BIR Ruling No. 333-2018

REPUBLIC OF THE PHILIPPINES

BUREAU OF INTERNAL REVENUE DEPARTMENT OF FINANCE

Quezon City.

Certificate of Tax Exemption No: 333-2018

CERTIFHCATE OF TAX EXEMPTION

TO ALL WHOM IT MAY CONCERN:

This certifies that CUMBERLAND DEVELOPMENT CORPORATION,with Tax

withholding tax on its income received directly in connection with its economic and low-cost Identification Number is exempt from income tax and creditable

housing project, Mondello Homes, consisting of 513 units located at Brgy. Guitnang Bayan I. San Mateo, Rizal, a project duly registered with the Board of Investments (BOI) under September 2017 or actual start of commercial operations/selling, whichever is earlier, but in Registration No. dated September 25, 2017, for a period of 4 years beginning from

no case earlier than the date of registration of the project with the BOI, pursuant to Executive

2.57.5 (B)(2) of Revenue Regulations No. 2-98, as amended. Order No. 226, otherwise known as the "Omnibus Investments Code of 1987" and Section

Moreover, the sale by the Company of residential lot valued at P1,919,500.00 and below, or house and lot and other residential dweilings valued at P3,199,200.00 and below, is VAT-exempt under Section 109(1)(P) of the 1997 Tax Code, as amended.

applicable BIR'rules and regulations and the Terms and Conditions stated at the back hereof. The Company is liable, however, for all other applicable taxes not discussed above. The grant of tax exemption herein is subject to the compliance with the provisions of

This Certificate of Tax Exemption is being issued on the basis of the facts and documents as represented and submitted. However, if upon investigation, the BIR ascertains that the facts are different, then this Certificate shall be considered null and void.

Issued this. day of MAR 0 7 2018

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CAESAR R. DULAY Commissioner of Internal Revenue 014089

K-1-JAC