
Disclosures

Financial statements as reported quarterly to the Philippine Stock Exchange and Securities and Exchange Commission:
The management of Ayala Corporation is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with Philippine Financial Reporting Standards. This responsibility includes designing and implementing internal controls relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error, selecting and applying appropriate accounting policies, and making accounting estimates that are reasonable in the circumstances.
The Board of Directors reviews and approves the consolidated financial statements and submits the same to the stockholders.
Independent auditors appointed by the stockholders examine the consolidated financial statements of the company and its subsidiaries in accordance with Philippine Standards on Auditing, and in their report to the stockholders, express their opinion on the fairness of presentation upon completion of such examination.