Unqualified report of annual accounts.

To shareholders of ABC;
Annual accounts report
We have audited the attached annual accounts of ABC company which comprises:
the balance until December 31st, 2016; gain and loss balance, the statement of
changes in net worth, the cash flow statement and the statement report
corresponding to the annual exercise finished on that date.

Responsibility duty of the administrators in relation to the annual accounts.

The administrators are responsible to accomplish the attached annual accounts to
express a true and fair view of the net worth, financial position and company’s
results; in accordance with the regulatory environment for financial reporting in Spain
which is distinguished in note 2.a) from the attached memory; in addition to internal
control needed to prepare the annual accounts free of material misstatement caused
by fraud or error.

Auditor’s responsibility
The main duty is to express an opinion about the attached annual accounts based
on our audit of accounts. We have directed the compliance audit under the audit of
accounts regulatory legislation prevailing in Spain. This regulatory demands ethical
requirements as well as the audit planning and execution in order to obtain a valid
reassurement that annual accounts are free of material misstatement. An audit
requires the application of procedures to obtain evidence over the specific amount
and disclosed information in the annual accounts. The selected procedures depend
on the auditor’s judgement including the risk assessment of material misstatement in
the annual accounts due to fraud or error.