Markbilt Construction Trading and Development Corp./Quadhomes, Inc. Joint Venture (JV)

May 4, 2021 CERTIFICATE OF TAX EXEMPTION NO. NSH-152-21 CERTIFICATE OF TAX EXEMPTION TO ALL WHOM IT MAY CONCERN : This certifies that MARKBILT CONSTRUCTION TRADING AND DEVELOPMENT CORP./QUADHOMES, INC. JOINT VENTURE (JV) ,an entity engaged by the National Housing Authority (NHA) , is exempt from project-related income taxes/creditable withholding tax (CWT) pursuant to Section 20 (d) (1) of Republic Act (RA) No. 7279, as amended by RA No. 10884 (Balanced Housing Development Program Amendments) dated July 17, 2016, on its income received directly in connection with the land development, housing construction, and acquisition of 85 socialized housing units in Golden Harvest Village Phase I ,a socialized housing project of the NHA through the Resettlement Assistance Program (RAP) intended for the informal settlers and landless families residing along National Highway and danger zone areas located at Bagontaas, Valencia City, Bukidnon. Moreover, the acquisition of the said 85 socialized housing units shall be exempt from value-added tax (VAT) pursuant to Section 109 (1) (P) of the National Internal Revenue Code (Tax Code) of 1997, as amended, provided that the selling price thereof does not exceed P3,199,200.00 per house and lot package; provided further, 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, as adjusted in 2011 using the 2010 Consumer Price Index values. 2 However, the purchases of goods/articles by MARKBILT CONSTRUCTION TRADING AND DEVELOPMENT CORP./QUADHOMES, INC. JOINT VENTURE (JV) shall be subject to VAT, even if the said purchases are to be used for the above-mentioned socialized housing project, since VAT is an indirect tax which can be passed on by the seller of the goods/services. It shall be understood that MARKBILT CONSTRUCTION TRADING AND DEVELOPMENT CORP./QUADHOMES, INC. JOINT VENTURE (JV) must issue VAT-exempt official receipts on its gross receipts from the said socialized housing project. This CTE 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 4th day of May, 2021. CAIHTE (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. 2. Per Revenue Regulations No. 4-2021 dated April 8, 2021.