2004 Board Resolutions

November 13, 2004

• Election of Officers
  Chairman: Jose Antonio
  Vice-Chairman and President: Cesar Rodriguez
  Vice-President: Luis Miguel Aboitiz;
  Treasurer: Ireene Sarmiento

• Creation of Committees:
  Finance Committee: Ireene Sarmiento
  Building & Grounds: Donald Marshall and Luis Miguel Aboitiz
  Security: Luis Miguel Aboitiz
  Housekeeping: Ireene Sarmiento
  Eng. Noel Cabrera was appointed as Senior Facilities Manager

• Appointment of KPMG Laya Mananghaya & Company as External Auditor

• Amendment of signatories to various bank accounts

• Discount on interest and penalties to unit owners with outstanding accounts (cut-off date of December 31, 2004)

• Revenue sharing for swimming lessons and personal training modified from the current scheme of 70%/30% (70% for the trainer / 30% for EEFC) to the industry standard of 80%/20%

• Implementation of voluntary contribution for Christmas fund drive

• Setting of association policy on overdue accounts

• Recording of receivables from Meridien Development Marketing, Inc., Century Properties Management Inc. and Century Properties Inc

December 13, 2004

• Election of Representatives from Puno and Puno Law Offices as Corporate Secretary
  Corporate Secretary: Atty. Elvin O. Reyes
  Asst. Corporate Secretary: Atty. Ma. Winnie R. Lardizabal

• Appointment of Divino and Gavino Law Offices as legal advisor

• Creation of Yellow and Blue Teams:
  Yellow team to be responsible for maintaining the common areas
  Blue team to serve the unit owner’s maintenance requirements

• Proposed Capital Expenditure plan for approval by the board was submitted by Buildings and Grounds Chairman Donald Marshall

• Housekeeping Committee to review the job specification of the contractors to make sure that responsibility is properly assigned, monitored, and there are no overlaps

• Increase of association dues by P8/m2 (from P67/m2 to 75/m2) effective January 1, 2005

• Collection of an assessment of P28,000 per unit, to be paid over four quarterly payments in the year 2005 to provide resources for the capital expenditure plan

• Settlement of the outstanding receivable of Two Million Seven Hundred Forty Eight Thousand Nine Hundred Forty Four (P 2,748,944) with Century Properties Management Inc., Century Properties Inc. and Meridien Development Marketing Inc.

• Acceptance of offer from Globe Telecom to pay EEFCC P40,000 per month each for the installation of two picocells (one at the top of the building and another at the basement)