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AUTHORIZATION LETTER

MOLDEX REALTY, INC.


MOLDEX BLDG. LIGAYA ST.
CORNER WEST AVENUE, Q.C.

To whom it may concern,

I, MARK ANTHONY PASCUA, Sales Manager, from Moldex Residences Baguio hereby
authorize the bearer of this letter, Ms. Angelita Bacali, Sales Manager, to receive my subsidy check,
advance commission/commission/incentives and/or any receivables from Moldex Realty, Inc.

Hoping for your kind consideration on the abaove matter.

Sincerely yours,

MARK ANTHONY PASCUA


Sales Manager
MADGIC - MRBaguio