25 October 2002

Dear Brod/Sis,

Subject: SOUL ALUMNI, INC. (PHIL.) REGISTRATION

We are pleased to announce that the much coveted alumni association has finally been established last 26 January 2002. Simultaneously, preparations for our registration to the Securities and Exchange Commission have commenced. Therefore, we will now be known as SOUL Alumni, Inc. (Phil.) or SOUL AI (Phil.).

However, the work does not end there. Our vigilance in fully realizing this dream is needed now more than ever. Since we are going to be registered as a non-government, non-profit organization, we will also need funds to sustain our prospected activities and projects. In this regard, we would like to seek for confirmation on your interest to be an active participant of this new endeavor. As such, we would like to inform you that an agreed membership fee of PhP300.00 must be paid upon registration and an annual amount of PhP1,200.00 shall be collected from each member upon declaration of interest to be a member of the organization. With this, each pledged member shall be guaranteed all the benefits of membership stipulated in our By-Laws.

On behalf of the members of the Board of Directors, I would like to extend my heartfelt gratitude for your unwavering support to our association. WE LOVE SOUL!

Sincerely,

Ferdinand I. Manalo
Chairman, Board of Directors