EFTA Document EFTA01367254

Amendment #4 Page 825 of 868 *h u. co! cm 21. Mandel Halt insnagernant end policies The Conpany's main finanote instruments are cosh, notes and accents receivable, notes and Ion payable, accounts payer* and accrued expenses The main purpose of tree Inane*, instruments a to manage cash flows and raise foaming for tre Company s capital reeds Eolo is envied to market, credit and licpidity risks The Concerti* senor ?derogated oversees the management of these risks 21.1 Makes risk Market risk s the risk that the far value of future cash flows of a financial instrumert will fluctuate because of changes in market prices. Markel risk comprises three types ci risk inlerest rate risk. currency risk and other pica risk such as eguty prce risk and commccaly risk The most relevant market risks affecting the Company's financial statements is the foreign cogency risk The Company is not exposed to interest rise risks as its debt fully retWed lo the constnicton of the Project (Note 12) bears fated interest rates once the Project was completed Foreign currency risk Foreign currency risk is the risk that the fair verve or (due cash notes of a financial Instrument wit fluctuate because of charges in foreign exchange rates Edo s exposure to the risk of charges in foreign exchange rates relates primarily to the Company's operating actrvibes (when revenue or expense is denornnated in a different currency from the Campania presentation currency) The Nicaraguan Cordote is the main foreign currency used by the Company In es transactions. The Central Bank of Ncaragua is the entity rest:onside for managing the national de long system and regulating the asrency's party to other currences Buy and sell rates we ester:lashed by arAhweed financial rosinlions. awarding to market supply and demand As of December 31. 2014 and 2013. buy and sell rates for US dollars were CS26 59 and CS26 91 (2013 C$25 33 and C$24.12) per S1 CO respectwely Below a a summary d monetary assets and lotibbes n foreign osrencies, expressed in US dollars 2014 2013 Assets Cash 3427,188 6235,058 Accounts receivable 1,227 1, 001 428,416 236,059 Uatedies Accor.nts payable 18,236 34.598 Accrued expenses and odwr accounts payabe 76,110 47,0)6 93,846 82,204 Net monetary assets 5334.509 3153.855 Sensantay analysts Ire effect of a reasonable excharge rate venation between the Cordoba and the US dollar of +5% / .5% on the monetary asses and tablets as of December 31, 2014 (2013 +5% / -5%), assuming that the remaining variables are held constant. would inply the recognition of gams or losses from exchange rate differences d US$16,643 in 2014 (2013 USS7,718) F-505 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-0058782 CONFIDENTIAL SDNY_GM_00204966 EFTA01367254