"Letter of Eugenio Lopez Sr. to Mr. Emilio Abello
dated October 6, 1973 "

Annex M

Mr. Emilio Abello,

I have reviewed the annexed form of the proposed offer of Benpres Corporation to a foundation that is to be organized. The agreement cannot be completed until the foundation is organized and certain other data are available. However, will you please inform the organizers of the prospective foundation that the annexed offer initiated by me has my approval and that Benpres Corporation will execute the sales agreement as soon as it can be completed.