SMDC JAZZ RESIDENCES Makati - Price and Payment Terms

(effective April 5 to June 30, 2011)

1. Spot Cash
(Full Cash Payment after the 30-day reservation period)

Discount on TLP - 12%
Downpayment (30 days after reservation period) - 100% net of Reservation Fee
Monthly Amortization - Not applicable
Period of Monthly Amortization - Not applicable
Balance - Not applicable
Payment Date - Not applicable

2. Deferred Cash 20/80
(20% Downpayment (DP) after the 30-day reservation period, 80% over 24 months to pay)

Discount on TLP - 5%
Downpayment (30 days after reservation period) - 20% DP net of Reservation Fee
Monthly Amortization - 80%
Period of Monthly Amortization - 24 months to start after DP
Balance - Not applicable
Payment Date - Not applicable

3. 10-20-70 at 24 months
(10% DP after the 30-day reservation period, next 20% over 24 months, 70% balance on the 25th month)

Discount on TLP - 2%
Downpayment (30 days after reservation period) - 10% DP net of Reservation Fee
Monthly Amortization - 20%
Period of Monthly Amortization - 24 months to start after DP
Balance - 70%
Payment Date - 25th month

4. 05-25-70 at 24 months
(5% DP after the 30-day reservation period, next 25% over 24 months, 70% balance on the 25th month)

Discount on TLP - 1%
Downpayment (30 days after reservation period) - 5% DP net of Reservation Fee
Monthly Amortization - 20%
Period of Monthly Amortization - 24 months to start after DP
Balance - 70%
Payment Date - 25th month

5. 20%/24 months; 80% Balance
(No DP, 20% over over 24 months, 80% balance on the 25th month)

Discount on TLP - 0%
Downpayment (30 days after reservation period) - Not applicable straight to Monthly Amortization
Monthly Amortization - 20% Net of Reservation Fee
Period of Monthly Amortization - 24 months from end of 30-day reservation period
Balance - 80%
Payment Date - 25th month

---

Jazz Tower C
(effective April 5 to June 30, 2011)

1. Spot Cash
(Full Cash Payment after the 30-day reservation period)

Discount on TLP - 12%
Downpayment (30 days after reservation period) - 100% net of Reservation Fee
Monthly Amortization - Not applicable
Period of Monthly Amortization - Not applicable
Balance - Not applicable
Payment Date - Not applicable

2. Deferred Cash 20/80
(20% Downpayment (DP) after the 30-day reservation period, 80% over 30 months to pay)

Discount on TLP - 5%
Downpayment (30 days after reservation period) - 20% DP net of Reservation Fee
Monthly Amortization - 80%
Period of Monthly Amortization - 30 months to start after DP
Balance - Not applicable
Payment Date - Not applicable

3. 10-20-70 at 30 months
(10% DP after the 30-day reservation period, next 20% over 30 months, 70% balance on the 31st month)

Discount on TLP - 2%
Downpayment (30 days after reservation period) - 10% DP net of Reservation Fee
Monthly Amortization - 20%
Period of Monthly Amortization - 30 months to start after DP
Balance - 70%
Payment Date - 31st month

4. 05-25-70 at 30 months
(5% DP after the 30-day reservation period, next 25% over 30 months, 70% balance on the 31st month)

Discount on TLP - 1%
Downpayment (30 days after reservation period) - 5% DP net of Reservation Fee
Monthly Amortization - 25%  
Period of Monthly Amortization - 30 months to start after DP
Balance - 70%
Payment Date - 31st month

5. 20%/30 months; 80% Balance
(No DP, 20% over 30 months, 80% balance on the 25th month)

Discount on TLP - 0%
Downpayment (30 days after reservation period) - Not applicable straight to Monthly Amortization
Monthly Amortization - 20% Net of Reservation Fee
Period of Monthly Amortization - 30 months from end of 30-day reservation period
Balance - 80%
Payment Date - 31st month

---

Jazz Tower D
(effective April 5 to June 30, 2011)

1. Spot Cash
(Full Cash Payment after the 30-day reservation period)

Discount on TLP - 12%
Downpayment (30 days after reservation period) - 100% net of Reservation Fee
Monthly Amortization - Not applicable
Period of Monthly Amortization - Not applicable
Balance - Not applicable
Payment Date - Not applicable

2. Deferred Cash 20/80
(20% Downpayment (DP) after the 30-day reservation period, 80% over 36 months to pay)

Discount on TLP - 5%
Downpayment (30 days after reservation period) - 20% DP net of Reservation Fee
Monthly Amortization - 80%
Period of Monthly Amortization - 36 months to start after DP
Balance - Not applicable
Payment Date - Not applicable

3. 10-20-70 at 36 months
(10% DP after the 30-day reservation period, next 20% over 30 months, 70% balance on the 37th month)

Discount on TLP - 2%
Downpayment (30 days after reservation period) - 10% DP net of Reservation Fee
Monthly Amortization - 20%
Period of Monthly Amortization - 36 months to start after DP
Balance - 70%
Payment Date - 37th month

4. 05-25-70 at 36 months
(5% DP after the 30-day reservation period, next 25% over 36 months, 70% balance on the 37th month)

Discount on TLP - 1%
Downpayment (30 days after reservation period) - 5% DP net of Reservation Fee
Monthly Amortization - 25%
Period of Monthly Amortization - 36 months to start after DP
Balance - 70%
Payment Date - 37th month

5. 20%/36 months; 80% Balance
(No DP, 20% over 36 months, 80% balance on the 37th month)

Discount on TLP - 0%
Downpayment (30 days after reservation period) - Not applicable straight to Monthly Amortization
Monthly Amortization - 20% Net of Reservation Fee
Period of Monthly Amortization - 36 months from end of 30-day reservation period
Balance - 80%
Payment Date - 37th month

---