Corporate Governance

The Company, through its Compliance Officer, Jason Nalupta, has monitored the Company's compliance with SEC Memorandum Circular No. 2 dated April 5, 2002 and the relevant SEC Circulars on Corporate Governance and with the Manual of Corporate Governance adopted by the Company. With the increase in the number of directors as approved by the SEC, the Company elected two independent directors, appointed a compliance officer and constituted its nominations, compensation and audit committees as required under the Company's Manual of Corporate Governance. The Company is not aware of any non-compliance with its Manual of Corporate Governance, by any of its officers or employees.