STERLING PRODUCTS INTERNATIONAL, INC. v. COMMISSIONER OF INTERNAL REVENUE

REPUBLIC OF THE PHILIPPINES COURT OF TAX APPEALS QUEZON CITY STERLING PRODUCTS INTERNATIONAL, INC., P e titi o ner, -versus - C. T.A. CASE NO. 5807 COMMISSIONER OF INTERNAL REVENUE, Promul g a ted: R es po nd e nt. JUN 06 2001 ?f;xJ/1-;d ~ :t;L'�'v1~ X- --- - -- -- ----------- -- - - -- - - --- -- ----- -- - - - ----------- - - - - - X DEC ISION Befo re thi s Court is a Petiti on fo r Review seekin g fo r the refund of the amou nt of P6 ,078 ,207.00 representing alleged unutili zed income tax credits for taxa ble years ended December 3 1, 1996 and 1997. Petitioner is a res ident foreign corporati on dul y orga nized and ex isting under the laws of the State of Delaware, U.S.A. with it 's Philippine branch located at No. 74 E. de ' los Santos Avenue, Mandalu yong City, Philippines. On April 15, 1997, Petiti oner's Annual Corporate Income Tax Return for the calendar year ended December 31 , 1996 reported a loss of P 12,456,242. 00. It likew ise, reflected the amount of P2,3 17,325.00 representing prior year's ( 1995) excess cred its and creditable taxes w ithheld for the year 1996 in the amount of Pl ,937 ,013 .00 (Ex hi bit A) . Fo r the taxa ble year endin g December 31 , 1996, Petiti oner had an overp aid income tox of P4,254,338 .00 computed as follows: .'.. ~.J 0 ( (

/ - 0- DECISION- CTA CASE NO. 5807 PAGE2 Tax Due Less: Prior year's Excess Credit P2,317,325.00 Creditable Taxes Withheld 1,937,013.00 Re fundable/Creditable (P4,254.338.00) Petitioner's Annual Corporate Income Tax Return for the calendar year ending December 31 , 1997 was filed on April 15, 1998. It reported a taxable income of P3,644, 117.00 and income tax due in the amou nt of PI ,275,441.00. The return likewise reflected prior year' s ( 1996) excess tax credits of P4,254,338 .00, quarterly corporate income tax in the amount of P721 ,677.00 and creditable tax withheld for the year 1997 in the amount of P2,3 77,633 .00 (Exhibit " II "). Consequently, based on its return, Petitioner had an income tax overpayment ofP6,078,207.00 computed as follows: Tax Due PI ,2 75 ,441.00 Less: Prior Year's Excess Credit P4,254,338 .00 3rd Qtr. Income Tax Payment 721,677.00 Creditab le Taxes Withheld 2,377,633.00 7,353,648 .00 Refundable/Creditable (Exhibit II) Anchored on the pro visions of Section 69 of the Tax Code (now Section 76 or the Tax Reform Act of 1997), Petitioner fil ed a claim for refund or the issuance of a tax credit certificate with the Respondent, Bureau of Internal Revenue (BlfZ), in the amoun t of P6,078 ,207.00 representing unutili zed tax credits for the taxable years ending December 31 , 1996 and 1997. The next day or on April 15, 1999, Petitioner filed its judicial claim for refund with this Court.

/ DEC IS ION - / CTA CASE NO. 58 07 PAG E 3 In hi s Answer to the Petition for Review, Respondent raised the foll owing Special and Affirm ati ve Defenses: "5. That the herein Petiti oner is not entitled to the refund of the amount prayed for in the instant Petiti on fo r Revi ew; 6. That as Respondent is still in the process of investi gating Petiti oner's claim for refund , the herein Petition for Revi ew is premature as Petiti oner has not exhausted the administrati ve remedi es required by law and jurisprudence on action of this nature as no decision has as yet been rende red by the Respondent; 7. Such being the case this Hono rable Court has no jurisdiction over the Petition for Review." To support its claim for re fund , Petiti oner submitted the following documents: Exhibi t D esc ripti o n A Annual Income Tax Return for 1996 B toHH Vario us Certificates of Creditable Tax Withheld at Source for 1996 II Annual Corporate Income Tax Return for 1997 JJ to UUU Vari ous Certifi cates o f Creditable Tax Withheld at Source for 1997 XXX Letter C laim fo r Refund Respondent, o n the other hand , did not subm it any controverting evidence to substantiate its defenses. The sol e issue to be resolved is WH ETHER OR NOT P ET IT ION ER IS ENTITLED TO TH E REFUND OF P6,078 ,207.00 representing unutili zed inco me tax credits for the yea rs 1996 and 1997. We rul e in favo r of Petitioner.

DECISION- / CTA CASE NO. 5807 PAGE4 In order that Petitioner may be granted its claim for refund , the follo wing basic requirements provided under Revenue Regulations No. 12-94 and the prevailing jurisprudence on the matter must be complied with: I. That the claim for refund was fil ed within the two-year prescripti ve period provided under Section 230 of the National Intern al Revenue Code; 2. That the fact of withholding is established by a copy of a statement dul y issued by the payo r (withholding agent) to the payee, showing the amount paid and the amount of tax withheld therefrom; and 3. That the income upon whi ch the taxes were withheld were included in the return of the rec ipi ent [Revenue Regulations No . 12-9-1 amending Revenue Regulations No. 6-85; Citibank, NA vs. Courl vf Appeals and CJR , 280 SCRA -159: ACCRA investment Corporation vs. CA , 204 SCRA 95 7J. Petitioner fil ed its claim for refund for the years 1996 and 1997 on April 14, 1999 and the instant Petition for Revi ew with thi s Court on April 15, 1999. l-Ienee, both the administrative and judicial claim s for re fund were filed within the two-year prescriptive period, as provided under Section 230 of the National Internal Revenue Code (now Section 229). Anent the contention of the Respondent that the Court has no t yet acqu ired j uri sdicti on over the in stant Petition due to the fact that Respondent is still in the process of investigating Petitioner 's claim for refund and a decision has yet to be rendered by the Respondent, the same is not tenabl e. While it is true that the Court of Tax Appeals cannot take cognizance over petitions for review prior to a dec ision of the Commissioner of Internal Revenu e. Commi ssioner of Customs and Secretary of Finance, an exception to this rule arises when in a written II ' ) I � 4 ;:_

DECISI0:'\1- CTA CASE NO. 5807 PAGE 6 For th e taxab le yea r 1997, onl y the amo unt of PI ,937,83 1.16 was substantiated by certificates of c reditab le tax withheld at so urce out of the claimed total creditable taxes withheld in the amount of P2,377,633 .00 (See Annex "B" of this Decision). In compliance with the basic requirements enumerated earlier, the creditable taxes w ithheld for th e taxable year 1997 were declared in Petitioner's 1997 Annual Corpora te Income Tax Re turn which reported an income tax li ab ility ofP I,275,44 1.00 (Ex hibit Il). Gleaned frotTI Petitioner's 1998 Annual Inco me Tax Return, the alleged overpaid income tax of P6,078 ,207.00 was not ca rried-over to the succeeding yea r as shown m Petitioner's 1998 A nnual Income Tax Return (Exhibi t YYY) . In sum , Pet itioner has suffi cientl y substantiated its claim for refund of overpaid income tax for the taxable years 1996 and 1997 but on ly to the extent of PI ,651 ,180.32, computed as follows : Allowable Tax Cred it for Taxable yea r 1996 (A nnex A) p 988 ,790.16 Allowable Tax Credit for Taxable yea r 1997 (A nnex B) _ 1.93'[.,831.1_2 Less: Total Allowable Tax Credits P2,926,621 .32 Tax C redit Appli ed to th e 1997 Inco me I ,275,441.00 Tax Liability Overpaid/ Excess Inco me Tax es p 1 651. 180.32 WHEREFORE , in view of all the forego ing, Respondent Commissioner is hereby ORDERED to REFUND to the Petitioner the amount of P1 ,651 , 180.32 representing overpaid/excess income tax es for taxable years 1996 and 1997. SO ORDERED. ~- l9-~ ERNESTO D. ACOSTA Presiding Judge :j v,' ' --J I

DECISION- CTA CASE NO. 5807 PAGE 7 l CONCUR: CERTIFICATION I hereby certify that the above decision was reached after due consultation with the members of the Court of Tax Appeals in accorda nce with Section 13 , Article VIII of the Constitution. ~ -~-Q~ ERNESTO D. ACOSTA Presiding Judge ' .. 1 0.1..

STERLING PRODUCT INTERNATIONAL, INC. ANNEXA SCHEDULE OF ALLOWABLE iNCOME TAXES WITHHELD PER COURT'S VERIFICATION ALLOV�!ABi....E !NCOME FOR THE YEAR ENDED DECEMBER 31 , 1996 ?A YMEtH ALLOWABLE TAX iNCOME PER TAX INCOME PER TAX DISALLOWANCES BOOKS WITHHELD WITHHELD WITHHOLDING AGENT EXHIBiT 9~RTIFICATE WITHHELD !; ~ TOTAL H & B, INC. B 400,894 .04 3.981.4 9 774 .305 02 ?.69302 c 1,175,199.06 11,674.51 238,635.00 2,386.35 936,564.06 936,564.06 238 ,635.00 2,386 .35 Subtotal 25.726 00 257.26 32.337 .00 323 .37 Zll 5387 16.317 00 163.17 10.446.00 104.46 5388 27 .620 .00 276 .20 57,358.00 573 .58 4412 38.666 00 386 .66 30.165.00 301 .65 4414 4431 4457 4458 4459 MERCURY DRUG CORP. F 5,189.664 .00 51 ,896.64 2.503 ,966.00 25 .039 .66 G 7,693 ,630 .00 76,936.30 Subtotal 7,693,630.00 7,693,630.00 RUSTAN SUPERMARKETS H 678 .978 33 6 , 172 .54 1.024.470 55 9 .313 .37 .... -.. K 4.195.56 2,539,048 .00 25,390.48 16 , 101,476.37 16,101 ,476.37 2,539,C48.00 25 ,390 .48 L 461 ,508.38 3.027.49 r. Subtotal 333.022 56 6 ,966.24 98,850 00 988 .50 I.A 755.284 .55 183,547.80 73 . 07~ _J 730.75 18 ,640 ,524.37 72 . 199.00 721 99 ('"' ' 101 .148.00 1.011.48 Zll 5360 51 .922.00 519.22 "\. 97 .806.00 978 .06 5361 1.988 .00 19.88 5362 27 .508.00 275 08 5382 3.983 00 39.83 3.033 .00 30.33 5383 1.393 .00 13.93 11 .382 .00 113.82 5383 128.904 .00 1,289 .04 5.691 .00 56.91 5385 5.691 .00 56 .91 62 .649 .00 626 .49 5386 16 ,208 .00 162.08 66 .321.00 663.21 5391 32 .075.00 320.75 15 .676 .00 156.76 5392 53q3 44 16 4417 4418 4~19 4420 4~21 4422 4423 4433 1 of 5

SANOFI WINTHR0P, INC. M 6 0 ,066 , 225 .00 4434 3,138.00 31 .38 20,818,791 .00 208,187.91 39,247,434.00 392,474.34 4435 9 4 0 7 .0 0 9 4 .0 7 Zll 1,5 6 8 ,712 .0 0 4436 9.(07 00 9 4 .07 919.425.00 4437 80.449 00 804.49 -- ~ 4439 244.347 00 2.443.47 (.. : 1.332,231 .00 4440 1,0 4 7 .37 9 8 3 .693 .0 0 2501 104.?~ 7 . 00 410.50 C. � 2502 2 .288.07 4,804,061 .00 2518 41 ,050 00 319.01 SUPERVALUE, INC. N 2546 228.!!0 7.0 0 1,838.13 2540 597.51 0 2547 31 ,901 w 816.18 p 2654 99.40 2655 18.1.813.00 85.14 Q 2656 59.751 .00 354.27 2657 81 .615.00 683.85 Subtotal 2658 3 ,3 8 0.24 1,180,478.00 1' 180,478.00 3,623,583.00 36,235.83 2670 9,940 00 552i6 Zll 2677 6,514 .0 0 980.14 98649 35,427 .0 0 (303.99) ~,..... ...... 68.385.00 ��,,....._ 600 ,662 .25 338,0 2 4 .0 0 3 9 2 ,4 7 4.34 ............ 5 5 2 1 6 .0 0 '~~ 5649 98.014 .00 45.849.50 4454 (30.399 .00) 7 ,58006 4455 2,544.12 4450 39,247,434.00 4442 24 ,880.96 4443 4 ,584.950 .0 0 41 .625.58 5617 758.006 .0 0 59.401.22 5646 254 ,412 .0 0 16.430.97 5682 1 8 ,560 .92 2606 2 .488,096 .0 0 34 ,787.84 2611 4,162.558 00 128.2n98 5.940.122.00 12 .540 .19 15,687 12 1.643.097 .00 392.474 .34 9 ,4 9 4 2 5 1.856.092 .0 0 13 .322 .31 3,478,784 .0 0 35 ,235 .8 3 9 .8 3 6 .93 12.827 .2 9 8 .0 0 48,340.61 1.254 .019 .0 0 3 ,366. 12 39,247.434 .0 0 3.84134 5379 5380 3,623 ,583 .00 558 .44 5381 188.36 5389 336.612 .0 0 519.32 5390 384,134 .00 2 ,285.70 4413 22523 4415 55.844 .0 0 3,661 .08 4428 18 .8 3 6 .0 0 345.49 4429 51 ,932.00 228 ,5 7 0.00 22,523 00 366 . 108 .0 0 34 ,5 4 9.0 0 2 of 5

4432 637.858 00 6 ,378.58 4460 110.6 18.00 1,106.18 4462 132.923 00 1.329 .23 91 ,638.00 446~ 324,561 00 916 .3 8 2 0 .398 .0 0 3 ,2 4 5 .61 2tl33 184,193.00 2534 2 0 3 .98 2535 10.325 00 1,841 93 2543 22 .339.0 0 2545 59.751 .00 103.25 2542 43,04000 2 2 3 .39 2663 11,454 .00 597 .51 2664 24 ,755.00 430.40 2662 38 .166.0 0 11 4 .54 2665 7 6 ,037 .0 0 247.55 2665 100,072 .0 0 381 .86 2674 137 .184 00 760.37 2670 _ _ _9_9.143.00 1,0 0 0 .72 1,371 .84 UNIMART, INC. R 181 .210.00 1.812.10 991.43 6 ,320.00 63.20 s 20 1, 836.00 2,015 .36 21 5,672.00 215,672.00 201 ,836.00 2,018 .3 6 28 ,142 .0 0 281.42 T 13 .562 .0 0 135.62 13 5 .62 97 .375 00 973 .75 9 7 3 .75 u 43.225 00 432.25 4 3 2 .25 v 47 .674 .00 476 .74 4 7 6 .74 w 41 7, 508.00 4,175.08 7,748.82 X 11 .335.27 8,471 .35 311 .17 Subtotal /. .834.48 143.57 23 .6 2 0 .34 190.87 ,......... llZ 5 0 .746 .84 5213 13 ,562 .00 13 ,3 5 6 .92 5227 97 375.00 53 . 16 .v..'.. 1 6.9 2 5 .0 8 5228 43 .225 .0 0 76 .46 6,852 .22 5229 47.674 .00 4 3 6 .0 6 134,142.50 79.74 UNIWIDE y i13 .35 84.71 z 28 .34 774,682.00 134 ,1 4 2.5 0 1,341 .39 236 .2 0 AA 50746 133.56 88 169 25 68 .52 cc 1 ,341. 3 9 DO EE FF Su b t o t al llZ 5543 3i ,117.00 5544 14.35"7.00 5545 19,087 00 5546 5547 5.315 00 5548 7 ,6 4 6 .0 0 5357 43 ,6 0 6 .00 7.974 .0 0 3 of 5

,_ 5363 15,744 .00 157.44 5364 12.224 .00 122.24 (,,...... 5365 10,419.00 104.19 5366 4,716.00 47 .16 ....,. r 5367 46 .249 .00 462.49 5368 24,461 .00 244 .61 5369 7,312.00 5370 8 ,323.0 0 73.12 5371 23,374.00 83.23 5373 2,487 .0 0 233.74 5374 15 ,392 .0 0 24 .8 7 5395 17,576.00 153.92 5397 12,679.00 176. 76 5398 44,618 00 4410 8,393.00 ~26 . 79 4411 12,125.00 4425 6,494.00 446.18 4426 7 ,567 .0 0 83 .93 4427 6 ,280 .0 0 121 .25 2503 6 ,795 .0 0 64 .94 2504 2.774.00 75 .6 7 2505 3 ,940 .0 0 62 .8 0 2506 24.001 .00 67 .9 5 2507 38 ,255 .0 0 27 .74 105,302.00 39.40 2520 11 ,353.00 2528 5,391 .00 240.01 2529 3 ,583 .0 0 382.55 2530 18 .298 .0 0 1 053.02 2531 113.53 2532 553 .0 0 <537 3.449.00 53 .91 2538 2.093.00 35 83 2539 13.088.00 182.98 2548 2,712.00 2549 9 ,149.00 5.53 2550 12,367.00 34 49 2651 4 .006.00 209- - 2652 2,122.00 130.88 2653 6.291 .00 27.12 2659 6 .436.00 9149 2650 5 .513 .00 123.67 2671 40 .0 6 2672 591 00 21 .22 2673 318.00 62.91 2678 18,513 00 64 .3 6 2678 461 .00 55. 13 2679 13,088.00 28 ,794 .0 0 5 .91 _ _ _1_0.010.00 3.18 185.13 ZUELUG INCHCAPE, INC. GG 7,855,994.00 78,559.94 5,608,738 .00 4.61 2,247 ,256.00 2,247 ,256 .00 5,608,738 .00 56 ,087 .38 130.88 287 .94 100.10 56,087.38 4 of 5

ll2 2609 1 .787 .664 .0 0 17.87664 2609 655.128.00 6 ,55128 2609 320.653 .0 0 3 .206 .5 3 2609 12.290 00 122.90 2609 123.557 .0 0 1.235.57 2609 137.819 00 1.37619 2607 17 ,261 .CO 172 .61 2607 1.809 ,114 .0 0 18091 .14 2607 279.114.00 2.791 .14 2607 466.138.00 4 661 .38 ZUELLIG PHARMA CORP. HH 47 ,285 ,603 .00 472,856.03 47 ,285 ,603 .0 0 472 ,856 .0 3 4 7 , 2 8 5 ,603 .0() 4 7 2 ,8 5 6 .0 3 ll2 3027 8 . 126.709.0 0 81 .267 09 14 .090.886 00 140 ,908 .8 6 2605 104 .964 .0 0 1 ,049 .6 4 26 12 2 0 ,390.6 7 3 .0 0 203 ,906 .7 3 2613 4,572.371 .00 45 .723 .71 Total p 165,550,691 .86 p 2,347,248.00 p 99,519,759.00 p 995,197.59 p 7,693,630.00 p 41 ,500,237.43 p 75,868,867.34 p 98,879,019.50 p 988 ,7 9 0 .1 6 A Income declared in 1995 8 Income payment not part of the gross inc o me declare d in the 1996 & 1997 ITR rv .. ,- '- 5 of 5

STERLING PRODUCT INTERNATIONAL, INC. NOT PART ANNEX B SCHEDULE OF ALLOWAB LE INCOME TAXES WITHHELD PER COURT'S VERIFICATION OF THE FO R THE YEAR ENDED DECEM B ER 31, 1997 ALLOWA3LE DECLARED WITHHOLD ING AGENT EXHIBI T INCOME PE R TAX INCO ME PER T/>.X INCOME ALLOWABLE TAX CERT! F!CATE WITHHELD BOO K S WITHH~I D INCOME PAYMEN T W ITHHE LD GRAND UNION SU PERMARKET JJ 231 ,882.00 2,318 .82 231,882.00 H &B, INC. KK 126.905 .50 1,243 .99 1,289 ,816 .96 12,875 .87 LL 8,522 .90 2,906 ,660.00 29 ,066.87 206 ,516 .49 2,906 ,660 .00 29 ,066 .87 856 ,230.03 MM 840 ,224 .00 8,402 .24 NN 3,113,1 76.49 31 ,045.00 Subtotal 1996 ZZ2 2815 301 ,539.00 3.015.39 2683 31,454 .00 314 .54 2798 61,489.00 614 .89 2697 68,502.00 685 .02 462 ,984.00 4 ,629 .84 1997 ,. 2795 136,503.00 1,365 03 v. 2797 7,922.00 79 .22 2804 30,103.00 30 1.30 2826 81 .884 .00 818 .84 2840 499,64 1.00 4,996.41 2841 21 ,201.00 212 .01 2910 177,941 .00 1' 779.41 2911 35 ,134.00 35 1.34 2949 7,663.00 76.63 2950 30 ,860.00 308 .60 2787 55,897 .00 558 .97 28 10 10,046.00 100.46 3012 93,790.00 937 .90 3013 53,451 .00 534 .51 3021 31,694.00 316 .94 3111 2,209.00 22 09 3112 56,043 .00 560.43 3133 4,908.00 49 .08 3135 146,213.00 1,462 .13 ~ 1 of 12

3138 30 ,773 .00 3 0 7 .73 3024 122,713 .00 1,227 .13 3049 3049 32 .335 .00 323.35 3050 70 ,054 .00 700 .54 3204 234 ,195.00 2.341 .98 3217 145,107 00 1,451 .07 3217 (30,774 .DD) (307 .74) 3227 (145, 107.00) (1.451 07) 501 ,274 .00 5,012 .74 3, 172 .6 9 2 ,4 4 3 ,6 ? 6 .00 83 ,932 .00 1,653.54 RUSTAN SUPERMAR KET 00 349 , 188 .02 11,070.47 173 ,393 .50 19,092 .34 pp 1,313,031 .87 34 ,989 .0 4 2,102,037 .41 QQ 3,937,650 .80 1996 2692 RR 2691 2693 Subtotal 2766 3,492,871 .00 34,928 .71 4 4 4 ,7 7 9 .6 0 3 ,4 9 2 ,8 7 1. 00 3 4 ,9 2 8 .71 2767 zzz 2768 18 ,767 .00 187 .67 2 of 12 127,084 .00 1.270 .84 ,.........-.. 1997 2781 95,887 .00 958 .87 \,A. 2780 86,040.00 860 .4 0 2782 C' � 2801 2,407 .00 24 .07 2802 5,851 .00 58 .51 2803 336.036.00 3,3 6 0 .3 6 2838 2820 5,869.00 J 2848 70,383.00 2849 413,999 00 58 .69 2821 57 ,704 .00 703 .83 2837 135,605.00 4 ,139.99 2934 53,331 .00 577 .04 2933 19,937 .00 1,3 5 6 .05 2935 42,260 .00 533 .31 199 .3 ? 6 ,805 .00 422 .60 108,948 .00 68 .05 95,580 .00 1,089.48 259.219 .00 955 .80 25,058 .00 2 ,592 . 19 58,901 .00 120,142.00 250 .58 589 .01 1 , 201 . ~2 ~

,.~ . - 2945 21 ,310 .00 213 .10 2946 98.44 2 00 984.42 v. 2947 14,646.00 146 .45 294H 48,846 00 488 46 �C.:.. j 2822 63.909.00 639.09 3028 65,881 .00 658.8 1 SANOFI WINTHROPH INC. ss 2.960,377.00 3029 15,089.00 150.89 3,493,385 .00 3030 32 ,33 3.00 323.33 TT 11 ,305.253.99 3031 23,788 .00 237.88 17,759 ,015 .99 3109 24 ,425 .00 244 .25 uu 3110 60,576.00 605.76 3128 34 ,232.00 342.32 Subtotal 3129 10,597 .00 105.97 17.759 ,015 .99 177,590 .16 3130 123,103.00 1.231 .03 Zll. 3131 108,896 .00 1,088.96 3016 41 ,372.00 41 3.72 3017 93 ,000 .00 930.00 3018 91.469 .00 9 14 .69 3044 153,822 .00 1,538.22 3045 38 ,799 .00 387 .99 3046 24 ,769 .00 247 .69 3142 23.291 00 232.91 3143 148.132.00 1,48 1.32 3144 81 ,970 .00 819.70 3145 32 ,334 .00 323 .34 3215 1.309 .00 13.09 3222 98 ,215.00 982.15 108,539.00 1,085.39 29,603.77 3,156.835 .00 125,224.00 34,933 .85 113,052.54 37,651 ,447 .00 376 ,514.47 177,590 .16 2,960 ,379 .00 29 ,603.79 1997 3,060 ,977.00 30, 609.77 2628 2596 120,572.00 1,209 .72 2969 432,408 .00 4,324.08 2970 19,396,536 .00 193,965 .36 2874 ., 3 of 12

1796 4,201 ,714 .00 42 ,017 .14 2288 6 ,537,903.00 65,379 03 2291 940 ,558 .00 9 ,405.58 12,445 .97 SUPERVALUE, INC. w 1,244,597 .00 15 ,569 .75 6,489,423 .00 1,556.975 00 22 ,355.18 ww 2,235 ,518.00 15,837 . 78 107,141 .00 1,583,778 .00 66,208 .68 5 9,379 .00 XX 6,620,668 .00 79 ,892 .00 yy 1996 57,606 00 2778 426,171 .00 Subtotal 2682 64,894.34 1 3 1 , 4 4 5 .00 6,489,423 .00 6 4 ,8 9 4 .3 4 2685 2.764 .00 llZ 2684 26.080.00 1,071.41 2698 593 79 ... 2809 8 ,18 1.00 798 .92 ~ 2695 777,214 .00 676.06 2696 ~. 108,016 .00 4,261 .71 1997 104,185.00 27 .64 c, 2699 2769 4 2,388 .00 260 .80 2700 84 ,877 .00 8i .81 2777 3 2.550 .00 2779 36 ,843 .00 21 ,727.00 2792 102,247.00 2793 241 ,945.00 1,080 .16 2794 27 ,022 .00 1,041 .85 2796 58,446.00 2845 100,212.00 423 .88 2850 34 ,250 .00 848 .77 2799 32,545.00 325 .50 2937 49,286 .00 368.43 2807 12,679.00 1,022.47 2808 41 ,674 .00 2,419.45 2819 121 ,880.00 270.33 2817 49 ,878 .00 584 .46 2815 81 ,202.00 1,002 . 12 2824 130,888.00 342 .50 2825 325.45 492 .86 126 .79 416 .74 1,218 .80 498 .78 812 .02 1,308 .88 4 of 12 ~

~ 2844 248 ,050.00 2,480 .50 ~ 2843 85.e7o oo 858.70 2846 24 .976 00 249 .76 TROPICAL HUT FOOD MARKET zz 302,841 .00 2847 61 ,3:>i.UO 613 .31 302,841 .00 3 ,028.41 2907 6,788.0Q 67 .88 2908 27 ,632.00 276 .82 2938 2940 329,500.00 3 ,295 .00 2939 31 ,796.00 317 .96 2966 153,031 .00 2967 26,480.00 1 ,530 .31 3001 52 .113.0 0 264 .80 3002 50,881 .00 521 .13 2766 11 ,939.00 508.81 2909 4,011 .00 119.39 2785 16,361 .00 40 .11 3010 147.248.00 163.61 3091 5,448.00 3025 1,472.48 3116 237 ,016 .00 54.48 3114 5 ,845.00 3139 2,370.16 3037 160 ,9 6 0.00 58.45 3038 38 ,782 .00 3039 345,427 .00 1.609.60 2636 29 .227 .00 387.82 3019 59.779.00 3020 68 ,556.00 3,454.27 2973 4 4 0 ,0 3 6 .00 292 .27 3047 127,461 .00 597 .7 9 3048 110 ,357 .0 0 685 .56 3115 35.196.00 3149 152 ,040 .0 0 4,400.36 3228 148,007 .00 1,274 .61 3229 51 ,906.00 1,103.57 3231 67 ,959.00 3237 164,406.00 351 .96 133,131 .00 1,520.40 3,028.41 367,243.00 1,480 07 192,357.00 5.712,209.00 519 06 679.59 365,569.00 1,644 .06 1,331 .31 3,672.43 1,923.57 167,017 .00 3,655 .69 ,,..... 5 of 12

Zll 1997 302.840 .00 3 ,0 2 8 . 4 0 2726 12.299 .00 122.99 3078 50,4 30.00 504.30 3078 UNIMART, INC. AAA 133,465 .00 1 ,6 0 3 ,1 9 2 . 0 0 289 ,629 .00 1,334 .65 BBB 199,120.00 2 .895 .29 114 ,255 .00 CCC 114,255.00 1,991 .20 4 ,914 .00 1, 142 .55 ODD 4,91 4.00 133,465 .00 129,944 .0 0 49 .14 289,629 .00 EEE 1,299.44 542,263 .00 FFF 1,140.00 GGG 191 ,863.00 11.40 1,140 00 442 ,580 .0 0 1,918.63 191 ,863.00 HHH 1,506,910 .00 4 ,425.8 0 442 ,500 .00 Ill 15 ,069 . 10 129,944 .00 152,337.00 Subtotal 16 .508 .5 8 1996 66,000 .00 16,031 .92 1,506,910.00 15 ,0 6 9 . 1 0 32 ,173 .00 271 1 199 ,120 .00 149,447. 67 Zll 24,160 .00 2712 30,362 .00 1,142.55 1,494.67 4 7 .379 . 14 2717 1.060 ,929 .00 49 .14 ~ 21,434 .15 2725 6 of 12 ( \.) 7,792 .80 1 ,6 1 6 ,830 .00 1,334 .65 1997 2,896.29 149,447 .67 2743 5,422 .63 2744 2953 11.40 2713 1,918 .63 3069 4,425 .00 2728 1,299.44 3077 660 .00 1,523 .37 1,99 1.20 165.08 303 .62 32 1.73 10 ,609.29 241 .60 UNiTED ASSOCIATES , INC. JJJ 473 .79 152,337.00 214 .34 UNIWIDE KKK LLL 77.93 1,494.47 MMM NNN 000 ppp Subtotal 16 ,168 .30 ~

1996 zzz 29 17 7 , 3 2 ~ .00 73.21 2688 1,636. 00 15.36 2689 13,6 96 .00 136.96 26 90 14,713 .00 147.1 3 2592 14.431 .00 144.31 2754 529 .00 5.29 2755 699.00 6.99 2756 1,002.00 10.02 2758 7,816 .00 78.16 2759 958 .00 9.58 2760 1,951 .00 19.51 2761 8.896 .00 88 .96 2773 6,825 .00 68.25 2753 450 .00 4 .50 2757 6,666 .00 66 .66 2762 1,511 .00 15.11 2765 1,233 .00 12.33 2772 3,921 .00 39 .21 94 ,254 .00 942 .54 .... 1997 ~ 2770 10,832 .00 108.32 ~ 2764 19.440.00 194.40 c. 2774 10,245 .00 102.45 ., 2775 89 .85 2776 . 8,985 .00 79 .82 ~ 7,982 .00 2783 11 ,050 .00 110.50 2784 4,810 .00 48 .10 2791 12,420 .00 124.20 2586 3,610 .00 36.10 2788 6,920 .00 69.20 2789 13,181 .00 131 .81 2790 5,246 .00 52 .46 2587 17,925.00 179.25 2588 3,207 .00 32 .07 2589 5,606 .00 56 .06 2590 10,322.00 103.22 2800 9,407 .00 94 .07 2591 26,711 .00 267 . 11 2812 2.891 .00 28.91 7 of 12

-~ 2813 16,103 .00 161 .03 2830 14 ,256.00 142 .5 6 ~ 28 33 20 ,747.00 207.47 2836 15 ,3 1 5 .00 153 . 15 ~ 2906 20,399 00 203.99 2927 ',~ 2811 1,231 .00 12.31 2827 65 .708 00 657 .08 2331 3 1 ,300 .00 313 .00 2832 2834 2,407 .00 24 .07 2835 19 ,019 .00 190.19 2905 72.97 2916 7,297 .00 273 .92 2920 27,392.00 270 .91 2921 27 ,091.00 236.63 2923 23 .663 .00 253.59 2929 25 ,359.00 268.45 2930 26 ,845.00 134 .22 2932 13,422 .00 248 .79 2963 24 ,879.00 31 .91 2902 253.58 2903 3 ,191 00 232.48 2913 25 ,358 .00 66 .33 2914 23.248 00 38 .86 2915 2919 6 ,633 .00 8.20 2924 3,886.00 66 .33 2925 22 .03 2942 820.00 66 .33 3003 6.633 .00 70 .78 3006 2,203 .00 235 .18 2941 6 ,633 .00 206.39 2943 7,078.00 809.19 2962 23 ,518.00 273 .50 3004 20 ,639.00 49 .08 2829 80 ,919.00 238 .27 2918 27 ,350.00 143 .5 3 2931 4 ,908 .00 20 .34 2686 23 ,827.00 106 .8 8 3014 14 ,353.00 40.25 2,034 .00 253 .37 10,688.00 180.45 4 ,025 .00 178 .9 6 25 ,337.00 18,045 .00 17 ,896 .00 8 of 12

~ 3015 9.242 00 92 .42 3022 3 .538 .00 35.38 c. 3023 3027 174 .00 1.74 3 103 1,23 1.00 12 .3 1 3104 1,593.00 15 .93 3 105 10.286 .00 102 .86 3106 13.609 .00 136 .09 3107 30 ,490 .00 304.90 310B 50,599.00 505 .99 3124 10,120.00 101 .20 3 126 12,985.00 129 .8 5 3127 2,359 .00 23 .59 3032 11 ,756.00 117 .5 6 3034 13,000 .00 130 .0 0 3035 6 ,562 .00 65 .62 3036 1,744 .00 17 .44 3040 4 ,908 .00 49.08 3042 2.926 .00 29 .26 3042 0 .0 2 3140 2.00 35 .2 2 3141 3,522 .00 305.50 3146 30,550.00 111 .68 3147 11 .168.00 49 .23 3170 4,923 .00 92 .42 3210 9.242 .00 3,403.32 340 ,332 .0 0 32 .7 0 43.327 .95 3,270 .00 15,225 .76 76,226 .97 1 ,522 ,576 .00 ZUELLIG INCHCAPE, INC. QQQ 4 ,332 ,795 .00 183.411 .69 Subtotal RRR 7,622 ,697 .00 130.654 .87 42 ,285,622 .00 18,341, 169.00 433,621 .48 sss 13,065 ,487 .00 1.744 ,673 .00 43,362,148 .00 1996 255,693 .00 TTT 2627 26,790.00 2638 964 ,681 .00 2617 92,131 .00 422,855.22 1,076 ,526 .00 42 ,285 ,622.00 422 ,856 .22 2617 219,098 .00 zzz 2617 17,446 .73 2618 '2 ,556 .93 267 .90 9,646 .81 92 1.31 2 , 190 .9 8 "'"- 9 of 12

261 8 944,55 5.00 9,445 .55 2582 235,342.00 2 ,353.42 4.482 ,963.00 44 ,829.63 1997 972.282.00 9.722 82 2643 387,300.00 3,873 .00 1,745 ,52 8 . 0 0 17,455 .28 2644 867 ,641.00 8 ,6 7 6 .41 2639 8,721 .00 87.21 4 ,983.00 49 .83 2649 482 .548.00 4 ,825.48 435,832.00 4 ,358 .3 2 2649 1.386 ,580 .0 0 13 ,8 6 5 .8 0 4,038,788 .00 40 ,387.88 2649 150,04 5.00 1,500.45 216 ,557 .00 2,165.57 2650 353 ,420 .00 3,534 .20 63 ,777.00 637 .77 26476 6 7 9 ,0 6 3 .00 6 ,790.63 738 ,914.00 7 ,389.14 285511 79 ,722.00 797.22 1,6 7 8 , 102 .00 16,781 .02 68019 3.064,785.00 30,647 .85 604 ,151 .00 6 ,041 .51 28543 100,900.00 1,009 .00 2,853,555.00 28 .535.55 2872 110,053.00 1.100 53 843 ,675.00 8,435 75 2873 1.627,250 .00 16 ,272.50 707 ,711 .00 7 ,077.11 2864 333,797.00 3,337 .97 959,380.00 9.593 80 2880 6 2 8 ,9 3 3 .00 6 ,2 8 9 .3 3 6,502.00 65 .02 2881 782 ,6 7 6 .0 0 7,826.76 687,563.00 6,875.63 2882 158,995.00 1,589.95 1,049,955 .00 10,499 .55 2883 1,0 1 2 , 770 .00 10 ,127 .70 582 ,364 .00 5,823 .64 -'- 2884 1, 113 ,358 .00 11 ,133.58 ~ 2893 c 2894 ..,.,._ - 2895 2891 ~ 2892 ~ 298 1 2982 3152 3153 3154 3158 3159 2860 2861 2862 2863 2868 2867 10 of 12

ZUELUG PHARMA uuu 1 1 8 ,8 9 0 ,26 8 . 0 0 2869 219.880 00 2 , 198 .8 0 118,8 90 ,268 .00 1' 188,902 .68 2870 1,041 .744 .00 10.417.44 ~- zzz 2646 6 ,567 . 12 2888 656 ,712 .0 0 '~ 2984 61 ,628.00 616 .28 2986 309 ,710 .00 3,097 .10 2859 209,452 .00 2.094 .52 2990 33.491 .00 2991 334 .91 2992 655 ,7 9 5 .00 6.557 .95 2993 43.952 00 3255 439.52 728.004 .00 7,280.04 1' 188,902.68 2,261 ,408.00 22.614 .08 1996 6 2.7 0 7 .00 627 .07 2581 37.802.659 .00 378,026 .59 2616 2615 118,890,266 .00 1,1o8,902.68 2619 2620 4,351 .234 .00 43 .512.34 2622 240 .814 .00 2.408 .14 2623 2624 1. 182 .9 7 0 .00 11 ,829.70 2625 1,603,484 .00 16,034 .84 2626 6.645 .18 263 1 664 .518.00 20.478 .52 2632 2 ,047 .852 .00 61 .545.91 6,154.591 .00 1997 950.78 2618 95.078 .00 33,221 .12 2635 3,322.112.00 3 0 ,510 .37 2636 3,051 .037 .00 30,608 .27 2629 3 ,060 ,827 .00 11 ,715.44 2630 1.171 ,544.00 269.460 .61 26::<3 26 ,946 .061 .00 2637 9 5 2 . 13 2594 95 .213 .00 10 ,042 .34 2640 I ,004 .234.00 38,000.59 264 1 3 ,800,059 .0 0 15,468 .71 1.546,871 .00 8 ,3 4 6 . 10 834.610.00 89,447.48 8 ,944,748 .0 0 36,368 .01 3,636,801 .00 13 ,554 .06 1,355,406.00 14 , 162 .63 1,416,263.00 24 ,407 .97 2.440,797 .00 11 of 12

~ .... 2595 4,841 ,592.00 48.415 .92 2642 8,794,408.00 87,944 .08 ~ 2645 4 ,5 7 1,3 19.00 45.7 13.19 2648 C' 2851 35 ,538 .00 355.38 2852 5,761 ,i41 .00 57,61 1.41 2856 2,57!1,400.00 25,754 .00 2857 2,859 ,322.00 28 .598.22 2858 8,083,5 16 .00 80 ,835.16 2600 2,40 5,598.00 24 ,055.98 2853 i ,037,162 .00 10.37 1.62 2521 2577 80 1' 197.00 8,011 .97 2866 1,052,496 .00 'i0 ,524.96 2871 2875 973 ,979.00 9,739.79 2876 6 ,018 ,578.00 60 ,185.78 2877 2878 900 .704 .00 9,007. 04 2879 626,836 .00 6 ,268.36 2886 2885 54 ,714 .00 547 .14 2887 2.771 ,547.00 27 ,715.47 2889 1,721,175 .00 17 ,211 .75 1,853,297 .00 18.532 .97 533 ,192 .00 5.331 .92 3,750 ,065 .00 3 7 ,500 .65 2.812 ,292 .00 28 ,122.92 2.033,637 .00 20 .336.37 91 ,944 ,207 .00 919,442.07 Total p 196 ,026,544.95 p 1,955 ,791. 21 p 215 ,301,882.00 p 2,153,019 .20 p 2,243 ,486.29 p 193 ,783,058.66 p 1,937 ,831 .16 -~