EFTA01367158.pdf

Amendment #4 Page 729 of 868 23 Prancer risks rraragement The actwties of the Company exposed to a variety of financial risks. irtluang the effects of variations of exchange rates, credit and baudly The risk management program of the Company tries to minmee the potential aCkerse effects on es financial performance Management is aware of the costing market conditions and based on its knowledge and expenence, controls the liquidly risk. exchange tale nsk and credt nsk by foloaing the policies approved by Me Board The most important ZISPeCts in the management of these risks am the following Abdul tiny Market risk *the risk that the fair value of future cash flows of a financial iretrumert fluctuates am to changes in market Picea Market aces comprise three risk types Mete rate risk exchange rate risk and commodity ;noes nsk n the ane of the Company, the financial retriments affected by market risk include deposits and frontal obligalons. which are exposed to exchange rate risk and sanest rate risk Tee senses/4y analysis presented in the frollymng secton relates to the canon as of December 31, 2014 and 2013 The sensitivity analysis has been prepared consgenng ttet the proporton of financial instruments in foreigncurrency remains constant (0 interest tate ask Interest rate nsk is defined as a nsk whereby a lair vake, or a financial instruments Nture cash flow, fluchetes as a les], of changes to interest rates in the market The Company s exposure to market interest rate risk relates anomaly to longterm finanoat obligations wth variable 'Merest rates Tee Company's policy e to many obtain fretting at toed serest rate The Company's Management considers that interest rate's resit is not significant due to the merest rates of Its finning agreemeres are rot signSicantly different horn tee market interest rates or sinew financial instruments To manage this risk the Corwin/ entered into cross arrency interest rate swaps, see note 12. The snort-term arc long-term debts are agreed at fared rates. therefore, any charge in interest rates will rot affect the results of the Company (n) Exchange rate nsk Exchange rate risk is the risk that the far value a future cash flaws of a fnanoal instrument fluctuate clue to changes in the exchange rates The Company's expos:e to exchange rates rs related many to es operating acbvilies To manage this risk. the Company entered into cross currency interest rate swaps. see note 12 The fob:ming tette presents the effects on income before income tax of a reasonable varaton in the exchange rate considerirg constant tee rest of variables described in note 21 Effect on income Increase (decrease) before income tax in basis nts sr. 14 +10 baSts points ,2 ) 2014 .10 basis points 9274 2013 +10 basis pools (,146) 2013 •10 basis points 9,146 F-439 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-0058686 CONFIDENTIAL SDNY_GM_00204870 EFTA01367158