DEED OF ASSIGNMENT

OF CREDIT

KNOW ALL MEN BY THESE PRESENTS:

This Deed of Assignment, made and entered this 4 th day of May, in

Baguio City, Philippines, by and between:

RON JAMIERRE N. TABINGAN, of legal age, Filipino, single, with

residence address at No. 2490 Trancoville, BaguioCity, hereinafter
referred to as the ASSIGNOR;

and

ALF GERALD U. PALISPIS, of legal age, Filipino, single, with

residence address at No. 44 Irisan, Baguio City, hereinafter referred to as
the ASSIGNEE;

WITNESSETH: THAT

WHEREAS, the ASSIGNOR is the owner of 29,975 common shares

("SHARES," for short) with a par value of One Hundred Pesos (P100.00) in
BLAKE & COMPANY SECURITIES CORPORATION, a corporation duly
organized and existing under Philippine law, with business address at Unit
109, Porta Vaga Building, Session Road, Baguio City;

WHEREAS, the ASSIGNOR is willing to assign, and the ASSIGNEE

willing to accept, all of the ASSIGNORs 29,975 SHARES by way of this
instrument;

NOW, THEREFORE, the ASSIGNOR does hereby ASSIGN,

CEDE, TRANSFER and CONVEY in a manner that is absolute and
irrevocable the SHARES unto the ASSIGNEE to the extent of the
outstanding balance of the ASSIGNORS loan with the ASSIGNEE, free
from all liens and encumbrances.

Any and all expenses incidental to the conveyance and registration of

the transfer from the name of the ASSIGNOR to the name of the
ASSIGNEE, such as documentary stamp tax, transfer fees, registration
expenses and the like shall be the sole and exclusive account of the
ASSIGNEE, except for the capital gains tax, if any, which shall be for the
sole account of the ASSIGNOR.

IN WITNESS WHEREOF, the parties have hereunto signed this

DEED OF ASSIGNMENT on the date and place first above written.

RON JAMIERRE N. TABINGAN

Assignor

ALF GERALD U. PALISPIS

Assignee

Signed in the presence of:

________________________ __________________________
Republic of the Philippines)
Baguio City ) S.S.

ACKNOWLEDGEMENT

BEFORE ME, a Notary Public for and in the City of Baguio this 4th
day of May 2016, personally appeared:

Name Identification Card Issued On/At

RON JAMIERRE N. 2-1-09/Baguio

TIN No. 098-234-786
TABINGAN City
ALF GERALD U.
PALISPIS
3-1-08/ Baguio
TIN No. 089-425-476
City

known to me to be the same persons who executed the foregoing Deed of

Assignment, consisting of three (3) pages, including this page, and they
acknowledged to me that they executed the same as their free and voluntary
act and deed.

IN WITNESS WHEREOF, I have hereunto set may hand and

affixed my notarial seal this 4th day of May 2016, Baguio City, Philippines.

TYLER G. DUMAGOSO
Notary Public
My Commission Expires on
December 31, 2016
Unit 208, Porta Vaga Building, Session Road, Baguio City
Privilege Tax Receipt No. 0894078; January 3, 2016, Baguio
City
IBP O.R. Membership No. 885489; January 3, 2016,
Baguio-Benguet Chapter
M.C.L.E. Compliance No. III-0072389, January 11, 2015,
Baguio City
Roll No. 58888; April 10, 2013
Cell No. 0947-4949-888/0927-8536-988
TIN: 130-888-080
Doc. No. 8;
Page No. 80;
Book No. VIII;
Series of 2016.