February 5, 2015

MR. HERMINIO B. MARTIN

President & COO
Unifrutti Philippines, Inc.
Door 10, ILAIECO Bldg.
Ilang, Davao City

Dear Mr. Martin:

This refers to the proposed 2,600-hectare in Bangsamoro Region which is being

proposed for enrollment under Agricultural Support Project (ACSP). Based on the
existing guidelines, your account cannot be enrolled under the project in view of the
following reasons:

1. Requested loan term is 25 years while the maximum loan term under ACSP is only
15 years.

2. Interest rate being requested is 3% while under ACSP (Category A where Unifrutti
belongs) is 6% for loans to large agri-based enterprises.

In addition, the present fund balance under ACSP’s category A is insufficient to finance
the loan requirement of your company.

Enrollment of your account may be considered should there be amendment in the

present guidelines of ACSP. A recommendation on the re-allocation of fund has been
made and endorsed to JICA for approval. Negotiation for other terms and conditions of
the loan, including adjustment in the interest rate, is currently being undertaken by a
separate LBP-department.

In this connection, we would like to request for a meeting with you or your authorized
representative to discuss in details the above information on 12 February 2015.

Thank you.

Very truly yours,

AVP CHARLOTTE I. CONDE

Head, Davao Lending Center
Proposed Project : 2,600-hectare Cavendish Plantation
Place of Project : Bangsamoro Region
Project Cost : $80,182,911 (About P3.60 Billion)
Project Financing Plan : 80% (Long Term financing ($64,146,329)
Proposed Term : 25 years
Grace Period : 4 years (principal and interest)
Interest : 3% per annum (fixed)

1. Requested loan term is 25 years while the maximum loan term under ACSP
is only 15 years.
2. Interest rate being requested is 3% while under ACSP (Category A where
Unifrutti belongs) is 6% for loans to large agri-based enterprises.
3. In addition, the present fund balance under ACSP’s category A is
insufficient to finance the loan requirement of the company.
4. Enrollment of the account may be considered should there be
amendment in the present guidelines of ACSP. A recommendation on the
re-allocation of fund has been made and endorsed to JICA for approval.
Negotiation for other terms and conditions of the loan, including
adjustment in the interest rate, is currently being undertaken by a
separate LBP-department.