Republic of the Philippines

PROVINCE OF LAGUNA

OFFICE OF THE GOVERNOR

Provincial Capitol Compound, Santa Cruz, Laguna
Telephone No. (049) 501-6534

CERTIFICATE OF NON-DEFAULT

In connection with the grant of TWO (2) TERM LOANS in the amount of up to
PESOS: TWO BILLION (2,000,000,000.00), as evidenced by that Loan Agreement
dated August 30, 2012 (the Credit Document), THE PROVINCE OF LAGUNA (the
Borrower) hereby certifies that, as of the date hereof:
1.

No. Default or Event of Default under the Credit Document or other

documents contemplated thereby which with the giving of notice or
lapse of time has occurred and is continuing;

2. All of the representations and warranties of the Borrower contained

in the Credit Document remain true and correct;
3. All of the covenants of the Borrower set forth in the Credit
Document have been met and performed; and
4. All the conditions precedent specified in the Credit Document have
been satisfied and all documents heretofore delivered by, or on
behalf of, the Borrower as conditions precedent continue to be in full
force and effect.

This Certificate is issued on this _____ day of _______________, at Provincial

Capitol compound, Santa Cruz, Laguna, Philippines.

RAMIL L. HERNANDEZ
Provincial Governor