Cityland, Inc.

August 20, 2020 CERTIFICATE OF TAX EXEMPTION NO. BOI-LEH-486-20 CERTIFICATE OF TAX EXEMPTION TO ALL WHOM IT MAY CONCERN : This certifies that CITYLAND, INC. ,with Taxpayers Identification Number (TIN) _______________ is exempt from income tax and creditable withholding tax on its income received directly in connection with its low-cost mass housing project, Brentwood Mansion ,consisting of 219 housing units used solely for family home or dwelling purposes, located at No. 21 Evangelista St.,Brgy. Santolan, Pasig City, a project duly registered with the Board of Investments (BOI) under Registration No. ______ dated August 26, 2008, for a period of four (4) years beginning from August 26, 2008 to August 25, 2012 , pursuant to Executive Order No. 226, otherwise known as the "Omnibus Investments Code of 1987" and Section 2.57.5 (B) (2) of Revenue Regulations (RR) No. 2-98, as amended. Moreover, the sale by the Company of residential lot valued at P1,919,500.00 and below, or house and lot and other residential dwellings valued at P3,199,200.00 and below, is exempt from value-added tax (VAT) pursuant to Section 109 (1) (P) of the National Internal Revenue Code of 1997, as amended. Provided, however, that beginning January 01, 2021, the exemption from VAT shall only apply to sale of house and lot and other residential dwellings 1 with selling price of not more than P2,000,000.00. However, the sale of housing units in excess of the 219 housing units registered with the BOI, if any, as well as the 35 parking slots, including those units used for commercial purposes such as leasing, retail stores, offices, etc.,shall be subject to the payment of appropriate taxes under the National Internal Revenue Code of 1997, as amended. The grant of tax exemption herein is subject to the compliance with the provisions of applicable BIR rules and regulations and the Terms and Conditions stated at the back hereof. The Company is liable, however, for all other applicable taxes not discussed above. This Certificate of Tax Exemption is being issued on the basis of the facts and documents as represented and submitted. However, if upon investigation, the BIR ascertains that the facts are different, then this Certificate shall be considered null and void. Issued this 20th day of August, 2020. (SGD.) CAESAR R. DULAY Commissioner of Internal Revenue Footnotes 1. Sale of lot only, regardless of the price, shall be subject to VAT starting January 01, 2021 pursuant to RA No. 10963.