EFTA01367256

Amendment #4 Page 827 of 868 tellk pCommi Tie Company menages its capital structure and lowly requests snarehoklers for any at:Steamers to this capital considenng the economic environment in which the Company operates To maintain or adjust its capital struchre it may request shareholders for variations to denderds and capital retums previously agreed on as wee as for inaeases n capital ccotnbulors rf necessary. These polices had no signdicant changes ri 20t4 and 2013 The Convoy fronton captal using a geanng tato. which a net lablibescended by total equity pita net liabilties The Company's policy is to keep tre gearing ratio between 50% arc 90%. The Convent ncluSes within net Salaries, notes and loans payable, accounts payable and accrued expenses, less cash. The Company a financed through thirspany debt and shareholders' equity The Company's capital management is focused on maximizing shareholders' returns through the optimization of the debt to equity gearing ratio As of December 31. the Company's gearing ratio was as Wows 2014 2013 Notes and loans payable S 6:3836,117 6 66,120,137 Accculs payable 684,174 265,967 Accruedexpenses 404,109 1,313.138 Accrued interest payable 318.268 342.433 Decommissioning provision 319,728 238,184 Less - cash and restricted Cash (11,637,046) (15,956,892) Net habeas 74,026,361 72,351.957 Total equity 8,101,811 14050,144 Ecsay aril net habil/les S 82,127,162 S 87,212 101 Stamp ratio 90% 83% 23. Fair value of 'Manua lash uments As indicated in Nue 21. the Company's nein Inane al instn.rneMs are comprised of cash, notes and accounts receivable. notes and loans payable accotnts payable and accrued expenses Management believes trot the carrying amounts d cash, accosts receivable, and accounts payable approach their far market value lee to their shat4erm nature In evaluatng the far value of bars payable at tried rates the Company has considered the country nets. market corosons existing both at the date of the loans and those at the statement or financial position dates and that there are rot a significant number of comparable financings in its market As of Deserter 31, 2014 and 2013 the fair value of the loans, takng into account current menet interest rates. are the following. Carrying amount (Level 3) Fait value 2014 2013 2014 2013 FAO S 26,766,016 $ 27.592.710 S 21,298,130 3 27,140,700 DEG 23,801,620 24036,349 24,668,606 25,442,385 Rupert>, 26,326,117 25,114.530 24,797,292 25.585.888 FMO Sutonamated 11,471,796 11.844540 12,603,836 12,6729,96 1 87,447,148 S 90168.129 S 88,168,866 3 90,841.959 F-507 http://cfdocs.btogo.com:27638/cf/drv7/pub/edgar/2015/07/20/0001193125-15-256461/d78... 7/20/2015 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0058784 CONFIDENTIAL SDNY_GM_00204988 EFTA01367256