BRIEF HISTORY

Since its inception on July 11, 1980, Cuervo Appraisers, Inc.®has been the leading appraisal company in the Philippines in terms of Clientele, Gross Revenues and Market Share. The company is the choice of banks and other financial organizations, local and foreign investors, government, and private institutions for their valuation requirements. Cuervo Appraisers, Inc.®was founded over thirtyyears ago by the late Ramon F. Cuervo Jr.

CORPORATE OVERVIEW

Cuervo Appraisers, Inc.® is a wholly Philippine-owned and operated company, and is fully accredited with the Securities and Exchange Commission, Bangko Sentral ng Pilipinas, and other government institutions with such regulatory bodies as the Energy Regulatory Commission. It is, likewise, accredited in major banks and private companies in the Philippines. Valuation services available from Cuervo Appraisers, Inc.® include appraisal of property such as land, land improvements, buildings, building machinery and equipment, plant machinery and equipment, patents, franchises, trademarks and other tangible and intangible assets. Appraisal of corporate assets may be for purposes of determining collateral sufficiency of secured financing, insurable values, ad valorem or estate taxes, acquisition and investment, sale/leaseback transactions, valuing capital stock of closely-held companies, depreciation accounting, rate case testimony and other corporate requirements pertaining to property value, control and economics. Cuervo Appraisers, Inc.® also performs enterprise valuations for total businesses, all capital stock and controlling interest; and intangible assets (i.e., patent and patent applications, license, agreements, and other contracts; trademarks and/or secret formulas or processes; copyrights, mailing lists; franchises; mineral rights, water rights, product development; assembled organizational goodwill and other non-identifiable, non-amortizable, intangible assets and minority interest). In addition to valuation services, Cuervo Appraisers, Inc.® also assists decision makers in the verification of property accounts and in the areas of asset management; condition surveys; capital cost control; electronic data processing property records and special analyses for remaining life, capital facilities replacement, pre-merger or pre-acquisition. Recently, Cuervo Appraisers, Inc.® has strengthened its project commercial services along the lines of market studies, highest and best use, project feasibility studies, socio-economic studies, technical due diligence, relocation survey and project financial audits. The firm has also been invited to lend its expertise before courts, boards, and commissions, both here in the Philippines and abroad.   Last 2004, Cuervo Appraisers, Inc.® undertook the valuation of the assets of the Power Sector Assets & Liabilities Management (PSALM) and the National Transmission Corporation (TransCo) under the awarded Contract for Consultancy Services for TransCo 2004 ExternalAsset Revaluation Project with Sinclair Knight Mertz and PriceWaterhouse Coopers. Not one to rest on its laurels, the company continues to capitalize on its strengths – knowledge capital and expertise. The company aims to conquer a bigger share of the market as it continues to expand its business in the Philippines as well as outside. Cuervo Appraisers, Inc.® conducts its business with a high level of professional standards and has been considered a major proponent of integrity and independence in appraisal practice. Its records show evidence of establishing a rapport with and the development of long-term client relationships. Cuervo Appraisers, Inc.® is considered the biggest and number one(1) private independent asset valuation firm in the Philippines today, with over sixty-four (64) professionals in its regular employee roster, thus setting it apart from other Philippine appraisal companies that utilize freelance appraisal professionals. Cuervo Appraisers, Inc.®’s unique way of doing business puts it in the best position among Philippine appraisal companies to mitigate project risks, as well as, quality control risks.