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Letter from Dr Reynaldo Carpio - Grand Monaco Estate Developers, Inc.
July 31, 2012

Michael R. Mabutol
President / Managing Director
Pinnacle Real Estate Consulting Services, Inc.
Unit E-1, Corinthian Plaza, Paseo De Roxas
Makati City

Dear Mike,

I would like to thank Pinnacle for the unparalleled real estate services extended to our company. Pinnacle made significant contributions to Grand Monaco’s growth – from site acquisitions to real estate advisory.

Further, I would also like to commend Pinnacle’s employees for their professionalism.

Yours sincerely,

Dr. Reynaldo Carpio
President
Grand Monaco Estate Developers, Inc.

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