sve a tue and fir view, n accordance with Gibraar Generally Accepted Accounting the company's affuirs a at 31 December 2012 and ofthe company’s los forthe year Ihave been properly prepared in accordance with the Companies Act, the Insurance Co Directive) Regulations 1997 and other applicable legislation. ‘Emphasis of matter - Going concora {In forming our opinion on the financial statements, which is not qualified, we have considered the adequacy of the disclosures affecting going concem made in note 1.2 and note 22 to the financial statements conceming the Company's breach of the regulatory solvency requirement, the Restoration Plan prepared by the Company and ‘submitted to the Financial Services Commission (“the FSC") in 2011 and the request by the FSC in July 2013 for a Skilled Persons Report. Meeting the regulatory solvency requirements, the successful implementation of any Restoration Plan agreed with the FSC and the outcome of the FSC’s review of the Skilled Persons Report are fundamental for the Company to continue in operation. The financial statements do not include the adjustments that ‘would result if the Company was unable to continue asa going concer. Opinion on other matter prescribed by the Companies Act, the Directors’ Report for the financial year for which the financial statements Tn our opinion the information given are prepared is consistent with the finan Matters on which we are required to report by exception ‘We have nothing to report in respect of the following matters where the Companies Act requires us to report to you if, I statements. in our opinion: the company has not kept proper accounting records; or formation specified by law regarding directors’ remuneration and other transactions is not disclosed; or © _ wehave not received all the information and explanations we require for our audit, Jose Julio Pisharello ‘Statutory auditor for and on behalf of BAKER TILLY (GIBRALTAR) LIMITED Registered auditors