JSC MCD Independent Auditor's Report on the Financial Statements Containing Financial Information Structured According to Special Rules for the Preservation and Promotion of Cultural Heritage Project of St. Petersburg Foundation for Investment Projects for the period ended 30.09.2022 St. Petersburg 2022 Independent Auditor's Report To Members of the Foundation Council, St. Petersburg Foundation for Investment Projects Opinion We have audited financial statements containing financial information structured according to special rules (hereinafter, the financial statements) for the Preservation and Promotion of Cultural Heritage Project of St. Petersburg Foundation for Investment Projects (FISP, OGRN: 1027810337202) which comprise: * Summary of Funds Received as of 09/30/2022; * Summary of Expenditures (by Project Parts) as of 09/30/2022; * Summary of Expenditures (by Project Categories) as of 09/30/2022; * Summary of SOEs for the period ended 09/30/2022; * Designated Account Statement for the period ended 09/30/2022; * Financial Monitoring Reports (FMR) including: * Project Sources & Uses of Funds for the quarter and cumulative period ended 09/30/2022; * Uses of Funds by Project Activity for the quarter and cumulative period ended 09/30/2022; * Designated Account (DA) Statement as at 09/30/2022; * Total Reconciliation of Cultural Heritage Project Russia on Disbursed Funds to EBRD Loan Account Statement as of 30 September 2022; * Notes to the financial statements containing financial information structured according to special rules (hereinafter, the financial statements) for Preservation and Promotion of Cultural Heritage Project, including a summary of significant accounting policies. In our opinion, the accompanying financial statements for the Preservation and Promotion of Cultural Heritage Project present fairly, in all material respects, the financial position of the Preservation and Promotion of Cultural Heritage Project of St. Petersburg Foundation for Investment Projects as at 30 September 2022, the sources and uses of the special purpose funding for the period ended 30.09.2022 in accordance with the requirements of Guidelines on annual financial statements and audit in respect of the activities funded by the World Bank. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further disclosed in the section "Auditor's Responsibility for the Audit of the Financial Statements Containing Financial Information Structured According to Special Rules" of our report. We are independent of St. Petersburg Foundation for Investment Projects in accordance with the Independence Rules for Auditors and Audit Firms and Code of Ethics for Professional Auditors which comply with IESBA Code of Ethics for Professional Accountants (including the international independence standards). We have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Emphasis of Matter: Accounting Principles and Restriction on Distribution Please, refer to par. 1, par. 2 and par. 3 of the Notes to the financial statements under the Preservation and Promotion of Cultural Heritage Project describing the principles used in preparation of the financial statements. Financial statements for the Preservation and Promotion of Cultural Heritage Project have been prepared in order to confirm the compliance by St. Petersburg Foundation for Investment Projects with the requirements of the Guidelines on annual financial statements and audit in respect of the activities funded by the World Bank and their presentation to the International Bank for Reconstruction and Development (IBRD). Therefore, the accompanying financial statements may be not applicable for any other purposes. Our report is intended solely for St. Petersburg Foundation for Investment Projects and International Bank for Reconstruction and Development and may not be distributed to or used by any third parties FISP and IBRD). We do not express a modified opinion in relation to the above. Management's Responsibility for the Financial Statements Containing Financial Information Structured According to Special Rules Management of St. Petersburg Foundation for Investment Projects is responsible for the preparation and fair presentation of financial statements for the Preservation and Promotion of Cultural Heritage Project of St. Petersburg Foundation for Investment Projects in accordance with the requirements of the Guidelines on annual financial statements and audit in respect of the activities funded by the World Bank; and for such internal control as management determines is necessary to enable the preparation of financial statements for the Preservation and Promotion of Cultural Heritage Project of St. Petersburg Foundation for Investment Projects that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the management is responsible for assessing the ability of St. Petersburg Foundation for Investment Projects to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting, unless management either intends to liquidate the entity, or to cease operations, or has no realistic alternative but to do so. Auditor's Responsibility for the Audit of the Financial Statements Containing Financial Information Structured According to Special Rules Our objectives are to obtain reasonable assurance about whether the financial statements for the Preservation and Promotion of Cultural Heritage Project of St. Petersburg Foundation for Investment Projects are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with International Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users made on the basis of these financial statements. As part of an audit in accordance with International Standards on Auditing, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit 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 internal control of St. Petersburg Foundation for Investment Projects. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates (if any) and related disclosures made by management. - Conclude on the appropriateness of use by St. Petersburg Foundation for Investment Projects of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of St. Petersburg Foundation for Investment Projects to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause St. Petersburg Foundation for Investment Projects to cease to continue as a going concern. We communicate with those charged with governance, i.e. members of the Board of St. Petersburg Foundation for Investment Projects represented by the authorized Board member, regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Deputy General Director for Audit / Head of Audit Department of JSC MCD Acting based on Power of Attorney No. I of 10.01 2Q22, Artur V.Gazaryan ORNZ: 21606070950 0 Engagement Manager for the audit underlying the auditor's report /* Tatiana V.Gavrilova / ORNZ: 21606070882 The Auditor: Joint Stock Company MCD (JSC MCD), OGRN: 1027810263579, office 114,14/2 G, ul. Akademika Pavlova, Saint Petersburg, 197022, Russian Federation, ORNZ: 11606048526 /L L hr2022 ' N N 00 и ш ш м ш N > м м Г г� о с"о о о °ti' ° й � � Ё •- •- Г о /�� Г о V 1 с � � � ° � (0 '' о0 о0 О Г Q 1� 1� М и i � � и и Г и со Г 'о � ` С л .С , а� о i� о °о °о °i м т и � °о °о °о °о а. l� � l � � о о сд со �' " � U о о N м д,tг dj -`� з � F ОО 00 М Г � . �, rn и и и - � � � Г Г о Г J .' 1 � _ i и т � � � � � , 4 � - 6 Jt. и ао оо сд � �, � � � �' � v v с0 Г U � N м N N :а . 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270684342 5574570 8131 226 Expenditures by the Bank 1 926 382 81 535462 5901 955 85970831 3 975573 4435369 Expenditures by the Russian Federation 25287689 181 017655 26886685 184713512 1 598996 3695857 1(a) Rehabilikatkon and M Jovefflefit of culftiral, herita e ! iteS and n0tulions 27213474 L61 513 6 32788640 26964540 5575166 8 131 822 Expenditures by the Bank 1 925786 81 096032 .5_ 955 85531 997 3976169 443596 Expenditures by the Russian Federation 25287689 180417611 2688668 184113468 1 598996 3695857 1 (a) (i) support to large-scale, integrated site development and management Sub-projects 25997759 236815775 28309286 244 111 753 2311527 7295978 Expenditures by the Bank 1 739 886 73092133 5095671 77387210 3355785 4295077 Expenditures by the Russian Federation 24257872 163723642 23213615 166724543 -1044257 3000901 support to small scale local Sub-projects aiming at improving existing cultural 1 (a) 00 heritage sites and institutions 1 215716 24697868 4479354 25533712 3263638 835844 Expenditures by the Bank 185899 8003900 806284 8144787 620385 140887 Expenditures by the Russian Federation 1029816 16693969 3673070 17388925 2643254 694956 cmadly Nfilding for inlegralpd site developmeni to recikons and li:E al culluTat 1 (b) institutig 596 1 0394 0 1 03887 -596 -596 Expenditures by the Bank 596 439430 438834 -596 -596 Expenditures by the Russian Federation 2 60004 000044 0 0 activities required to improve the capacity of the Participating Oblasts in cultural I (b) 0) heritage management 0 10495 0 10495 0 0 Expenditures by the Bank 0 4342 0 4342 0 0 Expenditures by the Russian Federation 0 6153 0 6153 0 0 pre-identified Training and capacity building specific to Sub-project investments as 1 (b) (d) well as additional support 596 1 023 789 0 1023193 -596 -596 Expenditures by the Bank 596 432857 0 432260 -596 -596 Expenditures by the Russian Federation 0 590933 0 590933 0 0 exchange of experiences between Beneficiaries to promote knowledge and 1 (b) (N) innovation sharing 0 5190 0 5190 0 0 Expenditures by the Bank 0 2232 0 2232 0 0 Expenditures by the Russian Federation 0 2958 0 2958 0 0 2 Protection of Museum Assets 7202061 59469176 10912764 56544673 3710703 -2924503 Expenditures by the Bank 519079 6998763 1 324311 7015237 805232 16474 Expenditures by the Russlan Federation 6682982 52470414 9588453 49529436 2905471 -2940977 2(a) Improvement of collection management, conservation and storage 6985701 55316216 10666436 5Z241_779 368073 -3074437 Expenditures by the Bank !LBO 126 5510505 1 279972 550000 799846 -10505 Expenditures by the Russian Federation 6505575 49805711 938646 46741 779 2880889 -3063931 the carrying out of an in-depth institutional and physical needs assessment for the 2(affl) developmentofa conservation and storage strategy 0 133224 0 133224 0 0 Expenditures by the Bank 0 15987 0 15987 0 0 Expenditures by the Russian Federation 0 117237 0 117237 0 0 2(a)(fi) targeted technical assistance to improve the management ofcollections 0 6246 0 6246 0 0 Expenditures by the Bank 0 375 0 375 0 0 Expenditures by the Russian Federation 0 5871 0 5871 0 0 the construction of a Multifunctional Museum Facility, for conservation, research 2(affifi) and training purposes 6985701 55 176 746 10666436 52102309 3680735 -3074437 Expenditures by the Bank 480126 5494 143 1 279972 5483638 799846 -10505 Expenditures by the Russian Federation 6505575 49682602 9386464 46618671 2880889 -3063931 2(b) Development and testing of museum security practices 21636 4152960 246328 4302894 29968 149934 Expenditures by the Bank 38953 1 488258 4433 1 515237 5386 26979 Expenditures by the Russian Federation 177407 Z_664 703 201 989 2787657 24582 122954 Development ofpractical guidelines and specifications to promote the installation of 2(b) N modern security systems 756 6.54753 13259 677180 11502 22427 Expenditures by the Bank 324 267036 2387 271 065 2062 4029 Expenditures by the Russian Federation 1 432 387717 10872 406 115 9440 18398 installation and testing of modem security equipment and provision of related 2(b) 00 training in selected cultural institutions in Participating Oblasts 214604 3498207 233069 3625714 18465 127507 Expenditures by the Bank 38629 1221221 41 952 1244 172 3324 22951 Expenditures by the Russian Federation 175975 2276986 191 117 2381 542 15142 104556 3 Project Management, Monitoring and Evaluation 1 228977 16837434 2003932 18773382 774955 1 935948 Expenditures by the Bank 175314 6749552 288124 7013933 112810 264381 Expenditures by the Russian Federation 1 053663 10087882 1 715809 11 759449 662145 1 671567 3(a) Project Management 507975 L2 543 449 1 209733 14200255 701 759 1 656806 Expenditures by the Bank 4549 5285835 145168 500 000 99672 214165 Expenditures by the Russian Federation 462478 7257614 1 064565 8700255 602087 1 442641 3(b) Monitoring and Evaluation 721 003 293 9B6 794199 4573127 73196 279141 Expenditures by [he Bank L2_9 8 17 1463718 14295 1 51393 13138 50215 Expenditures by the Russian Federation 591 185 2830268 651 243 3059 194 60058 228926 4 Unallocated 0 0 0 0 0 0 Expenditures by the Bank 0 0 0 0 0 0 Expenditures by the Russian Federation 0 0 0 0 0 0 TOTAL 35645109 338859727 45705336 346002397 10060228 7142671 Expenditures by the Bank 262077,5 95283777 7514390 100000000 4893615 4716223 Expenditures by the Russian Federation 33 4334 -:24Z(475 950 38190946 246002397 5166612 2426447 Acting Director ARdrey A. Baterin Head of the Financial Flepar ' t Nataliya N. 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(from 10/01/2015) Address: 2, Krasnogo tekstilschika str. Currency: USD Notes 1. Designated account opening balance as at 01/01/2022 1 932018,99 Add 2. Replenishment of DA 4263351,46 3. Converted into rubles, but not yet paid as of 01 /01 /2022 0,01 Less 4. Total amount recovered by the World Bank 0,00 5. Present outstanding amount advanced to the Designated Account 6195370,46 6. Designated account closing balance as of 09/30/2022 3627527,53 Add 7. Eligible Project expenditures 2620774,68 8. Interest transferred to MoF 0,00 9. Converted into rubles, but not yet paid 0,00 10. Exchange gain/loss on the ruble DA -52931,75 Less 11. Interest earned 0,00 12. Total Advance accounted for 6195370,46 13. Discrepancy (5) - (12) to be explained 0,00 Acting Director General Andrey A. Baterin Head of the Financial Departm4nt Nataliya N. Stolyarova Date: 10/19/2022 Designated Account Statement shall be concidered together with the Notes, which are integral part of the Reports St.Petersburg Foundation for investment projecns RUSSIAN FEDERATION Preservation and Promotion of Cultural Heritage Project Financial Monitoring Reports (FMR) Table of Contents Financial Reports 1-A Project Sources and Uses of Funds I-B Uses of Funds by Project Activity I-C Special Account Statement Cultua IIeri e Projec Rssia,. Financ ial Monit-in, Rep (IFMR) / I-A Russian Federation Preservation and Promotion of Cultural Heritage Project Loan No. 7999 RU Project Sources & Uses of Funds For the quarter and Cumulative period ended 09/30/2022 in US Dollars Actual Current Cumulative Quarter To-Date Opening Cash Balance Projects Account (USD equiv.of RUB) I 104411,09 - Russian Federation Funds I 104411,09 - IBRD Designated Account 3 627 527,53 DA Funds - USD 3 627 527,53 DA Funds - RUB (in USD equiv) - DA Funds - USD - Funds in transit Total 4731 938,62 - Add: Sources of Funds IBRD Funds 98 916 307,75 Direct Payments SA Replenishment 98 916 307,75 Russian Federation Funds 13 716 721,51 247 793 754,73 Total 13 716 721,51 346 710 062,48 Foreign Exchange Difference 68344,21 (4 215 431,19) Less: Uses of Funds Category I (Goods, works, and consultants' services 13 725 792,58 271 000 062,64 for the Project, except for Part 2 A of the Project) IBRD Loan - 84 487 437,26 Russian Federation Funds 13 725 792,58 186 512 625,38 Category 2 (Goods and works under Part 2.A of the I 154 336,87 55 316215,61 Project) IBRD Loan - 5 510504,96 Russian Federation Funds I 154 336,87 49 805 710,65 Category 3 (Operating Costs) 1 481,81 12 543 448,49 IBRD Loan - 5 285 834,63 Russian Federation Funds 1 481,81 7257613,86 Total 14 881611,26 338 859 726,74 Net result from the operations 3635393,08 3634904,55 Closing Cash Balance Projects Account (USD equiv.of RUB) 7 865,55 7865.55 Russian Federation Funds 7 865,55 7 865,55 IBRD Designated Account 3 627 527,53 3 627 527,53 DA Funds - USD 3 627 527,53 3 627 527,53 DA Funds - RUB (in USD equiv) DA Funds - USD - Funds in transit - Total 3635393,08 3635393,08 Difference (488,53) NOTES The total amount of the difference for the ,r - sp t E (488 53). the causes of all differences af sesrl it ho-s related to the relevant periods Acting Director General _ Andrey A. Baterin Head of the Financial prnin ataliya N. Stolyarova 09/2022 о о ё е о� � ё � о ё ё �� о ё r � е? м м N �`! м О О О О о О О о"�' р С О О О С О т т � $ - р ,� � > N " J F � �� ~ О l� Г`1 О N 1� И `° $ °F � О� а а � О � ^ � �о" 'н ^^ �D 3� Э о � д О v� О� й г� оо О� Т й о �� U Е м М N °O оо И И О� О О р � � в а � о�0 а о�о О й 7 м� т ё � �у ^ N с G ' � LL �-+ V о � .` � О е е � е е о о О е о О О е С О о е С О О о О О О О О 0 о' О О р О О р р О О � а_ � �' и й а°о о°о ао оо 7 � гЙ мi м 1' 1� U о r Г � С�~ О N О О С О С Т Q� 69 N ry гв�j С М и С И О О ^� О � h И И ер ор м М М м � � .r i i i О � о о � °о °р с °о о е ы N � � ^� о с� о о > ^ о 'й � �о � � �' �� �� � о о й 'д � о� о м ,о � ,о •7 � � а -Nt .-мИ. 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General information on the Project The Preservation and Promotion of Cultural Heritage Project is implemented under the Loan Agreement JV2 7999 RU dated March 23, 2011 between the Russian Federation and the International Bank for Reconstruction and Development. The Loan Agreement has been in effect since June 10, 2011. Total amount of funds, assigned to the Russian Federation, is USD 100,000,000.00. The purposes of the Project are: (i) to support the conservation, safekeeping and promotion of cultural heritage assets in Leningrad, Pskov, Novgorod and Tver oblasts; (ii) to improve regional capacity for cultural heritage management for promoting the socio-economic development of participating regions. To achieve the Project objectives a number of activities (parts of the project) have been developed. Information on these activities is presented in the Summary of expenditures. The Project is being implemented by the Foundation of Investment Projects (FISP) based on the aforesaid Loan Agreement and Agency Agreement 0 1 -0 1 -06/17-69 of April 28, 2011, concluded between the Ministry of Finance of the Russian Federation, the Ministry of Culture of the Russian Federation and the Foundation of Investment Projects (FISP). The Closing Date is June 30, 2022. 2. Basis for financial reporting The financial statements of the Project are based on the Project accounting records which reflect financial transactions on the Project performed by FISP. The financial statements of FISP are prepared by management in accordance with the International Bank for Reconstruction and Development (the IBRD) financial reporting guidelines (i.e. in accordance with the special purpose concept) to ensure compliance with the requirements of the regulatory authority. The applicable concept for financial statements preparation is that of fair presentation. In the reporting period, the cash basis of accounting has been used for the Project. The cash basis of accounting is acceptable in accordance with the International Bank for Reconstruction and Development (the IBRD) Guidelines for non-profit and non-commercial projects. The cash basis means that the sources of funding for the Project are reflected in financial statements at the actual time they are credited to the FISP accounts or transferred to contractors in a form of direct payments from the World Bank Loan Account in Washington. Accordingly, the expenditures of funds are reflected in the period, in which they have actually been debited from the FISP bank accounts. 3. Project financial management system and accounting policy The system of the Project financial management is established and maintained by FISP. Its structure and principles, including the bases of the accounting policy, are stated in the Project. Operation Manual approved by the Ministry of Culture of the Russian Federation and agreed upon with the IBRD. The principal accounting policies essential for the Project financial statements are stated below. 3.1. Currency conversion policies 3.1.1. Reporting currency and necessity of conversion The Project Financial Statements are prepared in US dollars. Part of the funding is received in US dollars from the World Bank, while co-financing from the Russian Federation is provided in Russian Rubles. The disbursements are mostly made in Russian Rubles. For reporting purposes, amounts paid in Russian Rubles are translated into US dollars. 3.1.2. Conversion rates For the presentation of the financial statements, the expenditures, funded by the World Bank and incurred in Russian Rubles, are translated into US dollars at the exchange rate of the Central Bank of the Russian Federation on the date of payment. Co-financing funds receipts and expenditures are translated into US dollars at exchange rates set by the Central Bank of Russia as of the date of the transaction. The balances of co-financing funds on the ruble account are also translated into US dollars at the rates of the Central Bank of Russia as of the beginning and the end of the reporting period. 4. Reporting period The Project Financial Statements have been prepared for the year ended September 30, 2022 (01/01/2022 - 09/30/2022). 5. World Bank Loan Funds The World Bank financing amounted to USD 4,263,351.46 in the reporting period. This amount represents replenishments of the Special Designated Account in 2022. Most of expenditures incurred in 2022 related to the construction works and consulting services for the Project. In March 2022, following the sanctions imposed on the financial system of the Russian Federation, the World Bank notified the Ministry of Finance of the Russian Federation about the termination of funding for the Project. By the letter No.17-04-08/22290 of dated 03/18/2022 the Ministry of Finance of the Russian Federation forwarded to FISP a letter from the World Bank (hereinafter referred to as the Bank) dated 03/18/2022 informing on the suspension of payments in terms of the Project. Payments for works carried out after 18 April, 2022 and all payments after 18 May, 2022 (excluding operational costs) were made from the co-financing funds under the Project. 6. Co-financing funds From the Russian Federation co-financing of the Project is provided by the Ministry of Culture of Russia. The source of funds is the Federal budget. In accordance with the Loan Agreement, 2 the Ministry of Finance allocates co-financing funds from the Federal budget for each year of the Project implementation. In the reporting period, RUR 1,098,803,400.00 equivalent to USD 14,018,247.68 were transferred to the FISP Project Account. Also, due to early termination of financing from the funds of IBRD Loan (see Section 5) and the necessity to complete the Project, by Order of the Government of the Russian Federation No. 2511 -r dated September 2, 2022 an additional RUB 819,918,400.00 were allocated from the reserve fund of the Russian Federation Government, which were transferred to the Project account on September 15, 2022 and amounted to USD 13,716,721.51. In total, in 2022, co-financing funds from the budget of the Russian Federation amounted to USD 27,734,969.19 (RUR 1,918,721,800.00). The major part of expenditures incurred in 2022 related to the Construction Works and Consulting Services of the Project. 7. Project Special Designated Account Since October 01, 2015, in accordance with the proposal of the Ministry of Finance of the Russian Federation and in order to reduce additional expenses, FISP has transferred its accounts related to the IFO projects to the Sberbank (SEVERO-ZAPADNY H.O.) with assigned USD Special Designated account X2 40703 840 255040000022. The Special Designated Account is funded from the World Bank's loan proceeds. The World Bank periodically replenishes the Special Designated Account in accordance with FISP applications. According to currency regulations of the Russian Federation, the IBRD funds are preliminary credited to the Special Designated Transit Account. Since the payments to Russian suppliers are made in Russian Rubles, Sberbank converts the major part of funds from the Special Designated Account into Russian Rubles. Once converted, the funds are transferred to the RUR Special Designated Account. 8. RUR Special Designated Account The RUR Special Designated Account was transferred to PJSC Sberbank (SEVERO- ZAPADNY H.O.) in October 01, 2015 with assigned X2 40703 810 555040000516. 9. Special Designated Transit Account The Special Designated Transit Account was transferred to PJSC Sberbank (SEVERO- ZAPADNY H.O.) in October 01, 2015 with assigned X2 40703 840 555041000022. 10. Project Account (co-financing) The Project Account was transferred to PJSC Sberbank (SEVERO-ZAPADNY H.O.) in October 01, 2015 with assigned X2 40703 810 255040000515. 11. Reconciliation As of September 30, 2022 the total financing (USD 346,710,062.48) exceeded the total expenditures (USD 338,859,726.75) by USD 7,850,335.73. 3 The breakdown of the amount is as follows: USD dollars Special Designated Account balance 3 627 527,53 RUR Special Designated Account balance (see Note 8) 0.00 Special Designated Transit Account balance (see Note 9) 0.00 Exchange difference on RUR Special Designated 4 938,86 Account Exchange differences due to different dates of the USD sale and crediting the funds to the RUR Special Designated Account, as well as due to refunds from the 67,40 supplier to the RUR Special Designated Account Exchange rate difference due to erroneous debiting of the Bank Commission from the Project Account and its (2.89) subsequent refund Project Account balance (see Note 10) 7,865.55 Exchange difference on Project Account 4,210,492.32 Penalty on social charges paid from the Russian 4.04 Federation Funds Exchange rate difference due to partial payment of costs from the Project Account and subsequent refund of funds (548.42) on a different date FISP is ready to return the remaining funds of the World Bank. Due to the fact that since February 2022 sanctions have been imposed against PJSC Sberbank, it is currently not possible to return the balance of the World Bank funds from the PJSC Sberbank's account. Alternative options for the return of World Bank funds are being considered. Funds will be returned as soon as possible. Acting Director General ;', Andrey A. Baterin Head of the Financi e , _cpA,ii n N.N.Stolyarova Date: 10/19/2022 4