NTUC Income AR 2017

In the opinion of the directors, (a) other than the matter described in the ‘Basis for qualified opinion’ in the independent auditors’ report, the consolidated financial statements of the Group as set out on pages 38 to 125 are drawn up so as to give a true and fair view of the financial position of the Group as at 31 December 2017 and the financial performance, changes in equity and cash flows of the Group for the financial year then ended in accordance with the provisions of the Co-operative Societies Act, Chapter 62 (“the Act”) and Singapore Financial Reporting Standards; (b) at the date of this statement, there are reasonable grounds to believe that the Co-operative will be able to pay its debts as and when they fall due; and (c) the receipt, expenditure, investment of moneys and the acquisition and disposal of assets by the Co-operative during the year have been made in accordance with the By-laws of the Co-operative and the provisions of the Act. On behalf of the Board of Directors Stephen Lee Pang Wai Yin Ng Wai Kin Ken Chairman Director Chief Executive Singapore, 27 March 2018 STATEMENT BY DIRECTORS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2017 ANNUAL REPORT 2017 EVERY DAY MADE DIFFERENT 29