"Global Partnership for Education Project"Grant No TF016201, Grant NQ TF016209

Special Purpose Project Financial Statementsfor the period from May 10, 2014 to December 31, 2015

and independent auditors' report

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"GLOBAL PARTNERSHIP FOR EDUCATION PROJECT"GRANT N2. TF016201, GRANT N2 TF016209

TABLE OF CONTENTS

Page

STATEMENT OF MANAGEMENT'S RESPONSIBILITIES FOR THE PREPARATIONAND APPROVAL OF THE SPECIAL PURPOSE PROJECT FINANCIAL STATEMENTS 2FOR THE PERIOD FROM MAY 10, 2014 TO DECEMBER 31, 2015

INDEPENDENT AUDITORS' REPORT 3-4

SPECIAL PURPOSE PROJECT FINANCIAL STATEMENTSFOR THE PERIOD FROM MAY 10, 2014 TO DECEMBER 31, 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

Statement of special account 9

Notes to the special purpose project financial statements 10-17

STATEMENT OF MANAGEMENT'S RESPONSIBILITIES FOR THE PREPARATION ANDAPPROVAL OF THE SPECIAL PURPOSE PROJECT FINANCIAL STATEMENTSFOR THE PERIOD FROM MAY 10, 2014 TO DECEMBER 31, 2015

The following statement, which should be read in conjunction with the independent auditors' responsibilitiesstated in the independent auditors' report set out on pages 3-4, is made with a view to distinguish therespective responsibilities of management and those of the independent auditors in relation to the specialpurpose project financial statements of "Global Partnership for Education Project", Grant X2 TF016201, GrantNo TFO 16209 (the "Project").

Management is responsible for the preparation of the special purpose project financial statements that presentfairly, in all material respects, the financial position, cash proceeds and disbursements, uses of funds byproject components, special account of the Project for the period from May 10, 2014 to December 31, 2015 inaccordance with International Public Sector Accounting Standard "Financial Reporting Under the Cash Basisof Accounting" (the "IPSAS") issued by the International Public Accounting Standards Board of theInternational 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 "WBGuidelines").

In preparing the special purpose project financial statements, management is responsible for:

* selecting suitable accounting policies and applying them consistently;* making judgments and estimates that are reasonable and prudent;* 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:

* designing, implementing and maintaining effective and sound system of internal control and for revealingrisks in system of internal control;

* maintaining proper accounting records that disclose, with reasonable accuracy at any time, the financialposition of the Project, and which enable them to ensure that the special purpose project financialstatements of the Project comply with IPSAS and WB Guidelines;

* compliance with laws and regulations of the Kyrgyz Republic, accounting system of the Project and therequirements 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 period from May 10, 2014 to December 31, 2015 wereapproved and authorized for issue on April 8, 2016 by the management of the Project.

On behalf ary &

Anara Ain : Nurza RysbekovaDirector Financial Manager

April 8, 2016 April 8, 2016Bishkek, Kyrgyz Republic Bishkek, Kyrgyz Republic

2

BAKER TILLYBISHKEK

INDEPENDENT AUDITORS' REPORT

To the Management of "Global Partnership for Education Project" under the Ministry of Education and

Science of the Kyrgyz Republic:

We have audited the accompanying special purpose project financial statements of "Global Partnership for

Education Project" (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 period from May 10, 2014 to December 31, 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 and fair presentation 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.

3

Opinion

In our opinion, the accompanying special purpose project financial statements present fairly, in all materialrespects, financial position as at December 31, 2015 and cash proceeds and disbursements, uses of funds byproject components and special account for the period from May 10, 2014 to December 31, 2015 inaccordance with International Public Sector Accounting Standard "Financial Reporting Under the Cash Basisof Accounting" (the "IPSAS") issued by the International Public Sector Accounting Standards Board of theInternational 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").

Emphasis of matter

Without qualifying our opinion, we draw attention to Note 2 to the Project Financial Statements whichdescribes the basis of accounting. These special purpose project financial statements were prepared forcomplying with the appropriate World Bank Guidelines and Grant agreement requirements, and therefore arenot intended to be a complete presentation of the "Global Partnership for Education Project" (the "Project")operations.

Other Matter

The special purpose project financial statements are prepared to assist the Project to comply with therequirements of the World Bank. As a result the special purpose project financial statements may not besuitable for another purpose.

ILLY

Certified accountant, FCCACertificate of auditor of the Kyrgyz Republic # A 0069Audit Director, Baker Tilly Bishkek LLC

-Baker Tilly Bishkek" LLC,License Series A # 0049 issued by the State Committeeon Review and Regulation of the financial market of theKyrgyz Republic

Bishkek, the Kyrgyz Republic

4

"GLOBAL PARTNERSHIP FOR EDUCATION PROJECT"GRANT No TF016201, GRANT No TF016209

STATEMENT OF FINANCIAL POSITIONAS AT DECEMBER 31, 2015(in US Dollars)

Notes December 31,2015

ASSETSCash and cash equivalents 4 287,619Cumulative project expenditures 5 5,670,917Other expenditures 7,816

TOTAL ASSETS AND EXPENDITURES 5,966,352

FINANCINGGrants received 6 5,900,000Other income 7 66,352

TOTAL FINANCING 5,966,352

On b ti

Anar 4)*', Nurzat RysbekovaDirecto 4 0 Financial Manager

April 8, 2016 April 8, 2016Bishkek, Kyrgyz Republic Bishkek, Kyrgyz Republic

The notes on pages 10-17 form an integral part of the special purpose project Financial statements. The Independent Auditors'Report is on pages 3-4

5

"GLOBAL PARTNERSHIP FOR EDUCATION PROJECT"GRANT NQ TF016201, GRANT Ne TF016209

STATEMENT OF CASH PROCEEDS AND DISBURSEMENTSFOR THE PERIOD FROM MAY 10, 2014 TO DECEMBER 31, 2015(in US Dollars)

Notes For the period from CumulativeMay 10, 2014 to

December 31, 2015

Opening balance -

Funding sourcesIDA Grant TF016201 6 1,200,000 1,200,000IDA Grant TF016209 6 4,700,000 4,700,000

Total financing 5,900,000 5,900,000

Other income 7 66,352 66,352

Total receipts 5,966,352 5,966,352

Project expensesGoods 5 4,887,564 4,887,564

Consulting services 5 349,093 349,093

Trainings 5 300,579 300,579

Operating costs 5 133,681 133,681

Total project expenses 5,670,917 5,670,917

Other expenditures 7,816 7,816

Closing balance 4 287,619 287,619

On be ut:

Ann a Nurzat RysbekovaDirec Financial Manager

April 8, 20 April 8, 2016Bishkek, Kyrgyz Republic Bishkek, Kyrgyz Republic

The notes on pages 10-17 form an integral part of the special purpose project financial statements. The Independent Auditors'Report is on pages 3-4

6

"GLOBAL PARTNERSHIP FOR EDUCATION PROJECT"GRANT NL TF016201, GRANT N2 TF016209

STATEMENT OF FUNDS BY PROJECT COMPONENTSFOR THE PERIOD FROM MAY 10, 2014 TO DECEMBER 31, 2015(in US Dollars)

For the period from CumulativeMay 10, 2014 to

December 31, 2015

Component 1. Expansion of quality pre-primaryeducation

Expansion of school preparation program 5,252,289 5,252,289

Expansion of early education services 110,876 110,876

Support to inclusive education 12,803 12,803

Component II. Improved policy, programs and systemseffectiveness

Improved policy, programs and system effectiveness 108,636 108,636

Component Ill. Communication and implementationsupport

Communications and outreach activities 14,502 14,502

Stakeholder monitoring and evaluation 6,677 6,677Implementation support 165,134 165,134

5,670,917 5,670,917

Nurzat RysbekovaFinancial Manager

Apri IApril 8, 2016Bishkek, Kyrgyz Republic Bishkek, Kyrgyz Republic

The notes on pages 10-17 form an integral part of the special purpose project financial statements. The Independent Auditors'

Report is on pages 3-4

7

"GLOBAL PARTNERSHIP FOR EDUCATION PROJECT"GRANT No TF016201, GRANT N2 TF016209

STATEMENT OF APPLICATIONSFOR THE PERIOD FROM MAY 10, 2014 TO DECEMBER 31, 2015(in US Dollars)

Sources of financing Applications Advances Direct Goods and Total

payments services,including audit,trainings and

operatingexpenses

IDA Grant TF016201 1 1,000,000 . - 1,000,000

9 . - 200,000 200,000

1,000,000 - 200,000 1,200,000

IDA Grant TF0 16209 1 900,000 . - 900,000

2 - 868,775 - 868,775

3 . - 697,343 697,343

4 . - 704,680 704,680

5 - 393,301 - 393,301

6 - 700,099 - 700,099

7 - 435,802 - 435,802

900,000 2,397,977 1,402,023 4,700,000

1,900,000 2,397,977 1,602,023 5,900,000

9CT E P

On behalf of the

Anara Ainekeno Nurzat Rysbekova

Director Financial Manager

April 8, 2016 April 8, 2016

Bishkek, Kyrgyz Republic Bishkek, Kyrgyz Republic

The notes on pages 10-17 form an integral part of the special purpose project financial statements. The Independent Auditors'

Report is on pages 3-4

"GLOBAL PARTNERSHIP FOR EDUCATION PROJECT"GRANT NL TF016201, GRANT N2 TF016209

STATEMENT OF SPECIAL ACCOUNTFOR THE PERIOD FROM MAY 10, 2014 TO DECEMBER 31, 2015(in US Dollars)

Special accounts Grant TFO 16201 Grant TFO 16209Currency US Dollars US DollarsBank account 1091828235574486 1091828235574183Bank OJSC "Optima Bank"Bank's location 326, Zhibek Zholu avenue, Bishkek, Kyrgyz Republic

Description Notes US Dollars US Dollars Total

Balance as at May 10, 2014 - -

Advances received 6 1,000,000 900,000 1,900,000Reimbursement of expenses 6 200,000 1,402,023 1,602,023Total funds received to a specialaccount 6 1,200,000 2,302,023 3,502,023The amount of eligible expenditurespaid 970,917 2,302,023 3,272,940Transfer to transit account andadvances paid to employees 4 8,843 -- 8,843

Balance as at December 31, 2015 4 220,240 _ 220,240

On be nt:

Anara Anh 0 oNurzat RysfekovaDirector Financial Manager

April 8, 2016 April 8, 2016Bishkek, Kyrgyz Republic Bishkek, Kyrgyz Republic

The notes on pages 10-17 form an integral part of the special purpose project Financial statements. The Independent Auditors'Report is on pages 3-4

9

"GLOBAL PARTNERSHIP FOR EDUCATION PROJECT"GRANT NL TF016201, GRANT Ne TF016209

NOTES TO THE SPECIAL PURPOSE PROJECT FINANCIAL STATEMENTSFOR THE PERIOD FROM MAY 10, 2014 TO DECEMBER 31, 2015(in US Dolars)

1. GENERAL INFORMATION

According to the Agreement dated May 10, 2014 between the Kyrgyz Republic, International Bank forReconstruction and Development (the "IBRD") and the International Development Association(the "IDA") (collectively the "World Bank" or "WB"), acting as a trustee of the Global Partnership forEducation Fund and as an administrator of the Education for All Fast Track Initiative Catalytic Fund, theWorld bank provided a Grant X2 TF016201 in the amount of 8,000,000 US Dollars and a GrantX2 TFO 16209 in the amount of 4,700,000 US Dollars to the Kyrgyz Republic.

The period of duration of the Education for All, Fast Track Initiative, Catalytic Fund Grant identified bytrust fund number TFO 16209 was completed on October 31, 2015.

The period of duration of the Global Partnership for Education Grant identified by trust fund numberTFO 16201 will completed on June 30, 2017.

The Grants were provided for implementation of "Global Partnership for Education Project"(the "Project").

Project purpose

The Project Development Objective is to increase equitable access to pre-school education, and toestablish conditions for improving its quality. The pre-school institution and its enabling environment areat the core of the project.

The Project is to be implemented during 2014-2017 and comprises 3 components:

1. Component 1: Expansion of Quality Pre-Primary Education;2. Component 11: Improved Policy, Programs, and System Effectiveness;3. Component III: Communications and Implementation Support;

Component 1: Expansion of Quality Pre-Primary Education

This component focuses on enhancing access to quality pre-school education, targeting the poor andvulnerable including minority ethnic groups and children with special education needs. The componentconsists of 3 subcomponents:

Subcomponent Ia:

This subcomponent finances expanding school preparation program through development andimplementation of an in-service training program for teachers and school management staff; andprovision of educational materials, furniture and equipment to primary and kindergarten classrooms.

Subcomponent Ib:

This subcomponent finances supporting interested Ayil Okmotu to develop proposals on establishing upto one hundred community based kindergartens, strengthening the capacity of selected pre-schoolinstitutions, provision of education materials, furniture and rehabilitation of sanitary facilities.

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Subcomponent Ic:

This subcomponent finances piloting an initiative to integrate children with special education needs intokindergarten and primary schools in one district, design and delivery of an in-service training program forteachers on how to work with children with special education needs, and carrying out outreach activities,and tracking the children with special education needs selected for the pilot initiative and evaluating saidinitiative.

Component II: Improved Policy, Programs, and System Effectiveness

This component focuses on improving policy, programs and system effectiveness. The componentfinances provision of goods, educational materials, technical assistance and training to improve policies,programs, and system effectiveness aimed at enhancing the quality of pre-school education programs,through revisiting the pre-school curriculum; reviewing of legal and regulatory framework governingpre-school education; publishing and disseminating the early learning and development standards andmaterials resulting from the revision of the pre-school curriculum; and introducing a pilot earlydevelopment instrument and a classroom observation of pre-school pedagogical practices.

Component III: Communications and Implementation Support

This component finances advocacy and communication efforts, monitoring and evaluation and theoperating cost to support implementation. The component consists of 3 subcomponents:

Subcomponent Ia:

This subcomponent finances engaging and informing stakeholders on early childhood development andreforms in the education sector.

Subcomponent IIb:

This subcomponent finances carrying out independent monitoring and evaluation of the Project.

Subcomponent IIIc:

This subcomponent finances supporting the establishment and operation of the Project Coordination Unit(PCU), including financial Incremental Operating Costs.

Duration of the Project is from May 10, 2014 to June 30, 2017.

2. PRESENTATION OF THE SPECIAL PURPOSE PROJECT FINANCIAL STATEMENTS

Basis of preparation

These special purpose project financial statements have been prepared in accordance with theInternational Public Sector Accounting Standard (the "IPSAS") "Financial Reporting under the CashBasis of Accounting" issued by the Public Sector Committee of the International Federation ofAccountants, and incorporate the following principal accounting policies, which have been consistentlyfollowed in all material respects and comply with the World Bank's Financial Management SectorBoard'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.

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The Project's approved budget disclosed by categories of expenses is not publicly available and as suchcomparison of budget and actual amounts is not presented.

These special purpose project financial statements consist of:

* Statement of financial position;* Statement of cash proceeds and disbursements;* Statement of uses of funds by project components;* Statement of applications;* Statement of special account;* 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").

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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 orpaid by the entity. Special purpose project financial statements prepared under the cash basis provide

readers with information about the sources of cash raised during the period, the purposes for which cashwas used and the cash balances at the reporting date. The measurement focus in the special purposeproject financial statements is balances of cash and changes therein.

Foreign currency

Operations in foreign currency initially are counted in functional currency by the commercial bank

exchange rate settled on a date of operation.

All payments made in local currency are translated into USD at the exchange rate defined by serving

commercial bank, 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 NBKR.

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 rate of NBKR

in regard to Kyrgyz som was used:

December 31, December 31,2015 2014

Kyrgyz som to USD 75.8993 58.8865

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Cash and cash equivalents

Cash and cash equivalents include cash on hand and due from banks, which can be converted to thecorresponding amount of cash in the short term.

Taxes

Calculation and payment of personal income tax and social security contributions from income of localstaff and consultants is made in accordance with the requirements and rates of the Tax Code of theKyrgyz Republic.

Project expenses

The expenses are recorded in the period when they were actually paid.

Sources of funds

The funds were provided by the World Bank to the Project by replenishment of special account orthrough direct payment to the end supplier of goods and/or services.

4. CASH AND CASH EQUIVALENTS

Cash and cash equivalents as at December 31, 2015 comprise:

Currency December 31,2015

Special account Grant TF016201 USD 220,240Special account Grant TF016209 USD -Transit account Grant TF016201 KGS 171Interest account Grant TF016209 USD 14,780Interest account Grant TF016201 USD 24,108Interest account Grant TF016209 KGS 16Interest account Grant TF016201 KGS 2Tender account Grant TF016209 USD 19,630Advances paid to employees from Grant TFO 16201 USD 8,672

287,619

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5. CUMULATIVE 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 anddisbursements. Breakdown of project expenses by categories and donors is presented as follows:

GOODS

For the period from May 10, 2014 toDecember 31, 2015

Grant TF016201 Grant TF016209 Total

Furniture 635,807 1,652,605 2,288,412Visual materials 75,800 1,304,059 1,379,859Educational toys 43,247 389,835 433,082Educational materials - 765,691 765,691Vehicles - 20,520 20,520

754,854 4,132,710 4,887,564

TRAININGS

For the period from May 10, 2014 toDecember 31, 2015

Grant TF016201 Grant TF016209 Total

Trainings for primary school teachers andschool deputy directors 56,582 225,521 282,103External trainings 11,842 6,634 18,476

68,424 232,155 300,579

CONSULTING SERVICES

For the period from May 10, 2014 toDecember 31, 2015

Grant TF016201 Grant TF016209 Total

Consultancy services 41,382 187,914 229,296Payroll and related taxes 38,667 73,395 112,062Other 7,735 - 7,735

87.784 261,309 349,093

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OPERATING COSTS

For the period from May 10, 2014 toDecember 31, 2015

Grant TFOI 6201 Grant TF016209 Total

Payroll and related taxes 39,111 29,457 68,568PR and marketing 11,229 15,184 26,413Accommodation expenses 1,985 3,636 5,621Fuel 1,005 1,062 2,067Stationery 899 985 1,884Access to Toktom electronic database 889 - 889Communication expenses 845 702 1,547Transportation 707 906 1,613Per diems 519 729 1,248Vehicle maintenance 483 526 1,009Equipment 313 2,046 2,359Bank letters of credit - 14,778 14,778Other 1,870 3,815 5,685

59,855 73,826 133,681

6. GRANTS RECEIVED

The financing was presented by the following reimbursement methods:

For the period from May 10, 2014 to December 31, 2015Financing method / sources of financing: Grant TF016201 Grant TF016209 Total

Advances 1,000,000 900,000 1,900,000Reimbursement of expenses 200,000 1,402,023 1,602,023Direct payments - 2,397,977 2,397,977

1,200,000 4,700,000 5,900,000

7. OTHER INCOME

Other income for the period from May 10, 2014 to December 31, 2015 consists of the following:

For the period from May 10, 2014 to December 31, 2015Grant TF016201 Grant TF016209 Total

Interest income 27,673 18,158 45,831Penalty from a supplier for non-performance of obligations - 17,500 17,500Realization of tender documents - 3,021 3,021

27,673 38,679 66,352

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8. UNDRAWN FUNDS

As at December 31, 2015 undrawn funds with breakdown by grants are presented as follows:

Grant TF016201 Grant TF016209

Approved grant amount 8,000,000 4,700,000

Disbursed during the period 1,200,000 4,700,000

Undrawn amount 6,800,000

Grant TF016201 Grant TF016209

Opening disbursed amount

Disbursed during the period 1,200,000 4,700,000

Closing disbursed amount 1,200,000 4,700,000

9. 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. Contract value of obligations valid as at

December 31, 2015 was as follows:

Counterparty Contract # Contract Paid up to Remainingvalue December 31, amount to

2015 be paid

Vicing Egitim Araclari VeTicaret A.S. GPE_FTI /ICB-3 106,420 95,778 10,642

LLC Mosmebel GPE_FTI /ICB-5 720,051 367,746 352,305International PublicFoundation "Initiative ofRoza Otunbayeva" GPE_FTI/PR-1 27,800 2,502 25,298

Public Foundation "Educationfor society development" GPE_FTI/CS/CQ-18 22,796 19,711 3,085

McMaster University / OffordCentre for Child Studies GPE_FTI/CS/SSS-19 52,344 10,469 41,875

Guangzhou City HengmeiColor Printing Co Ltd. GPE_FTI /ICB-3, Lot#2 875,124 787,612 87,512

"Kirland" LLC GPE_FTI /ICB-4, Lot #2 1,031,699 697,633 334,066

10. LEGAL CASES

There were no any legal claims related to the Project.

11. GOING CONCERN

The period of duration of the Education for All, Fast Track Initiative, Catalytic Fund Grant identified by

trust fund number TFO16209 was completed on October 31, 2015.

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12. EVENTS AFTER THE REPORTING DATE

During 2016 until the date of issue of these special purpose project financial statements the World Bank

provided financing to the Project as follows:

Date Application Grant TF016201

January 11, 2016 (direct payment) 10 351,113

January 27, 2016 (special account replenishment) 11 769,511

March 24, 2016 (direct payment) 12 314,364

1,434,988

As at the date of issue of these financial statements no other significant events or transactions happened,

except for the events or transactions described above.

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