July 2, 2010

MS. STELLA J. GARCIA, CCP
Director, Human Capital Group
Watson Wyatt Philippines, Inc.
15th Floor, The Marajo Tower, 312
26th Street corner Fourth Avenue,
Fort Bonifacio Global City

Dear Ms. Garcia:

This is to advise you that upon the recommendation of the HGC Bids and Awards Committee, the Contract to Rationalize the Distribution of the Existing HGC Variable Pay is awarded to Watson Wyatt Philippines, Inc..

GONZALO BENJAMIN A. BONGOLAN
President