Articles of Partnership

ARTICLES OF PARTNERSHIP

of

V' MANUFACTURING COMPANY

KNOW ALL MEN BY THESE PRESENTS:

That we, the undersigned, all of legal age and residents of the Republic of the Philippines have agreed to amend a partnership under the terms and conditions herein set forth and subject to the provisions of existing laws of the Republic of the Philippines.

AND WE HEREBY CERTIFY:

ARTICLE I. That the name of the partnership shall be:

V' Manufacturing Company

ARTICLE II. That the principal office of the Partnership shall be located at #19Scions, Canitoan, Cagayan de Oro City, Philippines.

ARTICLE III. That the names, citizenship, residence and designation of the partners of said partnership are as follows:

Name Citizen Residence Designation

Donna Lesley P. Martin Filipino Baguio City General Partner

ARTICLE IV. That the term for which said partnership is to exist is 30 years from the original recording of said partnership by the Securities and Exchange Commission.

ARTICLE V. That the purpose for which said partnership is formed are as follows:

1. To conduct business related to vegetable feeds manufacturing and layout including business promotion and advertising;

2. To engage in business related to supplying feeds to horse owners; and

3. To engage in business related to selling of vegetable feeds.

ARTICLE VI. That the capital of the partnership shall be six hundred thousand, Philippine Currency contributed in cash by the partners as follows:

Name Amount Contributed

Donna Lesley P. Martin P 399,500.00

That no transfer will reduce the ownership of Filipinos citizens to less than the required percentage of capital shall be recorded in the paper books of the partnership.

ARTICLE VII. That the profits and losses shall be divided pro-rata among the partners.

ARTICLE VIII. That should there be any additional contribution made by a limited partner, such must be agreed upon by all the partners in writing and duly recorded at least two (2) days after signing of same agreement. Such contribution shall amend Article VI of the Articles of Partnership and in no case shall such amendment be done less than one (1) year after the original recording of said partnership by the Securities and Exchange Commission.

ARTICLE IX. That the contribution of each partner may be returned to him/ her three (3) years after the original recording of said partnership by the Securities and Exchange Commission.

ARTICLE X. That the limited partner may be given the right to substitute an assignee as contributor in his place, provided that he has duly notified his partners in writing, stating the reasons therefore, five (5) days before the effectivity of said substitution. Provided further that such limited partner has already

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