Akciju sabiedriba "VEF"

Audit Report / Information • Apr 5, 2012

SIA AUDITS 55

Tālr.: +371 6 7290830, fakss: +371 6 7290833, mob. tālr.: +371 29209676 Juridiskā adrese: Bruņinieku iela 69-20, Rīga, LV-1011 Biroja adrese: Dārzaugļu 1-209, Rīga, LV-1012 PVN.reg.nr .: LV40002023972 Reg.nr .: 40002023972

INDEPENDENT AUDITORS' REPORT

To the Shareholders of JSC "VEF"

Report on the Financial Statements

We have audited the accompanying financial statements of JSC "VEF", which comprise the balance sheet as of 31 December 2011 and the profit and loss account and the statements of changes in equity and cash flows for the tine bront and loss account and the statements of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with the Law of the Republic of Latvia on Annual Reports, and for such internal control as management determines is pecessary to enable the preparation of 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 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 about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors judgments whether due to fruid of the risks of material misstatement of the financial statements, whether due to featur or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that and propriate in the times and and 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 financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

SIA AUDITS 55

Tālr.: +371 6 7290830, fakss: +371 6 7290833, mob. tālr.: +371 29209676 Juridiskā adrese: Bruņinieku iela 69-20, Rīga, LV-1011 Biroja adrese: Dārzaugļu 1-209, Rīga, LV-1012 PVN.reg.nr .: LV40002023972 Reg.nr.: 40002023972

Opinion

In our opinion, the financial statements give a true and fair view of the financial position of JSC "VEF" as of 31 December 2011, and of its financial performance and its cash flows for the year then ended in accordance with the Law of the Republic of Latvia on Annual Reports.

Report on Other Legal and Regulatory Requirements

We have read the management report for 2011 of the accompanying annual report for 2011 and did not identify material inconsistencies between the financial information only and management report and that contained in the financial statements for 2011.

SIA AUDITS 55 Licence No. 141 SA
Māra Līguta Member of the Board Certified auditor of Latvia Certificate No. 55
Riga 4th April, 2012