Adopted: 16 April 2015
Date Filed: 22 April 2915
This certifies that:

The records of the Office of the Corporate Secretary show that during the Two Hundred Eighty-Seventh (287^th ) Meeting of the Board of Directors of the Subic Bay Metropolitan Authority held last 16 April 2015 wherein there was a quorum to validly transact business, the following resolution was approved:

Resolution No. 15-04-5365

œ Resolve, 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 Regulation on Insurance of SBMA Properties, as revised.

Copies^[*] of the Regulation on Insurance of SBMA Properties and the Powerpoint Presentation on the proposal are incorporated herein by way of reference. 

Issued this 16^th day of April 2015.

(SGD) RUBEN O. FRUTO
Corporate Secretary

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