DEUTSCHE KNOWLEDGE SERVICES PTE. LTD v. COMMISSIONER OF INTERNAL REVENUE [consol with 8736, 8754 & 8767]

REPUBLIC OF THE PHILIPPINES COURT OF TAX APPEALS QUEZON CITY SECOND DIVISION DEUTSCHE KNOWLEDGE CTA CASE NOS. 8720, 8736, SERVICES PTE. LTD., 8754 & 8767 Members: Petitioner, CASTANEDA, JR., Chairperson/ MINDARO-GRULLA, and - versus- BACORRO-VILLENA, JJ. COMMISSIONER OF INTERNAL Promulgated: REVENUE, ~ OCT 1 42019 Respondent. x----------------------------------------------------------------------------------x DECISION CASTANEDA, JR., J.: THE CASE Before this Court are four (4) consolidated Petitions for Review filed by petitioner Deutsche Knowledge Services Pte. Ltd., praying for the refund or issuance of tax credit certificate (TCC) in the aggregate amount of P147,159,034.53, allegedly representing its unutilized input value-added tax (VAT) arising from purchases of goods (other than capital goods) and services, purchases of capita l goods, and purchases of services rendered by non-residents, which are attributable to zero-rates sales for the four (4) quarters of ca lendar year (CY) 201 21, broken down, as follows: ~ 1 I ssue, Pre-Trial Order, CTA case No. 8720, Docket (Vol. I), p. 453.

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 2 of88 CTACase No. Calendar Year 2012 Input VAT Claim 8720 151 Quarter f>35 343 482.102 8736 2nd Quarter 8754 34,618,094.9!3 8767 3r<1 Quarter 40 305 286.804 4th Quarter 36,892,170.725 Total P147,159,034.53 THE FACTS Petitioner is a corporation organized and existing under the laws of Singapore, with license to transact business in the Philippines, and with office address at Net Quad Center, 31st Street corner 4th Avenue, E-Square Zone Crescent Park West, Bonifacio Global City, Taguig City.6 It is registered with the Bureau of Internal Revenue (BIR) as a VAT taxpayer, with Taxpayer Identification No. (TIN No.) 238-763-115-000, and with BIR Certificate of Registration No. OCN 9RC0000270209. 7 Petitioner is licensed and authorized by the Securities and Exchange Commission (SEC) to operate as regional operating headquarters in the Philippines which provides qualifying services of general administration and planning; business planning and coordination; sourcing/procurement of raw materials and components; corporate-finance advisory services; marketing control and sales promotion; training and personnel management; logistic services; research and development services and product development; technical support and maintenance; data processing and communication and business development.8 On the other hand, respondent is the duly appointed Commissioner of Internal Revenue (CIR) who holds office at the BIR National Office Building, Agham Road, Diliman, Quezon City.9~ 2 Petition for Review, erA Case No. 8720, Docket (Vol. I), pp. 15-16. 3 Petition for Review, erA Case No. 8736, Docket, p. 26. 4 Petition for Review, erA case No. 8754, Docket, p. 18. 5 Petition for Review, erA Case No. 8767, Docket, p. 26. 6 Exhibit "P-2", erA case No. 8720, Docket (Vol. III), p. 1790. 7 Par. 2, Stipulation of Facts, Joint Stipulation of Facts and Issues (JSFI), erA case No. 8720, Docket (Vol. I), p. 431. 8 Exhibit "P-1", erA case No. 8720, Docket (Vol. IV), p. 3238. 9 Par. 1, Stipulation of Facts, JSFI, erA case No. 8720, Docket (Vol. I), p. 430.

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 3 of88 Petitioner filed with the BIR its monthly and quarterly VAT Returns, through the Electronic Filing and Payment System (eFPS), on the following dates: PERIOD COVERED DATE FILED January 2012 February 16 201210 February 2012 First Quarter of 2012 March 19, 201211 April 2012 May 2012 April 19 201212 Second Quarter of 2012 May 21 201213 July 2012 June 19, 201214 August 2012 July 20 201215 (oriqinal) Third Quarter of 2012 May 21, 201316 (amended) Auqust 20, 201217 October 2012 September 17, 20121� November 2012 October 18 201219(original) Fourth Quarter of 2012 October 23, 201220 (amended) November 15 201221 December 11, 201222 January 22, 201323 For the CY 2012, petitioner claims to have rendered services in the Philippines to persons engaged in businesses conducted outside the Philippines, the payments for which were made in Euro and other acceptable foreign currency and accounted for in accordance with the rules and regulations of Bangko Sentral ng Pilipinas (BSP).24 As such, it allegedly accumulated excess input tax in the total amount of P148,152,889.37. And out of this total amount, P147,159,034.53 is purportedly attributable to its zero-rated sales, which remained unutilized and/or unapplied against its output VAT liability. 25 ~ 10 Exhibit "P-4", CTA Case No. 8720, Docket (Vol. III), pp. 1801-1805. 11 Exhibit "P-4-a", CTA Case No. 8720, Docket (Vol. III), pp. 1806-1809. 12 Exhibit "P-5", CTA Case No. 8720, Docket (Vol. III), pp. 1830-1834. 13 Exhibit "P-4-b", CTA Case No. 8720, Docket (Vol. III), pp. 1810-1813. 14 Exhibit "P-4-c", CTA Case No. 8720, Docket (Vol. III), pp. 1814-1816. 15 Exhibit "P-6", CTA Case No. 8720, Docket (Vol. III), pp. 1836-1840. 16 Exhibit "P-6-a", CTA Case No. 8720, Docket (Vol. III), pp. 1841-1845. 17 Exhibit "P-4-d", CTA Case No. 8720, Docket (Vol. III), pp. 1817-1819. 18 Exhibit "P-4-e", CTA Case No. 8720, Docket (Vol. III), pp. 1820-1822. 19 Exhibit "P-7", CTA Case No. 8720, Docket (Vol. III), pp. 1847-1850. 20 Exhibit "P-7-a", CTA Case No. 8720, Docket (Vol. III), pp. 1851-1854. 21 Exhibit "P-4-f", CTA Case No. 8720, Docket (Vol. III), pp. 1823-1825. 22 Exhibit "P-4-g", CTA Case No. 8720, Docket (Vol. III), pp. 1826-1829. 23 Exhibit "P-8", CTA Case No. 8720, Docket (Vol. III), pp. 1856-1860. 24 Par. 4, III. Statement of Facts and Proceedings, Petitioner's Memorandum, Docket (Vol. VII), pp. 4888-4889. 25 Par. 6, III. Statement of Facts and Proceedings, Petitioner's Memorandum, Docket (Vol. VII), p. 4889.

Decision CTA Case Nos. 8720,8736, 8754 and 8767 Page 4 of88 Thus, petitioner separately filed with respondent its administrative claims for refund/TCC of its unutilized input VAT attributable to its zero-rated sales for CY 2012 on the following dates: TAXABLE DATE AMOUNT QUARTER OF ADMINISTRATIVE CLAIMED FOR 2012 CLAIM WAS REFUND pt Quarter FILED P35,343,482.10 2nd Quarter 34,618,094.91 Mav 23 201326 June 26, 201327 (Amended) August 8, 201328 40,305,286.80 3rd Quarter (Amended) 4th Quarter October 8, 201329 36.892.170.72 TOTAL IP147,159,034.53 ' There being no action taken by respondent on petitioner's administrative claim for refund/TCC, petitioner filed a judicial appeal, via 4 separate Petitions for Review, with the Court of Tax Appeals (CTA) on October 18, 201330, docketed as CTA Case No. 8720; on November 19, 20133\ docketed as CTA Case No. 8736; on January 6, 201432, docketed as CTA Case No. 8754; and on February 19, 201433, docketed as CTA Case No. 8767. Respondent filed his Answer in CTA Case No. 8720 on December 23, 201334, in CTA Case No. 8736 on February 3, 201435, in CTA Case No. 8754 on February 20, 201436, and in CTA Case No. 8767 on March 6, 201437, and raised the following special and affirmative defenses, to wit: For CTA Case No. 8720 jk- 26 Exhibits "P-24" and "P-24-a", CTA Case No. 8720, Docket (Vol. IV), pp. 3161-3166. 27 Exhibits "P-25" and "P-25-a", CTA Case No. 8720, Docket (Vol. IV), pp. 3167-3172. 28 Exhibits "P-26" and "P-26-a", CTA Case No. 8720, Docket (Vol. IV), pp. 3173-3178. 29 Exhibits "P-27" and "P-27-a", CTA Case No. 8720, Docket (Vol. IV), pp. 3179-3184. 30 Petition for Review, CTA Case No. 8720, Docket (Vol. I), pp. 6-18. 31 Petition for Review, CTA Case No. 8736, Docket, pp. 14-29. 32 Petition for Review, CTA Case No. 8754, Docket, pp. 6-21. 33 Petition for Review, CTA Case No. 8767, Docket, pp. 14-29. 34 CTA Case No. 8720, Docket (Vol. I), pp. 57-71. 35 CTA Case No. 8736, Docket, pp. 77-83. 36 CTA Case No. 8754, Docket, pp. 49-59. 37 CTA Case No. 8767, Docket, pp. 62-72.

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 5 of88 "4. She reiterates and re-pleads the preceding paragraphs of this Answer as part of her Special and Affirmative Defenses. 5. To support its claim, it is imperative for petitioner to prove the following, viz: a. The registration requirements of a value-added taxpayer in compliance with section 6 (a) and (b) of Revenue Regulations No. 6-97 in relation to Section 4.107-1 (a) of Revenue Regulations No.7- 95, and Section 236 of the Tax Code, as amended; b. The invoicing and accounting requirements for VAT-registered persons, as well as the filing and payment of VAT in compliance with the provisions of Section 113 and 114 of the Tax Code, as amended; c. Proof of compliance with the prescribed checklist of requirements to be submitted involving claims for VAT refund pursuant to Revenue Memorandum Order No. S3-98, otherwise there would be no sufficient compliance with the filing of an administrative claim for refund which is a condition sine qua non prior to the filing ofa judicial claim in accordance with Section 112 of the Tax Code, as amended This requires the submission of complete documents in support of the application filed with the Bureau of Internal Revenue before the 120-day audit period shall apply, and before the taxpayer could avail of the judicial remedies as provided for in the law. Hence, petitioner's failure to submit proof of compliance with the above-stated requirements warrants immediate dismissal ofpetitioner's petition for review; d That the input taxes of Php35,343,482.10 allegedly paid by petitioner on its domestic purchases of goods and services, purchases of capital goods, and purchases of services rendered by non-residents for the pt quarter of 2012 were attributable to its zero-rated sales and such have 9---

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 6 of88 not been applied against any output tax and were not carried over to the succeeding taxable quarter or quarters; e. That petitioner's administrative and judicial claims for tax credit or refund of the unutilized input tax (VAT} were filed within the periods provided in Sections 112 (A) and (D) ofthe Tax Code, as amended; f. That petitioner's domestic purchases ofgoods and services were made in the course of its trade or business_ properly supported by VAT invoices and/or official receipts and other documents_ such as subsidiary purchase Journal showing that it actually paid VAT in accordance with Sections 110 (A) (2) and 113 of the Tax Code, as amended, and pursuant to Section 4.104-5 (a) and (b) of Revenue Regulations No. 7-95 (Re: Substantiation of Claims for Input Tax Credits); g. The requirements as enumerated under Section 4.104-5 of Revenue Regulations No. 7-95. (Re: Substantiation of Claims for Input Tax Credits). 6. Petitioner must prove that the aggregate amount of P35,343,482.10 allegedly representing excess and unutilized input VAT for the 1st quarter of taxable year 2012 is properly documented. 7. As petitioner states in its petition before this Honorable Court, the subject of its claim for refund are allegedly excess and unutilized input VAT paid on its domestic purchases of goods and services_ purchases of capital goods and purchases of services rendered by non- residents attributable to zero-rated sales covering the 1st quarter of taxable year 2012. 8. The instant petition involving petitioner's claim for refund in the amount of Thirty Five Million Three hundred Forty Three Thousand Four Hundred Eighty Two and 10/100 Pesos (P35,343,482.10) allegedly paid and incurred for the 1st quarter of taxable year 2012 is not warranted for lack of jurisdiction as petitioner failed to exhaust all 'It--

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 7 of88 administrative remedies before elevating this case to the Honorable Court. 9. Unmistakably, Section 1 (j) of Rule 16 of the 1999 Rules of Civil Procedure provides that: 'MOTION TO DISMISS' Section 1. Grounds. - Within the time for but before filing the answer to the complaint or pleading asserting a claim, a motion to dismiss may be made on any ofthe following grounds: XXX (j) That a condition precedent for filing the claim has not been complied with. ' 10. Corollary thereto, Section 112 (D) [now Section 112 (c) of the Tax Code of 1997] provides as follows, to wit: 'SEC. 112. Refunds or Tax Credits ofInput Tax.- XX X (0) Period Within Which Refund or Tax Credit of Input Taxes Shall be Made. - In proper cases, the Commissioner shall grant a refund or issue the tax credit certificate for creditable input taxes within one hundred twenty (120) days from the date of submission of complete documents in support of the application filed in accordance with Subsections (A) and (B) hereof. In case of full or partial denial of the claim for tax refund or tax credit, or the failure on the part of the Commissioner to act on the application within the period prescribed above, the taxpayer affected may, within thirty (30) days from the receipt ofthe decision denying the claim or after the expiration of the one hundred twenty day-period, appeal the decision or the Pz..

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 8 of88 unacted claim with the Court of Tax Appeals. (Emphasis supplied) Pursuant to the aforequoted provision of law, the Commissioner of Internal Revenue [CIR', for brevif:)l) has 120 days from the submission of the complete supporting documents to decide the claim for refund. It logically follows that a taxpayer must first submit the complete supporting documents before the 120-day period should commence. The CIR cannot decide the claim for refund without the complete supporting documents. 11. The implementing rule for these complete documents required by law is RMO No. 53-98. Annex B-1 of said RMO lists all the required documents as follows: VALUE-ADDED TAX {For audit involving Claim for RefundI TCC) A.} Requirements from Taxpayer L Requirements mention in Annex 8 IL Additional General Requirements 1) 3 copies of 'Application for VAT CreditI Refund' 2) Summary List of Local Purchases specifying the following: XXX 3) Photocopies of VAT purchase invoices for purchase of goods and official receipts for purchase of services. (The invoices/official receipts must be arranged according to the summary list) 4) Summary of importations made during the period with the following details: XXX XXX XXX 5) Photocopies of invoices, import entry documents, official receipts or confirmation receipts evidencing i<-

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 9 of88 payment of VAT. (Segregate documents paid by cash from those paid by tax debit memo) 6) VAT Returns filed for the quarter showing that the amount applied for refund/TCC has been reflected as a deduction from the total available input tax, as well as VAT Return for the succeeding quarter 7) Certification of taxpayer showing the amount of Zero- rated Sales_ Taxable Sales and Exempt Sales 8) A statement showing the amount and description of the sale of goods and services, name of persons or entities (except in case of exports) to whom the goods or services were sold and date of the transaction, where the applicant's zero-rated transactions are regulated by certain government agency. 9) Articles ofIncorporation - for first time filers 10)Sales Contract/Agreement 11}801 Certificate of Registration 12)8IR Certificate of Registration 13)Certification from 801, DOF, 80C, EPZA, etc., that subject taxpayer has not filed similar claim for refund covering the same period. 14)Sworn statement that ending inventory as of the close of the period covered by the Claim has been used directly or indirectly in the products subsequently exported as supported by export documents, if the applicant is 100% exporter. 15)Documents of liquidation evidencing the actual utilization of the raw materials in the manufacture of goods at least 70% of which has been actually exported, if the applicant is an indirect exporter. 16} Copy of the ITR and Certified Financial Statements, if applicable. ~

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page!Oof88 17)Beginning and ending inventory of raw materials, work-in-process, finished goods, supplies and materials. Additional Specific Requirements 1) For Zero-Rated Sales of Services (contractors, mining, etc.) a. Authenticated copyjies of the contractjs showing the person/s for whom the services were rendered, amount of consideration, description of the services and documents evidencing actual payments b. Photocopies of official receipts and billings together with a summary of the date of billing, name of principal- official receipt number, date of receipt, amount in foreign currency and the corresponding value thereof, date of remittance, name of bank, bank credit memo number and amount remitted in pesos. c. Bank credit memoranda and certificate from the BSP with information similar to 1-c (export sales) As stated above, the first documentary requirement is that provided in Annex B of the same RMO. Annex B provides for more requirements as follows: VALUE-ADDED TAX A) Requirements from Taxpayers 1) Proofofclaimed tax credits 2) Proof of Tax Compliance Certificates applied 3) Xerox copy of used Tax Credit Certificate (TCC) with annotation of issued TDM at the back, if applicable 4) Proofofpayment of deficiency tax, if any a) current year/period b) previous year/period fJZ-'

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 11 of88 5) Certification of the appropriate government agency as to taxpayer's entitlement to tax incentives, if applicable 6) Xerox copies of the Official Receipts evidencing VATpayment on imported purchases, ifapplicable 7) Proofof exemption under special law, ifapplicable 8) Certification of the appropriate regulatory agency as to the exempt or zero-rated sales of the taxpayer under its regulatory supervision, if applicable 9) Certificate of Registration issued by the appropriate regulatory agency, together with the conditions attached to such registration, if applicable 10) Proof of 'Approval for Effective Zero-Rating of Sales; if applicable 11) Sample invoicejs for 'Export/Exempt Sales; if applicable 12) Proof that the acceptable foreign currency exchange proceeds on export sales/foreign currency denominated sales had been duly accounted for in accordance with the rules and regulations of the Bangko Sentral ng Pilipinas (SSP}, ifapplicable. Indubitably, the law requires the submission of complete documents in support of the application filed with the Bureau of Internal Revenue before the 120-day audit period shall apply, and before the taxpayer could avail of judicial remedies as provided for in the law. Far from complying with the checklist of requirements, evidence on record shows that petitioner merely submitted eleven (11) classes of documents in its administrative claim for refund for the quarter. This fact is clearly stated in petitioner's alleged claim for refund dated May 21, 2013.~

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 12 of88 For the 1st quarter of 2012, these documents are enumerated therein as follows: 1. Three (3) copies of the Application for VAT Credit/Refund; 2. SEC Certificate ofRegistration; 3. BIR Certificate ofRegistration; 4. Monthly VAT Declaration for January 2012 with attached summary list ofpurchases; 5. Monthly VAT Declaration for February 2012 with attached summary list of purchases; 6. Quarterly VAT Return for the first quarter of 2012 with attached summary list of sales and purchases; 7. Schedule ofpurchases with photocopies of the invoices and official receipts; 8. Certification showing of zero-rated sales and taxable sales; 9. Certification ofInward Remittances; 10. Intergroup Service Agreements; 11. Schedule of Taxable and Zero-rated Sales with photocopies of Vat official receipts; 12. A careful examination of the BIR records shows that petitioner failed to prove that it has submitted complete documents to substantiate its administrative claim for refund and to reckon the commencement of the 120-day period for the CIR. This is a requirement established by law and jurisprudence. Ergo, respondent humbly submits that failure on the part of petitioner to submit the required complete supporting documents would render the instant petition with this Honorable Court to have been prematurely filed.~

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 13 of88 13. This is not a claim for refund of erroneously or illegally collected taxes where petitioner may choose the evidence it wishes to submit to prove its case. This is merely a claim for excess input taxes where the prescribed documentation is needed by the BIR. 14. Petitioner's alleged claim for refund is subject to administrative routinary investigation/examination by the Bureau of Internal Revenue. A claim for refund is not ipso facto granted because respondent CIR still has to investigate and ascertain the validity of the claim. 15. Respondent respectfully avers that before judicial inquiry into the issue of whether taxpayers, in general, are entitled to a refund/tax credit under substantive law may be considered, they have an initial burden to discharge. They must prove that they complied with all the administrative requirements continuing up to judicial review. In other words, before the trial de novo proceeds and disposes of the issue of refund entitlement under substantive law, it must first be proved that there was procedural compliance in pursuing the administrative claim leading to the appellate proceedings. As stated by the Honorable Supreme Court: 'Petitioner's contention that non-compliance with Revenue Regulations 3-88 could not have adversely affected its case in the CTA indicates a failure on its part to appreciate the nature of the proceedings in that court. First, a judicial claim for refund or tax credit in the CTA is bv no means an original action but rather an appeal by way ofPetition for review ofa Previous, unsuccessful administrative claim. Therefore, as in every appeal or petition for review, a petitioner has to convince the aPPellate court that the quasi-judicial agency a quo did not have any reason to deny its claims. In this case, it was necessary for petitioner to show the CTA not only that it was entitled under substantive law to the grant of its claims but also that it satisfied all the documentary and evidentiary requirements for an administrative claim for refund or jz-.

Decision CIA Case Nos. 8720, 8736, 8754 and 8767 Page 14 of88 tax credit. Second, cases filed in the CTA are litigated de novo. Thus, a respondent should prove eve!JI minute aspect of its case by presenting, formally offering and submitting its evidence to the CTA. Since it is crucial for a petitioner in a judicial claim for refund or tax credit to show that its administrative claim should have been granted in the first place, part ofthe evidence to be submitted to the CTA must necessarilv include whatever is required for the successful prosecution of an administrative claim. (Emphasis and underscoring supplied) 16. The doctrine of exhaustion of administrative remedies ensures an orderly procedure which favors a preliminary sifting process, particularly with respect to matters peculiarly within the competence of the administrative agency. After this sifting process comes the availability of judicial review of administrative decisions. Judicial review of administrative decisions entails the Court to examine the method in which the decision was arrived at, and finding no error, lets the administrative decision stand. This is precisely because, as previously stated, these are matters peculiarly within the competence of the administrative agency. 17. Well-settled is the rule that exhaustion of available administrative remedies is a condition sine qua non before taking a judicial action. The Honorable Supreme Court, in long line of cases, has consistently held that if a remedy within the administrative machinery can still be resorted to by giving the administrative officer every opportunity to decide on a matter that comes within his jurisdiction, then such remedy must be exhausted first before the court's power of judicial review can be sought. 18. Moreso, the Honorable Supreme Court had the occasion to rule that where a remedy is available within the administrative machinery, this should be resorted to before resort can be made to courts, not only to give the administrative agency the opportunity to decide the matter by itself correctly, but also to prevent unnecessary and premature resort to courts. Thus, the party with an administrative remedy must not merely initiate the )e-

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 15 of88 prescribed administrative procedure to obtain relief but also pursue it to its appropriate conclusion before seeking judicial intervention in order to give the administrative agency an opportunity to decide the matter itself correctly and prevent unnecessary and premature resort to the court. 19. The doctrine of exhaustion of administrative remedies has practical and legal reasons. Resort to administrative remedies entails lesser expenses and provides for speedier disposition of controversies. Thus, for reasons of comity and convenience, courts will shy away from a dispute until the system of administrative redress has been completed and complied with so as to give the administrative agency every opportunity to correct its error and to dispose of the case. The underlying principle of the rule rests on the presumption that the administrative agency, if afforded a complete chance to pass upon the matter, will decide the same correctly. 20. Respondent respectfully submits that the 120-day period provided for by law within which the CIR has to act on petitioner's claim for refund has not yet commenced considering petitioner's failure to comply with the duly mandated legal requirements in such claims for refund/tax credit (i.e. submission of complete supporting documents). While it is true that petitioner filed an administrative claim for refund, the same is considered merely pro forma as it failed to submit documentary evidence to provide its entitlement thereto. Petitioner here failed to substantiate its administrative claim for refund. 21. Had petitioner submitted all relevant documents to substantiate its claim for refund or tax credit, respondent would have the opportunity to determine the veracity of its claim and might refund or issue a tax credit certificate for the claimed amount. Such failure of petitioner to submit relevant documents deprived respondent of the opportunity and time to study petitioner's claim for refund and to fully exercise its function. It must be remembered that in the case of Jariol vs. Commission on Elections, the Supreme Court reasoned that a party must not merely initiate the prescribed administrative procedure to obtain relief, the party concerned must pursue this relief until the appropriate conclusion takes place before seeking judicial ~

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 16of88 intervention in order to give the administrative an opportunity to decide the matter by itself correctly and prevent unnecessary and premature resort to the court. 22. In the alternative, assuming that compliance with RMO 53-98 is not mandatory and further assuming that the taxpayer is free to choose what evidence it needs to submit to buttress it administrative claim for refund, the present action should still be denied. 23. The taxpayer only submitted eleven (11) documents in its administrative claim for refund and considering that there was lack of evidence, the claim was denied by inaction. 24. The denial by inaction is supported by patent lack of evidence, thus the said decision suffers no infirmity. If the decision of court of origin or quasi-judicial body suffers no infirmity, the said decision should be affirmed by the appellate court on judicial review. 25. It is a well settled rule in tax laws, that the taxpayer who feels aggrieved by the actions taken by tax authorities may not seek redress in the courts of justice without first exhausting available administrative remedies, except for certain well-recognized exceptions. It is the policy of the law and good practice to discourage court litigations and encourage resort to administrative action whenever the latter is feasible, adequate and speedy. Another thing, the respect and consideration due to each branch of the government demand that the judicial department abstain, whenever possible from interfering in the acts of the other departments except when the latter transcend their respective shares of action and suitable remedies cannot be obtained by them. 26. Equally noteworthy is the fact that the Highest Tribunal in the case of Atlas Consolidated Mining and Development Corporation vs. Commissioner of Internal Revenue, held: 'Petitioner's contention that non-compliance with Revenue Regulations 3-88 could not have adversely affected its case in the CTA indicates a failure on its part to appreciate the nature of the tr-

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 17 of88 proceeding in the court First a judicial claim for refund or tax credit in the CTA is by no means an original action but rather an appeal by way of petition for review of a previous, unsuccessful administrative claim. Therefore, as in every appeal or petition for review, a petitioner has to convince the appellate court that quasi-judicial agency a quo did not have reason to deny its claim. In this case, it is necessary for petitioner to show the CTA not only that it was entitled under substantive law to grant of its claim but also that it satisfied all the documentary evidence and evidentiary requirements for administrative claim for refund or tax credits. x x x' Thus, as clearly stated by the above jurisprudence, the necessity for petitioner to submit all relevant documents to substantiate its administrative claim for refund is imperative. The filing of the petition for review to this Honorable Court must be due to the denial of its claim or inaction which is tantamount to a denial of the said action. Absent these circumstances, the judicial claim merely becomes an attempt by the taxpayer to circumvent the role and duties of the Commissioner in evaluating taxpayer's claim for refund. 27. Failure of petitioner to exhaust all administrative remedies is fatal to its claim considering that such non- exhaustion is not merely for purposes of formality but is jurisdictional in nature. 28. Prescinding from and anent the foregoing considerations, petitioner's failure to exhaust all available administrative remedies which led to the premature filing of the instant petition divest the Honorable Court jurisdiction over the instant petition. 29. Exemptions from taxation are highly disfavored in law and he who claims exemption must be able to justify his claim by the clearest grant of organic or statutory law. An exemption from the common burden cannot be permitted to exist upon vague implications. ~

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 18 of88 30. In an action for refund, the burden of proof is on the taxpayer to establish its right to refund, and failure to sustain the burden is fatal to the claim for refund. Hence, a taxpayer is charged with the heavy burden of proving that he has complied with and satisfied all the statutory and administrative requirements to be entitled to the tax refund. Failure to comply therewith warrants a dismissal of the taxpayer's claim for refund. Respondent humbly submits that petitioner failed to establish its right to refund. 31. It can never be emphasized enough that in this jurisdiction tax refunds/credits are in the nature of tax exemptions, hence, laws relating to them call for a strict application against the claimant. As held by the Honorable Supreme Court: 'Tax refunds are in the nature of tax exemptions_ and are to be construed strictissimi juris against the entity claiming the same. Thus_ the burden of proof rests upon the taxpayer to establish by sufficient and competent evidence, its entitlement to a claim for refund. 32. Taxes collected are presumed to be in accordance with laws and regulations. 33. Claims for refund are construed strictly against the claimant for the same partake of the nature of exemption from taxation and as such, they are looked upon with disfavor. Basic is the rule that tax refunds are regarded as tax exemptions that are in derogation of the sovereign authority and are to be construed in strictissimi juris against the person or entity claiming the exemption. The law does not look with favor on tax exemptions and that he who would seek to be thus privileged must justify it by words too plain to be mistaken and too categorical to be misinterpreted. 34. Based on the foregoing, petitioner's claim for refund has no basis in fact and in law. Thus, the instant petition should be dismissed for lack of jurisdiction and/or lack of merit." '!)<--

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 19 of88 For CTA Case No. 8736 "4. Respondent hereby reiterates and repleads the preceding paragraphs of this answer as part of her Special and Affirmative Defenses. 5. Taxes collected are presumed to be in accordance with laws and regulations. 6. Petitioner's alleged claim for refund is subject to administrative routinary investigation/examination by the Bureau of Internal Revenue. A claim for refund is not ipso facto granted because respondent CIR still has to investigate and ascertain the validity of the claim. 7. In an action for refund, the burden of proof is on the taxpayer who claims the exemption and he must justify his claim by the clearest grant under the Constitutional or statutory law and cannot be permitted by vague implications (BPI Leasing Corporation vs. Honorable Court of Appeals, G.R. No. 127624, November 18, 2003) The taxpayer is charged with the heavy burden of proving that he has complied with and satisfied all the statutory and administrative requirements to be entitled to the tax refund. (Commissioner of Internal Revenue vs. Eastern Telecommunications Philippines, Inc. G.R. No. 163835 July 7, 2010) 8. To support its claim, it is imperative for petitioner to prove the following, viz. a. The registration requirements of a value-added taxpayer in compliance with Section 6 (a) and (b) of Revenue Regulations No. 6-97 in relation to Section 4.107-1 (a) of Revenue Regulations No. 7-95, and Section 236 of the Tax Code, as amended; b. The invoicing and accounting requirement for VAT registered persons, as well as the filing and payment of VAT in compliance with the ;1e--

Decision CTA Case Nos. 8720, 8736,8754 and 8767 Page 20 of88 provisions of Section 113 and 114 of the Tax Code, as amended; c. Proof of compliance with the prescribed checklist of requirements to be submitted involving claim for VAT refund pursuant to Revenue Memorandum Order No. 53-98, otherwise there would be no sufficient compliance with the filing of an administrative claim for refund which is a condition sine qua non prior to the filing of a judicial claim in accordance with Section 112 of the Tax Code, as amended. This requires the submission of complete documents in support of the application filed with the Bureau of Internal Revenue before the 120-day audit period shall apply, and before the taxpayer could avail of the judicial remedies as provided for in the law. Hence, petitioner's failure to submit proof of compliance with the above-stated requirements warrants immediate dismissal of the petitioner[sic] for review; d. That the input taxes of P34,618,094.91 allegedly paid by petitioner on its domestic purchases of goods and services, purchases of capital goods and of services rendered by non-residents for the second quarter of taxable year 2012 were attributable to its zero-rated sales and such have not been applied against any output tax and were not carried over to the succeeding taxable quarter or quarters; e. That petitioner's administrative and judicial claims for tax credit or refund of the unutilized input tax (VAT) were filed within the periods provided in Sections 112 (A) and (D) of the Tax Code, as amended; f. That petitioner's domestic purchases of goods and services were made in the course of its trade or business, properly supported by VAT invoices and/or official receipts and other documents, such as subsidiary purchase Journal showing that ik--

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page21 of88 it actually paid VAT in accordance with Sections llO(A) (2) and 113 of the Tax Code, as amended, and pursuant to Section 4.104-5 (a) and (b) of Revenue Regulations No. 7-95 (Re: Substantiation of Claims for Input Tax Credits); g. The requirements as enumerated under Section 4.104-5 of Revenue Regulations No. 7-95 (Re: Substantiation of Claims for Input Tax Credits) 9. Petitioner must prove that the amount of P34,618,094.91 allegedly representing unutilized input VAT for the second quarter of taxable year 2012 is properly documented. 10. In an action for refund, the burden of proof is on the taxpayer to establish its right to refund and failure to sustain the burden is fatal to the claim for refund/credit. This is so because exemptions from taxation are highly disfavored in law and he who claims exemption must be able to justify his claim by the clearest grant of organic or statutory law. An exemption from the common burden cannot be permitted to exist upon vague implications (Asiatic Petroleum Co. vs. Llanes, 49 Phil. 466 cited in Collector of Internal Revenue v Manila Jockey Club, Inc., 98 Phil. 670). 11. Claims for refund are construed strictly against the claimant for the same partake of the nature of exemption from taxation (Commissioner of Internal Revenue vs. Ledesma, 31 SCRA 95) and as such, they are looked upon with disfavor (Western Minolco Corp. vs. Commissioner of Internal Revenue, 124 SCRA 1211). Basic is the rule that tax refunds are regarded as tax exemptions that are in derogation of the sovereign authority and are to be construed in strictissimi juris against the person or entity claiming the exemption (Philippine Phosphate Fertilizer Corporation v. Commissioner of Internal Revenue, G.R. No. 141973, June 28, 2005). The law does not look with favor on tax exemptions and that he who would seek to be thus privileged must justify it by words too plain to be mistaken and too categorical to be,..__

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 22 of88 misinterpreted (Sea-Land Service vs. Court of Appeals, 357 SCRA 444). 12. Following the premise above-mentioned, petitioner has the burden of proving that the right to such tax refund indubitably exists and well-founded doubt is fatal to the claim." For CTA Case No. 8754 "4. Petitioner's alleged claim for refund is subject to administrative routinary investigation/examination by the Bureau. 5. The amount of P40,305,286.80 representing alleged unutilized input VAT arising from petitioner's domestic purchases of goods and services, purchases of capital goods and purchases of services rendered by non-residents for the 3'd quarter of taxable year 2012 allegedly attributable to zero-rated sales was not properly documented. 6. In an action for refund, the burden of proof is on the taxpayer to establish its right to refund, and failure to sustain the burden is fatal to the claim for refund/credit. 7. Petitioner must show that it has complied with the provisions of Section 112 of the NIRC of 1997 on the prescriptive period for claiming tax refund/credit. 8. Petitioner must prove that it paid the alleged VAT input taxes for the periods stated. 9. Petitioner must prove that its sale of services is subject to VAT at zero percent (0%). 10. Petitioner must prove that its alleged unutilized input VAT has not been applied against any output tax liabilities both in the current or succeeding year. 11. There is no record of petitioner ever submitting complete documents to substantiate its administrative claim for refund. Such is a requirement, otherwise, the administrative body will have sufficient reason to deny the claim. As held by the Honorable Supreme Court in the case~

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 23 of88 of Atlas Consolidated Mining and Development Corporation vs. Commissioner of Internal Revenue, G.R. No. 145526, 16 March 2007: 'Petitioner's contention that non-compliance with Revenue Regulations 3-88 could not have adversely affected its case in the CTA indicates a failure on its part to appreciate the nature of the proceedings in that court. First, a judicial claim for refund or tax credit in the CTA is by no means an original action but rather an appeal by way of petition for review of a previous, unsuccessful administrative claim. Therefore, as in every appeal or petition for review, a petitioner has to convince the appellate court that the quasi-judicial agency a guo did not have any reason to deny its claims. In this case, it was necessary for petitioner to show the CTA not only that it was entitled under substantive law to the grant of its claims but also that it satisfied all the documentary and evidentiary requirements for an administrative claim for refund or tax credit. Second, cases filed in the CTA are litigated de novo. Thus, a petitioner should prove every minute aspect of its case by presenting, formally offering and submitting its evidence to the CTA. Since it is crucial for a petitioner in a judicial claim for refund or tax credit to show that its administrative claim should have been granted in the first place. part of the evidence to be submitted to the CTA must necessarily include whatever is required for the successful prosecution of an administrative claim.' (emphasis and underscoring supplied) 12. The implementing rule for these complete documents required by law is RMO No. 53-98. Annex B-1 of said RMO lists all the required documents as follows: VALUE-ADDED TAX (For audit involving Claim for Refund I TCC) A.) Requirements from Taxpayer J-

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 24 of88 I. Requirements mention in Annex B II. Additional General Requirements 1) 3 copies of'Application for VAT Credit/ Refund' 2) Summary List of Local Purchases specifying the following: XXX XXX XXX 3) Photocopies of VAT purchase invoices for purchase of goods and official receipts for purchase of services. (The invoices/official receipts must be arranged according to the summary list) 4) Summary of importations made during the period with the following details: XXX XXX XXX 5) Photocopies of invoices, import entry documents, official receipts or confirmation receipts evidencing payment of VAT. (Segregate documents paid by cash from those paid by tax debit memo) 6) VAT Returns filed for the quarter showing that the amount applied for refund/TCC has been reflected as a deduction from the total available input tax, as well as VAT Return for the succeeding quarter 7) Certification of taxpayer showing the amount of Zero-rated Sales, Taxable Sales and Exempt Sales 8) A statement showing the amount and description of the sale of goods and services, name of persons or entities (except in case of exports) to whom the goods or services were sold and date of the transaction, where the applicant's zero-rated transactions are regulated by certain government agency. 9) Articles of Incorporation - for first time filers 3Z-

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 25 of88 10) Sales Contract/Agreement 11) BOI Certificate of Registration 12) BIR Certificate of Registration 13) Certification from BOI, DOF, BOC, EPZA, etc., that subject taxpayer has not filed similar claim for refund covering the same period. 14)Sworn statement that ending inventory as of the close of the period covered by the Claim has been used directly or indirectly in the products subsequently exported as supported by export documents, if the applicant is 100% exporter. 15) Documents of liquidation evidencing the actual utilization of the raw materials in the manufacture of goods at least 70% of which has been actually exported, if the applicant is an indirect exporter. 16) Copy of the ITR and Certified Financial Statements, if applicable. 17) Beginning and ending inventory of raw materials, work-in-process, finished goods, supplies and materials. Additional Specific Requirements 1) For Zero-Rated Sale of Services (contractors, mining, etc.) a. Authenticated copy/ies of the contract/s showing the person/s for whom the services were rendered, amount of consideration, description of the services and documents evidencing actual payments. b. Photocopies of official receipts and billings together with a summary of the date of billing, name of principal, official receipt ~

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 26 of88 number, date of receipt, amount in foreign currency and the corresponding value thereof, date of remittance, name of bank, bank credit memo number and amount remitted in pesos. c. Bank credit memoranda and certificate from the BSP with information similar to 1-c (export sales) 13. As stated above, the first documentary requirement is that provided in Annex B of the same RMO. Annex B provides for more requirements as follows: VALUE-ADDED TAX A) Requirements from Taxpayers 1) Proof of claimed tax credits 2) Proof of Tax Compliance Certificates applied 3) Xerox copy of used Tax Credit Certificate {TCC) with annotation of issued TOM at the back, if applicable 4) Proof of payment of deficiency tax, if any a) current year/period b) previous year/period 5) Certification of the appropriate government agency as to taxpayer's entitlement to tax incentives, if applicable 6) Xerox copies of the Official Receipts evidencing VAT payment on imported purchases, if applicable 7) Proof of exemption under special law, if applicable 8) Certification of the appropriate regulatory agency as to the exempt or zero-rated sales of the taxpayer under its regulatory supervision, if applicable 9) Certificate of Registration issued by the appropriate regulatory agency, together with the conditions attached to such registration, if applicable 10) Proof of 'Approval for Effective Zero-Rating of Sales', if applicable ll)Sample invoicejs for 'Export/Exempt Sales', if applicable rz--

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 27 of88 12) Proof that the acceptable foreign currency exchange proceeds on export sales/foreign currency denominated sales had been duly accounted for in accordance with the rules and regulations of the Bangko Sentral ng Pilipinas (BSP), if applicable. 14. Far from complying with the checklist of requirements, petitioner merely submitted eleven (11) documents in support of its administrative claim for refund. This is not a claim for erroneously or illegally collected taxes where petitioner has the discretion of choosing the evidence it deems fit to prove its case. This is a claim for excess but legally collected, unutilized input taxes. It does not have to prove its case because the law already acknowledges it is entitled to refund. Thus, it merely has to substantiate the export sales and the excess amount. Hence, petitioner's failure to comply with the duly mandated legal requirements in such claims for refund/tax credit warranted the denial by inaction of the administrative claim. 15. The power to tax is the most effective instrument to raise needed revenues to finance and support the myriad activities of the government for the delivery of basic services essential to the promotion of the general welfare and enhancement of peace, progress, and prosperity of the people (Mactan Cebu International Airport Authority vs. Marcos, 261 SCRA 667, 690). Consequently, any delay in implementing tax measures would be to the detriment of the public. It is for this reason that claims for refund are required to be done within certain time frames. In the instant petition, the failure of petitioner to comply with such periods is fatal to its cause. 16. Moreover, petitioner's failure to submit documents supporting its claim for refund makes its administrative claim for refund pro-forma. This pro-forma administrative claim should not be taken as proper compliance with the requirements of the law that an administrative claim for refund should have been filed prior to the institution of a judicial claim for refund. Thus, without a validly and duly filed administrative claim for refund, the Honorable Court is without jurisdiction to entertain the Petition for Review. Petitioner's failure to comply with a condition precedent~

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 28 of88 prior to the institution of its petition for review makes it dismissible for absence of jurisdiction on the part of the Honorable Court. 17. The claimant has the burden of proof to establish the factual basis of his claim for tax credit or refund. After all tax refunds, like tax exemptions, are construed strictly against the taxpayer. (Citibank N.A. vs. Court of Appeals and Commissioner of Internal Revenue, 280 SCRA 459; Commissioner of Internal Revenue vs. Tokyo Shipping Co., Ltd., 244 SCRA 332, both cited in Benguet Corporation vs. Commissioner of Internal Revenue, CTA Case No. 5392 promulgated October 30, 1998). 18. Partaking of the nature of exemptions, claims for refund are strictly construed against the claimant and cannot be allowed unless granted in the most explicit and categorical language. (Sps. Aguilar vs. Commissioner of Internal Revenue, et al., CA G.R.SP No. 16432, March 30, 1999). Being in the nature of tax exemptions, these claims are regarded as in derogation of sovereign authority and to be construed strictissimi juris against the claimant and liberally in favor of the taxing authority (Commissioner of Internal Revenue vs. Procter and Gamble Philippines Manufacturing Corporation, 204 SCRA 377). 19. Claims for refund are construed strictly against the claimant for the same partake the nature of exemption from taxation (Commissioner of Internal Revenue vs. Ledesma/ 31 SCRA 95) and such, they are looked upon with disfavor (Western Minolco Corp. vs. Commissioner of Internal Revenue/ 124 SCRA 1211)." For CTA Case No. 8767 "4. Petitioner's alleged claim for refund is subject to administrative routinary investigation/examination by the Bureau. 5. The amount of P36,892,170.72 representing alleged unutilized input VAT arising from petitioner's alleged domestic purchases of goods and services, purchases of capital goods and purchases of services rendered by non- jiL

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 29 of88 residents for the 4th quarter of taxable year 2012 allegedly attributable to zero-rated sales was not properly documented. 6. In an action for refund, the burden of proof is on the taxpayer to establish its right to refund, and failure to sustain the burden is fatal to the claim for refund/credit. 7. Petitioner must show that it has complied with the provisions of Section 112 of the NIRC of 1997 on the prescriptive period for claiming tax refund/credit. 8. Petitioner must prove that it paid the alleged VAT input taxes for the periods stated. 9. Petitioner must prove that its sales of services is subject to VAT at zero percent (0%). 10. Petitioner must prove that its alleged unutilized input VAT has been applied against any output tax liabilities both in the current or succeeding year. 11. There is no record of petitioner ever submitting complete documents to substantiate its administrative claim for refund. Such is a requirement, otherwise, the administrative body will have sufficient reason to deny the claim. As held by the Honorable Supreme Court in the case of Atlas Consolidated Mining and Development Corporation vs. Commissioner of Internal Revenue, G.R. No. 145526, 16 March 2007: 'Petitioner's contention that non-compliance with Revenue Regulations 3-88 could not have adversely affected its case in the CTA indicates a failure on its part to appreciate the nature of the proceedings in that court. First, a judicial claim for refund or tax credit in the CTA is by no means an original action but rather an appeal by way of petition for review of a previous, unsuccessful administrative claim. Therefore, as in every appeal or petition for review, a petitioner has to convince the appellate court that the quasi-judicial agency a guo did not have any reason to deny its claims. In this case, it was necessary for petitioner to show the ~

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 30 of88 CTA not only that it was entitled under substantive law to the grant of its claims but also that it satisfied all the documentarv and evidentiarv requirements for an administrative claim for refund or tax credit. Second, cases filed in the CTA are litigated de novo. Thus, a petitioner should prove every minute aspect of its case by presenting, formally offering and submitting its evidence to the CTA. Since it is crucial for a petitioner in a judicial claim for refund or tax credit to show that its administrative claim should have been granted in the first place. part of the evidence to be submitted to the CTA must necessarily include whatever is required for the successful prosecution of an administrative claim.' (emphasis and underscoring supplied) 11. The implementing rule for these complete documents required by law is RMO No. 53-98. Annex B-1 of said RMO lists all the required documents as follows: VALUE-ADDED TAX (For audit involving Claim for Refund/ TCC) A.) Requirements from Taxpayer I. Requirements mention in Annex B II. Additional General Requirements 1) 3 copies of 'Application for VAT Credit I Refund' 2) Summary List of Local Purchases specifying the following: XXX XXX XXX 3) Photocopies of VAT purchase invoices for purchase of goods and official receipts for purchase of services. (The invoices/official receipts must be arranged according to the summary list) 4) Summary of importations made during the period with the following details: Jc.-

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page31 of88 XXX XXX XXX 5) Photocopies of invoices, import entry documents, official receipts or confirmation receipts evidencing payment of VAT. (Segregate documents paid by cash from those paid by tax debit memo) 6) VAT Returns filed for the quarter showing that the amount applied for refund/TCC has been reflected as a deduction from the total available input tax, as well as VAT Return for the succeeding quarter 7) Certification of taxpayer showing the amount of Zero-rated Sales, Taxable Sales and Exempt Sales 8) A statement showing the amount and description of the sale of goods and services, name of persons or entities (except in case of exports) to whom the goods or services were sold and date of the transaction, where the applicant 's zero-rated transactions are regulated by certain government agency. 9) Articles of Incorporation - for first time filers 10) Sales Contract/Agreement 11) BOI Certificate of Registration 12) BIR Certificate of Registration 13) Certification from BOI, DOF, BOC, EPZA, etc., that subject taxpayer has not filed similar claim for refund covering the same period. 14) Sworn statement that ending inventory as of the close of the period covered by the Claim has been used directly or indirectly in the products subsequently exported as supported by export documents, if the applicant is 100% exporter. fo-

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 32 of88 15) Documents of liquidation evidencing the actual utilization of the raw materials in the manufacture of goods at least 70% of which has been actually exported, if the applicant is an indirect exporter. 16) Copy of the ITR and Certified Financial Statements, if applicable. 17) Beginning and ending inventory of raw materials, work-in-process, finished goods, supplies and materials. Additional Specific Requirement 1) For Zero-Rated Sale of Services (contractors, mining, etc.) a.Authenticated copy/ies of the contract/s showing the person/s for whom the services were rendered, amount of consideration, description of the services and documents evidencing actual payments. b. Photocopies of official receipts and billings together with a summary of the date of billing, name of principal, official receipt number, date of receipt, amount in foreign currency and the corresponding value thereof, date of remittance, name of bank, bank credit memo number and amount remitted in pesos c. Bank credit memoranda and certificate from the BSP with information similar to 1-c (export sales) 12. As stated above, the first documentary requirement is that provided in Annex B of the same RMO. Annex B provides for more requirements as follows: VALUE-ADDED TAX A) Requirements from Taxpayers 1) Proof of claimed tax credits 2) Proof of Tax Compliance Certificates applied 3) Xerox copy of used Tax Credit Certificate (TCC) with annotation of issued TDM at the back, if applicable 4) Proof of payment of deficiency tax, if any a) current year/period ~

Decision CTA Case Nos. 8720, 8736,8754 and 8767 Page 33 of88 b) previous year/period 5) Certification of the appropriate government agency as to taxpayer's entitlement to tax incentives, if applicable 6) Xerox copies of the Official Receipts evidencing VAT payment on imported purchases, if applicable 7) Proof of exemption under special law, if applicable 8) Certification of the appropriate regulatory agency as to the exempt or zero-rated sales of the taxpayer under its regulatory supervision, if applicable 9) Certificate of Registration issued by the appropriate regulatory agency, together with the conditions attached to such registration, if applicable 10) Proof of 'Approval for Effective Zero-Rating of Sales', if applicable 11) Sample invoice/s for 'Export/Exempt Sales', if applicable 12) Proof that the acceptable foreign currency exchange proceeds on export sales/foreign currency denominated sales had been duly accounted for in accordance with the rules and regulations of the Bangko Sentral ng Pilipinas (BSP), if applicable. 13. Far from complying with the checklist of requirements, petitioner merely submitted eleven (11) documents in support of its administrative claim for refund. This is not a claim for erroneously or illegally collected taxes where petitioner has the discretion of choosing the evidence it deems fit to prove its case. This is a claim for excess but legally collected, unutilized input taxes. It does not have to prove its case because the law already acknowledges it is entitled to refund. Thus, it merely has to substantiate the export sales and the excess amount. Hence, petitioner's failure to comply with the duly mandated legal requirements in such claims for refund/tax credit warranted the denial by inaction of the administrative claim. 14. The power to tax is the most effective instrument to raise needed revenues to finance and support the myriad ~

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 34 of88 activities of the government for the delivery of basic services essential to the promotion of the general welfare and enhancement of peace, progress, and prosperity of the people (Mactan Cebu International Airport Authority vs. Marcos, 261 SCRA 667, 690). Consequently, any delay in implementing tax measures would be to the detriment of the public. It is for this reason that claims for refund are required to be done within certain time frames. In the instant petition, the failure of petitioner to comply with such periods is fatal to its cause. 15. Moreover, petitioner's failure to submit documents supporting its claim for refund makes its administrative claim for refund pro-forma. This pro-forma administrative claim should not be taken as proper compliance with the requirements of the law that an administrative claim for refund should have been filed prior to the institution of a judicial claim for refund. Thus, without a validly and duly filed administrative claim for refund, the Honorable Court is without jurisdiction to entertain the Petition for Review. Petitioner's failure to comply with a condition precedent prior to the institution of its petition for review makes it dismissible for absence of jurisdiction on the part of the Honorable Court. 16. The claimant has the burden of proof to establish the factual basis of his claim for tax credit or refund. After all tax refunds, like tax exemptions, are construed strictly against the taxpayer. (Citibank N.A. vs. Court of Appeals and Commissioner of Internal Revenue, 280 SCRA 459; Commissioner of Internal Revenue vs. Tokyo Shipping Co., Ltd., 244 SCRA 332, both cited in Benguet Corporation vs. Commissioner of Internal Revenue, CTA Case No. 5392 promulgated October 30, 1998). 17. Partaking of the nature of exemptions, claims for refund are strictly construed against the claimant and cannot be allowed unless granted in the most explicit and categorical language. (Sps. Aguilar vs. Commissioner of Internal Revenue, et al., CA G.R.SP No. 16432, March 30, 1999). Being in the nature of tax exemptions, these claims are regarded as in derogation of sovereign authority and to be construed strictissimi juris against the claimant and liberally in favor of the taxing lt--

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 35 of88 authority (Commissioner of Internal Revenue vs. Procter and Gamble Philippines Manufacturing Corporation, 204 SCRA 377). 18. Claims for refund are construed strictly against the claimant for the same partake of the nature of exemption from taxation (Commissioner of Internal Revenue vs. Ledesma, 31 SCRA 95) and such, they are looked upon with disfavor (Western Minolco Corp. vs. Commissioner of Internal Revenue, 124 SCRA 1211). On April 29, 2014, the CTA First Division issued a Resolution38 consolidating CTA Case No. 8754 with CTA Case Nos. 8720, 8736 and 8767. The Pre-Trial Conference was set on June 13, 2014. Thereafter, Respondent's Pre-Trial BrieP9 and Pre-trial Brief for Petitioner"0 were filed on June 4, 2014 and June 6, 2014, respectively. On July 3, 2014, the parties filed their Joint Stipulation of Facts and Issues41, which was approved in the Resolution42 promulgated on August 18, 2014. During trial, petitioner presented the following witnesses: Ms. Rachel M. Concepcion43, petitioner's Finance Controller; Ms. Katherine 0. Constantino44, Court-commissioned Independent Certified Public Accountant (ICPA); and Marice! Tio-Balagtas45, then part of petitioner's Finance Legal Entity Control Team. On April 6, 2015, petitioner filed its Formal Offer of Evidence (With Urgent Motion to Set Commissioner's Hearing for Marking of Exhibits)46 offering Exhibits "P-1" to "P-4332", inclusive of sub- ~ 38 erA Case No. 8720, Docket (Vol. I), pp. 110-111. 39 erA Case No. 8720, Docket (Vol. I), pp. 112-116. 40 erA Case No. 8720, Docket (Vol. I), pp. 400-413. 41 erA Case No. 8720, Docket (Vol. I), pp. 430-438. 42 erA Case No. 8720, Docket (Vol. I), p. 450. 43 Minutes of the Hearing dated September 9, 2014, erA Case No. 8720, Docket (Vol. I), pp. 472-473; Minutes of the Hearing dated October 21, 2014, erA Case No. 8720, Docket (Vol. II), pp. 1624-1626; Minutes of the Hearing dated May 10, 2016, erA Case No. 8720, Docket (Vol. IV), pp. 3325-3326. 44 Minutes of the Hearing dated November 13, 2014, erA Case No. 8720, Docket (Vol. II), pp. 1640-1641; Minutes of the Hearing dated January 20, 2015, erA Case No. 8720, Docket (Vol. II), pp. 1682-1683. 45 Order dated November 28, 2017, erA Case No. 8720, Docket (Vol. V), pp. 4074-4075. 46 erA Case No. 8720, Docket (Vol. III), pp. 1739-1788.

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 36 of88 markings, with respondents' Motion to Admit Attached Comment-47 and Comment (Re: Petitioner's Formal Offer of Evidence)48, filed on April 23, 2015, and respondent's Comment (Re: Urgent Motion to set Commissioner's Hearing)49, filed on April 23, 2015. On June 11, 2015, petitioner filed its Comment/Opposition (Re: Respondent's Motion to Admit dated April 23, 2015).50 The Court granted petitioner's Urgent Motion to Set Commissioner's Hearing for Marking of Exhibits in the Resolution51 promulgated on June 15, 2015. In the Resolution52 dated July 24, 2015, the Court granted respondents' Motion to Admit Attached Comment and admitted Comment (Re: Petitioner's Formal Offer of Evidence). Except for Exhibits "P-3-a", "P-13.27", "P-13.32", "P-13.33", "P- 13.34", "P-13.35", "P-13.36", "P-13.37", "P-13.38", "P-13.39", "P- 13.40", "P-13.41", "P-13.42", "P-13.43", "P-13.44", "P-13.45, "P- 13.46", "P-13.47", "P-13.48", "P-13.49", "P-13.50", "P-13.51", "P- 13.52", "P-13.53", "P-13.54", "P-27-a", "P-21" and "P-34", the Court admitted Exhibits "P-1"I "P-2"I "P-3"I "P-3-b"I "P-4"I "P-4-a"I "P-4-b"I "P-4-c" "P-4-d" "P-4-e" "P-4-f" "P-4-g" "P-5" "P-5-a" "P-5-b" "P-'IIIIIII 5-c"I "P-6"I "P-6-a"f "P-6-b"I "P-6-c"I "P-6-d"I "P-7"I "P-7-a"I "P-7-b"I "P-7-c", "P-7-d"I "P-8"I "P-8-a"I "P-8-b"I "P-8-c"I "P-9"I "P-9-a"I "P-9- b", "P-9-c", "P-10", "P-10-a", "P-10-b", "P-10-c", "P-11", "P-12", "P- 13", "P-13.1", "P-13.2", "P-13.3", "P-13.4", "P-13.5", "P-13.6", "P- 13. 7", "P-13.8", "P-13.9", "P-13.10", "P-13.11", "P-13.12", "P-13.13", "P-13.14", "P-13.15", "P-13.16", "P-13.17", "P-13.18", "P-13.19", "P- 13.20", "P-13.21", "P-13.22", "P-13.23", "P-13.24", "P-13.25", "P- 13.26", "P-13.28", "P-13.29", "P-13.30", "P-13.31", "P-14", "P-14.1", "P-14.2", "P-14.3", "P-14.4", "P-14.5", "P-14.6", "P-14. 7", "P-14.8", "P-14.9", "P-14.10", "P-14.11", "P-14.12", "P-14.13", "P-14.14", "P- 14.15", "P-14.16", "P-14.17", "P-14.18", "P-14.19", "P-14.20", "P- 14.21", "P-14.22", "P-14.23", "P-14.24", "P-14.25", "P-14.26", "P- 14.27", "P-14.28", "P-14.29", "P-14.30", "P-14.31", "P-14.32", "P- 14.33", "P-14.34", "P-14.35", "P-14.36", "P-14.37", "P-14.38", "P- 14.39", "P-14.40", "P-14.41", "P-14.42", "P-14.43", "P-14.44", "P-~ 47 erA Case No. 8720, Docket (Vol. IV), pp. 3196-3201. 48 erA Case No. 8720, Docket (Vol. IV), pp. 3202-3204. 49 erA Case No. 8720, Docket (Vol. IV), pp. 3205-3209. 50 erA Case No. 8720, Docket (Vol. IV), pp. 3216-3221. 51 erA Case No. 8720, Docket (Vol. IV), pp. 3223-3225. 52 erA Case No. 8720, Docket (Vol. IV), pp. 3228-3229.

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 37 of88 14.45", "P-14.46", "P-14.47", "P-14.48", "P-14.49", "P-14.50", "P- 14.51", "P-14.52", "P-14.53", "P-14.54", "P-14.55", "P-14.56", "P- 14.57", "P-14.58", "P-14.59", "P-14.60", "P-14.61 ", "P-14.62", "P- 14.63", "P-14.64", "P-14.65", "P-14.66", "P-14.67", "P-14.68", "P- 14.69", "P-14.70", "P-14.71", "P-14.72", "P-14.73", "P-14.74", "P- 14. 75", "P-15", "P-15.1", "P-15.2", "P-15.3", "P-15.4", "P-15.5", "P- 15.6", "P-15.7", "P-15.8", "P-15.9", "P-15.10", "P-15.11", "P-15.12", "P-15.13", "P-15.14", "P-15.15", "P-15.16", "P-15.17", "P-15.18", "P- 15.19", "P-15.20", "P-15.21 ", "P-15.22", "P-15.23", "P-15.24", "P- 15.25", "P-15.26", "P-15.27", "P-15.28", "P-15.29", "P-15.30", "P- 15.31", "P-15.32", "P-15.33", "P-15.34", "P-15.35", "P-15.36", "P- 15.37", "P-15.38", "P-15.39", "P-15.40", "P-15.41", "P-15.42", "P-16", "P-17'', "P-17-a"I "P-17-b"I "P-17-c"I "P-18"I "P-19"I "P-19-a"I "P-19- b" "P-19-c" "P-20" "P-22" "P-23" "P-23-a" "P-23-b" "P-23-c" "P- ' I I I I I I f 24" "P-24-a" "P-25" "P-25-a" "P-26" "P-26-a" "P-27" "P-28" "P-'II I I I I I 29" "P-29-1 III "P-31 III "P-31-1 III "P-32" "P-33" "P-35" "P-36" "P- ' I f I I 37" "P-38" "P-39" "P-40" "P-41" "P-42" "P-43" "P-44" "P-45" "P-'III I I I I f 46" "P-47" "P-48" "P-49" "P-50" "P-51" "P-52" "P-53" "P-54" "P-'III I I I I I 55" "P-56" "P-57" "P-58" "P-59" "P-60" "P-61" "P-62" "P-63" "P-'III I I I I I 64" "P-65" "P-66" "P-67" "P-68" "P-69" "P-70" "P-71" "P-72" "P-'III I I I I I 73" "P-74" "P-75" "P-76" "P-77'' "P-78" "P-79" "P-80" "P-81" "P-'III f I I I I 82" "P-83" "P-84" "P-85" "P-86" "P-87" "P-88" "P-89" "P-90" "P-'III I I I I I 91 II/ "P-92"I "P-93"I "P-94"I "P-95"I "P-96"I "P-97"I "P-98"I "P-99"I "P- 100" "P-101 to P-978" "P-979 to P-1004" "P-1005 to P-4315" "P-'I I I 4316"I "P-4317"f "P-4319"I "P-4320"I "P-4321"I "P-4322"I "P-4323"I "P-4324" "P-4325" "P-4326" "P-4327" "P-4328" "P-4329" "P-'I I I I I 4330"I "P-4331"I "P-4332" and "P-4332-1" in the Resolution53 promulgated on September 28, 2015. On October 16, 2015, petitioner filed a Motion for Reconsideration (Re: Resolution dated September 28, 2015) (With Motion to Set Commissioner's Hearing),54 with respondent's Comment (Re: Motion for Reconsideration with Dated 16 October 2015)55, filed on November 5, 2015. Petitioner's Motion to Set Commissioner's Hearing was granted by the Court in its Resolution56 dated January 22, 2016. The resolution of petitioner's Motion for Reconsideration (Re: Resolution dated September 28, 2015) was held in abeyance. Thereafter, petitioner re-submits its Formal Offer of Evidence57 on May 30I 2016I and offered Exhibits "P-21"I "P-27-a"I "P-13 � 27"1?-c.- 53 CTA Case No. 8720, Docket (Vol. IV), pp. 3264-3266. 54 CTA Case No. 8720, Docket (Vol. IV), pp. 3267-3280 55 CTA Case No. 8720, Docket (Vol. IV), pp. 3284-3288. 56 CTA Case No. 8720, Docket (Vol. IV), pp. 3304-3305. 57 CTA Case No. 8720, Docket (Vol. IV), pp. 3330-3340.

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 38 of88 "P-13.32" to "P-13.38", "P-13.40", "P-13.42", "P-13.44" to "P-13.45", "P-13.52" and "P-13.54" as part of its documentary evidence. On May 31, 2016, respondent filed his Comment (Re: Petitioner's Formal Offer of Evidence).58 The Court, however, only admitted Exhibit "P- 21" in its Resolution59 promulgated on July 26, 2016. The Court partially granted petitioner's Motion for Reconsideration (Re: Resolution dated September 28, 2015). In the hearing held on August 30, 2016, respondent's sole witness, Revenue Officer Elizabeth U. Cadiz,60 was presented on the witness stand. Thereafter, respondent filed a Formal Offer of Evidence61 on September 1, 2016, offering Exhibits "R-1", "R-2" and "R-2-1", which were all admitted in the Resolution62 promulgated on November 4, 2016. Subsequently, the Memorandum (For Respondent)63 and petitioner's Memorandum (With Motion to Re-open Trial)64 were filed on December 5, 2016 and January 9, 2017, respectively. Respondent, on the other hand, filed his Comment/Opposition Re: Petitioner's Memorandum (with Motion to Reopen Trial)65 on February 27, 2017. In the Resolution66 dated September 13, 2017, the Court granted petitioner's Motion to Reopen Trial. On February 15, 2018, petitioner filed its Supplemental Formal Offer of Evidence (With Motion to Set Commissioner's Hearing),67 offering Exhibits "P-4332" to "P-4351", and "P-4353 to "P-4394-1." Respondent's filed his Comment Re: Petitioner's Supplemental Formal Offer of Evidence68 on February 26, 2018. In the Resolution69 dated April 18, 2018, the Court granted petitioner's Motion to Set Commissioner's Hearing; held in abeyance petitioner's Supplemental Formal Offer of Evidence; and noted )c.- 58 CTA Case No. 8720, Docket (Vol. IV), pp. 3501-3504. 59 CTA Case No. 8720, Docket (Vol. V), pp. 3510-3515. 60 Minutes of the Hearing, CTA Case No. 8720, Docket (Vol. V), pp. 3516-3518. 61 CTA Case No. 8720, Docket (Vol. V), pp. 3522-3526. 62 CTA Case No. 8720, Docket (Vol. V), pp. 3536-3537. 63 CTA Case No. 8720, Docket (Vol. V), pp. 3538-3553. 64 CTA Case No. 8720, Docket (Vol. V), pp. 3567-3604. 65 CTA Case No. 8720, Docket (Vol. V), pp. 3622-3628. 66 CTA Case No. 8720, Docket (Vol. V), pp. 3634-3637. 67 CTA Case No. 8720, Docket (Vol. VI), pp. 4090-4102. 68 CTA Case No. 8720, Docket (Vol. VI), pp. 4528-4531. 69 CTA Case No. 8720, Docket (Vol. VI), pp. 4537-4538.

Decision CIA Case Nos. 8720, 8736, 8754 and 8767 Page 39 of88 respondent's manifestation in his Comment Re: Petitioner's Supplemental Formal Offer of Evidence that he has no more witness to present. On July 19, 2018, petitioner filed a Submission and Manifestation (Re: Supplemental Formal Offer of Evidencef0� In the Resolution71 dated August 20, 2018, the Court resolved petitioner's Supplemental Formal Offer of Evidence. The Court E1x1Ph-ib4i3ts38~1~1 P-411P33-24131 I3911P11 -43II3P3-411I34~0~P11-43113P4-141 I 3141P1-I4I 33115P11-I43114P2-411336liP11-I admitted I IIP-433711 4343 11 ' 11 P-4345 11 I I 11 I 11 I ~~P-4344 11 ~~P-4346 11 ~~P-4347 11 P-4348 ~~P-4349 11 11 I 11 I f 11 I 11 f 11 I 11 11 I P-4350 ~~P-4351 11 ~~P-4353 11 P-4354 ~~P-4355 11 P-4356 P- 411 P3-5473"6I 4~11~' P-~4~3P5-84113I 6511 P11 I -43~~5P9-141I36116P11-I 43116P0-411I36~7~P11-I 43~6~1P11-I 43116P8-141 I 36112P11-I43~6~9P-114I 36~3~1p1-I 4370 11 , ' 11 I 11 I 11 P-I437411 , 11 I 11 I , , ~~P-4371 11 , P-4372 ~~P-4373 11 , P-4375 ~~P-4376 11 , ~~P-437711 , 11 P-437811, ~~P-438011, 11 P-438211, ~~P-438311 , ~~P-438411 , ~~p- 438511, 11P-438611, 11P-438811, ~~P-439011, 11P-439211, 11P-439311, 11P-439411, and 11P-4394-1 11 . The Court denied the admission of Exhibits "P-4379", "P-4381", "P-4387", "P-4389" and "P-4391". In an Order72 dated September 26, 2018, the above-captioned cases were transferred to the Second Division, pursuant to CTA Administrative Circular No. 02-2018, "Reorganizing the Three (3) Divisions of the Court", dated September 18, 2018. On October 18, 2018, the instant cases were submitted73 for decision, taking into consideration petitioner's Memorandum74, filed on October, 12, 2018, and the Memorandum (for Respondent) filed on December 5, 2016. ISSUE The parties submitted this sole issue75 for the consideration of the Court: 'Jf-- 7oCTA Case No. 8720, Docket (Vol. VII), pp. 4550-4553. 71 CTA Case No. 8720, Docket (Vol. VII), pp. 4873-4876. 72 CTA case No. 8720, Docket (Vol. VII), p. 4882. 73 case No. 8720, Docket (Vol. VII), p. 4924. 74 case No. 8720, Docket (Vol. VII), pp. 4887-4922. 75 Issue, Pre-Trial Order, case No. 8720 Docket (Vol. I), p. 453.

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 40 of88 "Whether or not petitioner is entitled to a refund or issuance of tax credit certificate for its alleged unutilized input VAT arising from purchases of goods (other than capital goods) and services, purchases of capital goods, and purchases of services rendered by non-residents attributable to zero-rated sales for the Pt, 2nd, 3'd and 4th Quarters of 2012 in the amounts of P35,343,482.10, P34,618,094.91, P40,305,286.80 and P36,892,170.72, respectively, or in the aggregate amount of P147,159,034.53." COURT'S RULING Petitioner's claims for refund or tax credit find legal basis on Section 112 (A) and (C) of the National Internal Revenue Code of 1997, as amended, which provides: "SEC. 112. Refunds or Tax Credits of Input Tax.- (A) Zero-Rated or Effectively Zero-Rated Sales. - Any VAT-registered person, whose sales are zero- rated or effectively zero-rated may, within two (2) years after the close of the taxable quarter when the sales were made, apply for the issuance of a tax credit certificate or refund of creditable input tax due or paid attributable to such sales, except transitional input tax, to the extent that such input tax has not been applied against output tax: Provided, however, That in the case of zero-rated sales under Section 106(A)(2)(a)(1), (2) and (b) and Section 108(8){1) and (2), the acceptable foreign currency exchange proceeds thereof had been duly accounted for in accordance with the rules and regulations of the Bangko Sentral ng Pilipinas (BSP): Provided, further, That where the taxpayer is engaged in zero-rated or effectively zero- rated sale and also in taxable or exempt sale of goods of properties or services, and the amount of creditable input tax due or paid cannot be directly and entirely attributed to any one of the transactions, it shall be allocated proportionately on the basis of the volume of )c.

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page41 of88 sales: Provided, finally, That for a person making sales that are zero-rated under Section 108(8)(6), the input taxes shall be allocated ratably between his zero-rated and non-zero-rated sales. XXX XXX XXX (C) Period within which Refund or Tax Credit of Input Taxes shall be Made. - In proper cases, the Commissioner shall grant a refund or issue the tax credit certificate for creditable input taxes within one hundred twenty (120) days from the date of submission of complete documents in support of the application filed in accordance with Subsection (A) hereof. In case of full or partial denial of the claim for tax refund or tax credit, or the failure on the part of the Commissioner to act on the application within the period prescribed above, the taxpayer affected may, within thirty (30) days from the receipt of the decision denying the claim or after the expiration of the one- hundred-twenty-day period, appeal the decision or the unacted claim with the Court of Tax Appeals." Pursuant to the above-quoted provision, a taxpayer engaged in zero-rated or effectively zero-rated sales is entitled to a claim for refund or tax credit of excess input taxes attributable to such sales upon compliance with the following requisites: 1. that the taxpayer is VAT-registered; 2. that the claim for refund was filed within the prescriptive periods; 3. there must be zero-rated or effectively zero-rated sales; 4. that input taxes were incurred or paid; 5. that such input taxes are attributable to zero-rated or effectively zero-rated sales; and 6. that the input taxes were not applied against any output VAT liability. Petitioner is a VAT- registered entity ~

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 42 of88 It is undisputed that petitioner is registered with the BIR as a VAT taxpayer, with TIN No. 238-763-115-000 and BIR Certificate of Registration No. OCN 9RC0000270209. 76 Petitioner Timely Filed its Administrative andJudicial claims Applying the afore-quoted provision of Section 112 (A) of the NIRC of 1997, as amended, the two (2)-year prescriptive period in filing administrative claim is reckoned from the close of the taxable quarter when the zero-rated or effectively zero-rated sales were made or until March 31, 2014 for the first quarter, June 30, 2014 for the 2nd quarter, September 30, 2014 for the 3rd quarter and December 31, 2014 for the 4th quarter, as shown below: Case Taxable End of Quarter End of 2 years Date of Filing of No. Quarter Administrative 8720 March 31, 2014 8736 1st Quarter March 31, 2012 Claim 8754 2012 June 30, 2014 May 23, 2013 8767 2nd Quarter June 30, 2012 2012 September 30, June 26, 2013 3rd Quarter September 30, 2014 2012 2012 December 31, August 8, 2013 4th Quarter December 31, 2014 2012 2012 October 8, 2013 Based therefrom, there is no doubt that petitioner seasonably filed its administrative claims for refund/tax credit with the BIR. As to the timeliness of petitioner's judicial claim, the afore- quoted provision of Section 112 (C) of the NIRC of 1997, as amended, provides that the Commissioner of Internal Revenue (CIR) has 120 days from the date of submission of the complete documents in support of the application for refund or tax credit certificate within which to grant or deny the claim. In case of full or partial denial by the CIR, the taxpayer's recourse is to file an appeal before the Court of Tax Appeals within thirty (30) days from receipt of the decision of the CIR. However, if, after the 120- day period, the CIR fails to act on the application for tax tc- 76 Par, 2, Stipulation of Facts, Joint Stipulation of Facts and Issues (JSFI), CTA Case No. 8720, Docket (Vol. I), p. 431.

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 43 of88 refund/credit, the remedy of the taxpayer is to appeal the inaction of the CIR to the Court of Tax Appeals within thirty (30) days. However, respondent insists that petitioner's judicial claim for refund was prematurely filed for its failure to exhaust administrative remedies when it failed to submit complete documents for its administrative claim for refund pursuant to Revenue Memorandum Order No. 53-98.77 The Court does not agree. In Pilipinas Total Gas, Inc. vs. Commissioner of Internal Revenue"8 (Pilipinas Total Gas, Inc. Case), the Supreme Court emphasized the right of the Commissioner of Internal Revenue (CIR) to demand the submission of additional supporting documents from the taxpayer for the proper determination of the latter's entitlement to its claim for refund; the need for the CIR to send a written notice informing the taxpayer that the documents submitted before the Bureau of Internal Revenue were incomplete; and the adverse consequence of failing to give such written notification to the taxpayer, in this wise: "To summarize, for the just disposition of the subject controversy, the rule is that from the date an administrative claim for excess unutilized VAT is filed, a taxpayer has thirty (30) days within which to submit the documentary requirements sufficient to support his claim, unless given further extension by the CIR. Then, upon filing by the taxpayer of his complete documents to support his application, or expiration of the period given, the CIR has 120 days within which to decide the claim for tax credit or refund. Should the taxpayer, on the date of his filing, manifest that he no longer wishes to submit any other addition documents to complete his administrative claim, the 120-day period allowed to the CIR begins to run from the date of filing. In all cases, whatever documents a taxpayer intends to file to support his claim must be completed within the two-year period under Section 112 (A) of the NIRC. The 30-day period from denial of the claim or from the 1-e-- 77 Pars. 7, 23 and 25, Memorandum (For Respondent), Docket (Vol. V), pp. 3542 and 3549. 78 G.R. No. 207112, December 8, 2015.

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 44 of88 expiration of the 120-day period within which to appeal the denial or inaction of the CIR to the CTA must also be respected. It bears mentioning at this point that the foregoing summation of the rules should only be made applicable to those claims for tax credit or refund filed prior to June 11, 2014, such as the claim at bench. XXX XXX XXX The alleged failure of Total Gas to submit the complete documents at the administrative level did not render its petition for review with the CTA dismissible for lack of jurisdiction. First, the 120-day period had commenced to run and the 120+30 day period was, in fact, complied with. As already discussed, it is the taxpayer who determines when complete documents have been submitted for the purpose of the running of the 120- day period. It must again be pointed out that this in no way precludes the CIR from requiring additional documents necessary to decide the claim, or even denying the claim if the taxpayer fails to submit the additional documents requested. Second, the CIR sent no written notice informing Total Gas that the documents were incomplete or required it to submit additional documents. As stated above, such notice by way of a written request is required by the CIR to be sent to Total Gas. Neither was there any decision made denying the administrative claim of Total Gas on the ground that it had failed to submit all the required documents. It was precisely the inaction of the BIR which prompted Total Gas to file the judicial claim. Thus, by failing to inform Total Gas of the need to submit any additional document, the BIR cannot now argue that the judicial claim should be dismissed because it failed to submit complete documents." The above pronouncement was reiterated by the Supreme Court in the more recent cases of Commissioner of Internal Revenue vs.;.:..

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 45 of88 Semirara Mining Corp/9 and Commissioner of Internal Revenue vs. Team Energy Corp. 80 Records show that upon submission81 of various documents in support of its claim for refund, petitioner did not receive any written notice from respondent requiring it to submit additional document or informing it that the documents submitted were inadequate or incomplete. Thus, following the doctrine in Pilipinas Total Gas, Inc. Case, respondent cannot now argue that petitioner failed to submit complete documents. Consequently, the counting of the 120-day period should be reckoned from the filing of petitioner's administrative claims for refund. Applying, therefore, Section 112(C) of the NIRC of 1997, as amended, petitioner's judicial claims for the four quarters of CY 2012 were likewise timely filed within the "120-30" day period, as shown below: CTA CY 2012 Date of Filing of End of 120 End of 30 days Date of Case 1st Quarter Administrative days for the from the Filing of No. 2nd Quarter Petition 3rd Quarter Claim I BIR expiration of 8720 4th Quarter Commissioner the 120 days for 8736 Submission of to decide on Review 8754 Complete 21-0ct-1382 18-0ct-13 8767 Documents the claim 23-May-13 20-Sep-13 25-Nov-1383 19-Nov-13 06-Jan-1484 26-Jun-13 24-0ct-13 06-Jan-14 07-Mar-14 08-Aug-13 06-Dec-13 19-Feb-14 08-0ct-13 05-Feb-14 Thus, petitioner's judicial claims for refund were satisfactorily proven to be filed on time. Petitioner hadzero-rated sales Je.- 79 G.R. No. 202922, June 19, 2017. 80 G.R. No. 230412, March 27, 2019. 81 Three (3) copies of the Application for VAT Credit/Refund (BIR Form No. 1914); SEC Certificate of Registration; BIR Certificate of Registration; Monthly VAT Declaration with attached summary list of purchases; Quarterly VAT Return with attached summary list of sales and purchases; Schedule/Details of Purchases with photocopies of VAT invoices and official receipts; Certification of Zero-rated Sales and Taxable Sales; Certification of Inward Remittances; Schedule/Details of Taxable and Zero-rated Sales with photocopies of VAT official receipts; and Intergroup Service Agreements. 82 October 20, 2013 fell on a Sunday. 83 November 23 and 24, 2013 fell on a Saturday and Sunday, respectively. 84 January 5, 2014 fell on a Sunday.

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 46 of88 With regard to the third requisite, i.e., the existence of zero- rated sales, petitioner claims that it rendered services to non-resident entities not engaged in trade or business in the Philippines, the payments for which were made in Euro and other acceptable foreign currency and accounted for in accordance with the rules and regulations of the 8SP. As such, these sales are subject to zero percent (0%) VAT, pursuant to Section 108(8) (2) of the NIRC of 1997, as amended, which states: "SEC. 108. Value-added Tax on Sale of Services and Use or Lease ofProperties. - XXX XXX XXX "(B) Transactions Subject to Zero Percent (0%) Rate. - The following services performed in the Philippines by VAT- registered persons shall be subject to zero percent (0%) rate: XXX XXX XXX "(2) Services other than those mentioned in the preceding paragraph rendered to a person engaged in business conducted outside the Philippines or to a nonresident person not engaged in business who is outside the Philippines when the services are performed, the consideration for which is paid for in acceptable foreign currency and accounted for in accordance with the rules and regulations of the Bangko Sentral ng Pilipinas (BSP);" In the case of Commissioner of Internal Revenue vs. Burmeister and Wain Scandinavian Contractor Mindanao, Inc.,85 the Supreme Court held that in order for the supply of services to be VAT zero-rated under Section 108(8)(2) of the NIRC of 1997, as amended, the following requisites must be met: 1. the services must be other than processing, manufacturing or repacking of goods; 2. payment for such services must be in acceptable foreign currency accounted for in accordance with the 8SP rules and regulations; and 3. the recipient of such services is doing business outside the Philippines. Petitioner complied with the first requisite. Records show that petitioner is duly licensed by the Securities and Exchange Commission (SEC) to do business in the Philippines as a regional~ 85 G.R. No. 153205, January 22, 2007.

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page47of88 operating headquarters (ROHQ) under SEC Registration No. FS200506950 dated April 25, 2005, pursuant to the Omnibus Investment Code of 1987, as amended by Republic Act (RA) No. 8756, and its implementing rules and regulations, particularly, to engage in general administration and planning_- business planning and coordination_- sourcing/procurement of raw materials and components_- corporate finance advisory services_- marketing control and sales promotion_- training and personnel management_- logistic services_- research and development services and product development_- technical support and maintenance_- data processing and communication and business development 86 Such services are not in the same category as "processing, manufacturing or repacking of goods". Petitioner, likewise, complied with the third requisite. Petitioner presented the following documents to prove that its clients/affiliates are non-resident foreign corporations doing business outside the Philippines: 1. SEC Certifications of Non-Registration of Company87; 2. IntraGroup Service Agreements88; 3. Company Registration Documents (Certificate of Registration/ Certificate of Incorporation/ Association)89; and 4. AMinet Company Profile Fact Sheets.90 However, each of the aforesaid documents is insufficient to prove that petitioner's client is a non-resident foreign corporation doing business outside the Philippines. The Company Registration Documents (i.e., Certificates of Registration/ Foreign Incorporation/ Association) only prove that the named entities therein were incorporated/organized/domiciled abroad. However, they do not establish that such entities are not doing business in the Philippines. 9-t-- 86 Exhibit "P-1", Docket (Vol. IV), p. 3238. 87 Exhibits "P-15" to "P-15.42", "P-90" to "P-96", "P-4319" to "P-4351", and "P-4353" to "P-4358". 88 Exhibits "P-11", "P-44" to "P-89", "P-4359" to "P-4378", and "P-4380". 89 Exhibits "P13" to "P-13.26", "P-13.28" to "P-13.31", "P-97" to "P-100", "P-4382" to "P-4386", "P-4388", "P-4390", and "P-4392" to "P-4393". 90 Exhibits "P-14" to "P-14.75", Docket (Vol. IV), pp. 3257 and 2897 to 2993.

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 48 of88 Also, the SEC Certificates of Non-Registration only show that the named entities therein are not registered corporations/partnerships in the Philippines. However, it does not necessarily follow that when an entity is not registered here, it is also a non-resident foreign corporations doing business outside the Philippines. Likewise, the Service Agreements only show the names and addresses of petitioner's clients to whom it renders services but the same do not establish that such clients are non-resident foreign corporations doing business outside the Philippines. Similarly, the Service Agreements only show the names and addresses of petitioner's clients to whom it renders services, but the same do not establish that such clients are non-resident foreign corporations doing business outside the Philippines. In the case of Site! Philippines Corporation (formerly Clientlogic Phils., Inc.) vs. Commissioner of Internal Revenue91, the Supreme Court already held that while Sitel's documentary evidence, which included Certifications issued by the Securities and Exchange Commission and Agreements between Sitel and its foreign clients, may have established that Sitel rendered services to foreign corporations and received payment therefore through inward remittances, said documents failed to specifically prove that such foreign clients were doing business outside the Philippines or have a continuity of commercial dealings outside the Philippines. Thus, to be considered as non-resident foreign corporations doing business outside the Philippines, each entity must be supported, at the very least, by both SEC certificate of non- registration of corporation/partnership and certificate/articles of foreign incorporation/association/registration, as held in the more recent case of Deutsche Knowledge Services, Pte Ltd. v. Commissioner ofInternal Revenue92: Upon close scrutiny of the records, the Court cannot give credence to the purported foreign business registration print-outs retrieved from the AMinet database which is a web-based database set up by Deutsche Bank Global, petitioner's head office located in ;.- 91 G.R. No. 201326, February 8, 2017. 92 CfA EB Nos. 1244 and 1345, March 30, 2017.

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 49 of88 Germany.93 Said documents are not sufficient to establish the fact that the service recipients are non-resident foreign corporations doing business outside the Philippines, as they may be considered self-serving and can be easily manipulated to favor petitioner in view of its affinity with the entity that maintains or keeps the said database. Moreover, the following table shows whether petitioner complied with the third requisite as it presented the admitted SEC Certificate of Non-Registration and Certificates of Registration/Foreign Incorporation/Association for each of the recipients of the services rendered by petitioner: SEC Certificate of Registration Certificatio 1 Articles of n of Non- Incorporatio Registratio n/ n of Association (Exhibit) Company P-13.31 Customer's Name (Exhibit) P-4385 I. Entities supported by BOTH SEC Certificate ofnon-registration AND P-98 P-13.25 Certificate ofReqistration I Articles ofIncorporation I Association: P-13.14 P-13.6 DB Hedgeworks, LLC P-15.27 P-4382 DB International (Asia) Limited P-15.38 P-4386 DB Services Tennessee Inc. P-4334 P-13.18 DB Trust Company National Association P-4350 P-13.2 DB UK Bank Limited P-4348 P-13.3 P-13.20 Deutsche Asia Pacific Holdings Pte Ltd P-15.30 P-13.4 P-13.17 Deutsche Bank (Malaysia) Berhad P-15.41, P-97; P-4336 P-4384 P-13.15 Deutsche Bank (Suisse) SA P-15.20 P-4393 P-13.22 Deutsche Bank Aktiengesellschaft, Filiale Ho-Chi-Minh P-15.11 City P-13.5 Deutsche Bank Aktiengesellschaft, Filiale Hong Kong P-92 -~ Deutsche Bank Aktiengesellschaft, Filiale Jakarta P-93 Deutsche Bank Aktiengesellschaft, Filiale Labuan P-4338 Deutsche Bank Aktiengesellschaft, Filiale London P-15.14 Deutsche Bank Aktiengesellschaft, Filiale Mumbai P-94 Deutsche Bank Aktiengesellschaft, Filiale New York P-15, P-15.13 Deutsche Bank Aktiengesellschaft, Filiale Singapore P-15.10 Deutsche Bank Aktiengesellschaft, Filiale Taipei P-95 Deutsche Bank Americas Holding Corp P-4322 Deutsche Securities Inc. P-15.19, P-96 93 Answer to Q-59 of Judicial Affidavit of Ms. Rachel M. Concepcion, Exhibit "P-29", Docket (Vol. !), pp. 137-138.

Decision CIA Case Nos. 8720, 8736, 8754 and 8767 Page 50 of88 IL Exceptions: I I a. Not supported by BOTH SEC Certificate ofnon-registration AND Certificate of Registration I Articles ofIncorporation I Association AO DB Securities (Kazakhstan) P-4325 None Bankers International Corporation P-4328, None P-4345 Bankers Trust (Delaware) None P-4390 DB AG Vienna Branch P-4349 None . DB Alternative Trading Inc. P-4346 None . DB Consortium S. Cons. A.R.L. in Liquidazione P-15.42 None DB Consorzio S. Cons. A.R.L. P-4332 None DB Energy Trading LLC P-4329 None DB Finance Inc. P-4333 None DB Investment Partners Inc. P-4327 None DB Mortgage Services LLC P-4356 None DB Securities Services NJ Inc. P-4330 None DB Services New Jersey, Inc. P-15.36 None DB Trust Company Limited Japan P-90 None DB Trust Company New Jersey Ltd P-4354 None DBOI Global Services Private Limited P-15.39 None Deutsche Asset Management Asia Limited P-4335 None Deutsche Asset Management Korea Company Limited P-4326 None Deutsche Bank Europe GMBH Filiale Belgien P-4357 None Deutsche Bank (China) Co. Ltd., Beijing Branch P-15.22 None Deutsche Bank (China) Co. Ltd., Guangzhou Branch P-15.23 None Deutsche Bank (China) Co. Ltd., Shanghai Branch P-15.24 None Deutsche Bank AG None P-13.8 Deutsche Bank Aktiengesellschaft, Asia Pacific Head P-15.9 None Office Deutsche Bank Aktiengesellschaft, Filiale Abu Dhabi P-4337 None Deutsche Bank Aktiengesellschaft, Filiale Dubai (DIFC) P-15.4 None Deutsche Bank Aktiengesellschaft, Filiale Prag P-15.17 None Deutsche Bank Aktiengesellschaft, Filiale Riad P-15.3 None Deutsche Bank Aktiengesellschaft, Filiale Tokyo P-15.15 None Deutsche Bank Aktiengesellschaft, Filiale Vienna P-15.8 None Deutsche Bank Aktiengesellschaft, Frankfurt (Main) None P-13.1 Deutsche Bank Aktiengesellschaft, Inlandsbank P-15.1 None Deutsche Bank Aktiengesellschaft, Inlandsbank Filiale P-4319 None Johannesburg South Africa Deutsche Bank Anonim Sirketi None P-99 Deutsche Bank Berkshire Mortgage Inc. P-4355 None Deutsche Bank International Limited P-4339 None Deutsche Bank National Trust Company P-15.37, None P-4340 Deutsche Bank Netherlands N.V. P-4331 None Deutsche Bank PBC Spolka Akcyjna P-15.33 None Deutsche Bank PGK AG P-4341 None Deutsche Bank Polska Spolka Alcyjna P-4343 None

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 51 of88 Deutsche Bank Real Estate (Japan) Y.K. P-15.28 None Deutsche Bank Securities Inc. P-15.29 None Deutsche Bank Trust Company Americas P-15.35 None Deutsche Bank Trust Company Delaware P-4344 None P-15.32 None Deutsche Group Services pty Limited P-4323 None P-15.34 None Deutsche Investment Management Americas Inc. P-4347 None Deutsche Securities Korea Co. P-4351 None DKS TOV FAS Asset Management Americas P-15.40 None Gemini Technology Services, Inc. P-15.5 None Global Markets Centre Private Limited P-4353 None Licorne Gestion P-15.31 None Mortgageit Inc. P-4324 None PT Deutsche Securities Indonesia P-4342 None RREEF Management L.L.C. Rued Blass and CIE AG b. Company Registration documents (Certificate of Registration 1 Articles ofIncorporation I Association) are written in Foreign language and unaccompanied by English translation. Banco Comercial Transatlantico P-4358 P-100 Deutsche Bank Aktiengesellschaft, Filiale Amsterdam P-15.2 P-4392 Deutsche Bank Aktiengesellschaft, Filiale Bangkok P-91 P-13.16 Deutsche Bank Aktiengesellschaft, Filiale Frankfurt A.M. P-15.7 P-13.13 Zurich Branch Deutsche Bank Aktiengesellschaft, Filiale Paris P-15.16 P-13.24 Deutsche Bank Aktiengesellschaft, Filiale Seoul P-15.12 P-13.19 Deutsche Bank Luxembourg S.A. P-15.18 P-13.26 Deutsche Bank Sociedad Anonima Espanola P-15.6 P-13.12 Deutsche Bank Societa Per Azioni P-15.21 P-13.28 DWS Holding and Service GMBH P-15.25 P-13.29 DWS Investment SA P-4321 P-13.21 000 Deutsche Bank P-4320 P-13.11 RREEFF Management GM~ _ _ __ P-15.26 L_ P-13.30 __ - -- --- Consequently, only the entities under Item I of the preceding table that shall be considered as non-resident foreign corporations doing business outside the Philippines as they were able to submit the above-stated documentary requirements. Corollary to the second requisite, Sections 113(A) (2), (B) (1), (2) (c) and (3) of the NIRC of 1997, as amended, as implemented by Sections 4.113-1(A)(2), 6(1) and (2)(c) of Revenue Regulations (RR) No. 16-05 provide that a VAT taxpayer, like herein petitioner, shall for every lease of goods or properties, and for every sale, barter or exchange of services, issue a VAT official receipt which must contain the following information: p

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 52 of88 "SEC. 113. Invoicing and Accounting Requirements !'or VAT-registered Persons.- "(A) Invoicing Requirements. - A VAT-registered person shall issue: XXX XXX XXX "(2) A VAT official receipt for every lease of goods or properties, and for every sale, barter or exchange of services "(B) Information Contained in the VAT Invoice or VAT Official Receipt - The following information shall be indicated in the VAT invoice or VAT official receipt: "(1) A statement that the seller is a VAT-registered person, followed by his Taxpayer's Identification Number (TIN); "(2) The total amount which the purchaser pays or is obligated to pay to the seller with the indication that such amount includes the value-added tax: Provided, That: XXX XXX XXX "(c) If the sale is subject to zero percent (0%) value- added tax, the term 'zero-rated sale' shall be written or printed prominently on the invoice or receipt; XXX XXX XXX "(3) The date of transaction, quantity, unit cost and description of the goods or properties or nature of the service; and xxx" (underlining supplied) SEC. 4.113-1. Invoicing Requirements. - (A) A VAT-registered person shall issue:- XXX XXX XXX (2) A VAT official receipt for every lease of goods or properties, and for every sale, barter or exchange of services. Only VAT-registered persons are required to print their TIN followed by the word "VAT" in their invoice or official receipts. Said documents shall be considered as a "VAT Invoice" or VAT official receipt. All purchases covered by invoices/receipts other than VAT Jz- Invoice/VAT Official Receipt shall not give rise to any input tax.

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 53 of88 VAT invoice/official receipt shall be prepared at least in duplicate, the original to be given to the buyer and the duplicate to be retained by the seller as part of his accounting records. (B) Information contained in VAT invoice or VAT official receipt. - The following information shall be indicated in VAT invoice or VAT official receipt: (1) A statement that the seller is a VAT-registered person, followed by his TIN; (2) The total amount which the purchaser pays or is obligated to pay to the seller with the indication that such amount includes the VAT; Provided, That: XXX XXX XXX (c) If the sale is subject to zero percent (0%) VAT, the term "zero-rated sale" shall be written or printed prominently on the invoice or receipt; (underlining supplied) Pursuant to the foregoing provisions, the foreign currency remittances referred to under Section 108(8) (2) of the NIRC of 1997, as amended, must likewise be supported by VAT zero-rated official receipts. To prove that petitioner rendered services to its non-resident foreign clients/affiliates and was paid in Euro duly accounted for in accordance with the rules and regulations of the BSP for the four quarters of CY 2012, petitioner presented its Extracted Schedule of Zero-Rated Sales94, Summary List of Sales for the four quarters of CY 201295, and the related official receipts with attached sales invoices96 and bank inward remittances.97 Upon scrutiny of the documents submitted, together with the report98 of the Court-commissioned Independent Certified Public Accountant (ICPA),99 the Court finds that, out of the P7,088,991,662.84100 zero-rated sales declared per Quarterly VAT 94 Annexes 1, 1-a, 1-b, 1-c and 1-d of Exhibit "P-31" (!CPA Report). 95 Exhibits "P-10", "P-10-a", "P-10-b", and "P-10-c", Docket (Vol. III), pp. 1870-1873. %Exhibits "P-101" to "P-978". 97 Exhibits "P-17" to "P-17-c", Docket (Vol. IV), pp. 3038-3068. 98 Exhibit "P-31". 99 Constantino Guadalquiver & Co., through its Partner, Ms. Katherine 0. Constantino. 100 Sum of Petitioner's Zero-rated Sales declared per Quarterly VAT Returns for the Four Quarters of CY 2-0--12� Docket, Vol. Ill, lstOuarter 2nd Quarter 3rd Ouarter 4th Ouarter Total _j)p. 1830-1861 (Exhibit "P-5} (Exhibit "P-6-a'? (Exhibit "P-7-a"J (Exhibit "P-8") Vatable Sales p 11,375,149.50 p 10,894,416.33 p 12,360,688.08 p 11,043,740.17 p __ 45,673,994.08 J<_..

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 54 of88 Returns for the four quarters of CY 2012, only the amount of P4,825,937,556.72 (equivalent to 88,848,985.45), as detailed below, qualifies for VAT zero-rating under Section 108(8)(2) of the NIRC of 1997, as amended: Customer's Name Amount Peso O.R. Exhibit Bank Collected in Equivalent No. No. Reference FIRST QUARTER OF CY 2012 of Deutsche Bank Aktiengesellschaft, Filiale New York Euro as 5,069,273.24 1984 O.R. of Deutsche Bank Aktiengese/lschaft, Filiale New York reflected in 902,960.09 1985 Inward Deutsche Bank Aktiengese/lschaft, Filiale London 1986 Remittance Deutsche Bank Aktiengesellschaft, Filiale London related 21,715,266.67 1987 Deutsche Bank Aktiengese/lschaft, Filiale Singapur Invoices 775,254.17 1988 Deutsche Bank Aktiengesellschaft, Filiale Singapur attached 103,759.40 1991 Deutsche Bank Aktiengesellschaft, Filiale Hongkong to the Official 1999 Deutsche Securities Inc. Receipts (O.R.) 4,864,476.02 2000 Deutsche Securities Inc. 11,228,833.86 2001 Deutsche Securities Inc. 14,479.12 6,082,827.98 2002 P-101 02RS01030098 Deutsche Securities Inc. p 97,212,710.82 2003 Deutsche Bank Aktiengesellschaft, Filiale Hongkong 6,158,031.78 2020 Deutsche Bank Aktiengese/lschaft, Filiale Hongkong 74,156.64 29,968,573.08 Deutsche Bank Aktiengese/lschaft, Filiale London 2021 DB International (Asia) Limited 15,062.45 1,707,929.04 P-102 02RS01030094 DB International (Asia) Limited 2023 DB International (Asia) Limited 817.51 46,362,000.41 DB International (Asia) Limited Deutsche Bank Aktiengese/lschaft, Filiale Singapur 381,764.80 34,714,467.68 P-103 02RS01050058 Deutsche Asia Pacific Holdings pte Ltd P-104 02R501060061 Deutsche Asia Pacific Holdings pte Ltd 13,629.34 P-105 02RS01060060 Deutsche Asia Pacific Holdings pte Ltd Deutsche Securities Inc. 1,824.14 Deutsche Securities Inc. Deutsche Securities Inc. 11,816.11 Deutsche Securities Inc. Deutsche Securities Inc. 11,539.13 P-108 02RS01100075 Deutsche Securities Inc. Deutsche Securities Inc. (9,916.72) Deutsche Securities Inc. Deutsche Securities Inc. 73,252.58 Deutsche Bank Aktiengese/lschaft, Filiale New York 200,435.11 P-115 02RS01120074 P-116 02RS01120073 108,578.71 P-117 02RS01120217 1,727,976.22 24,100.81 24,100.78 P-118 02R501130053 24,100.78 37,157.93 532,697.64 P-119 02RS01130071 P-136 02RS01160079 10,238.12 10,238.10 10,238.10 137,416.19 112,004.27 21,361.58 132,918.50 12,479.94 P-137 02RS01160083 P-139 02RS01180122 137,072.13 137,935.53 4,621.34 137,935.53 600,618.04 Zero-Rated Sales 1 357 072 819.34 2 216 508 365.74 1 562 760 446.83 1 952 650 030.93 7 088 991 662.84 Total Sales P1 368 447 968.84 P2 227 402 782.07 P1 575 121134.91 P1 963 693 771.10 p 7 134 665 656.92 _,

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 55 of88 Deutsche Bank Aktiengesellschaft, Filiale New York 20,444.00 37,343,021.59 2023 P-143 02RS01180122 Deutsche Securities Inc. 668,088.40 12,311.51 2028 P-144 02RS01200053 Deutsche Securities Inc. Deutsche Bank Aktiengesellschaft, Filiale London 220.26 133,761,202.86 2036 P-152 02RS01240021 Deutsche Bank Aktiengesellschaft, Filiale London 2,112,076.33 Deutsche Bank Aktiengesellschaft, Filiale London 9,543.45 2042 P-156 02RS01240276 DB HedgeWorks, LLC 62,075.95 2,407,991.85 Deutsche Bank Aktiengesellschaft, Filiale New York 217,674.72 Deutsche Bank Aktiengesellschaft, Filiale New York 2,078.53 Deutsche Bank Americas Holding Corp 169.70 Deutsche Bank Aktiengesellschaft, Filiale London 15,684.83 10,355,652.60 2043 P-157 02RS01250130 Deutsche Bank Aktiengesellschaft, Filiale London 27,133.65 Deutsche Bank Aktiengesellschaft, Filiale London 496,069.73 2056 P-169 02RS02030092 Deutsche Bank Aktiengesellschaft, Filiale London 36.96 194,753.42 2060 P-172 02RS02060097 Deutsche Bank Aktiengesellschaft, Filiale London 17,714.60 458,533.20 2061 P-173 02RS02060117 Deutsche Bank Aktiengesellschaft, Filiale London 48,043.40 3,764,534.84 2063 P-174 02RS02070041 Deutsche Bank (Suisse) SA 2064 P-175 02RS02070040 Deutsche Bank Aktiengesellschaft, Filiale Singapur 753.39 39,314.91 2065 P-176 02RS02070039 Deutsche Bank (Suisse) SA 17,423.71 11,330,452.14 2066 P-177 02RS02070038 Deutsche Bank Aktiengesellschaft, Filiale Singapur 12,850.40 2067 P-178 02RS02070045 Deutsche Bank Aktiengesellschaft, Filiale Singapur 87,356.86 1,991,818.47 2068 P-180 02RS02070044 Deutsche Bank Aktiengesellschaft, Filiale Singapur 8,862.46 10,705,962.53 2069 P-181 02RS02070043 Deutsche Bank Aktiengesellschaft, Filiale Singapur 3,497.00 2070 P-182 02RS02070042 Deutsche Bank Aktiengesellschaft, Filiale Singapur 8,233.04 195,009.30 Deutsche Bank Aktiengesellschaft, Filiale Singapur 67,507.44 7,337.92 2074 P-185 02RS02100101 Deutsche Bank Aktiengesellschaft, Filiale Singapur Deutsche Bank Aktiengesellschaft, Filiale Singapur 705.94 63,284.00 Deutsche Bank (Malaysia) Berhad 203,450.04 Deutsche Bank (Malaysia) Berhad 35,765.17 2,724,576.10 Deutsche Bank (Malaysia) Berhad 192,236.68 Deutsche Bank (Malaysia) Berhad 2,797,355.02 2075 P-186 02RS02100102 Deutsche Bank (Malaysia) Berhad 3,497.00 Deutsche Bank Aktiengesellschaft, Filiale London 131.76 2,012,421.30 2076 P-187 02RS02100103 Deutsche Bank Aktiengesellschaft, Filiale London 504,932.17 2078 P-188 02RS02100190 Deutsche Bank Aktiengesellschaft, Filiale London 1,136.33 2,446.24 2081 P-192 02RS02130222 Deutsche Bank Aktiengesellschaft, Filiale Ho-Chi- 23,562.61 2087 P-198 02RS02140168 Minh-City 24,856.05 84,607,309.10 Deutsche Bank Aktiengesellschaft, Filiale Ho-Chi- 24,856.01 2093 P-203 02RS02150217 Minh-Citv 24,856.01 285,434.40 Deutsche Bank Aktiengesellschaft, Filiale London 35,672.90 Deutsche Bank Aktiengesellschaft, Filiale New York 258,390.90 2094 P-204 02RS02150221 Deutsche Bank Aktiengesellschaft, Filiale New York 8,973.19 208,567.63 2096 P-206 02RS02150229 Deutsche Bank Aktiengesellschaft, Filiale Singapur 43.49 Deutsche Bank Aktiengesellschaft, Filiale Singapur 370,646.76 2097 P-207 02RS02150243 Deutsche Bank Aktiengesellschaft, Filiale Hong kong 1,507,310.70 Deutsche Bank Aktiengesellschaft, Filiale New York 18,594,723.24 2100 P-209 02RS02170089 Deutsche Bank Aktiengesellschaft, Filiale New York 5,073.12 195,788.60 2101 P-210 02RS02170088 Deutsche Bank (Suisse) SA 2102 P-211 02RS02170087 Deutsche Bank (Malaysia) Berhad 4,591.33 8,109,947.98 Deutsche Bank (Malaysia) Berhad 3,715.71 476,191.36 2103 P-212 02RS02170128 4,347.07 2,256.14 456,492.25 2110 P-219 02RS02200236 332,122.23 3,497.00 3,140,911.68 2118 P-227 02RS02220099 144,852.60 8,477.94 10.18 8,127.40 27,806.56 27,806.56

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 56 of88 Deutsche Bank Aktiengesellschaft, Filiale Singapur 303,537.28 17,031,734.79 2172 P-268 02RS03150068 Deutsche Bank Aktiengesellschaft, Filiale Ho-Chi- 2120 P-229 02RS02220151 Minh-City 5,322.54 303,407.35 2121 Deutsche Bank Aktiengesellschaft, Filiale London 2124 Deutsche Bank Aktiengesellschaft, Filiale London 882.35 515,320.65 P-230 02RS0222014 7 Deutsche Bank Aktiengesellschaft, Filiale London 6,069.95 405,913.77 2125 P-233 02RS02240091 Deutsche Bank (Malaysia) Berhad 2,171.99 Deutsche Bank (Malaysia) Berhad 7,027.56 2,608,555.45 2152 P-234 02R502240143 Deutsche Bank (Malaysia) Berhad 7,027.56 2173 Deutsche Bank (Malaysia) Berhad 7,602.57 72,970,583.08 2175 P-253 02RS03080114 Deutsche Bank (Malaysia) Berhad 2,964.38 8,127,802.51 2162 Deutsche Bank (Malaysia) Berhad 11,244.41 9,172,419.53 2168 P-269 02RS03160066 Deutsche Bank (Malaysia) Berhad 10,505.45 496,995.24 2171 P-271 02RS03190008 Deutsche Bank Aktiengesellschaft, Filiale New York 5,817.39 30,248.29 2174 P-263 02RS03130108 Deutsche Bank Aktiengesellschaft, Filiale New York 648,299.74 196,219.64 2178 P-267 02RS03130064 Deutsche Bank Aktiengesellschaft, Filiale Hongkong 648,299.74 14,170,127.06 2180 P-252 02RS03150067 Deutsche Bank Aktiengesellschaft, Filiale Singapur 144,852.60 2192 P-270 02RS03190018 Deutsche Bank (Suisse) SA 162,929.91 103,092,296.27 2099 Deutsche Bank Aktiengesellschaft, Filiale Singapur 8,862.46 51,489.91 2196 P-274 02RS03160115 Deutsche Bank Aktiengesellschaft, Filiale Singapur 37,178.67 2198 Deutsche Bank Aktiengesellschaft, Filiale Singapur 539.39 2199 P-276 02RS03200011 Deutsche Bank Aktiengesellschaft, Filiale London 3,497.00 9,122,053.00 P-287 02RS03230163 Deutsche Bank Aktiengesellschaft, Filiale London 251,704.31 483,599.58 2200 P-208 02RS02170090 Deutsche Bank Aktiengesellschaft, Filiale London 1,730,847.14 P-291 02RS03260189 Deutsche Bank Aktiengesellschaft, Filiale New York 1,592,901.30 2201 P-293 02RS03270127 Deutsche Bank Aktiengesellschaft, Filiale London (35.58) 24,697,696.04 Deutsche Bank Aktiengesellschaft, Filiale Singapur 97,332.80 P-294 02RS03280121 Deutsche Bank Aktiengesellschaft, Filiale New York 51,051,646.84 Deutsche Bank (Malaysia) Berhad 905.06 P-295 02RS03280123 Deutsche Bank Aktiengesellschaft, Filiale Hongkong 653.77 42,318,470.58 Deutsche Bank Aktiengesellschaft, Filiale Hong kong 162,929.91 P-296 02RS02170126 Deutsche Bank Aktiengesellschaft, Filiale Hong kong 8,441.98 ,. 963,228,031.37 Deutsche Bank Aktiengesellschaft, Filiale Hong kong 27,806.56 Deutsche Bank Aktiengesellschaft, Filiale Hong kong 34,030.09 Deutsche Bank Aktiengesellschaft, Filiale Hong kong 403,667.12 Deutsche Bank Aktiengesellschaft, Filiale Hong kong (7,390.10) Deutsche Bank Aktiengesellschaft, Filiale Hong kong 407,369.10 Deutsche Bank Aktiengesellschaft, Filiale Hong kong 15,670.40 Deutsche Bank Aktiengesellschaft, Filiale Hongkong 429,085.06 Deutsche Bank Aktiengesellschaft, Filiale Hongkong 7,862.42 Deutsche Bank Aktiengesellschaft, Filiale Hongkong 29,484.11 Deutsche Bank Aktiengesellschaft, Filiale Hongkong 282,852.65 Deutsche Bank Aktienqesellschaft Filiale Honqkonq 18,205.48 Total for the 1st Quarter of CY 2012 17,371.97 425,588.21 (6,705.05) (2 864.04) 17,110,502.91 SECOND QUARTER OF CY 2012 956,899.92 269,108,300.20 2213 P-307 02RS04020192 Deutsche Bank Aktiengesellschaft, Filiale London 2,152,088.66 Deutsche Bank Aktiengesellschaft, Filiale London !' A Deutsche Bank Aktiengesellschaft, Filiale London 1,550,608.15 Deutsche Bank Aktiengesellschaft, Filiale London 6,941.77

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 57 of88 Deutsche Bank Aktiengesellschaft:, Filiale London 58,047.36 44,636.42 2215 P-309 02RS04030277 Deutsche Bank Aktiengesellschaft:, Filiale New York 790.71 Deutsche Bank Aktiengesellschaft:, Filiale London 3,749,636.90 2216 P-310 02RS04030274 Deutsche Bank Aktiengesellschaft:, Filiale London 61,388.64 Deutsche Bank Aktiengesellschaft:, Filiale London 1,588.42 9,122,602.08 2250 P-344 02RS04100035 Deutsche Bank Aktiengesellschaft:, Filiale London 2,813.96 Deutsche Bank Aktiengesellschaft:, Filiale Singapur 631.77 1,923,385.22 2251 P-345 02RS04100037 Deutsche Bank Aktiengesellschaft:, Filiale Singapur Deutsche Bank Aktiengesellschaft:, Filiale Singapur 162,929.91 57,223.88 2253 P-347 02RS04100021 Deutsche Bank Aktiengesellschaft:, Filiale Singapur (10,266.26) 36,605.21 2254 P-348 02RS04040129 Deutsche Bank Aktiengesellschaft:, Filiale New York 24,033.19 2259 P-351 02RS04120083 Deutsche Bank Aktiengesellschaft:, Filiale Singapur 44,617.97 6,277,032.13 2260 P-352 02RS04120084 Deutsche Bank Aktiengesellschaft:, Filiale Singapur 1,022.02 8,130,251.97 2264 P-355 02RS04130090 Deutsche Bank Aktiengesellschaft:, Filiale Hong kong 653.77 37,919,516.10 2447 P-341 02RS06250244 Deutsche Bank Aktiengesellschaft:, Filiale London 428.71 DB International (Asia) Limitec 3,873,301.56 2267 P-358 02RS04130098 DB International (Asia) Limited 111,971.25 DB International (Asia) Limited 144,852.60 2,527.87 2268 P-359 02RS04130094 Deutsche Bank Aktiengesellschaft:, Filiale Hong kong 711,521.01 Deutsche Bank Aktiengesellschaft:, Filiale New York 23,208.28 43,839,264.39 2273 P-364 02RS04170186 Deutsche Bank Aktiengesellschaft:, Filiale New York 23,208.28 Deutsche Bank Aktiengesellschaft:, Filiale New York 23,208.28 147,776,488.13 2276 P-367 02RS04170159 Deutsche Bank Aktiengesellschaft:, Filiale London Deutsche Bank Aktiengesellschaft:, Filiale London 45.44 496,390.37 2277 P-368 02RS04180058 Deutsche Bank Aktiengesellschaft:, Filiale London 648,299.74 52,040.95 2284 P-375 02RS04230217 Deutsche Bank Aktiengesellschaft:, Filiale London 134,365.50 Deutsche Bank (Suisse) SA 88,373,352.28 2285 P-376 02RS04230175 Deutsche Bank Aktiengesellschaft:, Filiale New York 32.71 Deutsche Bank Aktiengesellschaft:, Filiale London 1,531,114.07 1,200,200.02 2288 P-379 02RS04250001 Deutsche Bank Aktiengesellschaft:, Filiale London 1,104,257.95 1,563,122.22 2293 P-384 02RS04240136 Deutsche Bank Aktiengesellschaft:, Filiale New York 4,641,975.16 2301 P-391 02R505020208 Deutsche Bank (Malaysia) Berhad 28.55 50,976,174.11 2302 P-392 02R505020211 Deutsche Bank Aktiengesellschaft:, Filiale New York 2,972.95 2306 P-393 02RS04180093 Deutsche Bank Aktiengesellschaft:, Filiale London 8,862.46 117,735.70 2307 P-394 02RS04180094 Deutsche Bank Aktiengesellschaft:, Filiale Singapur 174,817.65 2450 P-400 02RS06260109 Deutsche Bank Aktiengesellschaft:, Filiale Singapur 925.34 1,474,398.95 2316 P-402 02RS05040092 Deutsche Bank (Malaysia) Berhad 1,571,362.53 2,222,320.59 2317 P-403 02RS05040093 Deutsche Bank Aktiengesellschaft:, Filiale Singapur 9,510,012.58 2318 P-404 02RS05040094 Deutsche Bank Aktiengesellschaft:, Filiale Singapur 3.95 17,510,522.16 2322 P-408 02RS05040099 Deutsche Bank Aktiengesellschaft:, Filiale Singapur 19,358.73 6,357,548.20 2326 P-412 02RS05070198 Deutsche Bank Aktiengesellschaft:, Filiale Singapur 27,714.24 8,255,942.57 2339 P-425 02RS05090122 Deutsche Bank Aktiengesellschaft:, Filiale Hongkong 83,506.86 5,551,598.84 2341 P-427 02RS05110231 Deutsche Bank Aktiengesellschaft:, Filiale London 917,036.41 195,971.48 2342 P-428 02RS05150120 Deutsche Bank Aktiengesellschaft:, Filiale London 434,423.15 2343 P-429 02RS05150121 Deutsche Bank Aktiengesellschaft:, Filiale Jakarta 2,106.96 434,423.70 2344 P-430 02R505150122 Deutsche Bank Aktiengesellschaft:, Filiale Jakarta 3,128.48 495,269.38 2345 P-431 02RS05150123 Deutsche Bank Aktiengesellschaft:, Filiale Jakarta 27,714.24 434,423.15 2346 P-432 02RS05150124 Deutsche Bank Aktiengesellschaft:, Filiale Jakarta 40,309.65 495,269.38 Deutsche Bank Aktiengesellschaft:, Filiale Jakarta 172,497.74 317,615.30 115,316.64 149,993.37 101,170.19 3,558.82 7,923.27 7,923.28 9,033.02 7,923.27 9,033.02

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 58 of88 Deutsche Bank Aktiengesellschaft, Filiale Jakarta 8,962.36 491,395.18 2347 P-433 02RS05150125 Deutsche Bank Aktiengesellschaft, Filiale Jakarta 9,033.02 495,269.38 2348 P-434 02RS05150126 Deutsche Bank Aktiengesellschaft, Filiale Ho-Chi- 250,520.21 2354 P-438 02RS05170003 Minh-qty 4,586.97 Deutsche Bank Aktiengesellschaft, Filiale Ho-Chi- 266,844.28 2356 P-440 02RS05160179 Minh-City 4,885.86 Deutsche Asia Pacific Holdings pte Ltd 2,529,452.41 2357 P-441 02RS05160103 Deutsche Asia Pacific Holdings pte Ltd 11,438.74 Deutsche Asia Pacific Holdings pte Ltd 11,438.74 59,632,937.47 2361 P-444 02RS05170211 Deutsche Asia Pacific Holdings pte Ltd 11,438.74 Deutsche Bank Aktiengesellschaft, Filiale London 11,862.94 111,774,050.78 2365 P-448 02RS05100079 Deutsche Securities Inc. 1,091,865.98 Deutsche Securities Inc. 714,708.58 480,945.94 2366 P-449 02RS05180110 Deutsche Securities Inc. 4,246.94 480,945.94 2367 P-450 02RS05180111 Deutsche Securities Inc. 411,570.27 1,521,557.23 2378 P-461 02RS05230123 Deutsche Securities Inc. Deutsche Securities Inc. 7,133.95 7,702,324.56 2382 P-462 02RS05230170 Deutsche Securities Inc. 415,742.13 Deutsche Securities Inc. 2,455,623.54 2383 P-466 02RS05230176 Deutsche Bank (Suisse) SA 9,042.98 6,011.73 Deutsche Bank (Suisse) SA 465,717.65 Deutsche Bank (Malaysia) Berhad 44,751,019.64 2384 P-467 02RS05240045 Deutsche Bank Aktiengesellschaft, Filiale London 8,619.81 Deutsche Bank Aktiengesellschaft, Filiale London 8,763.95 121,682,251.74 2389 P-472 02RS05240184 Deutsche Bank Aktiengesellschaft, Filiale London 8,763.95 142,047.04 02RS05240184 Deutsche Bank Aktiengesellschaft, Filiale London 27,714.24 Deutsche Bank Aktiengesellschaft, Filiale London 113,146.06 2391 P-474 02RS05250111 Deutsche Bank Aktiengesellschaft, Filiale New York 3,376.92 210,867,194.05 Deutsche Bank Americas Holding Corp 14,188.35 Deutsche Bank Aktiengesellschaft, Filiale Hongkong 3,873.89 382,143.48 2398 P-481 02RS05310101 Deutsche Bank Aktiengesellschaft, Filiale Hongkong 5,707.94 380,982.60 2399 P-182 02RS05310102 Deutsche Bank Aktiengesellschaft, Filiale Hongkong 44,727.69 385,305.76 2400 P-484 02RS05310103 Deutsche Bank Aktiengesellschaft, Filiale Hongkong 380,982.60 2401 P-483 02RS05310104 Deutsche Bank Aktiengesellschaft, Filiale Hong kong 109.50 Deutsche Bank Aktiengesellschaft, Filiale London 430,831.08 38,392,272.19 2404 P-487 02RS06010170 Deutsche Bank Aktiengesellschaft, Filiale London Deutsche Bank (Malaysia) Berhad 7,862.42 ~ Deutsche Bank Aktiengesellschaft, Filiale London 364,243.28 Deutsche Bank Aktiengesellschaft, Filiale London Deutsche Bank Aktiengesellschaft, Filiale London 7,952.09 Deutsche Bank Aktiengesellschaft, Filiale London 4,223.75 Deutsche Bank Aktiengesellschaft, Filiale London 297,061.60 Deutsche Bank Aktiengesellschaft, Filiale London 1,911,125.34 Deutsche Bank (Malaysia) Berhad 2,577.75 Deutsche Bank (Malaysia) Berhad 1,786,467.48 Deutsche Bank (Malaysia) Berhad Deutsche Bank (Malaysia) Berhad 947.69 293,700.85 Deutsche Bank Aktiengesellschaft, Filiale New York 613,602.46 1,092,109.62 Deutsche Bank Aktiengesellschaft, Filiale New York 39,812.00 Deutsche Bank Aktiengesellschaft, Filiale New York 7,133.43 7,111.76 7,192.46 7,111.76 17,071.06 2,474.12 652,330.61

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 59 of88 Deutsche Bank Aktiengesellschaft, Filiale New York 44,788.50 130,041.49 2405 P-488 02RS06040159 Deutsche Bank Aktiengesellschaft, Filiale Singapur 2,427.47 193,699.94 2407 P-490 02RS06050096 Deutsche Bank Aktiengesellschaft, Filiale Singapur 3,583.41 1,936,820.99 2408 P-491 02RS06040164 Deutsche Bank Aktiengesellschaft, Filiale Singapur 189,443.13 2409 P-492 02RS06040165 Deutsche Bank Aktiengesellschaft, Filiale Singapur 35,830.80 2410 P-493 02RS06040166 Deutsche Bank Aktiengesellschaft, Filiale Singapur 3,504.66 51,971.37 2411 P-494 02RS06040300 Deutsche Bank Aktiengesellschaft, Filiale Hongkong 961.46 8,107,837.62 2412 P-495 02RS06050135 Deutsche Bank Aktiengesellschaft, Filiale Singapur 9,324,303.24 2414 Deutsche Bank Aktiengesellschaft, Filiale Ho-Chi- 149,993.37 2415 P-496 56RH06110046 Minh-City 172,497.74 Deutsche Securities Inc. 2416 Deutsche Securities Inc. 4,760.98 257,766.27 2422 Deutsche Bank Aktiengesellschaft, Filiale London Deutsche Bank Aktiengesellschaft, Filiale London 31,785.35 2,313,287.34 2425 P-497 02RS06110072 Deutsche Bank Aktiengesellschaft, Filiale Ho-Chi- 10,941.40 94,091,983.92 Minh-City 1,763,885.83 2426 P-498 02RS06130024 Deutsche Bank (Malaysia) Berhad P-504 56RH06150036 Deutsche Bank (Malaysia) Berhad 3.95 2438 Deutsche Bank (Malaysia) Berhad 2444 Deutsche Bank (Malaysia) Berhad 4,760.98 254,174.73 Deutsche Bank (Malaysia) Berhad Deutsche Bank (Malaysia) Berhad 3,870.91 1,198,177.39 P-507 02RS06150134 Deutsche Bank (Malaysia) Berhad 6,847.30 P-508 02RS06150133 Deutsche Bank (Malaysia) Berhad 7,302.85 940,618.05 Deutsche Bank Aktiengesellschaft, Filiale London 4,381.37 7,498,997.26 P-520 02RS06200156 Deutsche Bank Aktiengesellschaft, Filiale London 4,349.70 P-525 02RS06250005 Total for the 2nd Quarter of CY 2012 4,349.70 477,388.08 4,436.11 P1,465,271,326.41 4,451.31 139,730.36 8,957.70 26,458,303.83 THIRD QUARTER OF CY 2012 109,303.66 39,271,451.05 2460 P-563 02RS07020288 Deutsche Bank Aktiengesellschaft, Filiale London 605,630.11 p Deutsche Bank Aktiengesellschaft, Filiale London 33,176.66 5,616,927.04 Deutsche Bank Aktiengesellschaft, Filiale London 652,330.61 Deutsche Bank Aktiengesellschaft, Filiale New York 44,788.50 2461 P-564 02RS07020292 Deutsche Bank Aktiengesellschaft, Filiale New York 44,788.50 Deutsche Bank Aktiengesellschaft, Filiale New York 6,764.45 Deutsche Bank Aktiengesellschaft, Filiale New York (652,330.61) Deutsche Bank Aktiengesellschaft, Filiale New York (44,788.50) 59,543,933.67 2463 P-534 02RS07030128 Deutsche Bank Aktiengesellschaft, Filiale New York 17,973.54 Deutsche Bank Aktiengesellschaft, Filiale New York 1,039.35 34,328,396.06 2464 P-535 02RS07030123 Deutsche Bank Aktiengesellschaft, Filiale New York 43,198.80 5,890,487.92 2468 P-539 02RS07040073 Deutsche Bank Americas Holding Corp 66.80 174,589.83 2469 P-540 02RS07040074 Deutsche Bank Americas Holding Corp 62.06 2,362,178.02 2470 P-541 02RS07040075 Deutsche Bank Aktiengesellschaft, Filiale London 39,812.00 1,602,400.44 2472 P-543 02RS07040072 Deutsche Bank Aktiengesellschaft, Filiale London 2474 P-545 Deutsche Bank Aktiengesellschaft, Filiale New York 1,091,680.73 21,706,302.41 . 02RS07040078 Deutsche Bank Aktiengesellschaft, Filiale Singapur 652,330.61 Deutsche Bank Aktiengesellschaft, Filiale Singapur 111,934.90 Deutsche Bank Aktiengesellschaft, Filiale Singapur 3,317.67 Deutsche Bank Aktiengesellschaft, Filiale Singapur 44,887.65 Deutsche Bank Aktiengesellschaft, Filiale Singapur 30,449.86 412,477.34

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 60 of88 Deutsche Bank Aktiengesellschaft, Filiale Singapur 390,676.77 20,559,064.20 2475 P-546 02RS07040076 Deutsche Bank Aktiengesellschaft, Filiale Hong kong 347,057.90 26,107,578.30 2476 P-547 02RS07040165 Deutsche Bank Aktiengesellschaft, Filiale Hong kong Deutsche Bank Aktiengesellschaft, Filiale Hong kong 7,861.06 3,728,855.38 2477 P-548 02R507040228 DB International (Asia) Limited 141,194.30 DB International (Asia) Limited 23,810.37 31,294,550.47 2486 P-557 02RS07060223 DB International (Asia) Limited 23,810.37 451,344.04 2491 P-588 02RS07090202 Deutsche Bank Aktiengesellschaft, Filiale London 23,810.37 Deutsche Bank (Suisse) SA 604,644.76 53,064,122.49 2493 P-590 02RS07100091 Deutsche Securities Inc. Deutsche Securities Inc. 8,763.95 8,872,678.28 2501 P-570 02RS07120037 Deutsche Securities Inc. 4,675.39 1,843,010.59 2502 P-571 02RS07120038 Deutsche Securities Inc. 3,571.09 Deutsche Securities Inc. 120,883.84 14,703,746.15 2508 P-577 02RS07120131 Deutsche Securities Inc. 120,852.58 Deutsche Securities Inc. 3,170.03 186,900.08 2509 P-578 02R507120126 Deutsche Securities Inc. 120,852.58 6,364,711.35 2514 P-583 02RS07130254 Deutsche Securities Inc. 210,462.93 7,681,685.97 2516 P-584 02RS07160109 Deutsche Securities Inc. 148,351.67 Deutsche Securities Inc. 148,351.67 6,940,972.23 2518 P-586 02RS07170001 Deutsche Bank Aktiengesellschaft, Filiale Singapur 148,351.67 Deutsche Bank Aktiengesellschaft, Filiale Singapur 2,313,838.20 2519 P-591 02RS07170008 Deutsche Bank Aktiengesellschaft, Filiale Singapur 846.46 Deutsche Bank Aktiengesellschaft, Filiale Singapur 172,497.74 Deutsche Bank Aktiengesellschaft, Filiale Singapur 35,830.80 Deutsche Bank Aktiengesellschaft, Filiale London 328,842.63 Deutsche Bank Aktiengesellschaft, Filiale Hong kong (41,735. 79) Deutsche Bank Aktiengesellschaft, Filiale Mumbai Deutsche Bank Aktiengesellschaft, Filiale Mumbai 3,649.43 Deutsche Bank Aktiengesellschaft, Filiale Mumbai 124,278.00 Deutsche Bank Aktiengesellschaft, Filiale Mumbai 149,993.38 Deutsche Bank Aktiengesellschaft, Filiale Mumbai Deutsche Bank Aktiengesellschaft, Filiale Mumbai 4,664.11 Deutsche Bank Aktiengesellschaft, Filiale Mumbai 7,801.02 Deutsche Bank Aktiengesellschaft, Filiale Mumbai 5,918.01 Deutsche Bank Aktiengesellschaft, Filiale Mumbai 5,918.01 Deutsche Bank Aktiengesellschaft, Filiale Mumbai 5,918.02 Deutsche Bank Aktiengesellschaft, Filiale Mumbai 5,918.01 Deutsche Bank Aktiengesellschaft, Filiale Mumbai 5,219.18 Deutsche Bank Aktiengesellschaft, Filiale Mumbai 5,670.23 Deutsche Bank Aktiengesellschaft, Filiale Mumbai 5,670.23 Deutsche Bank Aktiengesellschaft, Filiale Mumbai 10,374.61 Deutsche Bank Aktiengesellschaft, Filiale Mumbai 10,374.58 Deutsche Bank Aktiengesellschaft, Filiale Mumbai 10,374.58 Deutsche Bank Aktiengesellschaft, Filiale Mumbai 10,389.15 Deutsche Bank Aktiengesellschaft, Filiale Mumbai 10,389.15 Deutsche Bank Aktiengesellschaft, Filiale Mumbai 10,389.15 Deutsche Bank Aktiengesellschaft, Filiale Mumbai 10,332.14 Deutsche Bank Aktiengesellschaft, Filiale Mumbai 10,332.14 10,320.91 6,581.35 (3,106.39) 3,317.67 73.73

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page61 of88 Deutsche Bank Aktiengesellschaft, Filiate Mumbai 6,561.61 64,810,099.87 2524 P-596 02R507200184 Deutsche Bank Aktiengesellschaft, Filiate Mumbai 4,565.95 54,967,127.50 2532 P-603 02R507250166 Deutsche Bank Aktiengesellschaft, Filiate Mumbai 3,317.67 Deutsche Bank Aktiengesellschaft, Filiate Mumbai 3,317.67 (2,114,923.71) 2533 P-604 02R507250085 Deutsche Bank Aktiengesellschaft, Filiate Mumbai 3,317.67 Deutsche Bank Aktiengesellschaft, Filiate Mumbai 3,317.67 3,902.72 Deutsche Bank Aktiengesellschaft, Filiate Mumbai 3,564.25 7,171,001.45 2540 P-611 02R507270109 Deutsche Bank Aktiengesellschaft, Filiate London 1,543,649.61 Deutsche Bank Aktiengesellschaft, Filiate London 245,173.00 2541 P-612 56RS07300031 Deutsche Bank Aktiengesellschaft, Filiate London 3.95 1,409,826.36 2545 Deutsche Bank Aktiengesellschaft, Filiate London 117,437.73 24,293,821.83 2547 P-616 02RS07300141 Deutsche Bank Aktiengesellschaft, Filiate New York 1,076,716.22 2553 P-617 02RS07010200 Deutsche Bank Aktiengesellschaft, Filiate New York (162,736.21) 41,689.80 2554 P-622 02RS08060017 Deutsche Bank Aktiengesellschaft, Filiate New York 8,355,615.48 2555 P-623 02RS08060018 Deutsche Bank Aktiengesellschaft, Filiate New York 8,957.70 2556 P-624 02RS08060019 Deutsche Bank Aktiengesellschaft, Filiate New York 17,915.40 105,510.52 2557 P-625 02R508060011 Deutsche Bank Aktiengesellschaft, Filiate New York (13,514.89) 396,125.07 2558 P-626 02R508060015 Deutsche Bank Aktiengesellschaft, Filiate New York 1,776,999.79 2559 P-627 02R508060014 Deutsche Bank Aktiengesellschaft, Filiate New York 966.23 P-628 02R508060188 Deutsche Bank Aktiengesellschaft, Filiate New York 37,569.34 58,633.29 2560 Deutsche Bank Aktiengesellschaft, Filiate New York 10,495.87 453,081.95 P-629 02RS08060198 Deutsche Bank Americas Holding Corp 17,915.40 2562 Deutsche Bank Aktiengesellschaft, Filiate Hong kong 17,915.40 135,307.24 P-631 02RS08070077 Deutsche Bank Aktiengesellschaft, Filiate Hong kong 23,086.75 Deutsche Bank Aktiengesellschaft, Filiate Hongkong 6,735,677.72 Deutsche Bank Aktiengesellschaft, Filiate He-Chi- 76.45 Minh-City 191,083.70 32,551,648.78 2565 P-634 02R508160261 Deutsche Bank (Malaysia) Berhad Deutsche Bank Aktiengesellschaft, Filiate New York 7,930.20 91,375,355.33 2569 P-635 02RS09170170 Deutsche Bank Aktiengesellschaft, Filiate 5ingapur (59,761.23) 636,710.06 2573 P-639 02RS08140213 Deutsche Bank Aktiengesellschaft, Filiate Singapur Deutsche Bank Aktiengesellschaft, Filiate 5ingapur 4,760.98 1,641,391.64 2590 P-656 02RS08230191 Deutsche Bank Aktiengesellschaft, Filiate 5ingapur Deutsche Bank Aktiengesellschaft, Filiate 5ingapur 27,377.22 85,605,675.09 2592 P-658 02RS08230174 Deutsche Bank Aktiengesellschaft, Filiate 5ingapur 473,431.07 Deutsche Bank (Suisse) SA )c._. Deutsche Bank Aktiengesellschaft, Filiate London 788.08 Deutsche Bank Aktiengesellschaft, Filiate London 157,949.74 Deutsche Bank Aktiengesellschaft, Filiate Hongkong Deutsche Bank Aktiengesellschaft, Filiate London 1,994.51 Deutsche Bank Aktiengesellschaft, Filiate London 7,488.12 Deutsche Bank Aktiengesellschaft, Filiate London 33,591.38 Deutsche Bank Aktiengesellschaft, Filiate London 1,108.37 DB UK Bank Limited 8,564.80 Deutsche Bank Aktiengesellschaft, Filiate New York Deutsche Bank Aktiengesellschaft, Filiate New York 649.28 Deutsche Bank Americas Holding Corp 1,908.49 Deutsche Bank Aktiengesellschaft, Filiate London 127,327.37 Deutsche Bank Aktiengesellschaft, Filiate London 33,176.66 Deutsche Bank Aktiengesellschaft, Filiate London 573,203.25 8,957.70 1,696,155.47 12,036.00 (6,605.25) 37,577.80 76.56 1,038,229.27 571,053.38 8,957.70

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 62 of88 Deutsche Bank Aktiengesellschaft:, Filiale London 1,484,038.89 82,105,179.04 2598 P-661 02RS08280001 Deutsche Bank Aktiengesellschaft:, Filiale London 68,030.10 Deutsche Bank Aktiengesellschaft:, Filiale New York 2599 Deutsche Bank Aktiengesellschaft:, Filiale New York 3,702.59 Deutsche Bank Aktiengesellschaft:, Filiale New York 2600 Deutsche Bank Aktiengesellschaft:, Filiale New York 17,915.40 28,704,504.41 P-662 02RS08240106 DB UK Bank Limited 17,915.40 2601 Deutsche Bank Aktiengesellschaft:, Filiale London Deutsche Bank Aktiengesellschaft:, Filiale Jakarta 503,080.02 2605 Deutsche Bank Aktiengesellschaft:, Filiale Jakarta 2606 Deutsche Bank Aktiengesellschaft:, Filiale Jakarta 12,062.30 2,744,174.85 2607 02RS08240096 Deutsche Bank (Malaysia) Berhad 39,812.00 2608 P-663 Deutsche Bank (Malaysia) Berhad 2616 Deutsche Bank (Malaysia) Berhad 8,962.36 2621 02RS08240096 Deutsche Bank (Malaysia) Berhad 2622 P-664 02RS08280225 Deutsche Bank (Malaysia) Berhad 8,962.36 1,727,150.63 2623 Deutsche Bank Aktiengesellschaft:, Filiale London 2624 Deutsche Sank Aktiengesellschaft:, Filiale Hong kong 14,724.34 2625 Deutsche Bank Aktiengesellschaft:, Filiale Singapur 2626 Deutsche Bank Aktiengesellschaft:, Filiale Singapur (2,652.12) 86,318.43 2642 P-668 02RS08280314 Deutsche Bank Aktiengesellschaft:, Filiale Singapur 4,277.10 2643 Deutsche Bank Aktiengesellschaft:, Filiale Singapur 2644 Deutsche Bank Aktiengesellschaft:, Filiale Singapur 27,435.07 1,457,342.41 2647 P-669 02RS08280316 Deutsche Bank Aktiengesellschaft:, Filiale Singapur 2648 P-670 02RS08280313 Deutsche Bank Aktiengesellschaft:, Filiale Singapur 10,394.01 552,126.59 2649 P-671 02RS08280311 Deutsche Bank Aktiengesellschaft:, Filiale Singapur 2659 P-677 02RS09030271 Deutsche Bank (Malaysia) Berhad 9,842.51 522,831.08 P-680 02RS09050136 Deutsche Bank (Malaysia) Berhad 2666 P-681 02RS09060097 Deutsche Bank (Malaysia) Berhad 100,236.03 5,292,497.47 P-682 02RS09060102 Deutsche Bank Americas Holding Corp 2703 P-683 02RS09070042 Deutsche Bank (Malaysia) Berhad 127,556.94 6,882,431.65 P-684 02RS09070043 Deutsche Bank Aktiengesellschaft:, Filiale London 2711 P-685 02RS09070044 Deutsche Bank Aktiengesellschaft:, Filiale London 3,649.43 192,950.25 P-698 02RS09180048 Deutsche Bank Aktiengesellschaft:, Filiale London P-699 02RS09180047 Deutsche Bank Aktiengesellschaft:, Filiale New York 82,194.70 4,345,743.93 P-700 02RS09180049 Deutsche Asia Pacific Holdings pte Ltd Deutsche Asia Pacific Holdings pte Ltd 390,867.09 20,646,014.01 Deutsche Asia Pacific Holdings pte Ltd Deutsche Asia Pacific Holdings pte Ltd 158,182.60 8,534,862.40 Total for the 3rd Quarter of CY 2012 17,915.40 966,639.02 80,156.62 4,318,200.64 404,667.77 21,800,278.29 3,649.43 196,602.24 (1,069.28) 172,811.81 P-703 02RS09190075 4,277.10 7,172.76 386,411.21 P-704 02RS09190076 P-705 02RS09190198 68.16 3,671.92 P-715 02RS09250167 27,406.15 1,476,425.21 1,072,599.17 43,129.66 91,810,358.66 P-573 02RS09240222 587,177.24 40,118.57 2,161,269.21 P-690 02RS09170201 11,862.94 11,862.94 2,504,706.77 P-711 02RS09070158 11,334.66 11,360.95 19,878,833.20 P1,044,863,441.53 FOURTH QUARTER OF CY 2012 Deutsche Bank Aktiengesellschaft:, Filiale London 320,883.81 29,410.66 p Deutsche Bank Aktiengesellschaft:, Filiale London 3,326.64 19,456,675.09 2672 P-863 02RS10010216 8,957.70 28,820,953.81 2673 Deutsche Bank Aktiengesellschaft:, Filiale London 44.45 P-864 02RS10010260 34,209.77 Deutsche Bank Aktiengesellschaft:, Filiale London 29.63 ~ Deutsche Bank Trust Company National Association Deutsche Bank Aktiengesellschaft:, Filiale New York Deutsche Bank Aktiengesellschaft:, Filiale New York

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 63 of88 Deutsche Bank Aktiengesellschaft, Filiale New York 502,800.06 647,856.58 2676 P-867 02RS10020244 DB UK Bank Limited 12,049.16 Deutsche Bank Aktiengesellschaft, Filiale Hong kong 60,099,346.64 2679 P-870 02RS10030194 Deutsche Bank Aktiengesellschaft, Filiale Hong kong 668,961.37 Deutsche Bank Aktiengesellschaft, Filiale Hongkong 7,930.20 8,490,369.42 2680 P-871 02RS10040043 Deutsche Bank Aktiengesellschaft, Filiale Hongkong 962,308.15 2681 P-872 02RS10040045 Deutsche Bank Aktiengesellschaft, Filiale Hong kong (1,281.72) 2689 P-880 02RS10040274 Deutsche Bank Aktiengesellschaft, Filiale Hongkong 388,273.78 6,866,811.17 Deutsche Bank Aktiengesellschaft, Filiale Singapur Deutsche Bank Aktiengesellschaft, Filiale Singapur 7,930.20 48,840,802.41 2705 P-890 02RS10100132 Deutsche Bank Aktiengesellschaft, Filiale Hongkong 47,062.52 Deutsche Securities Inc. 158,066.17 22,459,522.03 2706 P-891 02RS10100134 Deutsche Securities Inc. 17,915.40 Deutsche Securities Inc. 127,442.15 849,455.57 2710 P-893 02RS10100301 Deutsche Securities Inc. 445,452.55 Deutsche Securities Inc. 963,012.77 2724 P-905 02RS10110206 Deutsche Securities Inc. 8,587.75 4,151,321.18 2726 P-907 02RS10120209 Deutsche Securities Inc. 450,660.31 102,191,697.99 2727 P-908 02RS10150253 Deutsche Bank Aktiengesellschaft, Filiale London 2,219,023.04 2734 P-915 02RS10160232 Deutsche Bank Aktiengesellschaft, Filiale London 8,640.94 2741 P-722 02RS10160231 Deutsche Bank Aktiengesellschaft, Filiale New York 140,000.53 128,311.95 2748 P-724 02RS10220255 Deutsche Bank Aktiengesellschaft, Filiale London 140,000.53 964,040.57 Deutsche Bank Aktiengesellschaft, Filiale London 140,000.53 Deutsche Bank Aktiengesellschaft, Filiale New York 2,802,858.35 2749 P-725 02RS10220244 Deutsche Bank Aktiengesellschaft, Filiale London 3,468.58 Deutsche Bank Aktiengesellschaft, Filiale New York 12,395.30 310,473.33 2751 P-928 56RH 10230084 Deutsche Bank Aktiengesellschaft, Filiale London 17,915.40 12,435.12 2752 P-929 56RH10230083 Deutsche Bank Aktiengesellschaft, Filiale London 77,349.41 1,130.56 2753 P-930 56RH10230082 Deutsche Bank Aktiengesellschaft, Filiale Jakarta 1,901,545.14 2755 P-932 56RH 10230075 Deutsche Bank Aktiengesellschaft, Filiale Jakarta 41,093.24 300,822.38 Deutsche Bank Aktiengesellschaft, Filiale Jakarta 2,376.16 Deutsche Bank Aktiengesellschaft, Filiale Jakarta 17,915.40 1,781,919.94 2760 P-935 02RS10250011 Deutsche Bank Aktiengesellschaft, Filiale New York 43,129.66 2761 P-728 Deutsche Bank Aktiengesellschaft, Filiale New York 8,957.70 3,680.36 I Deutsche Bank Americas Holding Corp 31,459,448.45 Deutsche Bank Aktiengesellschaft, Filiale London 5,769.73 02RS10240173 I Deutsche Asia Pacific Holdings pte Ltd 231.09 Deutsche Asia Pacific Holdings pte Ltd 21.01 1,215,188.68 2766 P-732 02RS10250137 DB UK Bank Limited Deutsche Bank Aktiengesellschaft, Filiale London 5,590.38 596,683.28 2773 P-737 02RS10250180 Deutsche Bank Aktiengesellschaft, Filiale London 33,188.06 57,250,842.96 Deutsche Bank (Malaysia) Berhad Deutsche Bank (Malaysia) Berhad 45.35 224,525.72 2778 P-940 02RS10290297 Deutsche Bank (Malaysia) Berhad 68.64 376,532.96 2779 P-941 02RS10290296 Deutsche Bank Aktiengesellschaft, Filiale New York 586,729.36 1,417,936.00 2780 P-741 02RS10290295 Deutsche Bank Aktiengesellschaft, Filiale New York 11,347.80 25,326,529.00 2789 P-748 02RS11050024 Deutsche Bank Aktiengesellschaft, Filiale Singapur 11,315.88 943,871.42 2791 P-750 02RS11050390 Deutsche Bank Aktiengesellschaft, Filiale Singapur 11,210.54 8,660,801.21 2792 P-751 02RS11070051 Deutsche Bank Aktiengesellschaft, Filiale Hongkong 29,410.66 943,139.75 2793 P-752 02RS11070049 1,046,223.41 6,869,010.21 2794 P-753 02RS11070050 4,277.10 7,172.76 ~ 26,585.24 480,010.39 17,915.40 164,071.53 17,915.40 130,127.57

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 64 of88 Deutsche Bank Aktiengesellschaft, Filiale Singapur 4,051.46 213,863.37 2796 P-944 02RS11070117 Deutsche Bank Aktiengesellschaft, Filiale Singapur 931,822.37 49,187,865.19 2797 P-945 02RS11070116 Deutsche Bank Aktiengesellschaft, Filiale Singapur 2798 P-946 02RS11080057 Deutsche Securities Inc. 6,101.79 319,660.64 Deutsche Securities Inc. 37,843.42 Deutsche Securities Inc. 472,270.39 120,840,706.73 2799 P-947 02RS11120138 Deutsche Securities Inc. 29,423.81 Deutsche Securities Inc. 433,384.58 55,653,762.46 2806 P-759 02RS11150158 Deutsche Securities Inc. Deutsche Securities Inc. 8,486.68 27,101,083.89 2812 P-765 02RS111602741 Deutsche Securities Inc. 145,582.12 Deutsche Securities Inc. 375,058.08 589,136.09 2814 P-766 02RS11160262 Deutsche Securities Inc. 33,250,978.42 Deutsche Securities Inc. 8,567.35 Deutsche Securities Inc. (56,541.80) 945,695.56 2820 P-771 02RS11200127 Deutsche Securities Inc. 374,959.56 8,637,394.75 2821 P-772 02RS11200128 Deutsche Securities Inc. 6,850,446.21 2823 P-774 02RS11200130 Deutsche Securities Inc. 8,723.83 10,245,197.30 2826 P-777 02RS11200272 Deutsche Bank Aktiengesellschaft, Filiale London (685.83) 1,785,152.99 2827 P-778 02RS11200271 Deutsche Bank Aktiengesellschaft, Filiale New York 427,122.58 1,395,588.19 2833 P-783 02RS11200146 Deutsche Bank Aktiengesellschaft, Filiale New York 8,558.83 2834 P-784 02RS11200141 Deutsche Bank Aktiengesellschaft, Filiale New York 41,921.78 228,121.10 2835 P-785 02RS11200140 DB UK Bank Limited 1,056,092.31 382,562.45 2845 P-952 02RS11210103 Deutsche Bank Aktiengesellschaft, Filiale London 17,915.40 784,384.43 2846 P-794 02RS11210102 Deutsche Bank Aktiengesellschaft, Filiale London 17,915.40 442,011.71 2847 P-953 02RS11210101 Deutsche Bank Aktiengesellschaft, Filiale London 480,010.39 780,596.50 Deutsche Bank Aktiengesellschaft, Filiale Singapur 11,210.54 Deutsche Bank Aktiengesellschaft, Filiale Singapur 43,129.66 2,610,704.76 2850 P-797 02RS11220228 Deutsche Bank Aktiengesellschaft, Filiale Hong kong 580,638.13 Deutsche Bank Aktiengesellschaft, Filiale London 8,957.70 142,282,304.73 2851 P-954 02RS11220217 Deutsche Bank Aktiengesellschaft, Filiale New York 17,915.40 Deutsche Bank (Malaysia) Berhad 164,071.53 ;!. Deutsche Bank (Malaysia) Berhad 130,127.57 Deutsche Bank (Malaysia) Berhad 195,165.76 Deutsche Bank Aktiengesellschaft, Filiale Jakarta 34,006.25 Deutsche Bank Aktiengesellschaft, Filiale Jakarta 26,585.24 Deutsche Bank Aktiengesellschaft, Filiale Jakarta 4,277.10 Deutsche Bank Aktiengesellschaft, Filiale Taipei 7,172.76 Deutsche Bank Aktiengesellschaft, Filiale Taipei 14,867.95 Deutsche Bank Aktiengesellschaft, Filiale Taipei 8,378.30 Deutsche Bank Aktiengesellschaft, Filiale Taipei 14,796.15 Deutsche Bank Aktiengesellschaft, Filiale Taipei 4,660.72 Deutsche Bank Aktiengesellschaft, Filiale Taipei 4,660.67 Deutsche Bank Aktiengesellschaft, Filiale Taipei 4,660.67 Deutsche Bank Aktiengesellschaft, Filiale Taipei 4,603.76 Deutsche Bank Aktiengesellschaft, Filiale Taipei 4,603.76 Deutsche Bank Aktiengesellschaft, Filiale Taipei 4,603.76 Deutsche Bank Aktiengesellschaft, Filiale Taipei 4,368.93 Deutsche Bank Aktiengesellschaft, Filiale London 4,368.93 4,368.93 4,193.70 4,193.70 2,686,149.52

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 65 of88 Deutsche Bank Aktiengesellschaft, Filiale New York 17,915.40 3,412,927.23 2855 P-801 02RS11230269 Deutsche Bank Aktiengesellschaft, Filiale New York 46,247.80 Deutsche Asia Pacific Holdings Pte Ltd 11,315.88 601,906.93 2858 P-803 02RS11230091 Deutsche Bank Aktiengesellschaft, Filiale London 908,945.00 48,256,008.21 2861 P-805 02RS11270002 Deutsche Bank Aktiengesellschaft, Filiale New York 2862 P-806 02RS11260213 Deutsche Bank Aktiengesellschaft, Filiale London 27.30 1,449.36 Deutsche Bank Aktiengesellschaft, Filiale London 12,080.40 2863 P-807 02RS11260201 Deutsche Bank Aktiengesellschaft, Filiale Ho-Chi- 26,182.66 2,031,390.83 Minh-City Deutsche Bank Aktiengesellschaft, Filiale London 5,769.73 306,315.72 2865 P-809 56RH11270010 Deutsche Bank Aktiengesellschaft, Filiale London Deutsche Bank (Suisse) SA 29,410.66 1,703,880.67 2878 P-821 02RS12040389 Deutsche Bank (Suisse) SA 2,376.16 Deutsche Bank (Suisse) SA 8,564.80 459,102.14 2879 P-958 02RS12040345 Deutsche Bank (Suisse) SA 8,413.91 451,013.93 2880 P-822 02RS12040344 Deutsche Bank Aktiengesellschaft, Filiale Singapur 8,413.91 451,013.93 2881 P-823 02RS12040342 Deutsche Bank Aktiengesellschaft, Filiale Singapur 8,564.80 459,102.14 2882 P-959 02RS12040341 Deutsche Bank Aktiengesellschaft, Filiale Singapur 4,088.80 218,525.88 2883 P-824 02RS12050129 Deutsche Bank Aktiengesellschaft, Filiale New York 22,893,478.93 2864 P-825 02RS12060054 Deutsche Bank (Malaysia) Berhad 428,355.94 1,587,607.48 2885 P-826 02RS12060056 Deutsche Bank (Malaysia) Berhad 29,705.45 2886 P-827 02RS12060224 Deutsche Securities Inc. 24.27 1,285.99 2889 P-830 02RS12070098 Deutsche Securities Inc. 7,101.60 375,213.89 2890 P-831 02RS12070097 Deutsche Securities Inc. 4,277.10 225,981.09 Deutsche Securities Inc. 130,818.29 Deutsche Securities Inc. 132,901.95 20,948,987.19 2892 P-960 02RS12100079 Deutsche Bank Aktiengesellschaft, Filiale New York 132,777.15 Deutsche Bank Aktiengesellschaft, Filiale New York 129,935.89 13,730,356.68 2893 P-833 02RS12100077 Deutsche Bank Aktiengesellschaft, Filiale New York 129,935.89 DB UK Bank Limited 2,747,792.33 2895 P-835 02RS12100123 Deutsche Bank Aktiengesellschaft, Filiale London 480,010.39 Deutsche Bank Aktiengesellschaft, Filiale London (60,774.51) 345,083.86 2898 P-838 02RS12110094 Deutsche Bank Aktiengesellschaft, Filiale New York (367,392.61) Deutsche Bank (Suisse) SA 955,981.33 2899 P-839 02RS12110089 Deutsche Bank Aktiengesellschaft, Filiale Hongkong 11,210.54 448,973.56 2900 P-840 02RS12110088 Deutsche Bank Aktiengesellschaft, Filiale Hong kong 8,957.70 Deutsche Bank Aktiengesellschaft, Filiale Singapur (13,674.26) 488,042.79 2903 P-842 02RS12120049 Deutsche Bank Aktiengesellschaft, Filiale Singapur 17,915.40 Deutsche Bank Aktiengesellschaft, Filiale Singapur 8,413.91 29,003,857.99 2904 P-B43 02RS12120050 Deutsche Bank Aktiengesellschaft, Filiale Singapur 130,127.57 Deutsche Bank Aktiengesellschaft, Filiale Singapur (120,981.49) (294,002.37) 2913 P-851 02RS12120086 Deutsche Bank Aktiengesellschaft, Filiale Singapur 525,842.70 168,960,404.90 DB UK Bank Limited 28,489.23 Deutsche Bank Aktiengesellschaft, Filiale London 164,071.53 2,069,576.01 2914 P-852 02RS12120085 Deutsche Bank Aktiengesellschaft, Filiale London 17,915.40 219,710.40 2915 P-853 02RS12130058 Deutsche Bank Aktiengesellschaft, Filiale London (143,018.03) 3,920.71 2921 P-859 02RS12130111 Deutsche Bank Aktiengesellschaft, Filiale New York (49,759.13) 2924 P-963 Deutsche Bank Aktiengesellschaft, Filiale Singapur (5,471.37) 44,029,462.46 ,._ 02RS12140032 Deutsche Bank Americas Holding Corp 1,523,477.43 Deutsche Securities Inc. 569,709.73 1,051,157.86 38,514.71 4,088.80 72.81 410,798.37

Decision CTA Case Nos. 8720, 8736,8754 and 8767 Page 66 of88 Deutsche Securities Inc. 8,964.14 2,330,524.98 2929 P-968 02RS12140106 Deutsche Securities Inc. 224.39 1,707,S90.11 2937 P-976 02RS12180013 Deutsche Securities Inc. 2938 P-977 02RS12170083 Deutsche Securities Inc. 368,029.27 79,109.96 2940 P-717 56RH12180017 Deutsche Securities Inc. 9,044.39 Deutsche Bank Aktiengesellschaft, Filiale London 20,S94.59 2942 P-719 02RS12190087 Deutsche Bank Aktiengesellschaft, Filiale New York 43,129.66 Deutsche Bank Americas Holding Corp 31,525.68 Deutsche Bank (Malaysia) Berhad 60.76 Deutsche Bank (Malaysia) Berhad 26,585.24 Deutsche Bank Aktiengesellschaft, Filiale Ho-Chi- Minh-City (25,121.89) Deutsche Bank Aktiengesellschaft, Filiale Hongkong Deutsche Bank Aktiengesellschaft, Filiale Hongkong 5,769.73 311,916.03 Deutsche Bank Aktiengesellschaft, Filiale Hong kong Deutsche Bank Aktiengesellschaft, Filiale Hong kong 408,448.47 67,914,708.62 Deutsche Bank Aktiengesellschaft, Filiale Hongkong 7,930.20 Deutsche Bank Aktiengesellschaft, Filiale Hongkong P1,352,574,757.41 Deutsche Bank Aktiengesellschaft, Filiale Hong kong (1,691.82) P4,825,937,556.72 Deutsche Bank Aktiengesellschaft, Filiale Hongkong 374,171.68 Deutsche Bank Aktiengesellschaft, Filiale Hong kong Total for the 4th Quarter of CY 2012 8,009.27 GRAND TOTAL 18,845.66 403,167.84 7,890.67 23,864.19 25,401,345.51 88,848,985.45 On the other hand, petitioner's declared sales in the amount of P462,519.66 (equivalent to 8,710.40), shall be denied VAT zero- rating due to the following reasons: CUSTOMER'S NAME Amount Peso O.R. Amount Amount Amount Collected Equivalent No. per of Sales of Sales in Euro as Disallowed Disallowed reflected Inward in Euro in Phil. Peso in related Remittance Invoices attached to the Official Receipts (O.R.) a. Over-claimed Zero-rated Sales (Amount per Inward Remittance is lower than the claimed Zero-rated Sales) Second QuatterofCY 2012 Deutsche Bank_(_Malaysi<l}_ Berhad 4,349.70 Deutsche Bank (Malavsia \ Berhad 4,349.70 Deutsche Bank_(_Malaysi<l)_Berhad 4,436.11 Deutsche Bank (Malavsia\ Berhad 4,451.31 Deutsche Bank (Malavsia\ Berhad 4,815.61 22,402.43 1'1198 177.39101 2426102 17 586.82103 4 815.61 1'257 559.34104 b. SuPPOrted bv Zero-rated VAT Official Receipt but no date was indicated Third Ouarfer ofCY2012 ~ 101 p. 10 of Annex 1-b, Exhibit "P-31". 102 Exhibit "P-508". 103 p. 7 of Annex 5-b, Exhibit "P-31". 104 1'1,198,177.39 X 4,815.61/22,402.43.

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 67 of88 Deutsche Bank Aktiengesellschatt, 3 694.79 204 960.32105 3 894.791" 3 894.79 204 960.32 Filiale Sin a ur Total 8,710.40 P462,519.66 --- Moreover, a comparison of the amounts of zero-rated sales as declared in petitioner's Quarterly VAT Returns108 against the VAT zero-rated official receipts (ORs) per petitioner's Extracted Schedule of Zero-rated Sales109 shows the following discrepancy of P2,877,833 .33: Zero-Rated Sales per: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Quarterly VAT Returns p 1,357,072,819.34 p 2,216,508,365.74 p 1,562,760,446.83 p 7,088,991,662.84 Official Receipts p 1,952,650,030.93 Difference 1,357,247,291.96 2,216,933,947.01 1,559,282,560.15 7,086,113,829.51 p (174,472.62) p (425,581.27) p 3,477,886.68 1,952,650,030.39 p 2,877,833.33 p 0.54 Therefore, the amount of P2,877,833.33 which is not covered by VAT zero-rated official receipts shall also be denied VAT zero- rating. The rest of petitioner's declared zero-rated sales in the amount of P2,259,713,753.13, as computed below, shall likewise be denied VAT zero-rating for petitioner's failure to prove that the entities to whom it rendered services are non-resident foreign corporations doing business outside the Philippines. Zero-Rated Sales 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total per Returns Pl 357 072 819.34 P2 216 508 365.74 Pl 562 760 446.83 Pl 952 650 030.93 P7 088 991 662.84 Less: Valid Zero- 4 825 937 556.72 Rated Sales 963 228 031.37 1 465 271 326.41 1 044 863 441.53 1,352 574 757.41 Less: Exceptions per 257 559.34 204 960.32 462 519.66 Court - - P2 262 591,586.46 p 750 979 479.99 p 517 692 044.98 Disallowed Zero- p 393 844,787.97 (425 581.2"7} 3 477,886.68 p 600 075 273.52 2 877 833.33 Rated Sales (174 472.62) 0.54 Less: Sales Not P751,405,061.26 P514,214,158.30 P2,259,713,753.13 covered bv OR P394,019,260.59 P600,075,272.98 Remaining Disallowed Zero- Rated Sales 105 p. 2 of Annex 1-c, Exhibit "P-31". 106 Exhibit "P-544". 107 p. 1 of Annex 5-c, Exhibit "P-31". 108 Exhibits "P-5", "P-6-a", "P-7-a", and "P-8", Docket (Vol. III), pp. 1830-1861. 109 Annexes 1 to 1-d, Exhibit "P-31".

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 68 of88 Petitioner had input VAT attributable to its zero-rated sales After having resolved that petitioner had valid VAT zero-rated sales for the four quarters of or 2012 in the amount of P4,825,937,556.72, The Court shall now proceed to determine whether petitioner incurred input taxes in connection therewith. In its Quarterly VAT Returns110 for the four quarters of or 2012, petitioner declared a total amount of P148,152,889.37 input VAT arising from its purchases of capital goods not exceeding P1Million, current purchases of capital goods exceeding P1Million, domestic purchases of goods other than capital goods, domestic purchases of services, and services rendered by non-residents, of which the claimed amount of P147,159,034.53111 was derived at as follows: Current Purchases: 1" Quarter 2"" Quarter 3"' Quarter 4"' Quarter Total I Purchases of capital I goods not exceeding P1Million p 166 601.26 p 70 175.48 p 0.00 p 31 701.58 p 268 478.32 Purchases of capital goods exceeding 144,774.43 519 095.86 814,897.50 4,783 826.41 6 262 594.20 P1Million Domestic purchases of 847 798.62 488 704.70 379 846.14 321161.46 2 037 510.92 goods other than 33 883 221.61 32 207 086.21 37 326 391.45 31 091 956.87 134 508 656.14 caoital ooods Domestic purchases of 597 339.55 1 503 184.93 2 102 947.26 872 178.05 5 075 649.79 services Services rendered by p 35 639 735.47 p 34 788 247.18 " 40,624 082.35 " 37 100 824.37 p 148 152 889.37 non-resident Total input VAT on !'1 357 072 819.34 !'2 216 508 365.74 P1 562 760 446.83 !'1 952 650 030.93 p 7 088 991 662.84 current purchases Cal 1 368 447 968.84 2 227 402 782.07 1 575 121134.91 1 963 693 771.10 7 134 665 656.92 Ratio ofZero-rated sales: 99.17% 99.51% 99.22% 99.44% Zero-rated Sales (b) p 35 343 482.10 p 34 618,094.91 p 40,305 268.80 p 36 892 170.72 P147 159 034.53112 Total Sales (c) Percentage ofzero- rated sales against total sales (d=b/c) Claim amount apportioned to zero-rated sales (ax dJ In support of its input VAT on purchases of capital goods not exceeding P1Million, domestic purchases of goods other than capital goods, domestic purchases of services, and services rendered by j<... 11o Exhibits "P-5", "P-6-a", "P-7-a", and "P-8", Docket (Voi.III), pp. 1830-1861. 111 No. 7, p. 6, Exhibit "P-31". 112 Sum should be 1'147,159,016.16. Difference of P18.00.

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 69 of88 non-residents amounting to P141,890,295.17,113 petitioner presented its Schedule of Purchases for the four quarters of CY 2012,114 and the related supporting invoices, official receipts, BIR Forms No. 1600 and other documents,115 which were all examined by the ICPA. In her Report, the ICPA noted the following exceptions: 116 FINDINGS Reference 1st 2nd 3rd 4th Total Exhibit P- Quarter Quarter Quarter Quarter 4,950.00 8,839.90 31 10,291.77 98,254.97 ' PURCHASE OF GOODS 625,163.94 1. Purchase of goods ' supported by VAT ,. Annex93Q-f - p - p 4,950.00 p - ,. REG. TIN Invoices with incorrect Petitioner's TIN NUMBER 2. Purchase of goods supported by VAT - - REG. TIN Invoices Annex 91Q-g 8,839.90 - but unclear Petitioner's TIN 3. Purchase of goods supported by VAT Annex 93Q-h - - 9,634.61 657.16 REG. TIN Invoices Annex94Q-h without VAT breakdown 4. Purchase of goods supported by TIN NO. VAT I VAT REG. TIN Annex 91Q-i 98,254.97 - - - Invoices not dated within the year of claim S. Purchase of goods supported by TIN NO. Annex 91Q-j 457,805.71 91,486.06 75,872.17 - Annex92Q1 VAT I VAT REG. TIN I Annex93Q1 REG. VAT TIN Invoices without the Petitioner's TIN 6. Purchase of goods Annex91Q-k 160,173.38 172,232.40 106,342.11 185,048.40 623,796.29 supported by Annex92Q-k 43,321.37 43,321.37 documents other than Annex93Q-k - 14,077.87 - - 14,077.87 VAT Invoices Annex94Q-k - - - 7. Purchase of goods Annex 92Q-I supported by photocopied Invoices 8. Purchase of goods without supporting documents Subtotal p 725,073.96 .. 321,117.70 p 196,798.89 .. 185,705.56 .. 1,428,696.11 PURCHASE OF SERVICES 113 P148 152 889.37 6,262,594.20 Total input VAT on current purchases Less: Purchases of capital goods exceeding P1 million P141 890,295.17 Current purchases excluding p_lJrchase of capital good~ exceeding 1'1 million 114 Exhibits "P-23", "P-23-a", "P-23-b", and "P-23-c", Docket (Vol. IV), pp. 3098-3160. 115 Exhibits "P-1005" to "P-4315". 116 Pages 21-23 of the !CPA Report, Exhibit "P-31".

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 70 of88 1. Purchase of Annex92Q� p - p 6.730.22 p - p - " 6,730.22 services supported by 8.780.39 VAT REG. TIN ORs m 20,095.78 - 2,348,617.50 2,377,493.67 without Petitioner's - - name indicated Annex 91Q-n 30,444.33 - 30,444.33 Annex92Q-n 12,321.43 2. Purchase of Annex94Q-n - - - 12,321.43 services supported by undated VAT REG. Annex93Q-o TINORs Annex 93Q-p 3. Purchase of services supported by VAT REG. TIN ORs with incorrect Petitioner's name 4. Purchase of services supported by TIN NO. VAT ORs with VAT amount written on computer generated OR 5. Purchase of services supported by VAT REG. TIN ORs Annex93Q-q - 1,516,929.00 - - 1,516,929.00 with Petitioner's TIN written on computer generated ORs 6. Purchase of Annex 91Q-r 6,575.41 - - 12,095.64 18,671.05 services supported by Annex94Q-r 74,326.05 1,342,773.19 1,417,099.24 VAT REG. TIN ORs 3,032,568.25 - - 7,735,110.46 with unreadable Annex 91Q-s 32,403.24 493,120.15 Petitioner's TIN Annex94Q-s 2,313,001.47 1,896,420.59 269,264.03 406,769.77 79,037.94 26,064.56 7. Purchase of Annex 91Q-t services supported by Annex92Q-t Annex93Q-t TIN NO. VAT I VAT Annex 9 4Q-t REG. TIN ORs not Annex91Q-u within the year of Annex92Q-u claim Annex93Q-u Annex94Q-u 8. Purchase of services supported by TIN NO. VAT I VAT REG. TIN I VAT REG. ORs without Petitioner's TIN 9. Purchase of services supported by TIN NO. VAT I VAT REG. TIN I VAT REG. ORs with incorrect Petitioner's TIN 10. Purchase of Annex 91Q-v 1,526,921.22 2,384,956.29 1,056,255.67 1,727,721.82 6,695,855.00 Annex92Q-v services supported by Annex93Q-v Annex 94Q-v TIN NO. VAT I VAT REG. TIN I VAT REG. ORs without VAT breakdown 11. Purchase of Annex 91Q- 290.85 58.78 912.94 - 1,262.57 w Annex9 services supported by 2Q-w Annex TIN NO. VAT I VAT 93Q-w REG. TIN I VAT REG. ORs with unreadable date 12. Purchase of - - - - - services supported by TIN NO. VAT I VAT REG. TIN I VAT REG. ORs with overstated VAT amount claimed ~

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 71 of88 13. Purchase of Annex91Q-x 3,232,767.63 502,241.76 239,822.50 1,922,541.49 5,897,373.38 services supported by Annex92Q-x 14,325.61 1,092.00 118,224.76 documents other than Annex93Q-x 80,718.66 22,088.49 VATORs Annex94Q-x 14. Purchase of Annex 91Q-y services supported by Certified True Copy Annex92Q-y documents other than VATORs Annex93Q-y Annex94Q-y 15. Purchase of Annex92Q-z - 20,000.15 - - 20,000.15 services supported by Photocopied VAT ORs (33,992.60) 905,554.46 2,243,165.71 1,134,182.50 4,248,910.07 16. Purchase of P7,906,281.44 P7,750,703.89 PS,S73,804.96 P9,272,404.81 P30,503,195.10 services without supporting documents Subtotal PURCHASE OF CAPITAL GOODS NOT EXCEEDING ONE (1) MILLION 1. Purchase of capital goocs not exceeding Annex92Q- - p 36,710.33 p - p 25,605.15 p 62,315.48 one million supported aa Annex9 p with Invoices but without Supplier's 4Q-aa TIN number 2. Purchase of capital goods not exceeding one million supported Annex 9IQ- 126,801.54 - - - 126,801.54 with VAT REG. TIN ab NO. Invoices not dated within the year of claim .. .. 126,801.54 36,710.33 p - p 25,605.15 p 189,117.02 Subtotal TOTAL P8,758,1S6.94 P8,108,531.92 PS,770,603.8S P9,483,71S.52 P32,121,008.23 The above exceptions found by the ICPA in the amount of P32,121,008.23 should be disallowed for not being properly substantiated by VAT invoices or official receipts as prescribed under Sections 110(A) and 113(A) and (B), 237 and 238 of the NIRC of 1997, as amended, in relation to Sections 4.110-2, 4.110-8 and 4.113-1 of Revenue Regulations (RR) No. 16-05, as amended. Further verification of the ICPA report, together with the supporting documents, reveals that the additional input VAT of P3,328,743.73, should likewise be disallowed for the reasons stated below: I Exhibit Registered Name I l O.R. O.R. Input Vat Input VAT Disallowed Input _per Claim ofS~ier Number Date per Official Receipt VAT A. Input VAT on domestic purchases of services supported by Official Receipts but the amount of Input VAT claim is not separately indicated - P64,894.62 I I SECOND QUARTER OF CY 2012 I 9-May-12 P-2699 MGE UPS Systems Phils., 10506 ,p 59,865.18 - p 59,865.18 Inc. 59,865.18 - ,. 59,865.18 Subtotal- 2nd Quarter ofCY2012 #"<-. �-- --

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 72 of88 THIRD QUARTER OF CY 2012 P-3817 FTL Hotels, Inc. 13874 17-0ct-12 p 2,514.72 - p 2,514.72 P-3818 FTL Hotels, Inc. 13868 17-0ct-12 ,. 2,514.72 - ,. 2,514.72 5,029.44 5,029.44 Subtotal- 3rt/ Quarter ofCY 2012 - p 64,894.62 TOTAL p 64,894.62 - B. Input VAT on purchases of services supported by Official Receipts wherein the amount of claim is more than the amount reflected in the Official Receipts- P3,114,639.59 FIRST QUARTER OF CY 2012 P-1099 Asia Select, Inc. 7066 18-Jan-12 p 168.59 p 165.57 p 3.02 P-1100 Asia Select, Inc. 7064 18-Jan-12 1,435.22 1,409.59 25.63 P-1101 Asia Select, Inc. 7080 25-Jan-12 2,423.52 2,380.24 43.28 P-1102 Asia Select, Inc. 7091 1-Feb-12 2,547.48 2,501.98 45.50 P-1103 Asia Select, Inc. 7092 1-Feb-12 2,402.62 2,359.71 42.91 P-1104 Asia Select, Inc. 7111 8-Feb-12 1,617.60 1,588.71 28.89 P-1105 Asia Select, Inc. 7131 940.41 923.61 16.80 P-1106 Asia Select, Inc. 7132 15-Feb- 50.77 P-1107 Asia Select, Inc. 7183 12 2,842.84 2,792.07 118.87 P-1108 Asia Select, Inc. 7194 6,686.34 6,567.47 39.07 P-1109 Asia Select, Inc. 7257 15-Feb- 2,187.72 2,148.65 32.56 12 1,823.16 1,790.60 7-Mar-12 14-Mar- 12 4-Apr-12 P-1110 Asia Select, Inc. 7252 4-Apr-12 1,097.01 1,077.42 19.59 P-1111 Asia Select, Inc. 7253 4-Apr-12 2,421.72 2,378.47 43.25 P-1115 BAYANTEL 866868 29-Feb- 182.04 178.79 3.25 P-1116 BAYANTEL 847221 182.04 178.79 3.25 12 18-Jan-12 P-1117 BAYANTEL 847219 18-Jan-12 182.04 178.79 3.25 P-1119 BAYANTEL 866871 182.04 178.79 3.25 872920 29-Feb- 182.04 3.25 P-1120 BAYANTEL 847218 12 19,200.00 178.79 342.86 P-1121 BAYANTEL 873000 19,200.00 18,857.14 16,057.14 P-1124 BAYANTEL 866874 21-Mar- 170.29 3.04 866873 12 182.04 3,142.86 3.25 872917 182.04 3.25 P-1126 BAYANTEL 866870 18-Jan-12 182.04 167.25 3.25 872916 182.04 3.25 P-1127 BAYANTEL 866869 28-Mar- 182.04 178.79 3.25 872918 12 182.04 3.25 P-1128 BAYANTEL 847220 2,309.19 178.79 41.24 866872 29-Feb- 182.04 3.25 P-1129 BAYANTEL 872997 12 182.04 178.79 152.24 13720 179,565.58 149,637.98 P-1130 BAYANTEL 29-Feb- 178.79 12 ik- P-1132 BAYANTEL 178.79 21-Mar- P-1133 BAYANTEL 12 178.79 P-1134 BAYANTEL 2,267.95 P-1137 BAYANTEL 29-Feb- 12 178.79 P-1138 BAYANTEL 21-Mar- 29.80 P-1161 12 Colliers International 29,927.60 Philippines 29-Feb- 12 21-Mar- 12 18-Jan-12 29-Feb- 12 28-Mar- 12 4-Apr-12 - --

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 73 of88 P-1162 Colliers International 13712 28-Mar- 6,058.79 1,009.80 5,048.99 I P-1190 Philippines 51889 12 14.07 7.02J 51935 21.09 4.39 21.97 I Facilities Managers, Inc. 7196 21-Mar- 37.21 7679 12 2,046.50 3.44 I P-1192 Facilities Managers, Inc. 3966 26.36 188.99 P-1197 28-Mar- 8,278.12 I P-1203 Global City Car Lease & 12 2,083.71 5,912.95 8,278.12 P-1218 Transpo_rt Corp. 5,912.95 P-1219 Global City Car Lease & 25-Jan-12 192.43 5,912.95 I P-1220 Transoort Coro. 4,163.94 P-1237 Leaves & Branches 14-Mar- 14,191.07 4,163.94 8,278.12 Enterprises 12 4,163.94 75.71 Leaves & Branches 75.71 Enterprises 18-Jan-12 4.91 75.71 Leaves & Branches 216.68 Enterprises 3992 8-Feb-12 14,191.07 7,323.82 441.88 5217 1,676.40 1,083.37 No Ka Oi (Phils) Int'l, Inc. 23074 14-Mar- 14,191.07 17,362.88 36,619.12 23381 12 4,239.65 67,412.71 13,563.60 P-1238 No Ka Oi (Phils) Int'l, Inc. 23507 4,239.65 2,541.30 614 8-Feb-12 2,946.43 315.69 P-1239 No Ka Oi (Phils) Int'l, Inc. 35972 29-Feb- 4,239.65 215.38 1,225.68 35945 1,098.85 P-1240 Papertone Corporation 11106 12 446.79 178.79 46.20 P-1273 Reuters Limited 1891 21-Mar- 1,300.05 178.79 53.57 P-1274 Reuters Limitec 43,942.94 220,786.96 1,076.88 15 12 13.40 P-1284 Salt & Light Ventures, Inc. 14 15-Feb- 15,240.00 4,806.59 3.25 P-1287 25 P-1303 Schneider Electric 56329 12 17,678.57 11,168.29 3.25 P-1304 Philippines 907171 18-Jan-12 68,638.39 1,980,820.85 Taurus Electrical Services 872919 29-Feb- 2,587.50 5,312.80 847222 87.40 Taurus Electrical Services 12 3,000.00 22-Feb- 1,292.26 203.06 P-1306 Taurus Electrical Services 1,112.25 12 96.60 P-1311 Tempo Services, Inc. 182.04 P-1321 Wide Wide World Express 1-Feb-12 P-1390 Corp. 1-Feb-12 BAYANTEL 1-Feb-12 P-1391 BAYANTEL 21-Mar- 182.04 12 25-Apr-12 18-Jan-12 21-Mar- 12 18-Jan-12 P-1401 6-24 Property Holdings, 2506 7-Feb-12 2,264,525.85 Inc. (62,918.04) 807.31 P-1413 Asia Select, Inc. 7182 7-Mar-12 1,559.64 2,527.04 P-1414 Asia Select, Inc. 7079 25-Jan-12 8,915.43 2,455.92 2,728.32 P-1415 Asia Select, Inc. 7065 18-Jan-12 1,823.16 857.92 596.75 P-1416 Asia Select, Inc. 7051 11-Jan-12 1,034.91 3,914.81 71.19 1,464.66 889.68 P-1417 Asia Select, Inc. 7052 11-Jan-12 3,682.56 218.57 -- - 12,020.50 - - 2,639.32 - - -L_ _ _ - - -- - - ~

Decision CTA Case Nos. 8720,8736, 8754 and 8767 Page 74 of88 P-1418 Asia Select, Inc. 7133 15-Feb- 5,917.19 5,246.59 I 12 2,467.90 9,953.94 2,874.09 1,932.23 95.4o I P-1420 Cedorada Glass & 2276 18-Jan-12 1,285.71 1,491.78 Aluminum Supplies 1,178.57 I 4,086.43 432.31 P-1430 Facilities Managers, Inc. 51699 14-Mar- 48,857.14 49,769.621 12 4,315.71 I P-1431 Facilities Managers, Inc. 51700 14-Mar- 31.63 12 591.35 I 2,275.57 P-1444 Facilities Managers, Inc. 51937 28-Mar- 1,995.30 966.32 12 31.63 i 21.09 189.81 I 226.71 42.18 746.05 379.61 21.09 I 31.63 42.18 216.19 73.81 P-1445 Facilities Managers, Inc. 51936 28-Mar- 147.63 2,421.62 1,211.07 12 63.27 210.90 P-1446 Facilities Managers, Inc. 51697 14-Mar- 3,042.18 3,014.77 1,507.71 12 523.87 2,759.94 91.75 241.27 6,609.35 120.16 P-1475 Maxicare Healthcare Corp. 132494 14-Mar- 3,757.34 12 2,958.83 (107.14) P-1478 Premium Security & 64327 18-Jan-12 55.71 Investigation Agency, Inc. 72.55 26.38 P-1479 Premium Security & 64326 18-Jan-12 6,574.87 1,361.76 24.76 Investigation Agency, Inc. 618.68 659.36 4,017.13 237,010.59 P-1501 Federal Phoenix Assurance 563065 29-Feb- 52.77 32,424.27 589.53 12 55.71 77,128.29 P-1505 Taurus Electrical Services 18 17,108.47 22-Feb- 241,027.72 12 .?<.. 33,013.80 P-1523 Innove AC 839 7-Mar-12 138.75 138.75 138.75

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 75 of88 P-1543 ePLDT, Inc. 11069 25-Jan-12 160.18 231.51 4.20 P-1552 Fuji Xerox Philippines, Inc. 152617 8-Feb-12 138.75 11,879.65 215.99 138.75 73,619.00 1,339.00 P-1560 Headstrong Philippines, 1851 18-Jan-12 31,035.11 71,186.00 1,294.00 Inc. 31,035.11 14,143.00 257.00 31,035.11 46.80 P-1561 Headstrong Philippines, 1858 8-Feb-12 138.75 2,573.61 P-1563 Inc. 138.75 1,286.29 23.40 1887 28-Mar- 235.71 6,747.90 122.70 Headstrong Philippines, 866314 12 12,095.64 44,153.37 794.62 Inc. 11,520.00 420.46 22-Feb- 15,264.00 25.92 P-1572 BAYANTEL 12 31,920.00 99.89 16,254.00 4,768.06 P-1595 Premium Security & 64497 15-Feb- 58,800.00 2,070.20 Investigation Agency, Inc. 12 13,680.00 72,161.20 1,847.64 P-1596 Premium Security & 64498 15-Feb- 14,400.00 59,852.98 Investigation Agency, Inc. 12 2,054.99 146.80 71,523.97 ~ P-1624 Sofitel Philippine Plaza 78266 8-Feb-12 2,473.61 P-1592 Premium Security & 64328 18-Jan-12 683.77 Investigation Agency, Inc. 625.92 6,743.41 P-1593 Premium Security & 64325 18-Jan-12 127.19 Investigation Agency, Inc. 84.56 P-1460 Fuji Xerox Philippines, Inc. 154407 29-Feb- 44,863.43 12 26.38 P-1451 Fuji Xerox Philippines, Inc. 152606 25-Jan-12 420.00 P-1452 Fuji Xerox Philippines, Inc. 150344 11-Jan-12 230.85 618.68 41.79 13.19 3,963.44 11,979.50 34,226.51 3,846.19 15,171.43 9,007.77 10,416.01 23,259.22 3,846.19 9,007.77 15,171.43 13,502.64 32,050.93 3,846.19

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 76 of88 P-1529 DHL Express (Philippines) 1975649 21-Mar- 15,171.43 140.64 675.80 Corp. 12 9,007.77 760.26 P-1516 DHL Express (Philippines) 1972195 7-Mar-12 676.00 824.94 Corp. 81.66 33.60 58.78 P-1353 DHL Express (Philippines) 1966096 22-Feb- 33.60 81.66 684.00 Corp. 12 873.00 P1,061,246.08 33.60 P-1350 DHL Express (Philippines) 1950011 28-Feb- 645.00 I' 892.77 651.00 Corp. 12 33.60 4,163.94 P2,555,791.57 684.00 1,625.00 Subtotal- 1st Quarter ofCY 2012 81.66 651.00 123,160.70 P3,617,037.65 27,578.57 23,453.57 SECOND QUARTER OF CY 2012 1,773.75 1,217.16 P-2116 Global City Car Lease & 7955 18-Apr-12 p 909.00 14,191.07 p 16.23 Transport Corp. 23667 5,361.77 25-Apr-12 3,043.09 P-2174 No Ka Oi (Phils) Int'l, Inc. 30-May- 4,239.65 2,202.92 75.71 2,272.75 P-2185 Passion Cooks, Inc. 152 12 9,750.00 2,762.79 8,125.00 9-May-12 2,563.56 P-2198 Power Partners & General 544 30-May- 125,400.00 5,547.03 2,239.30 1,648.10 P-2199 Power Partners & General 545 12 28,080.00 178.79 501.43 13-Jun-12 178.79 P-2200 Power Partners & General 547 23,880.00 178.79 426.43 P-2208 Premium Security & 65851 6-Jun-12 178.79 P-2221 Investigation Agencv. Inc. 1311 1,806.00 178.79 32.25 P-2241 PSEI Firesafety System 20503 27-Jun-12 178.79 6-Jun-12 7,302.96 18,857.14 6,085.80 P-2330 Recreational Management 2418 21,570.43 18,857.14 7,379.36 Advanced Cleaning & 13-Jun-12 178.79 P-2336 Restoration Technologies 7254 32,170.59 178.79 26,808.82 P-2337 Inc. 7319 4-Apr-12 P-2338 Asia Select, Inc. 7267 9-May-12 3,098.42 55.33 P-2339 7296 18-Apr-12 2,242.97 40.05 Asia Select, Inc. 2-May-12 2,314.08 41.33 16-May- 2,813.03 50.24 Asia Select, Inc. 2,610.18 46.62 12 5,647.89 100.86 Asia Select, Inc. 20-Jun-12 1,678.06 29.96 20-Jun-12 P-2340 Asia Select, Inc. 7344 25-Apr-12 182.04 3.25 13-Jun-12 182.04 3.25 P-2341 Asia Select, Inc. 7414 27-Jun-12 182.04 3.25 P-2342 Asia Select, Inc. 7417 9-May-12 182.04 3.25 P-2349 BAYANTEL 877838 23-May- 182.04 3.25 P-2350 BAYANTEL 879152 182.04 3.25 P-2351 BAYANTEL 879182 12 P-2352 BAYANTEL 873384 27-Jun-12 19,200.00 342.86 23-May- 19,200.00 P-2353 BAYANTEL 878698 342.86 12 182.D4 3.25 P-2354 BAYANTEL 879184 27-Jun-12 182.04 3.25 9-May-12 P-2355 BAYANTEL 878692 13-Jun-12 .).__ P-2356 BAYANTEL 879185 P-2357 BAYANTEL 873385 P-2358 BAYANTEL 879151

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 77 of88 P-2359 BAYANTEL 879183 27-Jun-12 182.04 178.79 3.25 P-2360 BAYANTEL 877836 182.04 178.79 3.25 878697 25-Apr-12 182.04 178.71 3.33 P-2361 BAYANTEL 879181 23-May- 182.04 178.79 3.25 877837 182.04 178.79 3.25 P-2362 BAYANTEL 878696 12 182.04 178.71 3.33 P-2363 BAYANTEL 879180 27-Jun-12 182.04 178.79 3.25 873383 182.04 178.79 3.25 P-2364 BAYANTEL 13958 25-Apr-12 179,565.58 29,927.60 149,637.98 23-May- 4,192.00 1,037.64 P-2365 BAYANTEL 6974 5,229.64 1,750.31 875.35 P-2366 52123 12 896.53 448.36 P-2391 BAYANTEL 52121 27-Jun-12 2,625.66 47,780.75 4,348.37 Colliers International 1,344.89 216.98 4.32 P-2434 PhiliQQines 9-May-12 26,064.56 455.00 2,275.00 P-2439 Exclusive Cars 23-May- 26,064.56 P-2440 International 22,805.00 415.00 Facilities Managers, Inc. 12 221.30 23-May- 1,460.36 72,437.14 642.86 Facilities Managers, Inc. 1,269.64 12 16,740.00 11-Apr-12 6,480.00 11-Apr-12 26,460.00 46,620.00 P-2463 Hewlett-Packard 121198 18-Apr-12 26,064.56 Philippines 1,915.31 P-2474 Maxicare Healthcare Corp. 143969 18-Jul-12 9,531.91 P-2483 Team Prima Badminton 1259 11-Jul-12 957.66 Center, Inc. 1,915.31 19,200.00 P-2520 Headstrong Philippines, 1936 27-Jun-12 1,889.76 P-2520 Inc. 1936 27-Jun-12 748.32 Headstrong Philippines, 1,025.28 Inc. 1,639.20 2,552.96 P-2521 IBM Philippines, Inc. 19056 25-Apr-12 2,747.53 1,051.64 P-2522 Hewlett-Packard 122142 30-May- 2,811.81 1,147.53 39,237.22 Philippines 12 1,846.56 2,435.59 18,857.14 342.86 P-2539 BAYANTEL 877835 25-Apr-12 1,617.60 5,207.87 94.69 P-2626 Asia Select, Inc. 7415 20-Jun-12 724.94 5,205.84 94.65 P-2627 Asia Select, Inc. 7416 20-Jun-12 2,601.93 5,608.05 101.96 6,371.01 3,980.81 P-2628 Asia Select, Inc. 7346 16-May- 5,425.70 3,267.45 72.38 12 1,088.04 11,586.06 59.42 P-2629 Asia Select, Inc. 2,899.87 210.65 P-2630 Asia Select, Inc. 7345 16-May- 52.73 P-2631 Asia Select, Inc. 12 P-2632 Asia Select, Inc. A 7299 2-May-12 7297 2-May-12 7295 2-May-12

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 78 of88 P-2633 Asia Select, Inc. 7255 4-Apr-12 1,864.56 11,696.80 I 799.59 P-2634 Asia Select, Inc. 7256 4-Apr-12 3,933.09 212.67 3,632.36 18,401.20 P-2672 Career Management 182 4-Jul-12 7,477.52 71.51 P-2724 Consulting 3446 9-May-12 2,354.60 1,760.00 2,208.80 P-2728 Businessworks, Inc. 5282 3-0ct-12 1,650.00 281.50 8,800.00 4,432.79 L'Opera Inc. 20,610.00 P-2581 Fuji Xerox Philippines, Inc. 160185 30-May- 10,560.00 69,988.18 2,036.84 12 4,714.29 Subtotal- 2nd Quarter ofCY 2012 4.09 p 608,316.00 p 270,506.65 THIRD QUARTER OF CY 2012 31,716.06 12,279.48 15,171.43 3,846.19 9,007.77 p 878,822.65 P-3041 BAYANTEL 903365 22-Aug- p 182.04 p 178.79 p 3.25 12 P-3042 BAYANTEL 896167 182.04 178.79 3.25 P-3043 BAYANTEL 902638 29-Aug- 19,200.00 18,857.15 342.85 P-3044 BAYANTEL 904338 12 19,200.00 18,857.15 342.85 P-3045 BAYANTEL 896647 P-3046 BAYANTEL 896644 1-Aug-12 182.04 178.79 3.25 P-3047 BAYANTEL 904340 12-Sep- 182.04 178.79 3.25 182.04 178.79 3.25 12 P-3048 BAYANTEL 915366 26-Jul-12 182.04 178.79 3.25 P-3049 BAYANTEL 896643 182.04 178.79 3.25 P-3050 BAYANTEL 903366 26-Jul-12 182.04 178.79 3.25 12-Sep- P-3051 BAYANTEL 915364 182.04 178.79 3.25 P-3052 BAYANTEL 896646 12 182.04 178.79 3.25 P-3053 BAYANTEL 903368 26-Sep- 182.04 178.79 3.25 P-3054 BAYANTEL 915365 12 182.04 178.79 3.25 895872 26-Jul-12 182.04 178.79 3.25 P-3055 BAYANTEL 896645 22-Aug- 182.04 178.79 3.25 P-3056 BAYANTEL 903367 182.04 178.79 3.25 0234A 12 P-3057 BAYANTEL 26-Sep- 209.04 34.84 174.20 P-3059 3496 P-3063 Big Media Imaging 12 5,850.00 975.00 4,875.00 Systems Inc. 26-Jul-12 22-Aug- Businessworks, Inc. 12 P-3064 Businessworks, Inc. 3497 26-Sep- 12,672.00 2,112.00 10,560.00 7,200.00 7,071.43 128.57 P-3084 Design Muscle, Inc. 312 12 1,376.89 1,360.02 16.87 P-3140 8508 4-Jul-12 P-3141 Global City Car Lease & Transport Corp. 8524 26-Jul-12 7,588.39 7,535.18 53.21 Global City Car Lease & 22-Aug- Transport Corp_._ _ - L_ - - -~ - -- -- 12 jk.. 25-Jul-12 26-5ep- 12 26-Sep- 12 3-0ct-12 1-Aug-12 15-Aug- 12 -

Decision CIA Case Nos. 8720,8736, 8754 and 8767 Page 79 of88 P-3142 Global City Car Lease & 8522 15-Aug- 277.07 272.12 4.95 P-3143 Transport Corp. 8523 12 7,229.11 38.50 P-3145 Global City Car Lease & 8521 7,267.61 3.53 P-3147 Transport Corp. 8535 15-Aug- 194.15 13.99 P-3149 8550 12 197.68 4,081.33 6.62 P-3150 Global City Car Lease & 8549 P-3151 Transport Corp. 8673 15-Aug- 4,095.32 363.67 3.21 P-3207 Global City Car Lease & 24377 12 135.00 3.29 Transport Corp. 1017 370.29 181.21 75.71 Global City Car Lease & 188 29-Aug- 4,163.94 1,142.86 Transport Corp. 12 138.21 1,428.57 1,339.28 Global City Car Lease & 267.86 Transport Corp. 19-Sep- 184.50 4,230.70 Global City Car Lease & 12 4,239.65 232,688.30 Transport Coro. 2,571.43 128.09 19-Sep- 7,044.72 No Ka Oi (Phils) Int'L, Inc. 12 1,607.14 67.40 I 31,920.00 3,706.30 P-3209 Papertone Corporation 26-Sep- 36,960.00 ' 12 34,440.00 5,922.16 P-3210 Passion Cooks, Inc. 21,120.00 107.68 23-Jul-12 21,120.00 3,869.72 16,800.00 2,722.32 70.36 12-Sep- 19,200.00 3,693.80 49.50 12 4,963.46 67.17 6,120.00 90.25 29-Aug- 4,860.00 12 18,900.00 - 17,874.00 P-3409 Headstrong Philippines, 1983 26-Sep- 7,605.00 ~ Inc. 12 1,623.60 1,886.16 P-3426 Asia Select, Inc. 7704 3-0ct-12 930.66 P-3427 Asia Select, Inc. 7705 3-0ct-12 2,732.39 P-3428 Asia Select, Inc. 7703 3-0ct-12 719.03 472.57 P-3429 Asia Select, Inc. 7602 5-Sep-12 2,582.10 P-3430 Asia Select, Inc. 1,504.80 P-3431 Asia Select, Inc. 7517 25-Jul-12 1,339.68 P-3432 Asia Select, Inc. 724.94 7556 15-Aug- 2,460.42 - 12 1,483.20 1,649.57 7453 4-Jul-12 807.31 1,695.00 1,076.82 2,377.37 1,383.60 1,693.20 807.31

Decision CTA Case Nos. 8720, 8736,8754 and 8767 Page 80 of88 P-3480 BAYANTEL 915363 26-Sep- 2,553.20 357.57 I 12 182.04 182.04 667.46 6.51 I P-3481 BAYANTEL 895873 4-Jul-12 182.04 182.04 357.57 I P-3482 BAYANTEL 904339 12-Sep- 182.04 8,250.00 12 133.49 5,261.48 12.151 P-3541 Schneider Electric 2656 182.04 7,660.71 P-3542 Philippines 2657 11-Jul-12 182.04 92,6S5.53 6.51 � P-3701 Schneider Electric 2952 17,100.00 P-3702 PhiliQ!lines 11-Jul-12 8,400.00 I Schneider Electric 50 3,475.11 Philippines 11659 12-Sep- 5,357.14 440.61 150.00 12 95.66 Taurus Electrical Services 7,800.00 3,521.88 139.29 22-Aug- 113.95 1,684.65 P-3225 Salt & Light Ventures, Inc. 12 94,340.18 300.00 7,058.57 19-Sep- 17,400.00 33.60 39,304.89 12 15,660.00 11,460.00 6,263.23 P-3255 Professional Skills 67524 26-Sep- 15,660.00 873.78 Enrichment 12 6,703.84 6,549.21 P-3256 Premium Security & 66989 12-Sep- 3,776.98 141.43 Investigation Agency, Inc. 66580 12 794.00 618.68 P-3262 Premium Security & 25-Jul-09 6,663.16 Investigation Agency, Inc. 7,200.00 P-3384 Premium Security & 66195 18-Jul-12 33.60 P-3117 Investigation Agency, Inc. 769 12-Sep- 794.00 Excelsior Tours and 2115959 12 2,521.00 Tran~rt 16-Sep- 3.60 12 58.78 P-3466 DHL Express (Philippines) 33.60 Corp 1,198.00 33.60 P-3468 DHL Express (Philippines) 2093820 12-Sep- 700.00 2,616.98 1,198.00 Corp 12 33.60 1,958.00 P-3470 DHL Express (Philippines) 2084806 15-Aug- 33.60 33.60 700.00 Corp 12 633.00 33.60 1,958.00 1,240.00 P-3472 DHL Express (Philippines) 2075927 25-Jul-12 33.60 Corp 810.00 P-3471 DHL Express (Philippines) 2075926 25-Jul-12 p 578,963.48 1,273.60 633.00 Corp P-3473 DHL Express (Philippines) 2074533 18-Jul-12 33.60 810.00 Corp .. 493,357.78 p 85,605.70 Subtotal- 3rd Quarter ofCY2012 FOURTH QUARTER OF CY 2012 7780 7-Nov-12 I' 1,869.92 p 1,836.53 p 33.39 P-3756 Asia Select, Inc. 7860 P-3757 Asia Select, Inc. 28-Nov- 1,398.83 1,373.83 25.00 12 k

Decision CIA Case Nos. 8720,8736. 8754 and 8767 Page 81 of88 P-3758 Asia Select, Inc. 7864 28-Nov- 1,086.54 1,067.13 19.41 922738 12 18,857.15 342.85 P-3772 BAYANTEL 19,200.00 2,214.00 11,070.00 3516 14-Nov- 2,239.29 P-3778 Businessworks, Inc. 335 12 13,284.00 40.71 334 1,178.57 21.43 P-3792 Design Muscle, Inc. 154689 28-Nov- 2,280.00 14,494.13 677.30 169967 12 3,674.49 171.70 P-3793 Design Muscle, Inc. 169977 1,200.00 11,879.65 215.99 P-3821 Fuji Xerox Philippines, Inc. 8976 19-Dec- 15,171.43 P-3823 Fuji Xerox Philippines, Inc. 2037 12 3,846.19 90.29 1.64 21720 5,610.00 P-3825 Fuji Xerox Philippines, Inc. 226 19-Dec- 12,095.64 81,705.47 : 58 12 P-3830 Global City Car Lease & 91.93 642.86 102.00 P-3834 Transport Corp. 1536 17-0ct-12 192,896.11 28.93 P-3837 Headstrong Philippines 5,712.00 3,214.28 Inc. 28-Nov- 81,734.40 28,883.48 3,507.20 12 14,160.00 IBM Philippines, Inc. 3,857.14 11,429.05 12-Dec- 196,403.31 98,364.15 i P-3870 Passion Cooks, Inc. 12 15,318.64 10,043.48 278.52 P-3918 Taurus Electrical Services 28-Nov- 33,000.00 4,706.33 12 83,728.64 85.57 P-3982 Seven Seven Global 26,064.56 40,654.27 Services, Inc. 26-Dec- 12,095.64 739.17 12 3,501.52 6,480.00 32,400.00 31-0ct-12 6.31 715.14 4,785.59 13.01 19-Dec- 35,114.26 715.14 12 6,279.18 13.01 17,820.00 715.14 10-0ct-12 8,100.00 13.01 12,960.00 1,407.36 21-Nov- 25.59 12 182.04 3,608.23 546.11 71,754.75 65.61 P-4021 Hewlett-Packard 126684 19-Dec- 182.04 1,304.64 Philippines 12 546.11 178.79 182.04 178.79 3.25 P-4036 Fuji Xerox Philippines, Inc. 169995 26-Dec- 546.11 56,571.43 3.25 12 933.19 47,464.00 1,028.57 499.76 536.00 P-4037 Fuji Xerox Philippines, Inc. 169964 28-Nov- 2,737.84 12 936.00 - 73,059.39 P-4042 Fuji Xerox Philippines, Inc. 167613 10-0ct-12 182.04 h 182.04 P-4062 Businessworks, Inc. 3525 26-Dec- 57,600.00 12 18,000.00 P-4063 BAYANTEL 917495 31-0ct-12 P-4064 BAYANTEL 917497 31-0ct-12 P-4065 BAYANTEL 917496 31-0ct-12 P-4068 Asia Select, Inc. 7781 7-Nov-12 P-4069 Asia Select, Inc. 7744 17-0ct-12 P-4085 Johnson Controls IFM 3072 14-Nov- Phils. Co. 916481 12 P-4133 BAYANTEL 916168 P-4134 922737 3-0ct-12 P-4135 BAYANTEL 25630 P-4144 BAYANTEL 10-0ct-12 Crown Worldwide Movers, 4-Nov-12 - 19-Dec-

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 82 of88 Inc. 12 18,000.00 12,000.00 P-4145 Crown Worldwide Movers, 25631 19-Dec- 5,893.00 107.00 P-4155 Inc. 2149384 12 6,000.00 33.60 25.18 P-4168 DHL Express (Philippines) 169994 424.15 21-Nov- 58.78 23,328.49 597.04 Co~ 12 32,836.65 1,115.84 23,752.64 61,370.63 2,425.71 Fuji Xerox Philippines, Inc. 26-Dec- 138.75 30,686.47 12 24,463.78 1,800.72 543,870.38 P-4285 Innove NC 361167 19-Dec- 31,035.11 ;r< 12 138.75 P-4286 Innove NC 359669 28-Nov- 160.18 12 160.18 P-3977 SGV &Co. 138.75 101196 2-Jan-12 138.75 138.75 P-4023 Headstrong Philippines, 2038 26-Dec- 31,035.11 Inc. 12 31,035.11 2,998.99 24,155.40 5,957.79 17,280.00 12,000.00 18,720.00 36,960.00 5,400.00 10,800.00 9,000.00 13,200.00 14,688.00 7,920.00 5,219.60 5,741.56 13,500.00 10,800.00 15,840.00 16,320.00 36,960.00 25,200.00 21,120.00 14,400.00 21,120.00 25,200.00 16,320.00 26,400.00 14,400.00

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 83 of88 P-4038 Fuji Xerox Philippines, Inc. 169966 28-Nov- 2,880.00 45,330.44 1,525.30 12 19,200.00 26,400.00 8,605.64 402.13 P-3824 Fuji Xerox Philippines, Inc. 169965 28-Nov- 32,760.00 10,712.88 375.36 45721 12 16,320.00 2,059.00 P-3819 FTL Hotels, Inc. 2118102 13,200.00 33.60 28-Nov- 15,120.00 710.00 P-4147 DHL Express (Philippines) 12 20,160.00 2,357.60 .. 202,735.67 Corp. 7,785.00 P1,395,599.42 P3,114,639.59 3-0ct-12 9,007.77 P3,558,519.28 3,846.19 P-4157 DHL Express (Philippines) 2153538 5-Dec-12 9,007.77 Corp. 3,846.19 21,147.82 Subtotal- 4th Quarter ofCY2012 TOTAL 9,007.77 11,088.24 33.60 2,059.00 2,324.00 33.60 710.00 P1,598,335.09 P6,673,158.87 C. Input VAT on purchase of services wherein the supporting official receipt pertains to a different transaction - P149,209.52 SECOND QUARTER OF CY 2012 P-2475 Maxicare Healthcare Corp. 0131314 1-Mar-12 p 149,209.52 - p 149,209.52 .. 149,209.52 Subtotal- 2nd Quarter ofCY2012 .. 149,209.52 - GRAND TOTAL P6,887,263.01 P3,558,519.28 P3,328,743.73 With regard to the input taxes on current purchases of capital goods exceeding P1Million with an aggregate amount of P6,262,594.20, the ICPA noted that these were included in petitioner's input VAT claim in full amount.117 Pursuant to Section 110(A)(2) of the NIRC of 1997, as amended, as implemented by Section 4.110-3 of RR No. 16-05, input VAT on capital goods purchases attributable to zero-rated sales may be claimed either in full during the month of acquisition, or spread over a period of time, depending on the aggregate acquisition cost of the capital goods in the calendar month. If the aggregate acquisition t5t 117 No. 7, p. 6, Exhibit "P-31".

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 84 of88 cost exceeds P1Million, the claim for input tax should be spread over 60 months or the estimated useful life of the capital goods, whichever is shorter. On the other hand, if aggregate acquisition cost does not exceed P1Million, the total input taxes shall be allowed as credit/refund in the month of acquisition. As correctly found by the ICPA, out of the P6,262,594.20 input VAT incurred by petitioner on current purchases of capital goods exceeding P1Million for CY 2012, only the input VAT amortization of P159,292.83 related to the P1,337,412.43 input VAT properly supported by VAT invoices shall be creditable for the four quarters of CY 2012, as follows: 118 Findings Reference to 1st 2nd 3rd 4th Total Allowable ICPA Report Quarter Quarter Quarter Quarter p 1 337 412.43 Input Tax119 Purchase of capital p 144 774.43 p 234 597.19 p 702 496.41 p 255 544.40 goods exceeding Annex 10 1Q-a, 4 888,035.05 P159 292.83 one (1) million with Annex 10 2Q-a, - 247 351.95 112 401.09 4,528,282.01 37,146.72 properly supported Annex 10 3Q-a, - invoices Annex 10 40-a - 37 146.72 - - P6 262 594.20 other Findings on 1'519,095.86 - purchase of capital Annex 10 1Q-b, 1'144,774.43 1'814,897.50 P4,783 826.41 goods exceeding Annex 10 2Q-b, 1'159 292.83 one (1) million Annex 10 3Q-b, Annex 10 4Q-b Purchase of services Annex 10 2Q-c supported by documents other than VAT invoices Purchase of capital goods exceeding one million supported by photocopied Invoices TOTAL --� --� -- In sum, out of the declared total amount of P148,152,889.37 input VAT on current purchases for the four quarters of CY 2012, only the amount of P106,599,836.04 is validly supported by documents, computed as follows: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Input VAT on current p 35 639 735.47 p 34 788 247.18 p 40 624 082.35 p 37 100 824.37 p 148 152 889.37 purchases Less: Disallowances p 8 758 156.94 p 8 108,531.92 p 5,770 603.85 p 9J483 715.52 p 32 121 008.23 Per !CPA Findings .. -- Per this Court's further verification ~ 118 Annex 10, Exhibit "P-31". 119 Annex 12, Exhibit "P-31".

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 85 of88 A. Input VAT on - 59 865.18 5 029.44 - 64 894.62 domestic purchases of services supported by 2 555 791.57 270 506.65 85 605.70 202 735.67 3 114 639.59 Official Receipts but the amount of Input - 149 209.52 - - 149 209.52 VAT claim is not 6,262 594.20 separately indicated 144 774.43 519 095.86 814 897.50 4 783 826.41 (159,292.83) (53 865.14) (83 588.28) p 41,553 053.33 B. Input VAT on _(_3,016.13) (18 823.28) p 6 622 271.35 purchases of services p 11 455 706.81 p 9 088 385.85 p 14 386 689.32 P106 599 836.04 supported by Official P34,001 811.00 P22,714,135.05 Receipts wherein the P24 184 028.66 P25 699,861.33 amount of claim is more than the amount reflected in the Official Receipts C. Input VAT on purchase of services wherein the supporting official receipt pertains to a different transaction Input VAT on current purchases of Capital Goods exceeding P1Million Less: Allowable Input Tax Credit for the period of claim 120 Total Disallowances Substantiated Input VAT However, records do not show that petitioner submitted its VAT invoices/official receipts proving the existence of its reported input VAT carry-over from previous quarter in the total amount of P260,050,405.20121 . Thus, only the total valid input VAT of P106,599,836.04 should be applied against the reported output VAT liability for Cf 2012 of P5,480,879.29122 . Consequently, only the remaining input VAT of P101,118,956.75 can be attributed to the entire zero-rated salesuk- 120 Annex 12, Exhibit "P-31". Line 20B 1st Quarter 121 Line 20F. Exhibit "P-5", Doc-k.et. Vol. III. o. 18- 30 Line 20E p 5 499,135.34 Line 20F 254 551,269.86 CY 2012 1"260,050,405.20 Deferred on Capital Goods from Previous Quarter Others Total 122 Output VAT Exhibit p 1 365 017.94 CY 2012 "P-5" 1st Quarter 1,307,329.96 2nd Quarter 1 483 282.57 "P-6-a" 3rd Quarter 1 325 248.82 "P-7-a" 4th Quarter "P-8" P5,480,879.29 Total

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 86 of88 amounting to P7,088,991,662.84 and only the input VAT of P68,879,499.15 is attributable to the valid zero-rated sales of P4,825,937,556.72, computed as follows: Valid Input VAT 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total p 24 184 028.66 p 25 699 861.33 p 34 001 811.00 p 22 714 135.05 " 106 599 836.04 Less: Output tax due 1 365 017.94 1 307 329.96 1 483 282.57 1 325 248.82 5 480 879.29 Excess Input VAT P22 819 010.72 P24 392 531.37 P32 518 528.43 P21 388 886.23 P101118 956.75 Divide by Total Declared Zero�Rated Sales 1,3S7 072 819.34 2 216 508 365.74 1 562,760 446.83 1 952 650 030.93 7 088 991 662.84 Multiply by Valid Zero- Rated Sales 963 228 031.37 1 465 271 326.41 1 044 863 441.53 1 352 574 757.41 4 825 937 556.72 Excess Input VAT P16 196,559.58 P16,125 216.28 P21,741 925.70 P14,815 797.58 .. 68 879,499.15 attributable to Valid Zero-Rated Sales Petitioner's input VAT was not applied against any output VAT liability. Petitioner's input VAT claim of P147,159,034.53 was carried- over by petitioner in its succeeding Quarterly VAT Returns for the first123 and second124 quarters of CY 2013 as part of the allowable input taxes "Others". Nevertheless, the said amount remained unutilized until the same was deducted as "VAT Refund/TCC Claimed" in its Quarterly VAT Returns for the second, third and fourth quarters of CY 2013, as shown below: CTACase No. Input VAT Claim Period when the Exhibit125 8720 p 35,343,482.10 claim was deducted 8736 P-37 8754 34,618,094.91 2nd Quarter of Cf P-38 8767 40,305,286.80 2013 P-39 Total 36,892,170.72 P147,159,034.53 3rd Quarter of CY 2013 4th Quarter of Cf 2013 Therefore, the subject claims no longer formed part of the excess input VAT of P85,136,686.89126 as of the end of the fourth quarter of CY 2013 that was carried over to the succeeding taxable quarters of CY 2014127. As such, it eliminates the possibility that the present claims would be applied to future output VAT liability. ,1c- 123 Line 20E, Exhibit "P-36", Folder 5, Box 1. 124 Line 20E, Exhibit "P-37", Folder 5, Box 1. 125 Folder 5, Box 1. 126 Line 29, Exhibit "P-39", Folder 5, Box 1. 127 Exhibits "P-40" to "P-42", Folder 6, Box 1.

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 87 of88 WHEREFORE, premises considered, the instant Petitions for Review are PARTIALLY GRANTED. Accordingly, respondent is ORDERED TO REFUND or ISSUE A TAX CREDIT CERTIFICATE in favor of petitioner in the amount of P68,879,499.15, representing the latter's unutilized excess input VAT attributable to its zero-rated sales for the four quarters of CY 2012. SO ORDERED. ~.....,t;:c. .~~ 9.. :fUANITO C. CASTANE6~,-JR. Associate Justice WE CONCUR: ~ 11 IV1~�~- G'~ CIELITO �~: MINDARO-GRULLA Associate Justice -- 1 n.~VILLENA ATTESTATION I attest that the conclusions in the above Decision were reached in consultation before the cases were assigned to the writer of the opinion of the Court's Division. ~,., ,'frC.~04,. Q JUANITO c. CASTANEdA,' JR. Associate Justice Chairperson

Decision CTA Case Nos. 8720, 8736, 8754 and 8767 Page 88 of88 CERTIFICATION Pursuant to Article VIII, Section 13 of the Constitution, and the Division Chairperson's Attestation, it is hereby certified that the conclusions in the above Decision were reached in consultation before the cases were assigned to the writer of the opinion of the Court. Presiding Justice