Tanduay Distillers, Inc. (A Wholly Owned Subsidiary of Tanduay Holdings, Inc.) and Subsidiaries

Unaudited Interim Condensed Consolidated Financial Statements September 30, 2009 and 2008 (With Comparative Figures as of December 31, 2008) and Review Report on Unaudited Interim Condensed Consolidated Financial Statements SyCip Gorres Velayo & Co.

*SGVMC310078*

REVIEW REPORT ON UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The Stockholders and the Board of Directors Tanduay Distillers, Inc. Introduction We have reviewed the accompanying unaudited interim condensed consolidated financial statements of Tanduay Distillers, Inc. (a wholly owned subsidiary of Tanduay Holdings, Inc.) and Subsidiaries, comprising the unaudited interim consolidated balance sheets as of September 30, 2009 and 2008 and the related unaudited interim consolidated statements of income, comprehensive income, changes in equity and cash flows for the nine months then ended, and a summary of selected explanatory notes to unaudited interim condensed consolidated financial statements. Management is responsible for the preparation and presentation of these unaudited interim condensed consolidated financial statements in accordance with Philippine Financial Reporting Standards’ Philippine Accounting Standard 34, Interim Financial Reporting (PAS 34). Our responsibility is to express a conclusion on these unaudited interim condensed consolidated financial statements based on our review. Scope of Review We conducted our review in accordance with Philippine Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Philippine Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying unaudited interim condensed consolidated financial statements as of and for the nine months ended September 30, 2009 and 2008 are not prepared, in all material respects, in accordance with PAS 34. SYCIP GORRES VELAYO & CO. Martin C. Guantes Partner CPA Certificate No. 88494 SEC Accreditation No. 0325-AR-1 Tax Identification No. 152-884-272 PTR No. 1566434, January 5, 2009, Makati City November 24, 2009

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