URBIZAGÁSTEGUI & ASOCIADOS Auditors & Consultants

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1 OUR FIRM We at Urbizagástegui & Asociados S. Civ. are an Audit and Business Consultancy Firm with 15 years operating in the Peruvian market, led by a team of solidly trained professionals with a broad professional trajectory in the business field. This condition allows us to offer our clients personalized service with high added value, adding our professional experience to their management abilities for the purpose of contributing to the achievement of their goals and enterprise objectives. Our work philosophy is based on the constant search for the finest quality in our services, by means of the effort resulting from working as a team and the continuing and collective individual training of the members of our multidisciplinary staff of professionals. Responding to the challenge of the globalization of services, we integrated our firm as a member of the prestigious world-wide network of independent audit and consultancy firms NEXIA INTERNATIONAL, now among the 8 leading organizations in providing audit and business consultancy services, thanks to the high quality of our services and the capability of our staff of professionals. This international backing allows us to offer our clients in any part of the world, wherever their business may require, our local experience and global strategic business vision. Within this context, the professional Audit and Business Consultancy services that we provide to our select portfolio of clients are framed within the technical standards of quality demanded by the local and international standards that regulate the providing of these services. Our Mission and Vision. Mission To provide professional assistance with added value to contribute to the success of our clients, accompanying them in their development and offering them effective solutions that contributing to the achievement of their goals and enterprise objectives. Vision To be recognized as a leading Audit Firm in the local market in the providing of audit and business consultancy services of the highest professional caliber.

2 Our Values. These are the foundation of our Firm s identity and that which determines our commitment and our professional performance, favoring working in a team and the personalized service that we offer our clients. Our values are sustained upon the following basic elements: Integrity, Objectivity and Professional Ethics. Commitment to our Clients. Professional Competence and Capability. Respect for Our Collaborators. Commitment to Society. Our Policy on Quality. Our goal in each service that we offer is the total satisfaction of the Client.

3 OUR PARTNERS Florentino Urbizagástegui Pacheco Principal Partner Certified Public Accountant with 22 years of Professional Practice. Master of Business Administration MBA and postgraduate studies in Audit, Finance, Strategic Planning Public Accounting and Organization and Methods. He has been active in the audit and business consultancy fields since Organizer of the 2004 Nexia International Regional Conference held in Peru from the 21st to the 25th of September. Partner responsible for the Quality Control of the services that the Firm provides. He is the founding partner of the Firm and has been the International Contact Partner for NEXIA INTERNATIONAL since Luis A. Zapata Rivas Partner Certified Public Accountant with 36 years of Professional Practice, with post-graduate studies in Audit and Accounting and international training courses for Audit Partners given by Arthur Young, HLB International and Coopers Lybrand. He has been engaged in audit and consultancy tasks since He has been a university professor at both Universidad del Pacífico and Universidad Nacional Mayor de San Marcos. He has been a Partner of our Firm since 2000 and is currently responsible for the Audit Division. Alfonso Pinedo Mirano Partner Certified Public Accountant with 22 years of Professional Practice. Master s Studies in Accounting with a major in Audit, post-graduate studies in Financial Audit, Tax Audit and Finance. He has been active in the independent audit and business consulting fields since University professor at Universidad Nacional Federico Villarreal. He has been a Partner of our Firm since 1995 and is currently responsible for the Tax Division.

4 Miguel D. Carazas Perez Partner Certified Public Accountant with 17 years of Professional Practice. Master s in Business Administration-MBA, Licensed in Administration and Economist, with post-graduate studies in Strategic Business Management, Finance, Projects and Management. He has been active in the business-consulting field since He has taught at ESAN, Pontificia Universidad Católica del Peru and the University of Lima. He has been a Partner with our Firm since 2000 and is currently in charge of the Business Consultancy Division.

5 OUR ASSOCIATES Juan Manuel Aguilar Rengifo Associate Doctor in Financial and Accounting Sciences, Master s in Administration from ESAN, Bachelor in Administration from the University of Lima, Certified in Intelligence, Security and Development; University professor of the CENTRUM Management Area of Pontificia Universidad Católica del Peru; member of the Universidad ESAN Board of Trustees; Consultant and Presenter in International Strategic Management. He has been active in consultancy and teaching since He has been an associate in our Firm since the year 2000 as a Business Advisor and person in charge of the International Business Management Office. Mario Dejo Soto Associate Engineer-Economist graduated from Universidad Nacional de Ingeniería with specialization studies in Systems and Finance. Principal partner of Andina IT Consulting S. A. headquartered in Caracas Venezuela. He has developed and patented the exclusive Winledger Integrated Administrative Management and Accounting System that has been commercialized with great success in Venezuela and Peru. He has been an associate member of our Firm since the year 2005 and is responsible for the Information Technology Division. Nelly Huarcaya Junes Associate Systems engineer graduated from Universidad Nacional de Ingeniería, with studies for a Master s in Business Administration at Universidad del Pacífico and diplomas in Legal Information Technology, Information Technology Law and Electronic Commerce, Course for Lead Auditor in Quality Assurance ISO 9000 Standards

6 Professor in Universidad Nacional de Ingeniería s Systems Engineering Faculty, Educational director and Faculty Member of the Universidad Femenina Sagrado Corazón de Jesus Systems Engineering Faculty. National and international consultant in Systems Engineering Methods, Organization, Technical Supervision, Project Management and Quality Assurance areas. She provides professional assistance to our Firm in the areas of Systems Auditing and Information Technology as an independent associate.

7 OUR STAFF Miriam Cruz Umeres General Manager (i) Certified public accountant, con estudios de Maestría en gestión Económica Empresarial y Post-grado en Auditoría Financiera en el Colegio de Contadores Públicos de Lima. She has been practicing independent audit since 2000, having participated in the audit of public and private entities in various economic sectors. She has 11 years of service with the Firm, in which she has held the positions of Junior Auditor, Semi-Senior, Senior Auditor and Auditor. Since the beginning of 2007 she has been responsible for the Firm s General Management. Emilio Garcia Villegas Manager - Audit Division Certified public accountant with 26 years in professional practice. Master s in Administration and post-graduate studies in Financial Audit and Tax Audit. Court-certified expert in Judicial- Accounting matters. Former Director of Studies and Professor in Pontificia Universidad Católica del Peru and Professor in the Universities of San Marcos, del Callao, Particular Ricardo Palma and Tecnológica del Peru Accounting and Administration Schools. He has been with the Firm since 2000, performing in the positions of Manager of Consultancy Division s Training Area and the Audit Division s Manager of the of Financial Audit Area. Eliana Figueroa Chavez Manager - Audit Division Certified public accountant with 11 years in professional practice. Master s Studies in Integral Audit, post-graduate studies in Audit Tax in the Lima College of Public Accountants and Specialization in Taxation at Universidad de Lima. She has 10 years of service with the Firm, during which he has held the positions of Junior Auditor, Semi-Senior, Senior Auditor and Auditor. She is currently serving as Manager of the Audit Division s Financial Audit Area and is responsible for the Firm s clients in the public and private sector.

8 Karla Zumaeta Guitton Team Leader Certified public accountant with 20 years in professional practice. Independent auditor registered with the Lima College of Public Accountants. She has 14 years of service with the Firm and has held the positions of Semi-Senior Auditor and Senior Auditor. Since 2005 she has been performing as Team Leader in the Area of Financial audit in the Firm s Audit Division s Financial Audit Area and is responsible for a portfolio of private-sector audit clients and Business Outsourcing Services. Alfonso Saldaña Cuba Team Leader Certified public accountant with 30 years in professional practice and post-graduate studies in Financial Audit and Tax Audit in the Lima College of Public Accountants. He has been with our Firm since the year 2000, having held the position of Senior Auditor and currently serving as Team Leader of the Audit Division s Audit Management Area. He is responsible for the Firm s public and private sector clients. Iván Vega Alferoff Manager of Legal Consulting Professional attorney with 13 years in professional practice. Master s studies in Social Policy. Former Adviser to the second vice-presidency of the Congress of the Republic, with participation on the Fiscalisation and Controllership, Economy and Financial Intelligence, Local Government, Decentralization and Rationalization, and Environment and Ecology Committees. Specialist in Municipal Management for the Lima College of Attorneys and member of the National Cadastre Council and the National Health Council in representation of the Association of Municipalities of Peru - AMPE. He has been with our Firm since 2006 carrying out the position of Manager of Legal Consulting and Specialist in the Civil, Commercial and Corporate areas.

9 OUR AUDIT FOCUS In order to achieve the objectives of the audits that we conduct, our audit focus is constantly assessed and updated, to assure that it meets the client s exigencies for the service that is required. Despite the evolution of our focus, the fundamental philosophy of understanding the client s operations and the form in which it controls its business remains unwavering. Our work methodology outlines the audit in the following phases: i. PLANNING: Obtaining Information. About the client s activities, in order to establish the terms and objectives of the engagement. In this stage we make ourselves aware of the client s activities, assess the Internal control system and attain an understanding of its management systems. Determination of the Audit Strategy. In this stage, based on our analysis of the Information obtained in the previous stages: We make a preliminary judgment on materiality and allowable error, in order to assess the risk of the existence possible of material misstatements in the financial statements. We assess the audit risk, to determine the nature and scope of the analytical and substantive testing to be applied. Based on the information obtained and analyzed, we formulate the Planning Memorandum, in which we determine the Audit Strategy, and We design the audit programs to be applied in order to meet the objectives of the examination. ii. EXECUTION: This corresponds to the audit fieldwork, which includes carrying out the audit program (application of analytical and substantive testing), examination of the different components of the financial statements, communication of our audit findings to the Client s management and officials and the review of subsequent events. iii. REPORT: In this stage we proceed to: Review of the Draft Report and discussion of its content with the Client s management. Obtaining the representation letter from the Client s management, Issuance of our closing report.

10 OUTLINE OF THE FOCUS OF OUR FIRM S FINANCIAL AUDITS Evaluating audit risk EXECUTING ACTIVITIES PRIOR TO THE WORK Establishing the terms of the engagement Understanding the Client s business Understanding the accounting process CARRYING OUT PRELIMINARY PLANNING Carrying out preliminary analytical procedures Determining the relative materiality planned Developing the Client-engagement objectives Understanding the control environment ASSESSING RISK Specific risk identified Assessing risk at the account and potential-error levels No specific risk identified Are the controls reliable? Strategy for relying on the controls? DEVELOPING THE AUDIT PLAN Identifying controls that mitigate risk Identifying controls and whether they are efficient; formulating a plan of Rotation Testing the controls Executing focused Substantive testing Executing basic level of Substantive testing Identifying intermediate level of substantive testing EXECUTING THE AUDIT PLAN Assessing the results of testing Carrying out a review of subsequent events CONCLUSION OF THE AUDIT AND INSSUANCE OF REPORTS Obtaining Representation letter from management Issuing opinion on the financial statements and emitting letter of recommendations

11 OUR SERVICES The globalization of today s economy is characterized by accelerated changes in markets, with businesses facing new challenges every day. Within this context, our firm supports its clients need to successfully respond to changing opportunities, providing them with specialized professional services of high added value in the following fields: Audit: This includes the services of financial audit, management audit, audit of information systems, tax audit, internal audit, audit of investment projects and special examinations on specific aspects and areas. Financial Audit: Expressing our independent professional opinion on the reasonableness of the financial condition of the Entity audited, based on observance of the International Accounting Standards and the International Financial Reporting Standards adopted by the accounting profession in Peru. In the audit process that we undertake we apply generally accepted auditing standards in accordance with the standards established by the accounting profession and the internal standards of our country, based on the audit focus of our organization. Management Audit: On an integral level or for certain functional areas of an entity, for the purposes of identifying those areas susceptible to improvement as to the efficient use and administration of its resources. Normally this examination is oriented to an assessment of the effectiveness, efficiency and economy of the principal transactions related to production, commercialization, administration, finance and accounting, in order to optimize the systems established or to suggest any changes that may be required, considering mostly the cost/benefit ratio. Tax Audit: The object of this engagement is to examine the criteria and procedures used by the company examined with respect to the preparation of its tax returns and payments. This service usually concentrates on the income, sales and selective consumption taxes, but also includes contributions to ESSALUD and SENATI, among other entities. The examination also extends to the particular aspects indicated by law, such as employee profit sharing, promotional tax benefits, exemptions and other tax matters of interest to the client. Audit of Information Technology: Its object is to examine the internal control system of the Entity s information technology environment, the resources allocated, the applications in production or in development, the security systems implemented for the control and protection of data and the contingency plans established vis-à-vis the occurrence of possible risk events.

12 Business Consultancy This includes a broad range of specialized services at the management and administrative level, recruitment and selection of human talent and the formation and organization of business entities, among other services. Management Consulting: This includes advisory services in planning, organizing and monitoring the goals and objectives established together with the Entity s senior management executives, for the purpose of assuring the maximum efficiency in the use its resources, as well as to participate in: Elaboration and Implementation of Strategic Plans, Management and Business Planning. Due Diligence Engagements, Reengineering of Enterprise Processes, Business Restructuring Corporate Governance, Design of Information Management Systems, Tax Planning and Consulting, Studies on Transfer Prices, Consulting in Acquisitions, Reorganizations and Mergers. Accounting and Financial Consulting, Preparation of FS in Foreign Currency (SFAS 52 and IAS 21). Preparation of Consolidated Financial Statements, Recruitment, Selection and Training of Human Talent. Organization & Methods. Formation and Organization of Companies, among others services. Administrative Consulting: This includes organizational rationalization tending to optimize the use of the Entity s resources, which encompasses: Assessment of the organizational structure, definition and limits of duties (Regulations Manual, Organization and Functions Manual and Procedures Manual). Evaluation of the administrative and operative procedures established and measurement of management results. Design and implementation of administrative and operative procedures in the Entity s different areas. Tax Consulting: The purpose of this service is to guarantee the correct interpretation of the tax law, to attain the legal tax savings allowed by law as well as proper and timely compliance with tax obligations. Our service includes: advisory, review of monthly and annual returns, periodic evaluation of tax contingencies and review of the accounting records for the purpose of assuring satisfactory compliance with the tax standards.

13 Business Outsourcing By means of this service, we add our professional abilities to our Clients operative requirements in order to facilitate the improvement of competitive advantages by freeing management from the responsibility of handling certain administrative activities with extensive time demands, incorporating added value and efficiency for them in the development of these activities through the use of our specialists, so that management can spend its time doing what it does best - growing the business. Our outsourcing services include: Accounting Services: Our personnel are responsible for processing the client s accounting information at its own facilities or in our offices. This includes the design and establishment of procedures for timely obtaining the information to be entered, processing of the accounting information through our own information technology system in the event that the Client does not have its own system, the analysis of accounts and preparation of financial statements in accordance with the normative framework of the sector standards applicable or according to the requirements of the Entity s management and Board of Directors. Payroll Administration: For this service we have a proprietary information technology system and experienced personnel with a vast command of labor standards. They take over the processing and administration of our clients payrolls, along with assuring timely payment of mandatory contributions and fringe benefits in accordance with the labor provisions in effect. Internal Audit: This is an assurance activity conceived for securing added value and improving an entity s operations. It assists an entity in meeting its objectives, contributing a systematic and disciplined focus for evaluating and improving the effectiveness in the processes of managing risk, control and corporate governance. Our experience in providing these services allows us to help our clients to have a reasonable assurance of achieving their objectives, appropriate balancing their short term results with their stability and growth over the long term. This includes organization and implementation of the internal audit area, personnel training and an assessment of the management of the Entity s different areas, for the purpose of determining the degree to which they contribute to the attainment of its objectives. This also includes assessment of the efficiency and effectiveness of the internal controls established by management to safeguard the proper use and disposition of the Entity s material and financial resources. Physical Inventory: This service includes the planning, physical verification of the Client s warehouse inventory or fixed assets, their reconciliation with the accounting records and the determination of surplus pr deficit differences for entry or write-off in the accounting books and auxiliary control records, as well as the adjusting accounting entries proposed for regularization of these differences.

14 Information Technology This includes the services of analysis, design and development of customized systems, consulting on the implementation of information technology systems and technical and operating support. In addition, thanks to our international association with Andina IT Consulting, S.A., we now have the Winledger Integrated Administrative Management System and Management System, through which we offer integral computer solutions to medium and large businesses.

15 OUR CLIENTS Detailed below is a portion of our select portfolio of Clients, for whom we have provided Audit and Business Consultancy services in recent years. They are listed according to the economic sectors to which they correspond and not in relation to their degree of importance: PUBLIC ENTITIES PERU PETRO S.A. Programa Nacional para el Bienestar Familiar INABIF: - Sociedad de Beneficencia Pública de Lima - Sociedad de Beneficencia Pública de Huancayo - Sociedad de Beneficencia Pública de Jaén - Sociedad de Beneficencia Pública de Piura - Sociedad de Beneficencia Pública de Cusco - Sociedad de Beneficencia Pública del Callao Programa Nacional de Manejo de Cuencas Hidrográficas y Conservación de Suelos PRONACHACHCS. Comisión de Formalización de la Propiedad Informal - COFOPRI Empresa Regional de Servicio Público Electro Sur Este S.A.A. Empresa de Electricidad del Oriente S.A. - Electro Oriente S.A. Universidad Nacional de Ingeniería UNI Universidad Nacional San Luis Gonzaga de Ica - UNICA Agencia de Promoción de la Inversión Privada - PROINVERSIÓN Organismo Supervisor de la Inversión en Infraestructura de Transporte de Uso Público OSITRAN Superintendencia Nacional de Administración Tributaria SUNAT Empresa de Transmisión Eléctrica Centro Norte S.A. ETECEN S.A. Empresa Regional de Servicio Público de Electricidad Electrosur S.A. Instituto Nacional de Defensa de la Competencia y de la Protección de la Propiedad Intelectual - INDECOPI Comisión de Promoción de la Pequeña y Micro Empresa - PROMPYME Empresa Concesionaria de Electricidad de Ucayali S.A. Consejo Transitorio de Administración Regional Lambayeque Industrias Militares del Perú S.A. En Liquidación Universidad Nacional Agraria La Molina Universidad Nacional Hermilio Valdizán de Huanuco Municipalidad Metropolitana de Lima Municipalidad Distritral de Chorrillos Consorcio Uni Serviuni S.A.C. Petróleos Uni, Servicios y Asesoría S.A. Fondo de Compensación Social - FONCODES

16 INVESTMENT PROJECTS Organización Internacional para las Migraciones - OIM Proyectos: C37-CPE Programa de Consolidación del Proceso de Reorganización y Modernización del Ministerio Público de Abril 2000 a Marzo Proyecto C26-CPE Programa de Asesoramiento y Capacitación para el Fortalecimiento del Ministerio Público en su Proceso de Reorganización, de Julio de 1997 a Diciembre de Proyectos: C37-CPE Programa de Consolidación del Proceso de Reorganización y Modernización del Ministerio Público de Abril de 2001 a Marzo de Proyecto V84-CP Fortalecimiento Administrativo de la Municipalidad Metropolitana de Lima Abril 2003 a Diciembre de Aporte Financiero de Kreditanstalt Fur Wiederaufbau, Frankfurt Am Maim, (KFW), a la República del Perú. Convenio de Cooperación Interinstitucional sucrito entre el Ministerio de Energía y Minas y la Pontificia Universidad Católica del Perú Defensoría Para el Proyecto Camisea. INDUSTRIAL Pesca Perú Callao Sur S.A. Industrial Andahuasi S.A.C. Laboratorios Crevani S.A. Valvosanitaria Industrial S.A. Laboratorios Medifarma S.A. Corporación Nova S.A. DSM Bakery Ingredients Perú S.A.C. sucursal Vis Brocades International B.V. - Holanda Sherwin Williams Peruana S.A. Agroindustrias San Jacinto S.A. Compañía Industrial Oleaginosa S.A. AGRICULTURAL AND LIVESTOCK BUSINESSES Empresa Agraria Azucarera Andahuasi S.A.A. Agropecuaria Esmeralda S.A. Haciendas Ganaderas Asociadas S.A. Estancias Ganaderas Asociadas S.A.A. RETAIL COMPANIES Data Voice S.A.C. (Sucursal de Data Swicht - Chile) Auto Repuestos Lima S.A. Automotores Chanchamayo S.A. Automotores del Centro S.A. Pedro Camaiora S.A. PECASA. Alstom Estreprise S.A. - Sucursal del Perú Comerciantes Importadores S.A. Degrémont Perú S.A. Sucursal CATPI - Francia. Hydráulic Systems S.A.C. - Sucursal Machinery Corporation of America Inc - Canada Decor Center S.A. VIP Cables Service Perú S.A.C.

17 FINANCIAL AND RELATED SERVICES Banco BANEX en Liquidación Asociación Mutualista Sanitaria del Perú - AMSP Servicio Social del Director y Supervisor SESDIS. C.A.C. Santa María Magdalena Ltda. 219 de Ayacucho. C.A.C. de Sub-Oficiales de la PNP. Santa Rosa de Lima C.A.C. PETROPERÚ (Sexto puesto en el Ranking Cooperativo) C.A.C. SAN ISIDRO Huaral. C.A.C. FINANTEL Ltda. C.A.C. Crnl. Francisco Bolognesi Ltda. C.A.C. Parroquia Santa Rosa de Lima. C.A.C. De los Empleados de Nextel del Perú S.A. Ltda. C.A.C. De los Empleados del Banco de Crédito del Perú Ltda. C.A.C. Marbella de Magdalena Ltda. C.A.C. Santo Domingo de Guzmán Cuzco. C.A.C. SERVICOOP Ltda. Cooperativa de Servicios Múltiples Alas Peruanas Cooperativa de Servicios Múltiples Manuel Polo Jiménez Sub CAFAE UGEL 02 - Rímac CONSTRUCTION COMPANIES CES Consulting Engineers Salzgitter GMBH sucursal Perú (Alemania) Tecsa, Construcciones y Montajes S.A. Sucursal Empresa Constructora TECSA S.A. - Chile. CES Consulting Engineers Salzgitter GMBH sucursal Perú (Alemania) Desarrollo Siglo XXI S.A.A. Sur Promo Construcciones S.A.C Cooperativa de Vivienda de los Trabajadores de la Empresa Nacional de Puertos S.A. ENAPU. JNR Consultores S.A. MINING COMPANIES Empresa Minera del Centro S.A. -CENTROMIN PERÚ S.A. Compañía Minera Aurífera Santa Rosa S.A. - COMARSA. Compañía Minera Aurífera Retamas S.A. - MARSA. Sociedad Minera Corona S.A.

18 SERVICE BUSINESSES AddWorth PLC (Londres) Universidad ESAN Panamericana Televisión S.A. Astros S.A. Red Global S.A. Club de la Unión Colegio de Abogados de Lima - CAL Club de Trabajadores del Banco Central de Reserva del Perú RESERCLUB. Colegio Antonio Raymondi Pontificia Universidad Católica del Perú Defensoría para el Proyecto Camisea (Convenio interinstitucional con el Ministerio de Energía y Minas) Universidad de Piura Instituto Superior Tecnológico Montemar (Universidad de Piura) Centro de Conservación de Energía - CENERGÍA Asociación Peruana de Autores y Compositores - APDAYC

19 CONTACT US... Av. Paseo de la República N 3565 Piso 9, Lima 27 PERÚ Telephones: 51(1) , ; Fax: 51(1) ura@nexiaperu.com.pe Florentino Urbizagástegui Pacheco Principal Partner furbizagasteguip@nexiaperu.com.pe Luis A. Zapata Rivas Partner Audit Division lzapata@nexiaperu.com.pe Alfonso Pinedo Mirano Partner Tax Division apinedom@nexiaperu.com.pe Miguel Carazas Pérez Partner Business Consultancy Division mcarazasp@nexiaperu.com.pe Miriam L. Cruz Umeres General Manager mcruzumeres@nexiaperu.com.pe Through Nexia International Nigel Hodges - Executive Director nhodges@nexia.com Eleanor Rogers Communications Manager / General Secretary eroger@nexia.com Ricardo Rodil - Chairman, South American Region rodil@villasrodil.com.br Websites: National: Regional: International: Thanks for having given us your valuable time