EFTA01367019.pdf

Amendment #4 Page 590 of 868 Tuhlr of Conical' Independent auditors' report To Ire Sterenders Directors and Management of Renova Energia S A and Bahia &Ace Pancipacees S A.. Salvadx E0lica Participap0es $ A and Energetca Serra da Prata S A Sao Patio—$P le have a mined the accompanying combined CO tance sheets of Renova Energy Projects I. or the 'Group as of December 31. 2014 and 2013 and January 1. 2013. arc the related comb ned atements of mccrne compteherame income statements of changes in parents net investment arid cash flows for are years ended December 31. 2014 and 2013 aim Pc recited 'Wes to Iry cane fled f rancid otaternents Management's responsibility for the combined financial statements Managements respons,tie !or Ire ;re pa-a t on and fair presegraocro el trese co—toned financial statements m accordance with intematonar Finance! Reporting Standards as issued by the Irternat oral Accounting Standards Board. Ms inolixes the devgn implementation. and rna rtenance of internal control relevant to the preparabon and fair presentation of tie combined franc ol statements that are free from material msstatements. whether due to fraud or error Auditors' responsibility Cur responsibility is to express an opnon on mese centred franca) stateemeMS cased on our awe We cordtcted our a Odd in accordance wim audbng standards general& accepted net Unted States of Amerca Those standards rewire that we pen and perform the audt to obtain reasonable assurance about whether the combined financial statements are free from material misstatement. whether due to fraud or error An audit involves performing procedues to obtain audit evidence about the amounts and disclosures to the combined Are noel statements The procedttes selected depend on the "ticklers judgment. including the assessment of the nsks of rrotenal misstatement d the combred financial statements whether due to fraud Or are' In making those risk assessments, the audtor considers internal control relevant to the Groups preparaban and fag presentat on of the comb need financial statements in order to design audit procedures that are appropriate in the circumstances. but rot fa the pupose of expressing an opinion on Ire effectiveness of the Groups internal control According/Ay. we express no such opinion An audt also includes evaluating the appropriateness of accounting pokes used arc the reascrodeness d significant accounting esb mates made by management. as wet as evaluating the overall presentation of the combined feancial statements. We believe mat the aucln evidence we nave obtained Is sutfcient and appropriate to proyde a basis lot Ohl audit optmon Opinion in our opnon, the combined financial statements referred to above present fairly, in an material respects. the financial position of Renova Energy Projects I as of December 31, 2014 and 2013 and January 1. 2013. and the resufls of its operations and its cash flows fa the years ended December 31. 2014 and 2013. in accordance wth internationai Financial Retorting Standards as issued by the Internatcral Accounting Standards Board F.270 http://cfdocs.btogo.com:27638/cf/drv7/pub/edgar/20 15/07/20/0001193125-15-256461/d78... 7/20/2015 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0058547 CONFIDENTIAL SDNY_GM_00204731 EFTA01367019