29TH of December, 2016

Michael Mabutol
President/Managing Director
Pinnacle Real Estate Consulting Services, Inc.
Unit E1 Garden Level, Corinthian Plaza Building
Paseo De Roxas, Legazpi Village
Makati City, Philippines

RE : COMMENDATION LETTER

Dear Mr. Mabutol,

On behalf of Watsons Philippines, we would like to extend our appreciation for the work done by your group on the 2016 store expansion. Pinnacle Real Estate Consulting Services, Inc. has rendered us a brokerage service since July 2016.

The bi-monthly reports with your team have been helpful in monitoring the status of competition and market area which are essential for the Store Development Department. We commend your corporate leasing team for the good service and assistance they have given us and we are looking forward to continued partnership between Watsons and Pinnacle.

Thank you very much!

Sincerely,

WATSONS PERSONAL CARE STORES (PHILS), INC.

YASMIN D. UY
Store Development Controller