Absolute Sale of a Franchise

DEED OF ABSOLUTE SALE OF A FRANCHISE KNOW ALL MEN BY THESE PRESENTS: This DEED OF ABSOLUTE SALE OF A FRANCHISE, made and executed by and between: RICHARD DALE V. ESCOLANO, single, of legal age, Filipino citizen, with residence and postal address at PA-379 Wangal, La Trinidad, Benguet, Philippines, hereinafter referred to as the VENDOR; - andBENNY BESTRE DANGPAYAN, single, of legal age, Filipino citizen, with residence and postal address at Upper Burgos, Baguio City, Philippines, hereinafter referred to as the VENDEE; W I T N E S S E T H: WHEREAS, the VENDOR is the lawful owner of a Certificate of Public convenience to Operate a Taxi Service issued by the Land Transportation Franchising and Regulatory Board, Cordillera Administrative Region, Baguio City under case No. 2003-CAR-172; WHEREAS, for and in consideration of the sum of ONE HUNDRED THOUSAND PESOS (Php100,000.00), Philippine Currency, to me in hand and the receipt whereof is hereby acknowledged from the VENDEE to my entire satisfaction does by these present sell, transfer and convey, in favor of the VENDEE his heirs and assigns the above mentioned Franchise free and clear of all liens and encumbrances. WHEREAS, the VENDOR hereby warrants good and clean ownership over that Franchise and that his rights, interests and participation over it has not been previously alienated, sold nor transferred to any third party, whomsoever; FINALLY, that the VENDOR shall defend the possession and ownership of the above-mentioned Franchise of the VENDEE, against any possible claim of ownership by any third party and adverse claimants. That the VENDOR is executing this deed of sale freely and voluntary and for all legal intents and purposes that it may serve. IN WITNESS WHEREOF, the PARTIES have hereunto set their hands this 3rd day of March 2011, in the City of Baguio, Philippines. RICHARD DALE V. ESCOLANO DANGPAYAN Vendor CTC No. 02142011 Issued on 01/14/2011 Issued at La Trinidad, Benguet

BENNY BESTRE Vendee CTC No. 04161988 Issued on 01/19/2011 Issued at Baguio City

SIGNED IN THE PRESENCE OF :

MARIA REMEDIOS L. BELLO

PAULFRED

TOMBALI ACKNOWLEDGMENT REPUBLIC OF THE PHILIPPINES } DONE: IN THE CITY OF BAGUIO } S.S. X ======================= X BEFORE ME, a Notary Public in and for the City of Baguio, this 3 rd day of March 2011, personally appeared RICHARD DALE V. ESCOLANO and BENNY BESTRE DANGPAYAN, personally known to me to be the same persons who voluntary executed the foregoing Deed of Absolute Sale of Franchise which they acknowledged before me as their free and voluntary acts and deeds. This instrument consisting of TWO (2) pages, including the page on which this acknowledgment is written has been signed on the left margin of each and every page thereof by the parties and their witnesses. WITNESS MY HAND AND SEAL.

Doc. No. __30_; 11-11 Page No. _6__; 8121983 Book No. I ; 9031984 Series of 2011. Benguet

LIYA ORTEGA-RODRIGUEZ Notary Public Until December 31, 2012 PTR No. 050183/Baguio City/01Roll of Atty. No. IBP Lifetime Membership No. Baguio-