Amendment #4 Page 498 of 868 Tatiltig.crdeSflh 11. Fair value of financial Instruments The Company's main financal instruments are composed of cash rotes and accounts receivable notes and loans payable scant payable and a corked expenses Management be‘eves that the carrying amounts of cash, accounts receivable and accounts payable approach their fair market value due to their shed tens mitre The carryng amount of notes receivable from related panes approximates far value as the notes were antral), recorded at the estimated descanted cash flows In evaluabng the lair value of loans payable at feed rates the Company has considered the country risks market conditions existing both at the date d te loans and thne at the statement of anemial position dates. and that there ale rot a signifcant number ci comparable !Manteca in its market As of March 31, 2015 and Detente( 31 2014 the fair value or the loans, along into account current market interest rates. are the following Carrying amount (Level 3) Fair value March 31, 2015 December 31, 2014 /larch 31, 2016 December 31, 2014 FIAO 3 28,220,799 3 26,758 615 3 26,772,249 S 26,296.130 DEG 23911,428 23691 620 24.06%281 24.559.:99 Proparco 24,816,111 23,325 117 24,304,190 24 797,292 FMOsutoraireted 11,240,640 11,071 796 11.908,464 12 216673 3 46,0388,878 3 87,447 148 $ 86,102,174 S 87871,634 Carrying amount (Level 3) Fair value March 31, DOOM*. 31. March 31. December 31, 2015 2014 2015 2014 Wan to GME 3 3,300.000 S 3 395 540 3 3,424,098 5 3399,050 Fair value Neranhy The Company uses the following hierarchy for determinng and dsdosng the fair value ce its financial inviumerts by valuation !canes* Level 1 Quoted (knackustea) pnces in act we markets for identcal assets or liabilities Level 2 Tech ages that use inputs different from dusted prices Vat are ObSeNette for the asset or liability whether directly or indirectly • Level 3 Tectflq.ies that use inpds