<p>IT IS HEREBY DECLARED UNDERSTOOD AND AGREED that the word &quot;underwriter&quot; and &nbsp;underwriters&#39;, as used in this Policy, shall be deemed to mean the insurers named below or insurers added by a memorandum signed by or on behalf of all insurers concerned. The liability of these insurers shall in no case exceed, in respect of each item, the total sum insured thereby, or such item sum or sums as may be substituted therefore by memorandum hereon or attached hereto signed by or on behalf of the Insurers, and that the liability of each of the Insurers individually in respect of loss shall be limited to the proportion stated against their name or such proportion as maybe substituted therefore by a memorandum hereon or attached signed by or on behalf of the Insurers.&nbsp;</p>

<p>&nbsp; &nbsp; &nbsp;COMPANY &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; SIGNATURE</p>

<p>Allied Bankers Insurance Corporation (50%) &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; ________________________<br />
POLICY NO. HO-FI-000000026516 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Ms. Rebecca B. dela Cruz &nbsp; &nbsp;<br />
P1,195,000,000.00 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; President</p>

<p><br />
PNB General Insurers Co., Inc. (50%) &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; ________________________ &nbsp; &nbsp; &nbsp;<br />
POLICY NO. ____________________ &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Mr. Ricthie L. Dones<br />
P1,195,000,000.00 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Assistant Vice President&nbsp;<br />
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Head-Underwriting Div. 1 &nbsp;<br />
&nbsp; &nbsp;&nbsp;</p>

<p>Nothing contained herein shall be held to vary, alter, waive or change the terms, limits or conditions of the Policy, except as herein above set forth.</p>

<p>&nbsp;<br />
&nbsp;&nbsp; &nbsp;</p>

<p>Nothing contained herein shall be held to vary, alter, waive or change the terms, limits or conditions of the Policy, except as herein above set forth.</p>
