This certifies that:

The records of the Office of the Corporate Secretary show that during the Two Hundred Forty Ninth (249th) Meeting of the Board of Directors of the Subic Bay Metropolitan Authority held last 27 September 2013 wherein there was a quorum to validly transact business, the following resolution was approved:

Resolution No. 13-09-4870

œResolve, as it is hereby resolved, that upon recommendation of Management and without prejudice to COA Regulations and pertinent laws on the matter, the Board hereby approves the Proposed Cargo Handling Rates Adjustments* as contained in Management ™s Memoranda dated September 12 and 20, 2013, respectively, copies of which are incorporated herein by way of reference. 

(SGD) RUBEN O. FRUTO
Corporate Secretary

* Text Available at the Office of the National Administrative Register, U.P. Law Complex, Diliman, Quezon City.