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## REASONS FOR THE CHOSEN OPTION 

All accounting or financial studies and audits must be ap- proved by SPCC’s Audit Committee who evaluate in detail the involved costs and subject matter. The corporation will favor retaining independent third party auditors bear- ing no relation to the Company for performing financial audits as an indirect control practice and in compliance with the United States Sabarnes-Oxley Act. 

Operational, computer system, tax, project feasibility, process evaluation or introduction, asset valuation and other audits have been performed in recent years. 

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## REASONS FOR THE CHOSEN OPTION 

Our Company honors these requests through the Con- trol and Finance Directorate officials who are in charge of relationships with shareholders, investors and other groups. 

The Company has in place an internal procedure to de- termine confidentiality levels for corporate information. This procedure implies a certain degree of sensitivity to the Company’s information. A review of each particular case determines the likely impact on SPCC’s competitive position. 

In view that SPCC is a corporation organized under the regulations of the State of Delaware, United States of America, its bylaws are not required to include this prin- ciple, which is instead regulated by management. 

The Company has in place an Independent Audit area that operates independently from other functional areas in our corporation. It direclty reports to the Executive President, and the Company’s Audit Committee. 

