolution duly approved at a special
meeting of the Board of Directors of the said Corporation held at its office in
Liloan, Cebu on the 7th day of December, 1994, and that the said resolution is in
full force and effect, revoking, amending and/or modifying previous resolutions
then in force and which resolution reads as follows:
" RESOLVED by the undersigned members of the Board of Directors of Franziska's
Beach Resort, Incorporated to reiterate the decision to sell the parcel of land,
Lot 4557-B of subdivision plan Psd-07-01-001446, situated in Jubay, Liloan, Cebu,
Philippines, covered by Transfer Certificate of Title No. T.P. 4016 in the name of
Franziska's Beach Resort Incorporated, under such terms and conditions best
obtainable in the premises;
RESOLVED further to revoke the authority to sell granted to Virginia C. Baruffol by
virtue of Board Resolution dated May 23, 1994 and hereby granting exclusive
authority to Mr. Renato Baruffol in his capacity as Chairman and President of the
Corporation, to sign, execute, and deliver whatever papers or documents necessary
in behalf of the Corporation to effect and implement this Resolution.
RESOLVED finally by the Board to appoint Mr. Paulino B. Abarca as the new Secretary
and Treasurer of the Corporation effective immediately upon approval of this
resolution."
IN WITNESS WHEREOF, I have hereunto affixed my signature and this 8th day of
December, 1994.
PAULINO B. ABARCA
Corporate Secretary