STATUTORY AUDITOR’S REPORTTo the shareholders ofISAGEN S.A. E.S.P.:I have audited the balance sheet of ISAGEN S.A. E.S.P. as of December 31, <strong>2009</strong> and thecorresponding statements of income, changes in stockholders’ equity, changes in the financialposition, and the cash flows for the years then ended, as well as a summary of the significantaccounting policies and other explanatory notes.Management is responsible for the preparation and accurate presentation of these financialstatements in accordance with instructions and accounting practices established by the GeneralAccountant’s Office of the Nation. This responsibility includes: designing, implementing andmaintaining an adequate internal control system for the preparation and presentation offinancial statements free from material misstatements, whether due to fraud or error; selectingand applying the appropriate accounting policies, as well as making accounting estimates thatare reasonable in the circumstances.My responsibility is to express an opinion on these financial statements based on my audits.The financial statements for the year ended on December 31, 2008 were examined by anotherStatutory auditor, who in his opinion dated February 13, <strong>2009</strong>, expressed an opinion withoutqualifications on same.I obtained the information required to comply with my duties and carry out my work inaccordance with generally accepted auditing standards in Colombia. Such standards requirethat I plan and perform the audit to obtain reasonable assurance about whether the financialstatements are free from material misstatements. An audit of financial statements involvesexamining, on a selective basis, the evidence supporting the amounts and disclosures in thefinancial statements. The audit procedures selected depend on the auditor’s professionaljudgment, including the assessment of the risk of material misstatements in the financialstatements. In making that risk assessment, the auditor considers the Company’s internalcontrol relevant to the preparation and reasonable presentation of the financial statementsin order to design audit procedures that are appropriate in the circumstances. An audit alsoincludes assessing the accounting principles used and significant estimates made bytheincludes assessing the accounting principles used and significant estimates made by theadministration, as well as evaluating the overall financial statement presentation. I believe thatmy audits provide me a reasonable basis to express my opinion.As explained in note 1, significant accounting policies, these financial statements andnotes to financial statements were translated into English from statements originallyissued in Spanish. All amounts are stated in millions of Colombian Pesos (Col$). Thestatements are presented in accordance with instructions and accounting practicesestablished by the General Accountant’s Office of the Nation. Certain accountingprinciples applied by the Company that conform with instructions and accountingpractices established by the General Accountant’s Office of the Nation may not conformto generally accepted accounting principles applied in other countries.In my opinion, the financial statements referred to above, taken from the accountingbooks, reasonably present, in all material respects, the financial situation of the ISAGENS.A. E.S.P. as of December 31, <strong>2009</strong>, the results of its operations, the changes in itsstockholders’ equity, the changes in its financial position, and its cash flows for the yearsthen ended, in conformity with instructions and accounting practices established by theGeneral Accountant’s Office of the Nation.As explained in note 1, significant accounting policies, these financial statements andnotes to financial statements were translated into English from statements originallyissued in Spanish. All amounts are stated in millions of Colombian Pesos (Col$). Thestatements are presented in accordance with instructions and accounting practicesestablished by the General Accountant’s Office of the Nation. Certain accountingprinciples applied by the Company that conform with instructions and accountingpractices established by the General Accountant’s Office of the Nation may not conformto generally accepted accounting principles applied in other countries.In my opinion, the financial statements referred to above, taken from the accountingbooks, reasonably present, in all material respects, the financial situation of the ISAGENS.A. E.S.P. as of December 31, <strong>2009</strong>, the results of its operations, the changes in itsstockholders’ equity, the changes in its financial position, and its cash flows for the yearsthen ended, in conformity with instructions and accounting practices established by theGeneral Accountant’s Office of the Nation.Further, based on the scope of my audits, I inform that the Company has kept itsaccounting books in accordance with legal rules and accounting technique; the operationsrecorded in the accounting books and the acts of management conform to the bylaws andto the decisions of the General Stockholders¿ Meeting and the Board of Directors; thecorrespondence, account vouchers and the books of minutes and stockholders’ ledger areduly kept and preserved; the management report from the administrators is in dueconformity with the basic financial statements, and the Company is not in default in thepayment of contributions to the Integral Social Security System and the mechanisms formoney laundering prevention and control have been implemented in accordance with theprovisions of External Circular 60 of 2008, from the Financial Superintendence. Myevaluation of internal control, conducted with the purpose of establishing the scope of myaudit tests, did not indicate that the Company has failed to follow adequate internalcontrol and preservation and custody measures for its assets and those of third parties inits possession.JORGE ENRIQUE MÚNERA DURANGOStatutory AuditorProfessional Card 25295-TDesignated by Deloitte & Touche Ltda.February 12, 2010STATUTORYAUDITOR’S REPORTNote 1 (Explanation added for translation into English).The statements are presented in accordance with instructions and accounting practices established by the GeneralAccountant’s Office of the Nation. Certain accounting principles applied by the Company that conform with instructionsand accounting practices established by the General Accountant’s Office of the Nation may not conformto generally accepted accounting principles applied in other countries.Further, based on the scope of my audits, I inform that the Company has kept itsaccounting books in accordance with legal rules and accounting technique; the operationsrecorded in the accounting books and the acts of management conform to the bylaws andContents Letter from the CEO Achievements<strong>2009</strong>Good GovernancePractices EvaluationCorporateManagementFinancial Management
CERTIFICATIONOF THE LEGALREPRESENTATIVEAND THEACCOUNTANT OFTHE COMPANYCertification of the legal representative and the accountant of the companyFebruary 12, 2010Messrs. / Madams Shareholders of ISAGEN S.A. E.S.P.The undersigned legal representative and accountant of ISAGEN S.A. E.S.P.certify that the financial statements of the Company as of December 31, <strong>2009</strong>and 2008 have been taken faithfully from the books and that before suchstatements were placed at yours and third parties disposal, we have verified thefollowing statements contained in them:a) All assets and liabilities included in the financial statements of the Companyas of December 31, <strong>2009</strong> and 2008 do exist and all transactions included insuch statements have been performed during the years ending on those dates.b) All economic facts conducted by the Company during the years endingon December 31, <strong>2009</strong> and 2008, have been acknowledged on the financialstatements.c) Assets represent probable future economic benefits (rights), and liabilitiesrepresent probable future economic sacrifices (obligations), obtained by or incharge of the Company as of December 31, <strong>2009</strong> and 2008.d) All elements have been acknowledged for their appropriate values pursuantto the accounting principles generally accepted in Colombia.e) All economic facts that affect the Company have been properly classified,described, and disclosed on the financial statements.Luis Fernando Rico PinzónLegal RepresentativeElvia Luz Restrepo SaldarriagaAccountantProfessional Card No. 37982-TContents Letter from the CEO Achievements<strong>2009</strong>Good GovernancePractices EvaluationCorporateManagementFinancial Management
Change language