REPORT OF INDEPENDENT AUDITORS

The Board of Directors and Stockholders

COMPANY NAME
Address

We have audited the financial statements of COMPANY NAME as of and for the years ended
December 31, 2012 and 2011, on which we have rendered the attached report dated Date of
Report.

Our audit was conducted for the purpose of forming an opinion on the basic financial
statements taken as a whole. The supplementary information shown in Annex A
(Reconciliation of Retained Earnings) is presented for purposes of filing with the Securities
and Exchange Commission in accordance with SRC Rule 68 and is not a required part of the
basic financial statements. Such information is the responsibility of management and has
been subjected to the auditing procedures applied in our audit of the basic financial
statements and, in our opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as whole.

MANGAY-AYAM, LIM & CO. CPAS

TIN 228-756-505
Board of Accountancy Cert. No. 0672, valid until December 31, 2015
SEC Accreditation No. 0302-F, valid until December 3, 2017
CDA-CEA: 0020-AF, valid until March 2, 2017
BIR AN: 08-001698-0-2014, valid until January 4, 2018

By:

CHERYL LIM-CORDOVA
Partner
CPA Certificate No. 91911
BOA Certificate No. 0672, valid until December 31, 2015
SEC Accreditation No. 1455-A, valid until December 3, 2017
BIR-AN: 08-001698-1-2014, valid until January 24, 2015
TIN No. 163-599-264
PTR No. 4782040MD
January 31, 2015
Makati City

Date of Report
Makati City, Philippines