 Solution

Suppose $F\cong {\mathrm{colim}}_{j\in J}{R}_j$, where $J$ is a filtered category and every $R_j$ is a representable functor. Every covariant representable functor $\mathcal{C}(A,-)$ preserves all existing categorical limits: maps from $A$ into a limiting object are exactly compatible families of maps into its diagram.

For a finite diagram in a category $K:I\to \mathcal{C}$, use pointwise colimits in the functor category, preservation by each $R_j$, and the permitted result that filtered colimits commute with finite limits in sets to obtainThe isomorphism is the canonical comparison, since every step respects the limiting projections. This also covers the empty finite diagram and hence the terminal object. Thus $(iv)\Rightarrow (i)$, completing the cycle: