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  TO: ALL Technical Sales Representatives/ Sales Administration

CC: MTQuillamor/PSAbela/ LDABataclan/ RPSerojalesFROM: MCDDiopenes

SUBJECT : PRICE ADJUSTMENT FOR SELECTED BAKELS PRODUCTSEFFECTIVE 1 6 JULY 2011

DATE: 22 June 2011 e-Circ010 - 2011

 The relentless increase in various basic raw materials like sugar and flour, as well asthe unstable supply of cocoa leading to prolonged high market prices and the declineof our local currency, has altogether contributed to severely eroded margins for most

of our products. And after careful assessment of current market conditions, wedeemed it prudent to only limit the price adjustment on products with critically lowmargins which we can no longer absorb, as an interim measure.

It would be beneficial to all parties that the price adjustment is properly explained toour customers in the aftermath of raw material increases. We have tried to hold off the price increase for a while, but must now make the necessary adjustment where wecan no longer absorb such increases.

Effective July 16, a necessary price adjustment for the following products will beeffected.

ENDUSERS

ProductDescription

Pack Size PRICE PER KG (PHP) PRICE PER PACK SIZE(PHP)

With VAT WithoutVAT

With VAT WithoutVAT

Bakels Sweet DoughBlend

12 x 1 kg 108.90 97.23 1,306.80 1,166.79

Ovalett 12 x 1 kg 212.93 190.12 2,555.16 2,281.39Fino Chocolate CakeMix

12 x 1 kg 143.22 127.88 1,718.64 1,534.50

Pettinice RTR RegularWhite Fondant 6 x 750kg 283.55 253.17 1,275.98 1,139.27

Fino Dark ChocolateButtons

5 kg 328.34 293.16 1,641.68 1,465.78

Fino Dark ChocolateChips

5 kg 315.95 282.09 1,579.73 1,410.47

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DEALERS/WHOLESALES

ProductDescription

Pack Size PRICE PER KG (PHP) PRICE PER PACK SIZE(PHP)

With VAT WithoutVAT

With VAT WithoutVAT

Bakels Sweet DoughBlend

12 x 1 kg 101.28 90.43 1,215.32 1,085.11

Ovalett 12 x 1 kg 198.02 176.81 2,376.30 2,121.70

Fino Chocolate CakeMix

12 x 1 kg 133.19 118.92 1,598.34 1,427.09

Pettinice RTRRegular WhiteFondant

6 x 750kg 263.70 235.44 1,186.64 1,059.50

Fino Dark ChocolateButtons

5 kg 305.35 272.64 1,526.76 1,363.18

Fino Dark ChocolateChips

5 kg 293.83 262.35 1,469.14 1,311.74

Prior to the implementation of the said price adjustments, please take note of thefollowing:

INFORMATION DISSEMINATION Please ensure that users of our products are informed immediately or as soon as

this notice is received to give the customers ample lead time to place orders beforethe adjusted prices are in effect.

 PROTECTION ORDERS Orders may be placed in anticipation of the price increase scheduled on July 16,

2011. However, these should be booked and dispatched not later than July 15,2011 to still avail of the prevailing prices. Stocks on hand will also have to beconsidered if all protection orders can be served.

New prices will apply for all deliveries made from July 16, 2011 onwards. 

PRICING REFERENCE GUIDE Expect a new price list to be released soonest to incorporate new prices and new

products. You may, in the meantime, refer to the attached page as reference forthe products where adjustments will be effected.

For your concerns and clarifications, you may get in touch with the undersigned.

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M.T. QUILLAMOR, JR. M. C. D. DIOPENES

General Manager National Sales & Market Development Manager