EFTA Document EFTA01367220

Amendment #4 Page 791 of 868 lel.gr ColMmt lamest rale risk Interest rate risk is the Mk Vet the tar value a future cash flows c4 a Mancel irstrumert wdl fluctuate because of changes in market interest rates Energla E011ea'S exposure to the risk re charges in market Interest rates relates pnrnaily to the Convents longterm debt otrgstionsvnth floating rterest rain Energa Etilica's exposure to the rek re charges n market Intereat tales is primarily related to the Company's debt obigations with Omen) interest ratea To manage the. the Compeer/ ethers into /serest rate swaps/caps (Note 13), in which it agrees to exchange. at specified rtervals, the deference between teed and varebte rate interest amounts calculated by reference to an agreed-ivon notional principal amours As of the date of the statement of Mance' poston, the intereet rate profile of the Converge irterret-bearing financial instruments was as follows 2014 2013 Fared rale instruherts Finetrolal hal:tithes f (184,723,948) S (147,620103) Variable rate nstrunerds Financial assets f 37,831,404 S 36.261.820 Financial liahlities (11270017) (50 075 842) S (23.438.663) 5 (13.813.822) 20.2 Credit risk Credit oak e the rink that a counter party win not meet rts obligations under a finance) Instrument or customer contract 'nose to a financial loss The Company is exposed to credt risk from its operating actinies (primarily trade receivables) ant from Its (mincing activities sewing deposits with barks and framer institutions Energia Edges sole CuStOrner is EWE Under the PPA, credit terms are 18 [lays, end receivable balances w1h ENEE are current as of December 31. 2014 and 2013 Wth regards to Crest risk on other (tercel assets. the maximum exposit to ths risk is represented by the balances recorded for each financed asset Exposure to aerie nsk is monitcred constantly n accordance with the debtors payment behavior. 20.3 Liquidity risk The Company monitors its Igudty on a daty basis. attempting to maintain greater liquid assets than liqud ladbties. considenng the maturity of its (mensal assets It performs cash flow prokmbons on a parody bass n order to timely detect potenbal cash shortages or excesses to sk.pport es operations F-471 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-0058748 CONFIDENTIAL SDNY_GM_00204932 EFTA01367220