KNOW ALL MEN BY THESE PRESENTS:

That we, all of legal age, a majority of whom are residents of the Philippines, have this day voluntarily associated ourselves together for the purpose of forming a corporation under the laws of the Philippines.

AND WE HEREBY CERTIFY:

FIRST : That the name of said corporation shall be: PAREB-CEBU REALTORS® BOARD, INCORpORATED, and each shall be know also as PAREB- CEREB for short.

SECOND : That the purpose for which this corporation is formed are:

a) To unite those engaged in the recognized branches of the real estate business, including brokerage, management, mortgage of real estate in the Philippines for the purpose of exerting effectively a beneficial influence affecting real estate interests, and for short it shall also be known as PAREB-CEREB.

b) To enable its members to transact their business to better advantage than heretofore, by the adoption of such rules and regulations as they may deem proper.

c) To promote and maintain high standards of conduct in the transaction of the real estate business.

d) To formulate, adopt and enforce a code of ethics among its members in their dealings with one another and with the public.

e) To seek the affiliation with the Philippine Association of Realtors Boards, Inc., and other real estate organization, domestic or foreign whose purposes are in consonance with its own, and to procure, exchange representation and other mutual benefits for its members. (As amended on March 18, 1993.)

f) To help improve the economic growth and physical development of rural and urban communities; the creation, beautification and promotion of tourists attraction spots and resorts; and the preservation of natural resources.

g) To bring about cooperation between its members and the government agencies having to do with the licensing and regulating of real estate business, to the end that such licensing and regulating shall be to the best interest of its members and the country at large.

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THIRD : That the place where the principal office of the corporation is established or located is in Cebu City, Philippines. (As amended on March 2o, 1980.)

FOURTH : That the term for which this corporation is to exist is FIFTY 50 years from and after the date of incorporation.

FIFTH : That the names, nationalities and residences of the incorporators of said corporation are as follows:

Name Nationality Residence

Alfredo A. Buot Filipino 74 Katipunan St., Cebu City
Domingo E. Alvarico Filipino Mambaling, Cebu City
Edilberto Osmeña Filipino Jones Avenue, Cebu City
Ramon Gica Filipino Leon Kilat St., Cebu City
Amor Alvelda Filipino Manalili St., Cebu City
Felix M. Lagrito Filipino Piapi, Dumaguete City
SIXTH : That the number of directors of said corporation shall be FIFTEEN (15), and that the names and residences of the directors of the corporation who are to serve until their successors are elected and qualified as provided by the By Laws are as follows, to wit: (As amended on March 18, 1993.)

Name Nationality Residence

Alfredo A. Buot Filipino 74 Katipunan St., Cebu City
Domingo E. Alvarico Filipino Mambaling, Cebu City
Edilberto Osmeña Filipino Jones Avenue, Cebu City
Ramon Gica Filipino Leon Kilat St., Cebu City
Amor Alvelda Filipino Manalili St., Cebu City
Felix M. Lagrito Filipino piapi, Dumaguete City

SEVENTH : That the corporation is a non-stock and non-profit Corporation.

EIGHT : That AMOR ALVELDA has been duly elected as Treasurer of the corporation to act as such until his successor is duly elected and qualified in accordance with the By-Laws and that as such Treasurer he has been authorized to receive for the corporation all sums payable to the same.

IN WITNESS WHEREOF, we hereunto act our hands in Cebu City, Philippines this 19th of April, 1980.

(sgd.) Alfredo A. Buot (sgd.) Edilberto Osmeña

(sgd.) Domingo E. Alvarico (sgd.) Ramon Gica

(sgd.) Amor Alvelda (sgd.) Felix M. Lagrito

Signed in the presence of :

(sgd.) SAMUEL L. BUOT (sgd.) ISAAC SONGALIA

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REPUBLIC OF THE PHILIPPINES)
(CITY OF CEBU ) SS

BEFORE ME, this 19th of April, 1961 at the City of Cebu, Philippines, personally appeared the following persons with their respective residence certificates

Name Res. Cert. No. Issued at Issued on

Alfredo A. Buot A-2031584 Cebu City March 13, 1961
Domingo E. Alvarico A-1096217 Cebu City April 12, 1961,
Edilberto Osmeña A-2002119 Cebu City January 5, 1961
Ramon Gica A-2032563 Cebu City March 10, 1961
Amor Alvelda A-2033738 Cebu City March 23, 1961
Felix M. Lagrito A-1774736 Dumaguete City February. 8, 1961

all personally known to me and to me known to be the same persons who signed the foregoing instruments and each for himself acknowledged to me that the same as his own free and voluntary act and deed.

WITNESS my hand and seal this 19th day of April, 1961 in the City of Cebu, Philippines.

(sgd.) ROMEO P. CARIN
Notary Public
Until December 31, 1962

Doc. No. 224
Page No. 64
Book No. 1
Series of 1961