INDEPENDENT AUDITOR’S REPORT

To the Board of Directors and Stockholders of Legacy Commercial Corp.

Report on the Audit of the Financial Statements

Opinion
We have audited the financial statements of Legacy Commercial Corp. (the Company), which
comprise the statement of financial position as at December 31, 20XX, and the statement of
comprehensive income, statement of changes in equity and statement of cash flows for the year
then ended, and notes to the financial statements, including a summary of significant accounting
policies.

In our opinion, the accompanying financial statements present fairly, in all material respects as
at December 31, 20XX and 20XX and for the years then ended in accordance with Philippine
Financial Reporting Standards (PFRSs).

Basis of Opinion
We conducted our audit in accordance with Philippine Standards on Auditing (PSAs). Our
responsibilities under those standards are further described in the Auditor’s Responsibilities for
the Audit of the Financial Statements section of our report. We are independent of the Company
in accordance with the ethical requirements that are relevant to our audit of the financial
statements in the Philippines, the Code of Ethics for Professional Accountants in the Philippines,
and we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.

Emphasis of Matter
Without qualifying our opinion we draw attention to Note X to the financial statements. The
Company is the defendant in a lawsuit alleging infringement of certain patent rights and claiming
royalties and punitive damages that were filed against the Company. The Company has filed a
counter action, and preliminary hearings and discovery proceedings on both actions are in
progress. The ultimate outcome of the matter cannot presently be determined, and no provision
for any liability that may result has been made in the financial statements.
Responsibilities of Management and Those Charged with Governance for the
Financial Statements
Management is responsible for the preparation and fair presentation of these financial
statements in accordance with accounting principles generally accepted in the Philippines or the
Philippine Financial Reporting Standards (PFRS); this includes the design, implementation, and
maintenance of internal control relevant to the preparation and fair presentation of financial
statements that are free from material misstatement, whether due to fraud or error.

Those charged with governance are responsible for overseeing the Company’s financial
reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the
Philippines or the Philippine Financial Reporting Standards (PFRSs) and the standards
applicable to financial audits contained in Philippines Standards on Auditing (PSA), issued by
the Financial Reporting Standards Council. Those standards require that we plan and perform
the audits to obtain reasonable assurance about whether the financial statements are free from
material misstatement.

We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence,
and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the consolidated financial statements of the
current period and are therefore the key audit matters. We describe these matters in our
auditor’s report unless law or regulation precludes public disclosure about the matter or when, in
extremely rare circumstances, we determine that a matter should not be communicated in our
report because the adverse consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.

Report on the Supplementary Information Required Under Revenue Regulations

15-2010

Our audits were conducted for the purpose of forming an opinion on the financial statements as
a whole. The accompanying supplementary information is presented for purposes of additional
analysis as required Report on the Supplementary Information Required under Revenue
Regulations 15-2010 (RR 15-2010).
RR 15-2010 required that in addition to the disclosures mandated under the Philippine Financial
Reporting Standards, specific information regarding various taxes (RR 15-2010 Tax Information
– see RR 15-2010, Section 2, items 1 to 9) should be included in the Notes to Financial
Statements, that will accompany the income tax returns that will be submitted to the BIR.

Such information is the responsibility of management and was derived from and relates directly
to the underlying accounting and other records used to prepare the financial statements. The
information has been subjected to the auditing procedures applied in the audits of the financial
statements and certain additional procedures, including comparing and reconciling such
information directly to the underlying accounting and other records used to prepare the financial
statements or to the financial statements themselves, and other additional procedures in
accordance with Philippine Financial Reporting Standards (PFRSs). In our opinion, the
information is fairly stated in all material respects in relation to the financial statements as a
whole.

The engagement partner on the audit resulting in this independent auditor’s report is

Ocampo and Legasma Audit Firm