Punongbayan & Araullo (P&A) is a leading professional services firm that helps dynamic organizations unlock their potential

for growth by providing insightful, actionable advice and services through our client-caring team of outstanding audit, tax and business professionals. Vision To be the most recognized and preferred auditing, accounting, and advisory services firm in the Philippines by achieving unparalleled growth. Through our thought leadership, we will contribute to the upliftment of the accounting profession and to the enhancement of business practices. Mission As a leading professional services firm, we deliver to our clients the highest quality work and value added services responsive to their needs and expectations. We attract, develop and retain high-performance people, and commit to make continuous improvement in all that we do. P&A was born in 1988, headed by two prominent leaders in the accounting profession in the Philippines, Benjamin R. Punongbayan and Jose G. Araullo. HiSTORY Where it all began A work area in P&A's first office at Vernida IV Building, Salcedo Village, Makati City. The year of the dragon The Firm's first Christmas party, held at Ben Punongbayan's home. 1988 was a great year for P&A; the practice made a profit almost immediately and grabbed the number 3 spot, the first time a startup was able to challenge the big accounting firms of the time. P&A at 25: In the prime of our youth First among equals The Primus Award, P&A's highest award for individual excellence, was established in 2003. Yutaka Yamada (1948-2013) of the Japanese Business Group was the Firm's first Primus Awardee. Since then, only seven other individuals have received this honor.

P&As strong foothold in public accounting is credited to its strict adherence to integrity, qual ity and excellence, and to the capable leadership that continues to inspire its people. Benjamin R. Punongbayan Founder Work experience Ben is a leader in the Philippine accounting profession, with over 50 years of experience in public accounting. In 1988, he founded Punongbayan & Araullo (P&A). Today, P&A is one of the largest public accounting firms in the Philippines, with 19 partners, over 500 staff members and four offices around the country. Education Masters degree in business administration, Wharton Graduate School, University of Pennsylvania Bachelors degree in accountancy, Far Eastern University Awards and commendations Outstanding Professional of the Year in the Field of Accountancy, Professional Regulation Commission (PRC) Hall of Fame Award, Philippine Institute of Certified Public Accountants (PICPA) Lifetime Achievement Award, Association of Certified Public Accountants in Public Practice (ACPAPP) Most Outstanding CPA in Public Practice, Philippine Institute of Certified Public Accountants (PICPA) Outstanding Manilan of the Year, City of Manila Diamond Jubilee Outstanding Alumnus, Far Eastern University Anvil Award of Merit, Public Relations Society of the Philippines - for the publication New Accounting Standards and Income Tax Reporting: A Study of Differences" Professional certifications Certified public accountant Affiliations Director and treasurer, International Chamber of Commerce Director and internal auditor, Philippine Chamber of Commerce and Industry (PCCI)

Former president, Philippine Institute of Certified Public Accountants (PICPA) Former president, Association of Certified Public Accountants in Public Practice (ACPAPP) Former chairman, Yellow Ribbon Committee, Institute of Corporate Directors (ICD) Former governor, Management Association of the Philippines (MAP) Former president, Rotary Club of Makati East Presentations and publications Co-author, New Accounting Standards and Income Tax Reporting: A Study of Differences Jose G. Araullo Chairman Emeritus Joes professional experience includes top management positions held over 14 years in a group of companies that includes the countrys largest commercial bank. Joe was senior vice president of the bank itself and held CEO- and COO-level positions in the networks savings bank, credit card, securities and investment companies. He was president of PICPA in 1985 and again in 1986 , and of the Bankers Institute of the Philippines in 1985. In 1992, PICPA honored him as Most Outstanding CPA in Public Practice. Joe obtained his bachelors degree in accountancy from San Beda College, which selected him in 2001 as one of the Outstanding Bedans of the Century. The Colleges Alumni Foundation and academic community also established the Jose G. Araullo Distinguished Professorial Chair in Auditing in recognition of his significant contributions to the advancement of the accou ntancy profession. Ma. Victoria C. Espao Chairperson & Chief Executive Officer Work experience Marivic assumed the position of CEO in July 2011. Prior to this, she held the position of chief operating officer since July 2009. She has extensive experience in the field of taxation. She has provided comprehensive tax services to local and multinational clients, covering tax consultancy, outsourcing, expatriate tax services, tax compliance reviews and assessments. She has also conducted tax due diligence reviews for significant acquisitions and provided tax a dvisory services in the governments privatization projects. Before joining P&A, Marivic was a tax manager in a leading construction firm. She also served as Chief Legislative Staff Officer of the Senate Tax Study & Research Office, and Legislative Liaison Specialist of the Department of Finance, where she was actively involved in the formulation of significant tax legislations such as the expanded value-added tax and the comprehensive tax reform program. Sector experience Consumer products manufacturing, communication, technology, pharmaceuticals, utilities, energy, transportation and entertainment Awards and commendations Most Outstanding CPA in Public Practice (2011), Philippine Institute of Certified Public Accountants Founders Award, Punongbayan & Araullo - highest form of recognition of team excellence at P&A Professional certifications Certified public accountant (CPA) Affiliations Chairperson, Committee on Affiliates, Financial Executives Institute of the Philippines (FINEX) Former president, Eastern Metro Manila Chapter Philippine Institute of Certified Public Accountants (PICPA) Former director, Association of Certified Public Accountants in Public Practice (ACPAPP) Tax Management Association of the Philippines (TMAP) Management Association of the Philippines (MAP) Makati Business Club (MBC) Institute of Corporate Directors (ICD) Presentations and publications Marivic co-authored the book New Accounting Standards and Income Tax Reporting: A Study of Differences, which won an Anvil Award of Merit at the 43rd Anvil Awards. Education Advanced Management Program, Wharton Business School, University of Pennsylvania Top Management Program, Asian Institute of Management Master's degree in accountancy, Polytechnic University of the Philippines Bachelors degree in mathematics (cum laude), Philippine Normal University Leonardo D. Cuaresma Jr. Managing Partner & Chief Operating Officer Partner and Division Head, Audit & Assurance Work experience

Jun has been in public accounting for his entire professional career. He has over 25 years of solid experience in the audit of local and international companies in various industries. He has significant involvement in major financial due diligence and acquisition audits, including privatization of certain government units. As a participant in P&As global exchange program, he worked in the United States for one year, with one of the worlds leading international accounting firms. He attended the International Partners Conference organized by Grant Thornton International in 2011, held in Los Angeles, California USA, and in 2009 in Shanghai, China. Prior to becoming the head of Audit & Assurance, Jun was the partner in charge of the operations of P&As offices in Cebu and Davao. Sector experience Banking and finance, technology, manufacturing, mining, real estate, and services Awards and commendations Distinguished Achievement Award, University of the East - for having achieved exceptional career goals and having earned superior reputation in public practice Founders Award, Punongbayan & Araullo - the highest form of recognition of team excellence at P&A Professional certification Certified public accountant (CPA) Affiliations President, Association of Certified Public Accountants in Public Practice (ACPAPP) Former director, Rotary Club of Makati West Financial Executives Institute of the Philippines Management Association of the Philippines Philippine Institute of Certified Public Accountants (PICPA) Education Advanced Management Program, Wharton Business School, University of Pennsylvania Pacific Rim Bankers Program, University of Washington, Seattle, USA Master's degree in management, Asian Institute of Management Bachelors degree in accluntancy (cum laude), University of the East Partners P&As strong foothold in public accounting is credited to its strict adherence to integrity, quality and excellence, and to the capable leadership that continues to inspire its people. o Benjamin R. Punongbayan (Founder) o Jose G. Araullo (Chairman Emeritus) o Ma. Victoria C. Espao (Chairperson & CEO) o Leonardo D. Cuaresma, Jr. (Managing Partner & COO)

AUDIT & ASSURANCE o Leonardo D. Cuaresma, Jr. (Division Head) o Maria Isabel E. Comedia o Nelson J. Dinio o Christopher M. Ferareza o Romualdo V. Murcia III o Ramilito L. Naola o Mailene Sigue-Bisnar o Benjamin P. Valdez ADVISORY SERVICES o Juan Carlos B. Robles (Division Head) o Michael C. Gallego o Emiliano S. Librea III

TAX ADVISORY & COMPLIANCE o Eleanor L. Roque (Division Head) o Lina P. Figueroa o Edward D. Roguel P&A GRANT THORNTON OUTSOURCING, INC. o Jessie C. Carpio (President) o Marites L. Apostol (EVP - Accounting Services) o Ma. Paz V. Malubay (EVP - Payroll Services) Directors And our directors who embody competence and excellence in their respective fields... Advisory Services Raul Nicolas S. Tomas Tax Advisory & Compliance Cristina Panlilio-Ong P&A Cebu Wendell D. Ganhinhin Human Resources Maria Teresa M. Cuico

SERVICE PERSPECTIVE In order to serve our clients well, we need to operate from a position of advantage, to be ahead of the competition. All services rendered by P&A emanate... ...from this objective: to deliver value that clients want. This propels us to employ the best people, search and adopt innovations continuously, and encourage our people to be the best at the cutting edge of information and technology so we can render our best service. It also prompts us to customize our services to tailor-fit client needs. Dynamic Human Resource Recruitment and Development P&A's employees are mainly young, dynamic, forward-looking men and women who seek to grow with the Firm itself. This holds true not only for its potential staff, but also for those who support them in synergy - the equally important administrative staff. Our management team members are encouraged to be "thought leaders," pioneers in championing and disseminating new ideas, trailblazers in thinking of new approaches and applications. We continually educate our people in all aspects of top-level accounting and management, that which is further enriched by professional development workshops and seminars as well as hands-on experience. Social Responsibility P&A realizes that being at the forefront of the industry is not all that it takes to be a quality firm. The Firm strives to be a good business citizen as well, working to promote community welfare. And by being a good business citizen, innovator, and service provider, P&A seeks to help put the country where it operates in a position of advantage as well. Grant Thornton International P&A is the Philippine member firm within Grant Thornton International Ltd, one of the world's leading organizations of independently owned and managed accounting and consulting firms. These firms provide assurance, tax and specialist advisory services to privately held businesses and public interest entities. Clients of member and correspondent firms can access the knowledge and experience of more than 2,400 partners in over 100 countries and consistently receive a distinctive, high-quality, and personalized service wherever they choose to do business. Grant Thornton International strives to speak out on issues that matter to business and which are in the wider public interest and to be a bold and positive leader in its chosen markets and within the global accounting profession. Grant Thornton International is not a worldwide partnership. 1. Advisory Services Our experts in advisory services formulate solutions and strategies that improve organizational performance

Our advisory services are designed to contribute to your long-term success and competitive strength, and we work hard to provide you with proper systems and capabilities to implement. Whether you're looking at identifying and mitigating your business risks, reviewing business processes and internal controls for operational improvement, acquisitions, disposals or buy-outs, or testing and improving your IT systems, the Advisory Services Division can team up with you to boost you forward to thoughtful action on important business decisions and transactions. 1.a Internal Audit The internal audit function encompasses all aspects of an organization its business and operating structure. So that you are confident that your key business risks are being addressed, P&As internal audit services team can work with you to assess your corporate level risk, identify the areas of greatest vulnerability, and develop appropriate work plans and audit programs to mitigate these risks. Full outsourcing of IA function We can take over your entire internal audit function if you do not have an existing internal audit (IA) activity, and help your management team assess the adequacy and effectiveness of established risk management, control and governance processes, as well as promote continuous improvement of your companys operations. Co-sourcing with the existing IA function We can work with your existing internal audit team by helping the team accomplish tasks required by stockholders, the management, regulators, creditors and other stakeholders. This may also include assisting your internal audit personnel in areas where they may lack expertise, such as information system audit and fraud and forensic. We can also cross-post our staff to complement your IA function with the guarantee that the people who will be assigned to your company will be selected based on the qualifications and expertise you require. Internal audit transformation We can help you assess your IA function and determine gaps between your current IA practices and the best practices in a risk-based audit approach. We will conduct classroom sessions on modern concepts of business process risk assessment, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) internal control framework, and corporate governance. Your internal auditors will then undergo hands-on training by performing the IA process under the supervision of our people. The objective of the engagement is to help develop the skills of internal auditors, and thus enhance the value of the IA activity to your organization. 1.b Fraud and Forensics In the Philippines, it is estimated that 10 percent of businesses gross revenues are lost to fraud. We can help you avoid being a part of that statistic. Fraud vulnerability assessment We will develop an understanding of your business processes in order to assess your vulnerability to fraud and identify fraud risk factors. We can then provide practical solutions to eliminate the gaps. Fraud investigation and asset tracing We provide investigative services to detect or quantify fraud, coordinating our work with your senior management, their legal or internal audit/regulation functions or law enforcement agencies. Our work may be required in support of criminal proceedings. 1.C Enterprise Risk Management With our Enterprise Risk Management (ERM) advisory service, we can provide you with a structured and disciplined approach to addressing key business risks that impact your overall business objectives. ERM implementation assistance We can act as your ERM consultant and facilitator, closely guiding your team throughout the actual ERM implementation in your company. We will help your organization identify vital strategies and action plans that address key business risks, thereby enabling you to achieve your overall objective of value creation for stakeholders. ISO 31000-series certification assistance We can guide you as you comply with the requirements of ISO 31000, which seeks to establish universally recognized principles and guidelines on risk management. We can help you re-engineer management practices and develop effective strategies to execute risk management practices across your organization. Our approach is tailor-fit for each business, considering its unique structure, business objectives, products and operation. 1.D Governance The success of any business is highly dependent on how it is governed or how it complies with standards and best business practices. Our governance advisory services can assist you in identifying and addressing possible areas of improvement for your business to meet good corporate governance standards. US Sarbanes-Oxley (SOX) and Japans Financial Instruments and Exchange Law (FIEL) consulting

We can assist you in complying with the financial disclosure and internal control requirements of various regulations such as Sarbanes-Oxley Act (SOX) of 2002 for US-based listed companies, and the Financial Instruments and Exchange Law of Japan for Japan-based listed companies (J-SOX). We can also help your audit committee and board of directors establish appropriate corporate governance procedures. We provide the following assistance: Training relevant personnel for SOX (or J-SOX) implementation Analyzing and documenting internal controls Assessing inherent risk Evaluating potential control gaps Testing existing controls Obtaining line-management sign-off

Governance standards benchmarking With the objective of assisting our clients to achieve good corporate governance, we can benchmark our clients governance policies, procedures and processes with the codes and standards set forth by the Organisation of Economic Co-operation and Development (OECD) and by the Philippine Securities and Exchange Commission (SEC). Internal surveys and interviews with relevant personnel, and documents review are the typical tools used for our initial assessment. With the possibility of having concerns or issues identified by our initial assessment, a remedial period is usually set so that such concerns and issues can be addressed by the client. Another assessment is conducted to determine if the concerns raised by the initial assessment have been addressed by the remedial measures taken by the client on its governance policies and actual procedures. Basel II (Internal Rating Systems Monitoring and Validation) consulting The Basel Committee on Banking Supervision issued a revised framework that changed the regulatory capital standards for banks in order to make the capital requirements more risk sensitive. In the Philippines, the new capital standards took effect in 2007 and are mandatory requirements for universal banks, commercial banks and their subsidiary banks and quasi-banks. Other banks may also want to leverage best-practice risk management in improving business decisions. Our team can help you understand and implement the local requirements of Basel II. We will determine if your current systems support Basel II requirements, and identify areas for improvements. Strategic organizational review We will work with you to make sure your organization practices good corporate governance. Our methodology, which is based on the comprehensive family business consulting service of Grant Thornton, involves the conduct of diagnostic reviews of organizational and management structure and processes in order to identify and address existing or potential issues. During the review, we will use a scorecard, particularly in identifying possible areas for improvement in your organizations structure and processes, so that you are able to meet good corporate governance standards. 1.E Operational Improvement We can help you improve business performance by addressing efficiency and effectiveness issues. We analyze the issues facing your current business processes, identify opportunities to strengthen internal controls and reduce cost, and assess whether or not your organizational design and performance metrics support your strategic goals. Business process review (BPR) Taking into account your industry and your unique organizational needs, our professionals will study your business processes as part of laying the groundwork from which we can identify objectives, risks, controls and control gaps, and then make appropriate recommendations. The review may also include providing recommendations on process improvements based on industry best practices. Leveraging on the methodologies and work programs used in audit engagements and the wide variety of industry practices provided by P&A, our methodology includes performing an assessment on both manual and programmed controls that you use in your business processes. Process documentation and manual preparation Our goal is to help you improve the documentation of your systems and processes in order to reflect the current procedures of your company and that of the industry best practices. Process documentation may be in the form of process flow narratives, flowcharts or a manual of operations. Accelerated financial statement close Our review will focus on your financial statement close process design and processes to help you develop streamlined closing and reporting processes. This will enable you to consolidate and produce reports more efficiently with less hassle, and also provide more timely information to managers on the front line. Helping you focus your energy on the most relevant activities results in streamlining workload and eliminating non-valued tasks. 1.F Assurance

In todays global economy, organizations both public and private must demonstrate that they have adequate controls and safeguards in place, particularly over financial reporting and information technology. Our assurance services provide companies with independent and objective assessment in the design, implementation and operating effectiveness of controls throughout the organization. US Statement on Auditing Standards No. 70 (SAS 70) assurance Through our SAS 70 (Type I or Type II) services, we can provide you with independent, objective reports on the design, implementation and operating effectiveness of your controls. We can ensure that you will be prepared to demonstrate to your clients that you have adequate controls and safeguards when processing their data. Our SAS 70 report contains: Our opinion, as independent accountants, on the design, implementation and effectiveness of controls in your organization for a specific audit period. A description of your organizations system, control objectives, and related controls that are in place to achieve those control objectives. Tests of operating effectiveness and the results of those tests (for Type II Reports). Information intended for use by your organization, your customers, and your customers independent accountants. Sarbanes-Oxley (SOX) Section 404 audit support (for US-based listed companies) The SOX Act of 2002 altered the corporate governance landscape, causing many companies to refocus their efforts on internal controls. Companies today must not only understand SOX and other regulatory requirements, but also implement the right framework with regard to these regulations. We can help you comply with the financial disclosure and internal control requirements of the SOX Act and related SEC rules. Our SOX 404 report contains an independent attestation of managements assertion on internal control that management has the responsibility for establishing and maintaining adequate internal controls over financial reporting and that management has made an assessment regarding the effectiveness of the internal controls over financial reporting at the end of the fiscal year. Quality assurance review (QAR) We will conduct an independent review and assessment of your internal audit (IA) activity for compliance with the requirements of the International Standards for the Professional Practice of Internal Auditing (ISPPIA), with the Code of Ethics of the profession, and with the IAs policies and procedures. This involves performing assessments and review procedures to provide an opinion on how well your companys IA conforms with the standards. This review also involves an assessment of your IAs effectiveness and efficiency in providing assurance and consulting services. Our QAR report contains: Our opinion, as independent reviewers, on your IA activitys compliance with the International Professional Practices Framework (IPPF) of the Institute of Internal Auditors (IIA), which includes the definition of Internal Auditing, the ISPPIA and the Code of Ethics, as well as with the internal activitys charter, plans, policies, procedures, practices, and applicab le legislative and regulatory requirements. The QAR teams recommendations, which will focus on improvements in the internal audit practices that are needed to enhance compliance and improve effectiveness and efficiency of the IA activity. 1.G Corporate Finance You might be raising capital, making an acquisition, disposing of a business, or seeking a wide market for your companys shares on a stock market. Whatever the reason, you want to complete the deal efficiently and get the best value. Our specialists can help you do that. Pre-IPO (initial public offering) assistance We will determine all pre-IPO steps you need to undertake to ensure a successful and well-subscribed IPO transaction. Such steps may include the selection of an IPO vehicle that is most appropriate for your company and the initial valuation of the issuers shares of stock. We can also put you in touch with legal advisor/s and underwriter/s who can help you further with your IPO process. Financial due diligence When making an acquisition or an investment, it is the responsibility of the buyer or investor to make sure that all relevant financial facts and financial risks associated with the opportunity are thoroughly considered. We can conduct a financial due diligence on your investment target to help you assess such relevant financial facts and risks before you make any big decision. We have conducted financial due diligence work for our foreign and local clients on their target companies in various industries, including more recently in mining, retail trading, real estate development, information technology, and banking, among others. Financial forecasts Occasionally, you may need to translate your future plans, or your targets, into a financial model so that you can assess the effects of changes in critical variables that may be related to a contemplated transaction. We can design the financial model and, in the conduct of sensitivity and scenario analyses, help you make informed decisions about an opportunity. In case you already have financial forecasts, we can check the reasonableness of the assumptions underlying such forecasts through our analysis of the accounts and the market environment. Our examination as an independent party is

typically required by the target audience of the said forecasts (e.g., banks, acquiring companies, the Securities and Exchange Commission, etc.). We have compiled or examined the financial forecasts of companies in a wide range of industries, including oil shipping, technology, steel, banking, real estate development, semiconductors, mining, and retail trade, among others. Valuation Through our valuation services, we will develop an opinion on the value of your business or its shares. Our clients typically require our valuation services in transactions such as divestment, mergers and acquisitions, initial public offerings, management buy-outs, and tender offers. Our valuation clients represent some of the big names in various industries, including real estate, property management, manufacturing, power, petroleum, mining, shipping, technology, retail trade, banking and pharmaceuticals. Feasibility studies We can help you evaluate the viability of your contemplated projects through the conduct of market research and financial analyses. We will compute financial feasibility measures such as the internal rate of return (IRR), net present value (NPV), and payback period. Some of our significant engagements on market research and feasibility studies were conducted for hotels and resorts, a car dealership, shipping companies, a real estate developer, a hospital and a petroleum distribution company. The results of our studies have been crucial in the decision of our clients to pursue (or not) their contemplated projects or transactions. Financial advisory Our financial advisory services cover a wide range of activities. We can provide financial analysis of your target companies, or assist you in meeting bank requirements for your needed financing. We can also provide you with the necessary support for your bids for banks non-performing assets. We were the lead advisor in the bid and post-deal stages of a government corporations disposal of mortgages, which has been dubbed as the largest ever corporate finance deal in the Philippines. 1.H Technology Risk Management

Information technology is one of the most important assets of any business. Yet most companies are not maximizing their technology investment, or using IT effectively to support their business strategy and create tangible value. P&As IT services are designed to improve IT strategy and governance, analyze IT applications and infrastructure, strengthen security, and assess business risks and controls related to the use of IT.

IT security services Businesses today depend on IT systems for nearly all aspects of their financial and operational functions. Through our IT security services, we can assess your current information security environment and implement best practices and techniques to prevent unauthorized access and protect your information assets. Security testing We provide a host of IT security services ranging from non-intrusive vulnerability scanning tests to full-scope security reviews and network penetration testing. P&A applies the OSSTMM 3 LITE methodology (created by security analyst Pete Herzog and developed by ISECOM) for these services. For more information on this methodology, please visit http://www.isecom.org/osstmm. The OSSTMM 3 LITE methodology is fully compliant with the auditing and testing requirements of BS 7799, ISO 17799 (now ISO 27002), the US AICPAs SAS 70, the Institute of Internal Auditors Systems Assurance and Control model, operational security controls review procedures per IT Infrastructure Library (ITIL), and many other country-specific standards and regulations. Desktop management implementation support (through Microsoft Active Directory) Servers are usually the focus of key security policies and measures. However, most companies fail to recognize that the computers that connect to these servers need controls as well to provide a holistic security profile and to minimize IT operating costs. We can assist you in the areas of policy setting, configuration, software packaging and testing, deployment, and change management during your implementation of Active Directory in your Microsoft Windows domain. ISO 27000-series certification assistance

We can support your IT division as it goes through the challenges of implementing an information security management system and as it undergoes conformity assessment for ISO 27001. Our range of services in this area includes gap analysis, documentation assistance, and implementation support.

Software development lifecycle services We provide services that will help you bridge the gap between your IT group, their vendors, and the businesses they support as you make investments in technology. Business requirements definition and business analysis support IT project implementations usually fail because of the inability of business users to properly and completely define their IT needs or because IT is not receptive to business needs. Our business requirements definition and business analysis support services provide you with the means to narrow this divide between the business and IT support groups, through current state future state business process reviews and gap analysis, logic and business rule reviews, and actual functional design or review of functional designs and feature lists. IT project management support Delivering an IT project within specification, time, budget and quality targets is a ch allenge many companies face on a regular basis. We provide manpower assistance to your project management office and your IT project managers from planning and project initiation to post-implementation to help you deliver IT projects on target. IT due diligence Technology integration is key to adding value. If you are considering new technology investments or integrating another IT environment as part of a merger or acquisition, we can help you evaluate how the transaction will affect IT alignment with business strategy, IT management processes and IT risks. Specific areas we address include: Consolidation of business processes and infrastructures Network and communication exposures Capacity management Existing mission-critical systems and issues that could cause them to become detrimental to the success of the business or impede the growth of the business Data integrity controls over the systems and the interfaces between those systems The skill sets in the IT organization and strengths/weaknesses Assurance support services We provide specialized assistance to assurance teams as they conduct their engagements. IT general controls review An IT general controls review involves an evaluation of your security administration (access and authorization), program maintenance, and program execution processes for the purpose of assessing whether your overall IT control environment can be relied on to ensure that systems and applications provide reasonably dependable information. IT application controls review Usually performed in conjunction with an IT general controls review, an IT application controls review is a detailed evaluation of controls embedded in an application to establish reliance on the reasonableness of application data. Computer-assisted audit techniques (CAATs) Data analysis using CAATs includes analyzing voluminous financial transactions, which are deemed necessary to help generate management reports for timely decision making. CAATs can also be used to analyze significant accounts, both for purposes of financial audits and performance of agreed-upon procedures related to fraud examinations. 1.H Capability Enhancement

Our capability-enhancement programs are designed to assist appropriate personnel in the proper discharge of their mandate. Our programs are conducted by professionals who have extensive experience in their respective fields and are recognized by international certification-giving bodies. We can conduct classroom-type sessions and seminars customized to your needs. Unlocking your Powers to Govern This seminar will focus on the governance risk management and compliance functions of your enterprise. This is ideal for those in your organization who hold decision-making roles (such as senior management officers), those who have a high stake in the success of the company (such as business owners or stockholders), and those who are accountable for the implementation of top management dictums (such as key employees). The Primary Shift This training program will focus on the internal audit activitys role in your organization and how to align it with the companys overall governance process. Your internal audit profes sionals and those entrusted with governance function, such as senior management, will benefit greatly from this program. We will conduct the seminar through classroom lectures and workshop with the end goal of training your internal audit professionals how to perform risk-based audit. Fraud Tools Through this program, we will give you the know-how needed to prevent or detect fraud committed by employees and third parties. Our target audience includes business owners, managers, compliance and security personnel, and internal audit professionals. Enterprise Risk Management (ERM) trainings or Seminars We can conduct classroom-type sessions to discuss with your management team the framework and processes involved in successfully implementing ERM in your organization. Computer-assisted audit techniques (CAATs) trainings We can help enhance your personnels data analytic skills using CAATs tools such as ACL and IDEA. The classroom training includes hands-on demonstration and exercises on basic and advanced commands in analyzing voluminous financial transactions using the mentioned CAATs tools.

2. Audit & Assurance Delivering value as a result of efficient and effective audit and assurance work We provide audit and assurance services that go beyond numbers. We use only the most up-to-date auditing techniques and procedures that, together with a thorough understanding of each client's business, result in an audit approach fully customized to its needs. P&A auditors regularly dialogue with clients, so that we may address their most relevant needs and concerns. We strive to provide timely and cost-effective recommendations that enhance internal control procedures and add value to their businesses. Annual audit We provide annual financial statement audit services that go beyond the normal expectations of our clients. We believe strongly that our best work comes from combining outstanding technical expertise, knowledge and ability with exceptional client-focused service. A team-based approach defined by dedication to partner involvement in all engagements -- that's our service commitment locally and globally. An organization's financial statements are a reference of choice for a variety of users who are required to make decisions. Whether it is a financial institution, a government agency, creditors, shareholders, or potential buyers, every one of your partners requires financial information that accurately reflects the soundness of your organization. Review engagement A review involves limited investigation with a narrower scope than an audit, and is undertaken for the purpose of providing limited assurance that hte management's representations are in accordance with identified financial reporting standards. Our professionals recognize that in order to conduct a truly quality financial statement review, it is important to look beyond the accounting entries to the underlying activities and operations that give rise to them. We conduct semi-annual and quarterly reviews -- depending on your preferences and needs -- that comply with Philippine Standards on Review Engagements 2400: Engagements to Review Financial Statements. Due diligence and acquisition audit

P&As due diligence services help clients maximize the advantages of a contemplated transaction and identify exposures and risks that may become deal-breakers down the road. Our team of auditors and tax advisors, under the direction of due diligence professionals, provides specialized knowledge that clients need in order to make informed decisions. Click here to read more about our due diligence services. Special audit using agreed-upon procedures Based on the client's needs and circumstances, P&A will carry out audit procedures that have been agreed-upon with third parties for specific objectives and for reporting on factual findings. We have extensive experience working with third parties such as lawyers, regulatory groups and law enforcement agencies, and we use innovative, state-of-the-art tools and equipment to support our work. Other audit services Technical advice and training We offer seminars and trainings on audit- and tax-related matters, such as updates on Accounting Standards, new pronouncements and Bureau of Internal Revenue (BIR) issuances, as well as other developments that affect our clients' businesses. Participants are entitled to credited units for Continuing Professional Education (CPE), which are required by the Board of Accountancy. SEC reporting and compliance Aside from opinions for audited financial statements, we also accept requests for the preparation of General Form for Financial Statements (GFFS) and other reports, which will be submitted to the Securities and Exchange Commission (SEC) on an as-the-need-arises or annual basis as embodied in the Securities Regulation Code (R.A. 8799). A ssistance in applying with SEC for an increase in authorized capital stock P&A can help clients comply with the t echnical requirements set by the SEC for increasing authorized capital stock. We can provide guidance in completing the basic needs and additional requirements depending on the kind of payment on subscription. Translation of Financial Statements into Japanese Language We have a Japanese Business Group that has developed a keen understanding of Philippine Financial Reporting Standards, and tax rules and regulations. Most of the Japanese firms operating in the Philippine economic zones are required by their head office or Japanese counterpart to submit reports on their financial statements, including financial highlights, for a specific operating period. One of the services offered by our Japanese Business Group is assistance in the translation of such financial statements into the Japanese language. 3.P&A Grant Thornton Outsourcing P&A Grant Thornton Outsourcing, Inc. P&A Grant Thornton is a wholly owned subsidiary of Punongbayan & Araullo (P&A), a leading professional firm providing audit, tax and advisory services through its client-caring team of professionals. "The P&A Grant Thornton Outsourcing team provides solid first-rate support for key administrative activities such as accounting and payroll. We see ourselves as partners to our clients: We work steadily and efficiently in the background, enabling our clients to take center-stage and focus on hitting their growth targets and taking their businesses to greater heights. Whether you are a start-up or a well-established business, your key functions will always include accounting and payroll. As your business grows, these functions become more important needing to be in tune with the demands of customers, partners, regulators and employees even as they become more tedious and complex. The P&A Grant Thornton Outsourcing team can help you with your accounting, payroll preparation, and compliance with statutory documentary requirements. We have high-quality personnel, technological tools, and logistical resources that you can count on to get the job done. We offer the following services: Accounting

Payroll Secondment Other special services 3.A Accounting An all-encompassing, full-cycle engagement covering Payment processing, which may or may not include signing of checks and other forms of payment, maintaining trust accounts on your behalf, monitoring cash flow, and preparing cash reports Transcribing your proforma revenue billings and collections to official accountable forms of sales invoices and official receipts Compilation and review of source documents supporting your financial transactions Recording financial transactions and pertinent adjustments Maintaining inventory records and assisting in the inventory count Preparing financial reports and supporting schedules Preparing tax returns and related schedules for withholding, value-added, and income taxes Filing and payment of tax returns manually or electronically Preparing other statutory reports Assisting during audits conducted by any government agency, external and internal auditors Selective work scope or part-of-the cycle engagement Special work covering portions of the accounting cycle can also be arranged using agreed-upon scope, processes and procedures. We will take into consideration your own internal manpower and logistical resources. 3.B Payroll Recruiting and keeping the right people is an important part of running a successful business. We can support you in this area by providing consistent, timely and accurate payroll processing services using our trained pool of personnel. Our payroll services include the computation of employees pay and any or all of the following functions: Maintaining bank accounts exclusively for payroll and payroll-related disbursements Preparing schedules of statutory and internal contributions and obligations Filing and payment of statutory contributions and obligations, manually or electronically Annualization of employees income tax Providing secure, online payslips through ePay 3.C Secondment We can provide manpower for your temporary or project-based requirements. We will assign staff with the technical competence and qualities that fit your needs and work environment. 3.D Other special services With our wide-ranging hands-on experience in accounting - related tasks, we are able to service clients other short-term and special job requirements, such as: Bank reconciliation Accounts reconstruction Data cleansing and reconciliation of receivables, payables, and other real and nominal account balances Inventory and fixed assets counts, summarization and reconstruction We also assist in the preparation of schedules and documentary requirements during audits by internal and external parties, including government agencies. 4. Tax Advisory & Compliance Despite constant changes in tax policies, your partners at P&A will keep you right on track and help you pay proper taxes on schedule. You realize that you may not have the time, resources or expertise to keep up with the constant changes. You either give up or try to do it yourself, so you risk paying late or even paying much more than you ought to. We're here to help. Our tax specialists have the mastery when it comes to Philippine tax laws and regulations, and we have the right resources to keep up with developments in the local arena. We sound the alarm on payment deadlines and advise you on tax matters that greatly affect your business. We take time to explain the nitty-gritty so you fully appreciate tax savings you avail of as we go along. As value-added service, we ensure that our clients are updated on the latest tax and business-related regulations and rulings through our monthly Tax Brief" publication and the Tax Alerts on important and urgent issues and compliance requirements. Our tax partners, managers, and staff can be readily accessed by phone or electronic mail on simple queries at no additional charge. P&A is known to deliver in these area

Tax Advisory Tax opinion and studies Assistance during tax audit / Contesting an assessment Application for tax refund / Credit Request for tax rulings Tax planning Transfer pricing Retainer services as tax consultant Corporate organization and restructuring Tax Compliance Tax review Tax outsourcing Expatriate tax services CTA litigation support Customs compliance review Tax seminars and trainings

Tax Advisory Tax opinion and studies We conduct tax studies and provide advice to clients on the tax implications of specific transactions or issues confronting the company based on relevant laws, regulations, court decisions, rulings and the first-hand experiences of our tax consultants. Assistance during tax audit / Contesting an assessment We assist clients in handling audits by the Bureau of Internal Revenue (BIR), Bureau of Customs (BOC) and local government units (LGUS) in a systematic and efficient manner. We help evaluate the validity of assessments, determine the appropriate documents and analysis to submit, prepare protests, and represent the client in meetins and discussion with the government agencies. With our knowledge of the tax laws and audit procedures, we help safeguard the substantive and procedural rights of taxpayers and prevent unwarranted assessments. Application for tax refund / Credit We help clients recover taxes that have been erroneously or excessively paid or withheld through applications for tax refund or credit certificate certificates (TCCs). Applications for refunds or TCCs are recommended for companies that have excess income taxes paid, unutilized creditable withholding taxes as reflected in the final income tax return (ITR), excess/unutilized VAT input taxes arising from zero-rated transactions or change in VAT status, unutilized advanced VAT, excise taxes paid on petroleum products sold to tax-exempt entities and international carriers, other national or local taxes erroneously or excessively paid, or penalties imposed without authority. Request for tax rulings We facilitate requests for ruling to confirm the proper tax treatment of certain structures and transactions. Requests for rulings are generally required in the case of tax-free exchange of assets for shares of stocks, application of preferential rates of withholding ta xes on income payments to non-re side nt fo reign corporations pursuant to tax treaties, entitlement to tax exemption under Section 30 of the Tax Code and other transactions or income that are not clearly provided in the laws and regulations. Tax planning We provide expert analysis of the tax situation of clients and make available to them a variety of tax strategies that will minimize their tax risk/exposure, and result in least cost compliance with tax laws. Our services in this area include estate tax planning, and identification of the most tax efficient investment route, corporate and finance structures, and transaction schemes. Transfer pricing We provide comprehensive transfer pricing solutions suited to the needs of the client. We handle transfer pricing audit defense on behalf of the client, and conduct transfe pricing risk assessment, planning, and benchmark analysis. We can assist a company in selecting the appropriate transfer pricing method, defending transfer pricing policies, and negotiating Advance Pricing Agreements (APAs) with the tax authorities. Retainer services as tax consultant As a tax consultant, we will make our tax professionals available anytime, whether by telephone or electronic mail, to render consultation and advice on various tax matters and tax issues affecting client companies' ope rations without requiring the conduct of extensive research and studies. Corporate organization and restructuring P&A assists in formulating and implementing the appropriate and tax efficient corporate form, investment vehicle and other arrangements whether for companies that are newly organizing or that are simply restructuring. We can help set-up and register clients' business with the regulatory agencies. We can facilitate availment of incentives under the BOI, PEZA and other incentive laws. Certain activities and change in company status also require approval of or notification of the regulatory agencies.

Tax Compliance Tax review We evaluate companies' compliance with existing laws and regulations, caution them on procedures and practices which expose their firms to potential tax liabilities and penalties, and advise them on alternative tax efficient schemes. Tax due diligence review is particularly recommended for companies which are contemplating expansion, mergers and consolidation, change in ownership or public listing. Tax Outsourcing We prepare clients' tax returns covering their quarterly and annual income taxes, value-added tax and other percentage taxes, fringe benefits tax, withholding taxes, and documentary stamp tax. Based on the information provided to us, we ensure that the computation of the client's tax liability is made in accordance with existing tax laws and regulations, We file, on their behalf, the tax returns with the appropriate tax office and pay the corresponding taxes on or before the due date. Expatriate tax services We ensure the proper and efficient compliance of expatriates with their Philippine income tax obligations. These include registration and application for TIN and preparation and filing of annual Philippine income tax return and payment of the tax due in the proper venue and within the allowed period. As a value-added service, we respond to Correspondence Audits / Inquiries by the BIR where the information thereon is manifest in the return and the underlying compensation information. We can also conduct arrival or departure briefings and interviews to apprise the expatriate of his Philippine tax liabilities. Upon the companys request, we can compute on an annualized basis, the total withholding tax due from the expatriate during the t axab le year and prepare tax equalization and reimbursement calculations in accordance with company policies. CTA litigation support To avoid prolonged trials, we offer independent verification of financial and other pertinent documents that are presented as evidence in tax cases/disputes or claims for refund before the Court of Tax Appeals (CTA). This involves an evaluation of the completeness and validity of the documents and the correctness of the amounts involved based on the requiremen ts prvided under the laws and regulations. Customs compliance review We assess adherence of companies to customs and tax laws, rules and regulations in relation to their importation of goods. We help clients ide ntify the areas where potential tax and duty cost-saving opportunities exist. We assist clients in evaluating and restructuring their record-keeping policies and practices to pr operly comply with the requirements under the laws and regulations and to minimize tax exposures. Tax seminars and trainings We organize Tax Seminars / Training on tax-related developments and special issues of interest to taxpayers. Customized training can be c onducted for requesting clients.

Public Interest Entities

The Firm's roster of clients includes a total of 225 public interest entities for which statutory audits have been carried out for 2011. For purposes of our latest Transparency Report and to be consistent with regulatory requirements, we define public interest entities to include clients: that have issued securities listed for trading on an exchange with total assets of at least P50 million and with 200 or more shareholders who each hold at least 100 shares that are regulated companies such as banks, insurance companies, investment houses, securities broker/dealer, mutual fund, pre-need companies, or entities with secondary license that can be considered economically significant (i.e., entities whose total assets exceed P350 million or whose total liabilities exceed P250 million)

1. 2. 3. 4. 5. 6. 7. 8. 9.

Abacus Capital and Investment Corp. Abacus Securities Corporation Ace Hardware, Inc. Adampak & Print (Phils.), Inc. Adams Properties, Inc. AG Finance AGI - First Centro, Inc. Albay Agro-Industrial Development Corp. Alliance Global Group, Inc.

10. 11. 12. 13. 14. 15. 16. 17. 18.

Alliance Growers Holdings, Inc. Amon Trading Corporation Angeles Electric Corp. Angeles Power, Inc. Anglo Watsons Glass, Inc. APEC Assets Limited Armstrong Securities, Inc. Arthaland Corporation ASA Philippines Foundation, Inc.

19. Astellas Pharma Philippines Inc. 20. Averon Holdings Corporation 21. Banco De Oro Unibank 22. Bank One Savings and Trust Corporation 23. Bankard, Inc. 24. Bayview Hotel Development Corp. 25. BDO Capital and Investment Corporation 26. BDO Elite Savings Bank, Inc. 27. BDO Insurance Brokers, Inc. 28. BDO Leasing and Finance, Inc. 29. BDO Private Bank, Inc. 30. BDO Rental, Inc. 31. BDO Securities Corp. (formerly Santander) 32. BDO Strategic Holdings, Inc. 33. BDO Trust Dept 34. BHI Holdings, Inc. 35. BK Systems Philippines, Inc. 36. C & F Manufacturing 37. Canlubang Golf & Country Club, Inc. 38. Casamia Furniture Center Inc. 39. CF Sharp Crew Management Inc. 40. Chelsea Shipping, Inc. 41. Cocopalm Agri Group, Inc. 42. Cosco Philippines Shipping, Inc. 43. Dedon Manufacturing Corporation 44. DKT Philippines, Inc. 45. DKT Reproductive Healths, Inc. 46. Doosan Heavy Industries & Construction Corporation 47. Dumaguete City Development Bank, Inc. 48. Eastbay Resort Inc. (Ebi) 49. Eastwood Property Holdings, Inc. 50. Ecost Philippine Services, Llc - Phil Branch 51. ED&F Man Commodities Phils., Inc. 52. Emperador Distillers, Inc. 53. Empire East Land Holdings, Inc. 54. Enterprise Bank, Inc. 55. Equimark Nfc Development Corporation 56. Excel Unified Land Resources 57. First Abacus Financial Holdings Corp. 58. First Malayan Leasing and Finance Corp. 59. First Tagum Rural Bank, Inc. 60. Forest Lake Development, Inc. 61. Forest Lake Manila South, Inc. 62. Forte Realty Corporation 63. Fortune Life & Insurance Co. 64. General Tuna Corporation 65. Getz Pharma (Phils), Inc. 66. Grepalife Financial, Inc. (formerly Great Pacific Life Assurance Corporation) 67. Guevent Industrial Development Corp. 68. Hardware Workshop, Inc. 69. HCCA International

70. Herma Shipping and Transport 71. Herma Shipyard, Inc. 72. Himlayang Pilipino Plans, Inc. 73. Himlayang Pilipino, Inc. 74. Homeworld Shopping Corp 75. Iligan Light & Power, Inc. 76. Iloilo Doctors Hospital, Inc. 77. Innodata Xml Content Factory, Inc. 78. Integrated Educational Corporation 79. Investors Securities, Inc. 80. Iqor Philippines, Inc. 81. Ishida Philippines Grating Co., Inc. 82. Ishida Philippines Tube Co., Inc. 83. Isla Savings Bank 84. Jae Philippines, Inc. 85. JTKC Land, Inc. 86. KBP Real Estate Corporation 87. Kita Corporation 88. Koyo Manufacturing (Philippines), Inc. 89. Kultura Store, Inc. 90. La Funeraria Paz - Sucat, Inc. 91. Life Bank Foundation, Inc. 92. Lipa City Development Bank 93. Lodestar Holdings Corp. 94. Madison Shopping Plaza 95. Mainstream Business Inc. 96. Major Shopping Management Corp. 97. Malayan Rental Corporation 98. Mandurriao Star Inc. 99. Manila Memorial Park Cemetery, Inc. 100. Manila Southern Associates, Inc. 101. Manila Teachers Savings & Loan Association, Inc. 102. Marinelink Tankers, Inc. 103. Market Strategic Firm, Inc. 104. Marketing Convergence 105. Mass-Specc Cooperative Development Center 106. MBMI Resources Philippines, Inc. 107. McArthur Mining, Inc. 108. Medco Asia Investment Corp. 109. Medco Holdings, Inc. 110. Medicard Philippines Inc. 111. Meg- Eastwood Cyber One 112. Megalink, Inc. 113. Megavia Corp. 114. Megawide Construction Corp. 115. Megaworld Corporation 116. Megaworld Daewoo Corp. 117. Mercantile Store Group, Inc. 118. Merchants Bank 119. Meridien Business Leader (Sm Lipa) 120. Metro Manila Shopping (Mecca) 121. MFI Foundation, Inc. 122. Mindanao Shopping Destination Corp.

123. Multi-Store Corporation 124. My Solid Devices And Technologies Corp. 125. Mytel Mobilities Solutions Group 126. Narra Nickel Mining & Dev't Corporation 127. National Confederation of Cooperatives 128. National Reinsurance Corporation 129. Negros Oriental 2 Electric Cooperative 130. New Marketlink Pharmaceutical Corp. 131. Newtown Land Partners, Inc. 132. Nursery Care 133. Oakridge Properties, Inc. 134. Ocean Link Tankers, Inc. 135. On Semiconductor Philippines, Inc. 136. One Network Rural Bank, Inc. 137. Optimum Development Bank 138. Orchard Golf and Country Club 139. Otsuka (Philippines) Pharmaceutical, Inc. 140. Pacific Resins, Inc. 141. PBB Trust 142. PCIB Securities, Inc. 143. Petrolift - Petrolift Inc. 144. Petrolift Holdings, Inc. 145. Petrotrade Philippines, Inc. 146. Philippine Business Bank 147. Philippine Business for Social Progress 148. Philippine Electricity Market Corporation 149. Philippine Iron Construction & Marine Works, Inc. 150. Philippine Racing Club, Inc. 151. Philippine Resources Savings Banking Corporation (formerly Philippine Rural Banking Corporation) 152. Phoenix Petroleum Philippines, Inc. 153. Phoenix Petroterminals Industrial Park Corp. 154. Pigmentex Corporation 155. Pilipinas Makro, Inc. 156. Precos, Inc. 157. Pres. J.P. Laurel Bank 158. Prestige Hotels, Inc. 159. Prime Gaming Phils., Inc. (Central Azucera) 160. Process Synergy, Inc. 161. Radiowealth Finance Corporation 162. RCBC Capital Corporation 163. RCBC Land, Inc. 164. RCBC Realty Corporation 165. RCBC Savings Bank 166. RCBC Savings Trust Department 167. RCBC Savings Trust Department (Uitf) 168. RCBC Trust and Investments Division (Combined) 169. RCBC Trust And Investments Division (Uitf) 170. Remec Broadband Wireless International Inc. 171. Resins, Incorporated 172. RI Chemical Corporation 173. Richmonde Hotel Group 174. Rizal Commercial Banking Corp.

175. San Miguel Properties, Inc. 176. Sanford_Marketing Corporation 177. Seaoil Philippines, Inc. 178. Seatrans Corporation 179. Shindengen Philippines Corporation 180. Signature Lines, Inc. 181. Silliman Medical Center Foundation, Inc. 182. Silliman University 183. Smits, Inc. 184. Snow Mountain Dairy Corporation 185. Solid Broadband Corporation 186. Solid Corporation 187. Solid Group, Inc. 188. Solid Laguna Corporation 189. Solid Manila Corporation 190. Solid Manila Finance, Inc. 191. Southern Visayas Property Holdings, Inc. 192. SSS Provident Fund 193. Sta. Clara Power Corporation 194. Star Appliance Center, Inc. 195. Starworld Corporation 196. Sunjin Philippines Corporation 197. Suntrust Home Developers Inc. (Fairmont) 198. Supercity Realty & Development Corp. 199. Supplies Station, Inc. 200. Surplus Marketing Corporation 201. SVG Philippines, Inc. 202. Tao Commodity Traders, Inc. 203. Tao Corporation 204. Tarlac Electric, Inc. 205. Tarlac Power Corporation 206. Tesoro Mining & Development, Inc. 207. The Discovery Leisure Co., Inc. 208. Thunderbird Pilipinas Hotels and Resorts, Inc. 209. Trans Aire Development Holdings Corporation 210. Transoil Corporation 211. Travellers International Group, Inc. 212. Trevi Foundations Philippines, Inc. 213. UBP First Union Plans, Inc. 214. Udenna Corporation 215. Udenna Management and Resources Corporation 216. Unionbank of the Philippines 217. Wallem Maritime Services, Inc. 218. West Avenue Theatres Corp. 219. WNS Global 220. Yamashin Cebu Filter Manufacturing Corporation 221. YGC - Pan Malayan Mngt and Investment Corporation 222. YGC - RCBC Securities, Inc. 223. Zen Towers Corporation 224. Zest Airways 225. Zeus Holdings, Inc.