CERTIFICATE OF COMPILATION TO BE SIGNED BY CPA IN COMMERCE

AND INDUSTRY

BASIS: BOARD OF ACCOUNTANCY RESOLUTION. 3 -2016, EMPHASIZING THE REPUBLIC ACT. 9298 or
known as “ACCOUNTANCY ACT of 2004”

The Board of Accountancy (BoA) has signed Resolution No. 03 of 2016 dated 19 January 2016 requiring
the submission of a Certificate by the responsible Certified Public Accountant on the Compilation
Services for the preparation of the financial statements and notes to the financial statements (the
“Resolution”). This Resolution is effective for financial statements pertaining to year 2015.

The Resolution reiterates the responsibilities of clients and external auditors in the preparation of the
financial statements and notes to the financial statements promulgated by the Code of Ethics for
Certified Public Accountants.

Based on the Resolution, the preparation and presentation of financial information of an organization is
a practice of accountancy in commerce and industry, and therefore prepared by a CPA who is either
employed by an organization, or contracted by an organization but not the same CPA rendering attest
services to such organization.

Such CPA who prepares the financial statements and notes to financial statements should be accredited
by BoA after submitting the necessary application requirements prescribed by existing rules and
regulations. The deadline for application with the BoA is on 29 February 2016.

The certificate is required to be attached to annual financial statements with gross sales or revenues
exceeding P10 million pesos for a particular accounting year and to be submitted to the regulatory
offices. For other issuers of financial statements, such certificate is not required to be attached to annual
financial statements; however, the rules prescribed in all other sections of the said Resolution should be
applied.

Penalties and sanctions for violation of the provisions in the Resolution shall be imposed.