EFTA Document EFTA01366983

Amendment ::4 Page 554 of 868 Independent auditor's report Board of Directors BoTherm Energy Projec'-. Founvays. South Arno We have audited the accompanying combined financial statements of BoTherm Energy Projects. consisting of Klipheuwel-Oassiefortein Vend Energy Facility (RF) Proprietary Limited. Seronstones 159 (RF) Propnetary Limited and Lenore° 77 (RF) Ropnettary Lented, which caner*e the combined balance sheets as at 31 December 2014 and 2013, and the rated combined statements of income and corraehenswe loss. changes in sharetoldefs net investment and cash flows for tne years then ended and the related notes to the combined financial statements Mansgemont's Responsibility ter Ewa Phenol., Statements Management rs responsible for the preparation and fair presentation of these combined financial statements m accordance with accounting pones:ties generally accepted in the tinted Slates Cl America try alias the design. implementaton. and maintenance of interned control relevant to the preparation and fair aesentabon of combined finance, statements that are free from material mestatenent, whether due to fraud or error Audkoes Responsibility Our responsibility is to express an opnion on these carbned fnancal statements based on ow audits We conducted our wxlts in OCCOnlianCC with audting standards general& accepted n the United States of Amer ca Those standards requre that we plan and perform the nude to obtain reasonable assurance about weather the combned financial statements we free frcm material misstatement An audit involves performing procedures to obtain audit evidence about the amounts are disclosures in the combined financial statements The procedures selected depend on tie mottoes judgment. ncluding the assessment of the nsks of man* misstatement of the coranwl financial statements. whether due to had or error In making those risk assessments, the auditor cons.ders internal control relevant to the entity's preparation and fair presentation of the combined financial statements in order to design audit procedures that are appropriate in to circumstances. but not for the purpose of erasing an opinion on a effectrveness of the enbty's internal carol Accordinly, we express no such opinion An audit also readies evaluatng the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management. as wel as evakiatag the overall presentation of the combined financial statements We believe that the audit evidence we have obtained is sufficient and apt:reptile to provide a base fa our audit opinion OPIRIon In our opinion. the combined financial statements referred to above present fairly. in all material respects. the frtanCe/ c0E4IOn ot BioTherm Erato,/ Projects as of 31 December 2014 and 2O13, and the results d mem operations and their cash flows for the years then ended in accordance wen accounting percales genera ay accepted in the tinted &ries of Amenca /sr BDO South Africa. Inc Joherresburg South Africa April 3.2015 F.234 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-0058511 CONFIDENTIAL SDNY_GM_00204695 EFTA01366983