AUDIT (Unmodified/Unqualified Opinion)

INDEPENDENT AUDITORS’ REPORT

The Stockholders and the Board of Directors

Ayala Land, Inc
Report on the Financial Statements

We have audited the accompanying financial statements of Ayala Land, Inc., which comprise the balance sheet as at De
31, 2015, and the income statement, statement of changes in equity and cash flow statement for the year then ended
summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with Ph
Financial Reporting Standards; this includes the design, implementation and maintenance of internal control relevant
preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud o

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our
accordance with Philippine Standards on Auditing. Those standards require that we comply with ethical requirements a
and perform the audit to obtain reasonable assurance about whether the financial statements are free
from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial stat
The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatemen
financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal
relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriat
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An au
includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates m
management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion

In our opinion, the financial statements present fairly, in all material respects, the financial position of Ayala Land, In
December 31, 2015, and of its financial performance and its cash flows for the year then ended in accordance with Ph
Financial Reporting Standards.

SYCIP GORRES VELAYO & CO.

By:

Jessie D. Cabaluna
Partner
CPA Certificate No. 36317
SEC Accreditation No. 0069-AR-2 (Group A),
February 11, 2014, valid until February 10, 2017
Tax Identification No. 102-082-365
BIR Accreditation No. 08-001998-10-2014,
June 1, 2014, valid until May 31, 2017
PTR No. 3174583, January 2, 2016, Makati City

February 20, 2015

Makati City
 REVIEW

INDEPENDENT PRACTITIONER'S REVIEW REPORT

The Stockholders and the Board of Directors

ABC Company

We have reviewed the accompanying financial statements of ABC Company which comprise the balance sheet as at Decem
2015, and the income statement, statement of changes in equity and cash flow statement for the year then ended
summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with Ph
Financial Reporting Standards, and for such internal control as management determines is necessary to enable the pre
of financial statements that are free from material misstatement, whether due to fraud or error.

Practitioner’s Responsibility

Our responsibility is to express a conclusion on these financial statements based on our review. We conducted our re
accordance with Philippine Standards on Review Engagements (PSRE) 2400, Engagements to Review Historical F
Statements. PSRE 2400 requires us to conclude whether anything has come to our attention that causes us to believe
financial statements, taken as a whole, are not prepared in all material respects in accordance with the applicable fi
reporting framework. This Standard also requires us to comply with relevant ethical requirements. A review of fi
statements in accordance with PSRE 2400 consists primarily of making inquiries of management and others within th
involved in financial and accounting matters, applying analytical procedures, and evaluating the sufficiency and appropr
of evidence obtained. A review also requires performance of additional procedures when the practitioner becomes a
matters that cause the practitioner to believe the finncial statements as a whole may be materially misstated.
We believe that the evidence we have obtained in our review is sufficent and appropriate to provide a basis for our conclu

The procedures performed in a review are substantially less than those performed in an audit cond
accordance with Philippine Standards on Auditing. Accordingly, we do not express an audit opinion on these financial state
Conclusion

Based on our review, nothing has come to our attention that causes us to believe that these financial statements do not
fairly, in all material respects, the financial position of ABC Company as at December 31, 2015, and of its financial perfo
and its cash flows for the year then ended in accordance with Philippine Financial Reporting Standards.

SYCIP GORRES VELAYO & CO.

By:

Jessie D. Cabaluna
Partner
CPA Certificate No. 36317
SEC Accreditation No. 0069-AR-2 (Group A),
February 11, 2014, valid until February 10, 2017
Tax Identification No. 102-082-365
BIR Accreditation No. 08-001998-10-2014,
June 1, 2014, valid until May 31, 2017
PTR No. 3174583, January 2, 2016, Makati City

February 20, 2015

Makati City
 AGREED-UPON PROCEDURES

PRACTITIONER'S COMPILATION REPORT

The Stockholders and the Board of Directors

ABC Company

We have compiled the accompanying financial statements of ABC Company based on information you have provided
financial statements comprise the balance sheet of ABC Company as at December 31, 2015, and the income sta
statement of changes in equity and cash flow statement for the year then ended, and a summary of significant accounting
and other explanatory information.

We performed this compilation engagement in accordance with Philippine Standard on Related Services 4410 (R
Compilation Engagements.

We have applied our expertise in accounting and financial reporting to assis you in the preparation and presentation o
financial statements in accordance with Philippine Financial Reporting Standards. We have complied with the relevan
requirements, including principles of integrity, objectivity, professional competence and due care.

These financial statements and the accuracy and completeness of the information used to compile them are your respon

Since a compilation engagement is not an assurance engagement, we are not required to verify the accuracy or comple
the information you provided to us to compile these financial statement. Accordingly, we do not express an audit opin
review conclusion on thether these financial statements are prepared in accordance with PFRS.
Since a compilation engagement is not an assurance engagement, we are not required to verify the accuracy or comple
the information you provided to us to compile these financial statement. Accordingly, we do not express an audit opin
review conclusion on thether these financial statements are prepared in accordance with PFRS.

SYCIP GORRES VELAYO & CO.

By:

Jessie D. Cabaluna
Partner
CPA Certificate No. 36317
SEC Accreditation No. 0069-AR-2 (Group A),
February 11, 2014, valid until February 10, 2017
Tax Identification No. 102-082-365
BIR Accreditation No. 08-001998-10-2014,
June 1, 2014, valid until May 31, 2017
PTR No. 3174583, January 2, 2016, Makati City

February 20, 2015

Makati City