The Board ensures that this report maintains integrity and confirms that all performance and impact disclosures made are presented fairly. Together with the Ayala management, the Board gave high-level supervision to the internal teams responsible for the reporting process and production. The internal parties with relevant skills and experience devoted significant efforts in the reporting process to guarantee that it duly follows particular standards and that the Ayala story is presented in a fair manner. Ayala also engaged external parties, SyCip Gorres Velayo & Co. and DNV, to validate and assure financial and non-financial disclosures to improve accuracy, objectivity, and overall report quality. The report was prepared under the supervision of the Chief Finance, Risk, and Sustainability Officer, Jose Teodoro K. Limcaoco.

The Integrated Report contains certain forward-looking statements which, by their nature, involve risk and uncertainty because they relate to future events and circumstances that may be beyond Ayala’s control. In addition, regulations of the Philippine Stock Exchange prohibit making price sensitive forecasts without considerable independent review and process. The directors therefore advise readers to use caution regarding interpreting any forward-looking statements in the report.

The Board unanimously approved this report on 9 March 2020, and authorized its release on 14 April 2020.