Dear Sirs,

This representation letter is provided in connection with your audit of the financial statements
of our company for the year ended on 31 December 2019 mainly for the purpose of
expressing an opinion as to whether the financial statements give a true and fair view of the
company’s net assets value, its financial position and the results of its operations for the year
then ended, and this in accordance with the laws and regulations applicable in the Philippines.

The objective of the present letter is to confirm you our understanding of a comprehensive set
of elements relevant to these financial statements and to the functioning of our company. The
present document is confidential and forms part of your working papers.

These representations do in no way imply a discharge of your responsibility to express an

opinion on the financial statements based on your audit that is deemed to have been
conducted in accordance with the legal provisions and auditing standards applicable in the
Philippines, as issued by the Association Auditing and Assurance Standards Council (AASC).
Those standards require that you plan and perform the audit to obtain reasonable assurance
whether the financial statements are free from material misstatements.

1. By virtue of the law, we are responsible for the preparation and fair presentation of
the financial statements in accordance with the financial reporting framework
applicable in the Philippines. Without prejudice to formal aspects of minor
importance, the accounting records were kept in accordance with the laws and
regulations applicable in the Philippines and the financial statements have been duly
drawn up by the board of directors.

2. We acknowledge our responsibility for the design, the implementation and the
maintenance of internal control in order to prepare reliable financial statements,
including the fact that this internal control aims at preventing and detecting fraud and
error.

3. To the best of our knowledge, the financial statements are free of material
misstatements in the sense that the effect of uncorrected misstatements (as
summarized in the accompanying list) are immaterial, both individually and in the
aggregate, to the financial statements;

4. We confirm that we have disclosed to you the results of our assessment of the risk
that the financial statements may be materially misstated as a result of fraud.
Following our analysis we have identified no specific risk for our company, resulting
from its organisation, its activity or any other factor;

5. We confirm that we have no knowledge of any facts regarding fraud or suspected

fraud that could affect the company’s financial statements;
 6. We confirm that we have not been notified by whatever person of any allegation of
fraud that could affect the financial statements of the entity;

7. We confirm that we have no knowledge of any situation – proved or suspected – of

noncompliance with the laws and regulations applicable to the company, the effect of
which should have been taken into consideration when preparing the financial
statements;

8. We consider that all significant assumptions regarding fair value measurements,

including amortization, depreciation and impairments and that the disclosures
provided in that respect are reasonable. These assumptions reflect correctly the
perspectives of the company and its ability to carry out its specific activities
successfully;

9. We consider that the valuation methods and rules, including, where applicable, the
assumptions used for determining fair value within the context of the financial
reporting framework applicable to the company, as well as the consistent application
of these methods and rules, are appropriate.

We confirm to the best of our knowledge and belief that:

10. All events subsequent to balance sheet date that, in accordance with the financial
reporting framework, would require adjustment to the financial statements or
disclosure in the notes thereto, have been identified and recorded;

11. We have made available to you all accounting records and supporting documentation
and all minutes of meetings of shareholders, of the board of directors, of the
management committee and of those charged with governance, held during the period
from the beginning of the year being audited until now and, in general, all
information relevant to your audit;

12. We have disclosed to you all our plans or intentions that may materially alter the
book value or classification of assets and liabilities. Where applicable, we have
disclosed in the notes to the financial statements the information relevant thereto, in
accordance with the financial reporting framework. We have recorded and, where
applicable, disclosed all liabilities, even contingent ones, in the notes to the financial
statements, in accordance with the financial reporting framework (litigations, material
commitments linked for instance to the use of financial instruments, guarantees
received and provided, etc.);

13. All transactions have been properly recorded and, where applicable, disclosed in the
notes to the financial statements;
14. The company has a satisfactory title to all assets included in the financial statements
and appropriate disclosure notes have been provided regarding liens or
encumbrances, in accordance with the financial reporting framework.

15. Our company has complied with all contractual obligations [or recommended by the
regulatory authorities] that could have a material effect on the financial
statements in the event of noncompliance;

16. We have not identified any events and matters that would require, in accordance with
the financial reporting framework, a restatement of the corresponding figures of the
previous year;

17. We have exhaustively and appropriately disclosed in the notes to the financial
statements all information regarding related parties (directors, etc.) as defined in the
financial reporting framework. We have communicated to you all relevant
information and documentation on this subject.

18. All information with regard to conflicts of interest as defined in the Company Code
has been communicated to you.