Independent Auditors

Grajo & Associates, CPAs, an accredited external accounting firm by the Securities Exchange Commission (SEC), has audited the Company’s financial statements as of December 31, 2015.

Grajo & Associates, CPAs has acted as the Company’s external auditor since, 2015. And is the Company’s current audit partner and has served as such since 2014. The Company has not had any material disagreements on accounting and financial disclosures with its current external auditors for the same periods or any subsequent interim period. Grajo & Associates, CPAs has neither shareholdings in the Company nor any right, whether legally enforceable or not, to nominate persons or to subscribe for the securities in the Company. Grajo & Associates, CPAs will not receive any direct or indirect interest in the Company or in any securities thereof (including options, warrants or rights thereto) pursuant to or in connection with the Loan. The foregoing is in accordance with the Code of Ethics for Professional Accountants in the Philippines set by the Board of Accountancy and approved by the Professional Regulation Commission.

RS Bernaldo and Associates, CPAs, affiliated with PKF International, shall be appointed to audit the Company Financial Statement starting fiscal year 2016.

In relation to the audit and review of the Company’s pro forma consolidated financial statements, the Company’s Manual provides that the Audit and Risk Committee shall, among other activities (i) evaluate significant issues reported by the external auditors in relation to the adequacy, efficiency and effectiveness of policies, controls, processes and activities of the Company, (ii) ensure that other non-audit work provided by the external auditors is not in conflict with their functions as external auditors, and (iii) ensure the Company’ compliance with acceptable auditing and accounting standards and regulations.