EFTA Document EFTA01367122

Amendment Page 693 of 868 Report of independent auditors To the sharehi.::i-, tie OeleCHICe Santa Crui SAC We have nicked :tie accompanying financial statements of Hdroelectrica Santa Cruz S A.0 (a Peruvian company, subsidiary of Latin Amenca Power Pei: SAC and redirect subsiary a Lan AMENIC3 Power Holing B V domiciled in tie Netherlands). whch compose the statement of fnancial posticn as of December 31. 2014 and 2013. and the related statements of income. compere/she income. changes n stockholders equity and cash flows fa the years then ended. and the related notes to the financial statements Managements respensoilny to the Manua statements Managements responsite for the preparation and fair presentation of Mese finarcial statements in conformly with International Financial Reporting Standards - IFRS as issued by the Irternational Accounting Standards Board. the ncludes the desgn. implementabon and maintenance of eternal control relevant to the preparation and fair presentation of financial *teacarts that are free of material msdaternert, whether due to fraud or tea. Aucetoes respcnsra(rty Our responsibility s to express an option on these financial statements bated on our suits VVe conducted our aunts n accordance with auditrg standards generally accepted in the Doted Slates as *sued by American Insttute of Centred Piblc Accountants Those standards require that we plan and perform the audit to obtain reasonable east:ace about whether the fnancial statements are free of material misstatement. An audit intaves performing poceckres to oiXan aunt evidence about the amounts and disci:saes in the financial statements The vocalises selected depend on the auditors Judgment including ten assessment of the risks of material misstatement of the franca statements, whether die to fraud a error In mating these nth assessments. the auditor considers eternal control relevant to the era)* s preparation and par presentation of the financial statements n older to desgn audit procedures that are appropriate n the orcumslances, but not for the expose of expressing an opinion a the electiveness of the alleys eternal control Aocordinat we express he s uch opinion An suit also includes evaluate's the apaophateness of accounting policies used and the reasonableness of significant scatting estimates made by management, as well as evaluatng the overall presentation tithe financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis fa out audit person Opinion n our cinion toe finarcet statements referred to above present farty, in all rretenal respects. the financial position of Hctoelectrica Santa Cruz S A C as December 31 2014 and 2013 and the resits of its operations and its cash flows for ten years then ended in confomaty wth International Fnancel Reporting Standards F-373 http://cfdocs.btogo.com:27638/cf/drflipubiedgar/2015/07/20/0001193125-15-256461/d78... 7/20/2015 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0058650 CONFIDENTIAL SDNY_GM_00204834 EFTA01367122