May 18, 2000

Mr. William Fleming
Realty Corporation
Ayala, Makati

Dear Mr. Fleming:

The Association of Realtors would like to invite you to take part in its induction ceremony to be held at the Pavillion Hotel on April 5, 2000 at 7:00 P.M. Cocktails will follow after the induction.

Your presence will be highly appreciated.

Truly yours,

Maricel Hamto