5ta. Avenida No. 2201, esquina a 22, Miramar, Playa, Ciudad Habana, Cuba Tel: (53-7) , Fax: (53-7) Consultores Asociados S.A.

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5ta. Avenida No. 2201, esquina a 22, Miramar, Playa, Ciudad Habana, Cuba Tel: (53-7) 2044116, 2042988 Fax: (53-7) 2044320 Consultores Asociados S.A. Email conas@conas.cu juaric.a@conas.

1 5ta. Avenida No. 2201, esquina a 22, Miramar, Playa, Ciudad Habana, Cuba Tel: (53-7) , Fax: (53-7) Consultores Asociados S.A. conas@conas.cu juaric.a@conas.cu AUDITS' REPORT A: CP. Pamela Navarrete Díaz Administration and Finance Manager Latin American Energy Organization (OLADE) Report of the financial statements We have examined the financial statements of The Latin American Energy Organization (hereafter, the Organization (OLADE), which comprise the Statement of Income and Expenses for the year ended on December 31, 2016, and the statement of financial position for the year ended, as well as a summary of significant accounting policies and other explanatory notes. Responsibility of the managers on the financial statements The administrators of the Organization (OLADE) are responsible for the preparation and fair presentation of the financial statements in accordance with International Financial Reporting Standards (IFRS). This responsibility includes the design, implementation, and maintenance of internal controls relevant to the preparation and fair presentation of financial statements in a manner that is free from material misstatement, whether for fraud or error, the choice and application of accounting policies adequate estimates, and the making of reasonable accounting estimates according to the circumstances. Responsibility of the auditors Our responsibility is to express an opinion on these financial statements based on our audit. We have conducted our examination in accordance with International Standards on Auditing (ISA), which require compliance with certain ethical requirements and the planning and execution of adequate procedures to obtain reasonable assurance that the consolidated financial statements are free of material misstatement. An audit involves performing procedures to obtain audit evidence about the figures and breakdowns included in the financial statements. The procedures chosen depend on the auditor's judgment and include an assessment of the risk that the financial statements present significant errors, whether due to fraud or error. In making such assessments, the auditor considers internal control relevant to the preparation and fair presentation of financial statements, in order to design the audit procedures that are appropriate depending on the circumstances, and not for the purpose of expressing an opinion on the effectiveness of internal control of the Organization. An audit also includes assessing the reasonableness of the accounting policies used and accounting estimates made by the managers of the Organization (OLADE), and the presentation of the financial statements taken as a whole. We believe that the audit evidence obtained is sufficient and appropriate to support our opinion. Caveats The financial statements of the Latin American Energy Organization for the year ended December 31, 2015, presented for comparative purposes only, were audited by other auditors, who on April 1st, 2016, issued their unqualified opinion on these financial statements. Opinion In our opinion, based on our audit, except for the effect of the foregoing provision, the accompanying financial statements present fairly, in all material respects, the financial position Of the Organization (OLADE) as of December 31st 2016, as well as the results of its operations for the year ended on both dates, in accordance with International Financial Reporting Standards (IFRS). Havana, March 13, 2017 MsC. Maria Eugenia Cuello Caldaso Partner R.A6100 Resolution No. 33/94, dated December 26, 1994, of the Ministry of Finance and Prices, gives it the legal and formal capacity to issue technical opinions on the Financial Statements of its clients.

Responsibility Statement... 3 Management Report Statement of Comprehensive Income... 9 Statement of Financial Position...

Responsibility Statement... 3 Management Report... 4... 8 Statement of Comprehensive Income... 9 Statement of Financial Position... 10 Statement of Changes in Equity... 11 Statement of Cash Flows... 12