: PRIME Rest assured. You're insured April 10, 2017 Representations by Management This representation letter is provided in connection with your audit of the financial statements of Prime Insurance Company Limited. (hereinafter also referred as “the Entity") for the financial period ended 31" December 2016 for the purpose of expressing an opinion as to whether the Financial statements give a true and fair view of (present fairly, in all material respects,) the Financial position of Prime Insurance Company Limited as of 31" December 2016 and of the results of its operations and its cash flows for the period then ended in accordance with International Financial Reporting Standards. We acknowledge our responsibility for the fair presentation of the financial statements in accordance with International Financial Reporting Standards (IFRS for SMEs) We confirm, to the best of our knowledge and belief, the following representations: |. Our responsibility for the design, implementation, and operation of internal control that is designed to prevent and detect fraud and error. 2, The completeness of information provided regarding the results of our assessment of the risk that the financial statements may be materially misstated as a result of fraud 3. The completeness of information provided regarding our knowledge of fraud or suspected fraud affecting the entity involving the following a. Management, b. Employees who have significant roles in internal control, or ©. Others if the fraud could have a material effect on the financial statements. 4. The completeness of information provided regarding our knowledge of any allegations of fraud, or suspected fraud, affecting the entity's financial statements communicated by employees, former employees, analysts, regulators, or others. 5. There have been no irregularities involving management or employees who have a significant role in internal control or that could have a material effect on the financial statements. 6. We have made available to you all books of account and supporting documentation and all minutes of meetings of shareholders, those charged with governance of the entity, the board of directors, and audit committees, or summaries of actions of recent meetings for which minutes have not been prepared, from the beginning of the financial period to the date of this letter. 7. The completeness of the information provided regarding the identification of related parties. 8 The financial statements are free of material misstatements, including omissions. We are aware of the uncorrected financial statement misstatements and disclosure =20. deficiencies, aggregated during the audit. We have considered the significance of such uncorrected financial statement misstatements and disclosure deficiencies, and concluded that they are immaterial, both individually and in aggregate, to the financial statements taken as whole. ‘The Entity has complied with all aspects of contractual agreements that could have a material effect on the financial statements in the event of noncompliance. We have disclosed all known actual and possible noncompliance with laws and regulations, the effect of which should be considered when preparing financial statements, The following have been properly recorded and when appropriate, adequately disclosed in the financial statements: a. The identity of, and balances and transactions with, related parties. b. Losses arising from sale and purchase commitments. ©. Agreements and options to buy back assets previously sold d. Assets pledged as collateral We have no plans or intentions that may materially alter the carryin classification of assets and liabilities reflected in the financial statements The Entity has satisfactory title to all assets and there are no liens or encumbrances on the Entity’s assets, except for those that are disclosed in the Notes to the financial statements. We have recorded or disclosed, as appropriate, all liabilities, both actual and contingent, and have disclosed all guarantees that we have given to third parties Other than described in the notes to the financial statements, there have been no events subsequent to period end which require adjustment of or disclosure in the financial statements or Notes thereto. No claims in connection with litigation have been or are expected to be received. ‘There are no formal or informal compensating balance arrangements with any of our cash and investment accounts. Except as disclosed in the Notes to the financial statements, we have no other line of credit arrangements. We have properly recorded or disclosed in the financial statements the capital stock repurchase options and agreements, and capital stock reserved for options, warrants, conversions and other requirements. We are not aware of any events or conditions that may indicate that the Entity’s continuance as a going concern may be questionable. ‘The significant assumptions used in preparation of financial statements, appropriately reflect our intent and ability to carry out specific courses of action on behalf of the Entity Reetivad by: Now Shs T es Yr(Managing Director) Page 3 of 3