OSHC BARQI TOJIK. Special Purpose Project Financial Statements for the year ended December 31, 2014 and grace period ended April 30, 2015

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1 Public Disclosure Authorized OSHC BARQI TOJIK Public Disclosure Authorized Energy Loss Reduction Project (Electricity Component) Development Financing Agreement (Credit No TJ, Grant No. H 178-TJ, Grant No. 757-TJ, Grant SECO and contribution of OSHC Barqi Tojik) and Emergency Energy Recovery Assistance Project (Grant No. 372-TJ and Grant No. 566-TJ) Special Purpose Project Financial Statements for the year ended December 31, 2014 and grace period ended April 30, 2015 Public Disclosure Authorized Public Disclosure Authorized

2 OPEN STOCK HOLDING COMPANY BARQI TOJIK PROJECT IMPLEMENTATION UNIT ENERGY LOSS REDUCTION PROJECT CREDIT NO TJ, GRANT NO. H 178-TJ, GRANT NO. 757-TJ, GRANT SECO AND CONTRIBUTION OF OSHC BARQI TOJIK AND EMERGENCY ENERGY RECOVERY ASSISTANCE PROJECT GRANT NO. 372-TJ AND GRANT NO. 566-TJ TABLE OF CONTENTS Page STATEMENT OF MANAGEMENT'S RESPONSIBILITIES FOR THE PREPARATION AND APPROVAL OF THE SPECIAL PURPOSE PROJECT FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2014 AND GRACE PERIOD ENDED APRIL 30, INDEPENDENT AUDITORS' REPORT 3-4 SPECIAL PURPOSE PROJECT FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2014 AND GRACE PERIOD ENDED APRIL 3 0, 2015: Statement of financial position 5 Statement of cash proceeds and disbursements 6 Statement of uses of funds by project components 7 Statement of applications 8 Notes to the special purpose project financial statements 10-16

3 -am a6 STATEMENT OF MANAGEMENT'S RESPONSIBILITIES FOR THE PREPARATION AND APPROVAL OF THE SPECIAL PURPOSE PROJECT FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2014 AND GRACE PERIOD ENDED APRIL 30, 2015 The following statement, which should be read in conjunction with the independent auditors' responsibilities stated in the independent auditors' report set out on pages 3-4, is made with a view to distinguish the respective responsibilities of management and those of the independent auditors in relation to the special purpose project financial statements of Energy Loss Reduction Project (Electricity Component), financed under Financing Agreements Credit No Ti, Grant No. H 178-TJ, Grant No. 757-TJ, Grant SECO and contribution of OSHC Barqi Tojik and the Emergency Energy Recovery Assistance Project, financed under Financing Agreements Grant No. 372-TJ and Grant No. 566-TJ (the "Project"). Management is responsible for the preparation of these special purpose project financial statements, the financial position, cash proceeds and disbursements, uses of funds by project components, special account of the Project for the year ended December 31, 2014 and grace period ended April 30, 2015 in accordance with International Public Sector Accounting Standard "Financial Reporting Under the Cash Basis of Accounting" (the "IPSAS") issued by the International Public Accounting Standards Board of the International Federation of Accountants and the World Bank's Financial Management Sector Board's "Guidelines: Annual Financial Reporting and Auditing for World Bank Financed Activities" (the "WB Guidelines"). In preparing the special purpose project financial statements, management is responsible for: * presenting information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information; * stating whether IPSAS and WB Guidelines have been followed, subject to any material departures disclosed and explained in the special purpose project financial statements; and * preparing the special purpose project financial statements on a going concern basis, unless it is inappropriate to presume that the Project will continue its activity for the foreseeable future. Management is also responsible for: _ o * designing, implementing and maintaining effective and sound system of internal control and for revealing risks in system of internal control; * maintaining proper accounting records that disclose, with reasonable accuracy at any time, the financial position of the Project, and which enable them to ensure that the special purpose project financial statements of the Project comply with IPSAS and WB Guidelines; * compliance with laws and regulations of the Republic of Tajikistan, accounting system of the Project and the requirements of the World Bank; * taking such steps as are reasonably available to them to safeguard the assets of the Project; and * detecting and preventing fraud and other irregularities. The special purpose project financial statements for the year ended December 31, 2014 and grace period ended April 30, 2015 were approved and authorized for issue on June 26, 2015 by the management of the Project. On behalf efthe Management: Ismoilzoda M. Dust a lov A. SaidovS Safa/ov A. Chairman Chief Accountant General manager of Head of Finance PIU Department of PIU June 26, 2015 Dushanbe, Republic of Tajikistan A/'4 A 2

4 BAKER TILLY ICS Baker Tilly Klitou and Partners SRL 65 Stefan cel Mare si Sfant Blvd 5th Floor, office 507 MD-200l, Chisinau - Moldova Tel: Fax: info@bakertillyklitou.md Website: INDEPENDENT AUDITORS' REPORT To the Management of Energy Loss Reduction Project and Emergency Energy Recovery Assistance Project: We have audited the accompanying special purpose project financial statements of Energy Loss Reduction Project (Electricity Component), financed under Financing Agreements Credit No TJ, Grant No. H 178- TJ, Grant No. 757-TJ. Grant SECO and contribution of OSHC Barqi Tojik and the Emergency Energy Recovery Assistance Project, financed under Financing Agreements Grant No. 372-Ti and Grant No. 566-TJ (the "Project") which comprise the statement of financial position, the statement of cash proceeds and disbursements, the statement of uses of funds by project components, the statement of special account for the year ended December and for grace period ended April 30, 2015, and a summary of significant accounting policies and other explanatory information (the "special purpose project financial statements"). Management's responsibility for the special purpose project financial statements Management is responsible for the preparation of these special purpose project financial statements in accordance with International Public Sector Accounting Standard "Financial Reporting Under the Cash Basis of Accounting" (the "IPSAS") issued by the International Public Accounting Standards Board of the International Federation of Accountants, and the World Bank's Financial Management Sector Board's "Guidelines: Annual Financial Reporting and Auditing for World Bank Financed Activities" (the "WB Guidelines"), and for such internal control as management determines is necessary to enable the preparation of the special purpose project financial statements that are free from material misstatement, whether due to fraud or error. Auditors' responsibility Our responsibility is to express an opinion on these special purpose project financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the special purpose project financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the special purpose project financial statements. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the special purpose project financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal controls relevant to the entity's preparation and fair presentation of the special purpose project financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the special purpose project financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. - An independent member of Baker Tilly International

5 BAKER TILLY Opinion In our opinion, the accompanying special purpose project financial statements are consistent, in all material respects, financial position as at December 31, 2014 and grace period ended April 30, 2015 and cash proceeds and disbursements, uses of funds by project components and statement of application for the year ended December 31, 2014 and grace period ended April 30, 2015 in accordance with International Public Sector Accounting Standard "Financial Reporting Under the Cash Basis of Accounting" (the "IPSAS") issued by the International Public Sector Accounting Standards Board of the International Federation of Accountants, and the World Bank's Financial Management Sector Board's "Guidelines: Annual Financial Reporting and Auditing for World Bank Financed Activities" (the "WB Guidelines"). Basis of accounting and restriction on distribution and use Without modifying our opinion, we draw attention to Note 2 to the special purpose project financial statements which describes the basis of accounting. The special purpose project financial statements are prepared to assist the Project to comply with the requirements of the World Bank. As a result the special purpose project financial statements may not be suitable for another purpose. Our report is intended solely for use by the management of the Project and the World Bank should not be distributed or used by anyone other than these specified parties. Mamas Koutsoyiannis, A-e Baker Tilly Klitou and Partners SRL Chisinau. R. Moldova June 26, An independent member of Baker Tilly international 4

6 -a OPEN STOCK HOLDING COMPANY BARQI TOJIK PROJECT IMPLEMENTATION UNIT ENERGY LOSS REDUCTION PROJECT CREDIT NO TJ, GRANT NO. H 178-TJ, GRANT NO. 757-TJ, GRANT SECO AND CONTRIBUTION OF OSHC BARQI TOJIK AND EMERGENCY ENERGY RECOVERY ASSISTANCE PROJECT GRANT NO. 372-TJ AND GRANT NO. 566-TJ STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 31, 2014 AND GRACE PERIOD AS AT APRIL 30, 2015 (in US Dollars) Notes April 30, December 31, December 31, ASSETS Cumulative project expenses 4 53,450, ,576 45,016,480 TOTAL ASSETS AND EXPENDITURES 53,450,585 50,404,576 45,016,480 CUMULATIVE FINANCING The Swiss Confederation Government's Grant 2,324,209 2, ,324,209 - The Swiss Confederation Government's Grant TF (The Swiss Trust Fund) 5 3,405,596 3,405,596 2,567,678 - Energy Loss Reduction Credit IDA ,786,811 9,786,811 9,786,811 Energy Loss Reduction Grant IDA H178 1,396,615 1,396,615 1,396,615 OSHC Barqi Tojik contribution/(reimbursed) 5 2,698,054 3,184,520 2,813,878 Energy Emergency Assistance Project Grant IDA H372 4,003,152 4,003,152 4,003,152 Energy Emergency Assistance Project Grant IDA ,353,428 15,353,28 15,353,428 Additional Financing for Energy Loss Reduction Project Grant IDA ,482,720 10,950,245 6,770,709 TOTAL FINANCING 53,450,585 50,404,576 45,016,480 On behalf of itlwanaqge,ment: 5,0,9,6,7 h Lmoilzoda M. D & u ajvedov A. Chairman Chief Accountant SaidovS. Sa farov A. S- ~ General manager of PIUl Head of Finance Department of PIEU 26, 2015 Dushanbe, Republic of Taj ikistan 2 23June -A-- The notes on pages [ann an integral part of the special purpose project financial statements. The Independent Auditors' Report is.- NEW.-on pages 3-4

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9 ago 6alk 64a BARQI TOJIK WIN OPEN STOCK HOLDING COMPANY 6JEW PROJECT IMPLEMENTATION UNIT L4100 ENERGY LOSS REDUCTION PROJECT &Am CREDIT NO TJ, GRANT NO, H 178-TJ, GRANT NO. 757-TJ, GRANT SECO AND 6.00 CONTRIBUTION OF OSHC BARQ(TOJIK AND Sao EMERGENCY ENERGY RECOVERY ASSISTANCE PROJECT ffman GRANT NO. 372-TJ AND GRANT NO. 566-TJ aim SAM STATEMENT OF APPUCATIONS &AN FOR THE YEAR ENDED DECEMBER 31, 2014 AND Mam FO R G RAC E PERIOD EN DED AP RIL 30, 2015 amb, (in US Dollars) AW01% MAO& Withdrawn number Date Goods Works Consulting Trainings Additional Total services operating expenditures deam desm. -alom.mem. The Swiss Confederation Government's Grant TF (The Swiss Trust Fund).9491W. BT Jan , ,000.daffsho BT Jar)-14-76, ,000 BT May ,000 BT Jul , ,000 BT Au BT Nov , ,459..MEOW - 837, ,918 -BMW, Additional Financing for Energy Loss Reduction Project Grant JDA H757 72,421 AF ELPP Jan AF ELRP Jan , ,523 AF ELRP Feb ,250-7,250 AF ELRP Feb , ,431 AF ELRP 034 A 27-May ,832, ,832,898 AF ELRP A 21-Mkv , ,625 AF ELRP May I 13, ,120 AF FLRP Jun , ,172 AF ELRP Jun , ,876 AF ELR-P Jul ,346 AF ELRP Jul , ,392 AF ELRP Oct , ,694 AF ELRP Oct ,006 AF ELRP Dec A ,430 AF ELRP Dec , ,076 AF ELRP Der , ,125 AF ELRP Dec , ,559 AF ELRP Dec , ,000 AF ELRP Dec , ,168 AF ELR-P Dec , ,149 AF ELRP Dec , , , ,524 3,439A ,536

10 OPEN STOCK HOLDING COMPANY BARQI TOJIK PROJECT IMPLEMENTATION UNIT ENERGY LOSS REDUCTION PROJECT CREDIT NO TJ, GRANT NO. H 178-TJ, GRANT NO. 757-TJ, GRANT SECO AND CONTRIBUTION OF OSHC BARQI TOJIK AND EMERGENCY ENERGY RECOVERY ASSISTANCE PROJECT GRANT NO. 372-TJ AND GRANT NO. 566-TJ STATEMENT OF APPLICATIONS (CONTINUED) FOR THE YEAR ENDED DECEMBER 31, 2014 AND FOR GRACE PERIOD ENDED APRIL 30, 2015 (in US Dolars) Withdrawn number Date Goods Works Consulting Trainings Additional Total services operating expenditures Additional Financing for Energy Loss Reduction Project Grant IDA H757 AF ELRP Jan , ,103 AF ELRP Jan , ,660 AF ELRP Jan , ,296 AF ELRP Jan ,995 59,995 AF ELRP Jan ,155 92,155 AF ELRP Feb , ,439 AF ELRP Feb , AF ELRP Feb ,872 91,872 AF ELRP 058 A 11-Feb ,812 78,812 AF ELRP Feb , ,967 AF ELRP Feb , ,153 AF ELRP Feb AF ELRP Feb-15 19, ,800 AF ELRP Feb-15 56, ,756 AF ELRP Feb-15 38, ,544 AF ELRP Mar , ,609 AF.ELRP Mar ,127 AF ELRP Mar , ,432 AF ELRP Mar , ,304 AF ELRP Apr , ,153 AF ELRP Apr , ,965 AF ELRP Apr , ,402 AF ELRP Apr , ,880 AF ELRP Apr , ,097 AF ELRP Apr , ,789 AF ELRP Apr , ,000 AF ELRP Apr , ,665 OSHC Barqi Tojik 115, ,537 2,478, ,801 3,532,475 Contribution , , ,063 Reimbursed (72,421) - - (72,421) , , ,642 Reimbursed Grace period (46,665) - (439,801) (486,466) - - (46,665) - (439,801) (486,466) 9

11 OPEN STOCK HOLDING COMPANY BARQI TOJIK PROJECT IMPLEMENTATION UNIT ENERGY LOSS REDUCTION PROJECT CREDIT NO TJ, GRANT NO. H 178-TJ, GRANT NO. 757-TJ, GRANT SECO AND CONTRIBUTION OF OSHC BARQI TOJIK AND EMERGENCY ENERGY RECOVERY ASSISTANCE PROJECT GRANT NO. 372-TJ AND GRANT NO. 566-TJ STATEMENT OF APPLICATIONS (CONTINUED) FOR THE YEAR ENDED DECEMBER 31, 2014 AND FOR GRACE PERIOD ENDED APRIL 30, 2015 (in US Dollars) Withdrawn number Date Goods Works Consulting Trainings Additional Total services operating expenditures Total withdrawn during the year ended December 31, 2014 Grant TF , ,918 Grant IDA H , ,524 3,439, ,179,536 OSHC Barqi Tojik contribution , , ,063 Reimbursed to OSHC Barqi Tolik - - (72,421) - - (72,421) 180, ,524 4,512, ,788 5,388,096 Total withdrawn during the Grace period ended April 30, 2015 Grant IDA H , ,537 2,478, ,801 3,532,475 Reimbursed to OSHC Barqi Tojik - - (46,665) - (439,801) (486,466) 115, ,537 2,431, ,046,009 On behalf o Management: Ismoilzoda M. Dustmf meddv A. Chairman Chief Accountant SaidoV S., Safar A. General manager of PIU Head of Finance Department of PITU June 26, 2015 Dushanbe, Republic of Tajikistan The notes on pages form an integral part of the special purpose project financial statements. The Independent Auditors' Report is on pages

12 OPEN STOCK HOLDING COMPANY BARQI TOJIK PROJECT IMPLEMENTATION UNIT ENERGY LOSS REDUCTION PROJECT CREDIT NO TJ, GRANT NO. H 178-TJ, GRANT NO. 757-TJ, GRANT SECO AND CONTRIBUTION OF OSHC BARQI TOJIK AND EMERGENCY ENERGY RECOVERY ASSISTANCE PROJECT GRANT NO. 372-TJ AND GRANT NO. 566-TJ NOTES TO THE SPECIAL PURPOSE PROJECT FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2014 AND FOR GRACE PERIOD ENDED APRIL 30, 2015 (in US Dollars) 1. GENERAL INFORMATION The Project Implementation Unit (the "PIU") of OSHC Barqi Tojik has received grants from Swiss Confederation Government and Swiss Trust Fund to support poverty reduction, by contributing to the improvement of quality of the services delivered in energy sector. As well as to assist OSHC Barqi Tojik in the objective of the reduction of commercial losses from its operations. The Swiss Confederation Government 's Grant The Agreement on Financial Assistance for Energy Loss Reduction Project between the Government of the Swiss Confederation (the "SECO") and the Government of the Republic of Tajikistan was signed on April 2, 2007, in which the Swiss Government provided 8 million US Dollars to the Government of Tajikistan to finance the Swiss Subproject. The objective of the Subproject is to assist the Government of the Republic of Tajikistan in the reduction of commercial losses in the electricity and gas sectors, and lay the foundation for the improvement of the financial viability of the electricity and gas utilities in a social responsible manner. The Swiss Trust Fund * The objective of the Project is to assist the OSHC Barqi Tojik in the reduction of commercial losses in the energy sector, and lay the foundation for improvement of the financial viability in a socially responsible manner. These funds also aim to cover the feasibility studies of the Rogun HPP. The Grant is effective during the period from October 19, 2011 till August 31, Energy Loss Reduction Project Credit IDA 4093 and Grant No. HI 78-TJ The objectives of the Project are to assist OSHC Barqi Tojik in reduction of commercial losses, and to lay the foundation for the improvement of financial viability in the energy sector, in a socially responsible manner. Agreement between the Republic of Tajikistan and International Development Association (IDA) was signed on September 8, The IDA provided a Credit (No.4093-TJ) equivalent to ten million Special Drawing Rights (SDR 10,000,000), and Grant (No TJ) equivalent to two million Special Drawing Rights (SDR 2,000,000) (the Grant). The Credit and Grant were disbursed in various currencies. The Agreement was effective during the period from September 8, 2005 till June 30, Additional Financing for Energy Loss Reduction Project Grant IDA No. H757-TIS The objectives of the Project are to assist reduction of commercial losses in the energy sector, and to lay a foundation for improvement of the financial viability in a socially responsible manner. These funds also aim to cover the feasibility studies of Rogun HPP

13 Agreement between the Republic of Tajikistan and International Development Association (IDA) was signed on March 16, IDA provided Grant (No. H757-TJ) for Additional Financing for Energy Loss Reduction Project amounting to eleven million eight hundred thousand Special Drawing Rights (SDR 11,800,000). The Grant is effective during the period from March 16, 2012 till December 31, Energy Emergency Assistance Project Grant IDA H566-TJ The objective of the Project to increase the supply and reliability of the national energy supply, with particular focus to winter season. Agreement between the Republic of Tajikistan and International Development Association (IDA) was signed on May 14, IDA provided Grant (H566) for Additional Financing for Energy Emergency Assistance Project equivalent to nine million nine hundred thousand Special Drawing Rights (SDR 9,900,000). Contribution of Barqi Tojik to Energy Loss Reduction Projects OSHC Barqi Tojik contributes to Energy Loss Reduction Project to reduce commercial losses, by performing direct payments, as well as providing funding sources, when granted hinds are not readily available, which are subsequently reimbursed. 2. PRESENTATION OF THE SPECIAL PURPOSE PROJECT FINANCIAL STATEMENTS Basis of preparation These special purpose project financial statements have been prepared in accordance with the International Public Sector Accounting Standard (the "IPSAS") "Financial Reporting under the Cash Basis of Accounting" issued by the Public Sector Committee of the International Federation of Accountants, and incorporate the following principal accounting policies, which have been consistently followed in all material respects and comply with the World Bank's Financial Management Sector Board's "Guidelines: Annual Financial Reporting and Auditing for World Bank Financed Activities" (the "WB Guidelines"). Under the cash basis system income (or expenditure) is recognized when cash is received (or paid) irrespective of when goods or services are received. The Project's approved budget disclosed by categories of expenses is not publicly available and as such comparison of budget and actual amounts is not presented. These special purpose project financial statements consist of: * Statement of cash proceeds and disbursements; * Statement of uses of funds by project components; * Statement of applications; * Notes to the special purpose project financial statements, including short description of main statements of accounting policy and other descriptive notes. The reporting currency of these special purpose project financial statements is US Dollars (the "USD"). 12

14 3. SUMMARY OF SIGNIWICANT ACCOUNTING POLICIES a- Cash basis of accounting Special purpose project financial statements are prepared on a cash basis of accounting. The cash basis of accounting recognizes transactions and events only when cash (including cash equivalents) is received or paid by the entity. Special purpose project financial statements prepared under the cash basis provide readers with infornation about the sources of cash raised during the period, the purposes for which cash was used and the cash balances at the reporting date. The measurement focus in the special purpose project financial statements is balances of cash and changes therein. Foreign currency Operations in foreign currency initially are counted in functional currency by the official currency exchange rate settled by the National Bank of Tajikistan (the "NBT") on a date of operation. Funds received are translated into USD at official exchange rate of Special Draxwing Rights (the "SDR") at the date of funds receipt. All payments made in local currency are translated into USD at the official exchange rate defined by National Bank of Tajikistan, at the date of transaction. Monetary assets and liabilities expressed in foreign currency are converted to functional currency at official exchange rate on a date settled by the NBT. All foreign exchange differences resulted from maturity or recounting are included in statement of cash proceeds and disbursements. Non-monetary items are valued according to their historic cost in foreign currency, which are recalculated on rates of the initial operation date. In preparation of the special purpose project financial statements the following exchange rates of NBT in regard to Tajik somoni were used: April 30, December 31, December 31, Tajik somoni to USD Cash and cash equivalents Cash and cash equivalents include cash on hand and due from banks, which can be converted to the corresponding amount of cash in the short term. Taxes In accordance with the subsidiary agreement between Ministry of Finance of the Republic of Tajikistan and OSHC Barqi Tojik, which is conducted separately for each grant, the Projects are exempted from value added tax payments. Calculation and payment of personal income tax and social security contributions from income of local staff and consultants is made in accordance with the requirements and rates of the Tax Code of the Republic of Tajikistan. Project expenses The expenses are recorded in the period when they were actually paid. 13

15 4. PROJECT EXPENDITURES Project expenditures by components are presented in the statement of funds by project components. Project expenditures on major categories are presented in the statement of cash proceeds and disbursements. Breakdown of project expenses by categories and donors is presented as follows: The Swiss Confederation Government's Grant TF (The Swiss Trust Fund) Crace period ended April 30, MON 2015 Goods - - 2,277,485 Consultants services, training including audit - 837, ,918 2,277,485 The table below represents the counterparty analysis of expenses incurred during the year ended December 31, 2014 and the period ended April 30, 2015: Grace period ended April 30, 2015 Grant Thornton LLC - 408,918 BDO Consulting LLC - 304,000 Deloitte and Touche LLC - 125,000 - Zejiang - - 2,240,307 Chance LLC , , ,485 OSHC Barqi Tojik contribution Grace period ended April 30, 2015 Consultants services, training including audit - 307, ,907 Operating Cost of PIU , , ,727 Additional Financing for Energy Loss Reduction Project Grant IDA H757 Grace period ended April 30, 2015 Goods 115, ,523 2,126,547 Works 499, ,524 - Consultants services, training including audit 2.431,372 3,367,068 4,025,858 3,046,009 4,107,115 6,152,405 14

16 The table below represents the counterparty analysis of expenses incurred during the year ended December 31, 2014 and the Grace period ended April 30, 2015: Grace period ended April 30, 2015 Tractebel Engineering S.A. 1,725,107 2,345, ,009 Sokhtmoni Barki Dushanbe LLC 556, ,350 - Poyry Energy Ltd 242, , ,147 Grant Thornton LLC 136, Ilunton and Williams LIP 119,439 35,431 BDO Consulting LLC 76,000 - Buned Sifat LLC 58,343 - Eva Rossi 52,928 35,285 - Golas Aleksander Artur 36,402 7,250 61,352 Link 011 Ltd 32,304 8,076 - Asar LLC 10,097 23,559 HR Wallingford Ltd - 309,168 - JSC Tajikgidroelectromontazh - 251,172 1,562,242 Conmarks LLC - 180, ,307 Deloitte and Touche LLC - 150, ,000 Conte el Bier - - 2,717,206 Ormon ,999 William Newton ,046,009 4,107,115 6.,152, FUNDS RECEIVED The financing was presented by the following reimbursement methods: Financing method / sources of financing: 4 months ended April 30, 2015 The Swiss Confederation Government's Grant TF (The Swiss Trust Fund) Direct payment - 837,918 2,277,485 OSHC Barqi Tqjik contribution - 837,918 2,277,485 incurred expenses - 443, ,727 Reimbursed expenses (486,466) (72,421) (100,113) Energy Emergency Assistance Project Grant IDA H566 (486,466) ,614 Direct payment - - 2,827,572 Additional Financing for Energy Loss Reduction Project Grant IDA H ,827,572 Special commitment ,324 Direct payment 3,046,009 4,107,115 5,847,081 Reimbursed to OSHC Barqi Tojik 486,466 72, ,113 3,532,475 4,179,536 6,252,518 15

17 6. COMMITMENTS In the normal course of activities, the Project concludes agreements with suppliers of goods and services in accordance with the established budget and procurement plan. As at April 30., 2015 the Project had no commitments, except stated in Note LEGAL CASES There were no any legal claims related to the Project, except legal claim from Conmarks LLC dated March 5, 2014 for using discount without calculation methodology. The amount of legal claim is 43,770 US Dollars and 23,170 Tajik somoni. 8. GOING CONCERN The period of duration of the Swiss Confederation Government's Grant was completed on August 3 1, The period of duration of IDA Grant H757-TJ Additional Financing for Energy Loss Reduction Project's was completed on December 31, EVENTS AFTER THE REPORTING DATE Starting from May 2015 until the date of issue of these special purpose project financial statements the Grant IDA H757 has contributed to the Project as follows: Withdrawn Date Goods Works Consulting Trainings Additional Total number services operating expenditures AF ELRP May ,348 AF ELRP May , ,193 AF ELRP May , , , , ,749 As at May 06, 2015 Additional Financing for Energy Loss Reduction Project Grant IDA H757 has been deposited in amount of 168,193 US dollars to cash balances (or Escrow Account of) OSHC Barqi Tojik for audit expenses to Baker Tilly Tajikistan LLC under application AF ELRP 081. As at May 12, 2015 expenses amounting to 127,209 US dollars has been reimbursed under Additional Financing for Energy Loss Reduction Project Grant IDA H757 to OSHC Barqi Tojik under application AF ELRP 080. As at the date of issue of these financial statements no other significant events or transactions happened, which should be disclosed in the special purpose project financial statements, except for the events or transactions described above. 16