EFTA01367002.pdf

Amendment #4 Page 573 of 868 tetetel..finenel Independent auditors' report The Boards ci Directors lecnoton Energy ML Holdings Limited and Hasten Energy BAV Ho legs Limited We have audred the accompanying comtmed finanoal statements°, Hereon Energy XIL Holdings Limited and sea:diary and Horeon Energy BAV Widnes Urnted and subsidiary (co rectivety referred to as tie Combined Enth') whichcomprise the corritund balance sheen as of December 31. 2013 and 2014, and the related combined statements of comprehensive loss. changes in shareholders deficits and cash flows fa the years then ended and the misled notes to the confined fnancol statements Menspernenrs responsibility for the nnandal statements Management is responsible for tre preparation and fair presentation of these combined financial statemerts in accordance with U S generally accerAed accounting principles. the indules the design mplementabon, and maintenance of internal control relevant to the preparation and fair presentahon of combined financial statements that are free from material misstatement whether We to fraud or error Amts' responsibility Cur responsibility rs to express an opinion on these canbned financial statements tossed on ow audits We conducted our audit in accordance vnth audang standards generally accepted n the United States of Amerce Those standards require that we plan and perform the audit to obtain reasoreble assurance about whether the combined financial statements ye free from material misstatement An audit involves performing aocedves to Oxen audit evidence about the armisits and dsclos*ses in the financial statements. The proce0ses selected depend on the auditors' judgment, including the assessment of the rsks of matenal mestatemert of the trance, statements whether due to fraud or era In making those risk assessments, the auditor confiders eternal control relevant to the ereity s preparation and tar presentation of the financial statements n order to design audit procedures that are appropriate n the orcumslances. but not for the pa pose of expressing an opinion at the stfectweness of the enttys eternal control Accordingly. we express no such opinion An audt also induces evaluating the approproteness of accounting poicies used and the reasonableness d significant accoweng esbmates mode by management, as well as evalualng the overall presentation of the financial statements We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for Ott aide anion Opinion M our opnon, the combined Inancial statements referred to above present fairly in all rretenal respects, the financial resew of the Convaned Entity as of December 31. 2013 and 2014, and the remits of is operators and es cash flows for the years ten ended in accordann with U S gersaly accepted accoureng prirciples Is, l<PMG Huszhen LLP Beijing, Ctwa May s, 2015 F.253 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-0058530 CONFIDENTIAL SDNY_GM_00204714 EFTA01367002