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The management of Philippine Seven Corporation is responsible for the preparation and fair
presentation of the consolidated financial statements for the years ended December 31, 2011 and
2010, including the additional components attached therein, in accordance with Philippine Financial
Reporting Standards. This responsibility includes designing and implementing internal controls
relevant to the preparation and fair presentation of the 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 or the Executive Committee or the Audit Committee, as authorized by the Board,
reviews and approves the consolidated financial statements and submits the same to the stockholders.
SyCip Gorres Velayo & Co. the independent auditor appointed by the stockholders for the period
December 31, 2011 and 2010, respectively, have examined the consolidated financial statements of
the company in accordance with Philippine Standards on Auditing, and in their reports to the
stockholders, have expressed their opinion on the fairness of presentation upon completion of such
examination.
VICENTE T. PATERNO
Chairman of the Board
YU-HSIU TSAI
Chief Financial Officer
Opinion
In our opinion, the consolidated financial statements present fairly, in all material respects, the
financial position of Philippine Seven Corporation and Subsidiaries as at December 31, 2011 and
2010, and their financial performance and their cash flows for each of the three years in the period
ended December 31, 2011 in accordance with Philippine Financial Reporting Standards.
SYCIP GORRES VELAYO & CO.