Account: NORTH DAVAO MINING CORP (NDMC)

Chronology of events:

I. JOINT VENTURE AGREEMENT dated 29 March 1979 – Executed between Jose

Moreno and Active Constructions Inc (ACI). It stipulated that Moreno shall own the
7th floor and roof deck, while ACI shall have ownership over 2nd, 3rd, 4th, 5th, and
6th floor. The parties further stipulated that the 5th, 6th, 7th and deck floors shall be
devoted either for office or for residential purposes depending on the desire of their
respective owners. All other floors shall be devoted for office space only;

II. SUPPLEMENTAL AGREEMENT dated 29 March 1979 between Moreno and ACI –
Executed to particularize the terms and conditions of the Joint Venture Agreement;

III. ASSIGNMENT OF RIGHTS IN JOINT VENTURE AGREEMENT dated 24

December 1979 between ACI and NDMC - ACI assigned all its proprietary rights
and interest on the building to the North Davao Mining Corporation (NDMC).
Specifically, its share in the completed building project constituting of the 2nd, 3rd,
4th, 5th and 6th floors of the building;

IV. DEED OF CONVEYANCE IN PARTIAL SETTLEMENT OF DEBT (DACION EN

PAGO) dated 25 May 1992 - Executed by NDMC in favor of the Government of the
Republic of the Philippines, thru its trustee, the Asset Privatization Trust (APT),
NDMC absolutely and irrevocably conveys by way of a Dacion En Pago the
following: (1) all rights over, title to, and interests in the 2nd, 3rd, 4th, 5th and 6th of
the building; (2) its proportionate rights (71.43%) over, title to, and interests in the
basement, all the common areas including capital equipment therein and the land on
which the building was erected; and , (3) all right and interests in any and all
insurance policies of whatever kind and nature which have been taken on the
building;

V. AFFIDAVIT OF LOSS dated 05 February 1990 – Executed by Jose Moreno testifying

that the owner’s duplicate copy of TCT No. 3288 was lost, requesting for the issuance
of a new owner’s duplicate and to declare the allegedly lost TCT as null and void;

VI. ORDER dated 4 May 1990 – Directing the issuance of a new owner’s duplicate copy
of TCT No. S- 3288 under the name of Jose R. Moreno and declaring the allegedly lost
TCT as null and void;

VII. RTC JUDGMENT dated 10 August 1994 re Specific performance case filed by Jose
Moreno vs APT, ruling that there is a perfected contract of sale and ordering APT to
sell the 2nd, 3rd, 4th, 5th and 6th floors of the NDMC Building at the price of 21, 0000,
0000.00;
VIII. CA DECISION dated 30 January 2003 – Reversing the ruling of the trial court, finding
that there is no perfected contract of sale;

IX. SC DECISION in GR NO. 159373, “Jose R. Moreno Jr. vs. Privatization and
Management Office dated 16 November 2006 - Affirming the earlier decision of CA
in ruling that there is no perfected contract of sale between APT and Jose Moreno for
the 2nd, 3rd, 4th, 5th and 6th floors of the NDMC Building. The 21, 0000, 0000.00
contract price is merely a suggested indicative price of the subject floors as it was yet
to be approved by the Board of Trustees. Before the Board could confirm the
suggested indicative price, the Committee on Privatization must first approve the
terms of the sale or disposition. The imposition of this suspensive condition finds
basis under Proclamation No. 50 which vests in the Committee the power to approve
the sale of government assets, including the price of the asset to be sold;

X. MOTION FOR RECONSIDERATION dated 06 January 2007 filed by Jose Moreno

– Arguing that the 21,000,000.00 contract price was certain and definite resulting to a
perfect, valid and binding contract of sale;

XI. SC RESOULTION dated 12 February 2007 – Denying the MR filed by Jose Moreno
for lack of substantial argument to warrant modification of the earlier decision; and,

XII. ENTRY OF JUDGMENT dated 26 March 2007 – Rendering the 16 November 2006
Decision final and Executory.