Common use of Independent Auditor’s Report Clause in Contracts

Independent Auditor’s Report. To the Members of Spark The Energy Credit Union Limited Opinion We have audited the financial statements of Spark The Energy Credit Union Limited, (the "Credit Union"), which comprise the statement of financial position as at October 31, 2020 and the statements of loss and comprehensive loss, changes in members' equity and cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Credit Union as at October 31, 2020, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards. Basis for Opinion We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Credit Union in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada, and 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. Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with International Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Credit Union's ability 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 Credit Union or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Credit Union's financial reporting process. Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole 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 Canadian generally accepted auditing standards 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 taken on the basis of these financial statements. As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism 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 Credit Union's internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. • Conclude on the appropriateness of management's use 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 Credit Union's ability 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 the Credit Union to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance 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. Chartered Professional Accountants January 28, 2021 Edmonton, Alberta Statement of Financial Position October 31, 2020 October 31, 2020 October 31, 2019 Assets Cash and cash equivalents (Note 5) $ 7,211,759 $ 315,723 Income taxes receivable 91,058 169,280 Investments (Note 6) 48,953,294 43,119,156 Other assets (Note 9) 238,829 199,734 Loans to members (Note 8) 181,407,470 201,401,511 Derivative financial assets (Note 7) 33,566 --- Deferred income taxes (Note 14) 475,308 237,654 Property and equipment (Note 10) 297,753 387,323 Right-of-use lease assets (Note 22) 394,059 --- Intangible assets (Note 11) 184,330 73,327 $ 239,287,426 $ 245,903,708 Liabilities Member deposits (Note 13) $ 224,985,466 $ 230,957,741 Accounts payable and accrued liabilities 181,022 371,172 Right-of-use lease liabilities (Note 22) 399,590 --- Derivative financial liabilities (Note 7) 33,566 --- 225,599,644 231,328,913 Members’ Equity Dividends distributable (Note 15) --- 166,203 Common shares (Note 15) 5,445,673 5,554,401 Retained earnings 8,242,109 8,854,191 13,687,782 14,574,795 $ 239,287,426 $ 245,903,708 Contingent liabilities and commitments (Note 18) Subsequent events (Note 24) Approved on behalf of the Board Xxx Xxxx, Board Chair Xxxxxxx Xxxxxx, Director See accompanying notes to the financial statements Statement of Loss and Comprehensive Loss For the Year Ended October 31, 2020 2020 2019 Financial income Interest on member loans $ 6,253,284 $ 7,003,972 Investment (Note 20) 778,043 846,258 7,031,327 7,850,230 Financial expenses Interest on member deposits 4,145,127 4,315,615 Interest on lease liability 16,125 --- Interest on borrowings 243 1,693 4,161,495 4,317,308 Financial margin 2,869,832 3,532,922 Provisions for credit impairment (Note 6 and Note 8) 125,804 1,051,149 Net interest income after provision for credit impairment 2,744,028 2,481,773 Other income Service charges, commissions and other 560,356 657,735 Income before operating expenses 3,304,384 3,139,508 Operating expenses (Schedule 1) 4,154,121 4,693,156 Loss before income taxes (849,737) (1,553,648) Income tax recovery Current income taxes recovery --- (111,342) Deferred income taxes recovery (237,655) (244,075) (237,655) (355,417) Net loss and comprehensive loss $ (612,082) $ (1,198,231) See accompanying notes to the financial statements Statement of Changes in Members’ Equity For the Year Ended October 31, 2020 Dividends Common Retained Total Distributable Shares Earnings Equity As at November 1, 2018 $ 174,448 $ 5,856,407 $ 10,400,458 $ 16,431,313 Adjustment for initial application of IFRS 9 --- --- (226,148) (226,148) Restated balance at November 1, 2018 174,448 5,856,407 10,174,310 16,205,165 Net loss for the year --- --- (1,198,231) (1,198,231) Share capital issued and redeemed for cash, net --- (476,454) --- (476,454) Shares issued to settle allocation distributable (174,448) 174,448 --- --- Dividends declared, net of tax recovery of $44,315 (Note 15) 166,203 --- (121,888) 44,315 As at October 31, 2019 $ 166,203 $ 5,554,401 $ 8,854,191 $ 14,574,795 As at November 1, 2019 $ 166,203 $ 5,554,401 $ 8,854,191 $ 14,574,795 Net loss for the year --- --- (612,082) (612,082) Share capital issued and redeemed for cash, net --- (274,931) --- (274,931) Shares issued to settle allocation distributable (166,203) 166,203 --- --- As at October 31, 2020 $ --- $ 5,445,673 $ 8,242,109 $ 13,687,782 See accompanying notes to the financial statements Statement of Cash Flows For the Year Ended October 31, 2020 2020 2019 Cash flows (used in) from operating activities: Net loss $ (612,082) $ (1,198,231) Adjustments for: Net interest income (2,869,832) (3,532,922) Provisions for credit impairment 125,804 1,051,149 Provisions for deferred income taxes recovery (237,655) (244,075) Interest paid for leased liabilities (Note 22) (16,125) --- Depreciation of property and equipment (Note 10) 131,555 123,963 Amortization of intangible assets (Note 11) 55,440 43,561 (3,422,895) (3,756,555) Changes in other assets (39,095) (77,655) Changes in accounts payable and accrued liabilities (190,150) 11,481 Changes in income taxes receivable 78,221 5,130 (151,024) (61,044) Changes in member activities (net): Changes in member loans 19,994,041 14,259,922 Changes in member deposits (5,972,275) (6,317,910) 14,021,766 7,942,012 Cash flows related to interest: Interest received 7,031,327 7,896,957 Interest paid (4,145,370) (4,198,683) 2,885,957 3,698,274 13,333,804 7,822,687 Cash flows (used in) financing activities: Issuance of common shares 24,275 31,938 Redemption of common shares (299,206) (508,392) Tax recovery on investment share dividends --- 44,315 (274,931) (432,139) Cash flows (used in) from investing activities: Purchase of investments (9,336,160) (9,431,742) Proceeds on redemption of investments 3,381,750 1,313,977 Additions to intangible assets (Note 11) (166,443) (43,625) Additions to property and equipment (Note 10) (41,984) (73,900) (6,162,837) (8,235,290) Net (decrease) increase in cash and cash equivalents 6,896,036 (844,742) Cash and cash equivalents, beginning of year 315,723 1,160,465 Cash and cash equivalents, end of year $ 7,211,759 $ 315,723 See accompanying notes to the financial statements

Independent Auditor’s Report. To Board of Directors of San Xxxx Clinic Report on the Members of Spark The Energy Credit Union Limited Opinion Financial Statements We have audited the accompanying financial statements of Spark The Energy Credit Union Limited, San Xxxx Clinic (the "Credit Union"Clinic), a nonprofit organization, which comprise the statement of financial position as at October of December 31, 2020 2020, and the related statements of loss activities and comprehensive loss, changes in members' equity net assets, functional expenses and cash flows for the year years then ended, ended and the related notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Credit Union as at October 31, 2020, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards. Basis for Opinion We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the AuditorManagement's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Credit Union in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada, and 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. Responsibilities of Management and Those Charged with Governance Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of the these financial statements in accordance with International Financial Reporting Standardsaccounting principles generally accepted in the United States of America; this includes the design, implementation, and for such maintenance of internal control as management determines is necessary relevant to enable the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the financial statements, management is responsible for assessing the Credit Union's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis United States of accounting unless management either intends to liquidate the Credit Union or to cease operations, or has no realistic alternative but to do soAmerica. Those charged with governance are responsible for overseeing standards require that we plan and perform the Credit Union's financial reporting process. Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are audit to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due . An audit involves performing procedures to fraud or error, obtain audit evidence about the amounts 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 Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or disclosures in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part The procedures selected depend on the auditor's judgment, including the assessment of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, 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 auditor considers internal control relevant to the audit Clinic's preparation and fair presentation of the 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 Credit UnionClinic's internal control. • Evaluate Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates and related disclosures made by management. • Conclude on the appropriateness of management's use 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 Credit Union's ability 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 the Credit Union to cease to continue well as a going concern. • Evaluate evaluating the overall presentation, structure and content presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit opinion. Basis for Qualified Opinion We did not observe inventory (stated at $2,687,252) taken on December 31, including 2019. The Clinic’s accounting records do not permit us to extend our auditing procedures to obtain sufficient appropriate evidence for beginning balance of inventory amounts noted in the disclosuresaccompanying statement of financial position. Consequently, we were unable to determine whether any adjustments were necessary in the statements of activities and net assets, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing statement of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Chartered Professional Accountants January 28, 2021 Edmonton, Alberta Statement of Financial Position October 31, 2020 October 31, 2020 October 31, 2019 Assets Cash and cash equivalents (Note 5) $ 7,211,759 $ 315,723 Income taxes receivable 91,058 169,280 Investments (Note 6) 48,953,294 43,119,156 Other assets (Note 9) 238,829 199,734 Loans to members (Note 8) 181,407,470 201,401,511 Derivative financial assets (Note 7) 33,566 --- Deferred income taxes (Note 14) 475,308 237,654 Property and equipment (Note 10) 297,753 387,323 Right-of-use lease assets (Note 22) 394,059 --- Intangible assets (Note 11) 184,330 73,327 $ 239,287,426 $ 245,903,708 Liabilities Member deposits (Note 13) $ 224,985,466 $ 230,957,741 Accounts payable and accrued liabilities 181,022 371,172 Right-of-use lease liabilities (Note 22) 399,590 --- Derivative financial liabilities (Note 7) 33,566 --- 225,599,644 231,328,913 Members’ Equity Dividends distributable (Note 15) --- 166,203 Common shares (Note 15) 5,445,673 5,554,401 Retained earnings 8,242,109 8,854,191 13,687,782 14,574,795 $ 239,287,426 $ 245,903,708 Contingent liabilities and commitments (Note 18) Subsequent events (Note 24) Approved on behalf of the Board Xxx Xxxx, Board Chair Xxxxxxx Xxxxxx, Director See accompanying notes to the financial statements Statement of Loss and Comprehensive Loss For the Year Ended October 31, 2020 2020 2019 Financial income Interest on member loans $ 6,253,284 $ 7,003,972 Investment (Note 20) 778,043 846,258 7,031,327 7,850,230 Financial expenses Interest on member deposits 4,145,127 4,315,615 Interest on lease liability 16,125 --- Interest on borrowings 243 1,693 4,161,495 4,317,308 Financial margin 2,869,832 3,532,922 Provisions for credit impairment (Note 6 and Note 8) 125,804 1,051,149 Net interest income after provision for credit impairment 2,744,028 2,481,773 Other income Service charges, commissions and other 560,356 657,735 Income before operating expenses 3,304,384 3,139,508 Operating expenses (Schedule 1) 4,154,121 4,693,156 Loss before income taxes (849,737) (1,553,648) Income tax recovery Current income taxes recovery --- (111,342) Deferred income taxes recovery (237,655) (244,075) (237,655) (355,417) Net loss and comprehensive loss $ (612,082) $ (1,198,231) See accompanying notes to the financial statements Statement of Changes in Members’ Equity For the Year Ended October 31, 2020 Dividends Common Retained Total Distributable Shares Earnings Equity As at November 1, 2018 $ 174,448 $ 5,856,407 $ 10,400,458 $ 16,431,313 Adjustment for initial application of IFRS 9 --- --- (226,148) (226,148) Restated balance at November 1, 2018 174,448 5,856,407 10,174,310 16,205,165 Net loss for the year --- --- (1,198,231) (1,198,231) Share capital issued and redeemed for cash, net --- (476,454) --- (476,454) Shares issued to settle allocation distributable (174,448) 174,448 --- --- Dividends declared, net of tax recovery of $44,315 (Note 15) 166,203 --- (121,888) 44,315 As at October 31, 2019 $ 166,203 $ 5,554,401 $ 8,854,191 $ 14,574,795 As at November 1, 2019 $ 166,203 $ 5,554,401 $ 8,854,191 $ 14,574,795 Net loss for the year --- --- (612,082) (612,082) Share capital issued and redeemed for cash, net --- (274,931) --- (274,931) Shares issued to settle allocation distributable (166,203) 166,203 --- --- As at October 31, 2020 $ --- $ 5,445,673 $ 8,242,109 $ 13,687,782 See accompanying notes to the financial statements Statement of Cash Flows For the Year Ended October 31, 2020 2020 2019 Cash flows (used in) from operating activities: Net loss $ (612,082) $ (1,198,231) Adjustments for: Net interest income (2,869,832) (3,532,922) Provisions for credit impairment 125,804 1,051,149 Provisions for deferred income taxes recovery (237,655) (244,075) Interest paid for leased liabilities (Note 22) (16,125) --- Depreciation of property and equipment (Note 10) 131,555 123,963 Amortization of intangible assets (Note 11) 55,440 43,561 (3,422,895) (3,756,555) Changes in other assets (39,095) (77,655) Changes in accounts payable and accrued liabilities (190,150) 11,481 Changes in income taxes receivable 78,221 5,130 (151,024) (61,044) Changes in member activities (net): Changes in member loans 19,994,041 14,259,922 Changes in member deposits (5,972,275) (6,317,910) 14,021,766 7,942,012 Cash flows related to interest: Interest received 7,031,327 7,896,957 Interest paid (4,145,370) (4,198,683) 2,885,957 3,698,274 13,333,804 7,822,687 Cash flows (used in) financing activities: Issuance of common shares 24,275 31,938 Redemption of common shares (299,206) (508,392) Tax recovery on investment share dividends --- 44,315 (274,931) (432,139) Cash flows (used in) from investing activities: Purchase of investments (9,336,160) (9,431,742) Proceeds on redemption of investments 3,381,750 1,313,977 Additions to intangible assets (Note 11) (166,443) (43,625) Additions to property and equipment (Note 10) (41,984) (73,900) (6,162,837) (8,235,290) Net (decrease) increase in cash and cash equivalents 6,896,036 (844,742) Cash and cash equivalents, beginning of year 315,723 1,160,465 Cash and cash equivalents, end of year $ 7,211,759 $ 315,723 See accompanying notes to the financial statementscashflows.

Independent Auditor’s Report. To the Members Directors of Spark The Energy Credit Union Limited Opinion Intermeccanica International Inc. We have audited the accompanying financial statements of Spark The Energy Credit Union Limited, (the "Credit Union"), Intermeccanica International Inc. which comprise the statement of financial position as at October March 31, 2020 2017 and 2016, and the statements of loss and comprehensive income (loss), changes in membersshareholders' equity and cash flows for the year years then ended, and notes to the financial statements, including a summary of significant accounting policiespolicies and other explanatory information. In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Credit Union as at October 31, 2020, and its financial performance and its cash flows Management's Responsibility for the year then ended in accordance with International Financial Reporting Standards. Basis for Opinion We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Credit Union in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada, and 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. Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of the these financial statements in accordance with International Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the Auditor's Responsibility Our responsibility is to express an opinion on these financial statements, management is responsible for assessing the Credit Union's ability 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 Credit Union or to cease operations, or has no realistic alternative but to do sostatements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those charged standards require that we comply with governance are responsible for overseeing ethical requirements and plan and perform the Credit Union's financial reporting process. Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are audit to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due . An audit involves performing procedures to fraud or error, obtain audit evidence about the amounts 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 Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or disclosures in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part The procedures selected depend on the auditor's judgment, including the assessment of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, 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 auditor considers internal control relevant to the audit entity's preparation and fair presentation of the consolidated 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 Credit Unionentity's internal control. • Evaluate An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. • Conclude on the appropriateness of management's use 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 Credit Union's ability 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 the Credit Union to cease to continue well as a going concern. • Evaluate evaluating the overall presentation, structure and content 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. Opinion In our opinion, including the disclosures, and whether the financial statements represent the underlying transactions and events present fairly, in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other mattersall material respects, the planned scope financial position of Intermeccanica International Inc. as at March 31, 2017 and timing of 2016, and its financial performance and its cash flows for the audit and significant audit findingsyear then ended in accordance with International Financial Reporting Standards. XXXX XXXXXXXX XXXX-XXXXXX XXXXXXX LLP CHARTERED PROFESSIONAL ACCOUNTANTS Vancouver, including any significant deficiencies in internal control that we identify during our audit. Chartered Professional Accountants January 28Canada October XX, 2021 Edmonton, Alberta Statement 2017 Intermeccanica International Inc. Statements of Financial Position October (Expressed in Canadian dollars) Note March 31, 2020 October 2017 March 31, 2020 October 31, 2019 Assets 2016 ASSETS Current assets Cash $ 72,846 $ 19,986 Receivables 109,918 68,288 Inventory 4 422,670 355,873 Taxes recoverable 5 8,216 8,216 Prepaid expenses and cash equivalents (Note 5) deposits 16,952 16,606 630,602 468,969 Non-current assets Plant and equipment 6 38,394 51,853 TOTAL ASSETS $ 7,211,759 668,996 $ 315,723 520,822 LIABILITIES Current liabilities Bank indebtedness 7 $ - $ 159,637 Trade payables and accrued liabilities 8 80,103 84,241 Customer deposits 317,928 276,188 Income taxes receivable 91,058 169,280 Investments payable 17,251 - Current portion of long-term debt 9 4,153 4,153 419,414 524,219 Non-Current liabilities Long-term debt 9 9,344 13,498 Shareholder loans 14 167,512 83,324 TOTAL LIABILITIES 596,291 621,041 EQUITY Share capital 13 100 100 Retained earnings (Note 6deficit) 48,953,294 43,119,156 Other assets 72,605 (Note 9100,319) 238,829 199,734 Loans to members TOTAL EQUITY 72,705 (Note 8) 181,407,470 201,401,511 Derivative financial assets (Note 7100,219) 33,566 --- Deferred income taxes (Note 14) 475,308 237,654 Property and equipment TOTAL LIABILITIES AND EQUITY $ 668,996 $ 520,822 Commitments (Note 10) 297,753 387,323 Right-of-use lease assets (Note 22) 394,059 --- Intangible assets (Note 11) 184,330 73,327 $ 239,287,426 $ 245,903,708 Liabilities Member deposits (Note 13) $ 224,985,466 $ 230,957,741 Accounts payable and accrued liabilities 181,022 371,172 Right-of-use lease liabilities (Note 22) 399,590 --- Derivative financial liabilities (Note 7) 33,566 --- 225,599,644 231,328,913 Members’ Equity Dividends distributable (Note 15) --- 166,203 Common shares (Note 15) 5,445,673 5,554,401 Retained earnings 8,242,109 8,854,191 13,687,782 14,574,795 $ 239,287,426 $ 245,903,708 Contingent liabilities and commitments (Note 18) Subsequent events (Note 2416) Approved on On behalf of the Board Xxx Xxxx, Board Chair Xxxxxxx Xxxxxx, of Directors. ___________________________ Director See ___________________________ Director The accompanying notes to the are an integral part of these financial statements Statement Intermeccanica International Inc. Statements of Loss and Comprehensive Loss For the Income (Loss) (Expressed in Canadian dollars) Year Ended October ended Note March 31, 2020 2020 2019 Financial income Interest on member loans 2017 March 31, 2016 Revenue 11 $ 6,253,284 1,262,657 $ 7,003,972 Investment (Note 20) 778,043 846,258 7,031,327 7,850,230 Financial expenses Interest on member deposits 4,145,127 4,315,615 Interest on lease liability 16,125 --- Interest on borrowings 243 1,693 4,161,495 4,317,308 Financial margin 2,869,832 3,532,922 Provisions for credit impairment (Note 6 and Note 8) 125,804 1,051,149 Net interest income after provision for credit impairment 2,744,028 2,481,773 Other income Service charges, commissions and other 560,356 657,735 Income before operating expenses 3,304,384 3,139,508 1,001,549 Cost of sales 700,000 681,399 Gross profit 562,657 320,150 Operating expenses Advertising and promotion 20,038 24,747 Amortization of equipment 13,459 10,925 Bad debts 1,511 1,262 Bank charges & interest 9,998 12,526 Computer expenses 1,044 1,363 Insurance 15,394 13,522 Office expenses 5,655 4,156 Professional fees 8,059 8,799 Rent, property taxes and licenses 77,727 76,384 Research and development expenses - 38,585 Salaries and benefits 145,976 127,687 Shop supplies 27,752 21,678 Telephone and utilities 24,015 23,252 Travel 21,855 11,924 372,482 376,810 Profit (Schedule 1loss) 4,154,121 4,693,156 Loss before tax 190,175 (56,660) Provision for income taxes tax 12 17,251 (849,7371,500) Net and comprehensive income (1,553,648loss) $ 172,923 $ (55,160) Income tax recovery Current income taxes recovery --- (111,342loss) Deferred income taxes recovery (237,655) (244,075) (237,655) (355,417) Net loss and comprehensive loss per share $ 190 $ (612,08261) The accompanying notes are an integral part of these financial statements Intermeccanica International Inc. Statements of Changes in Equity (Expressed in Canadian dollars) Retained Common shares/U> Preferred shares Earnings Note Number Amount Number Amount (Deficit) Total Balance at March 31, 2015 13 910 $ 9 9,100 $ 91 $ (45,159) $ (1,198,23145,059) See accompanying notes to the financial statements Statement of Changes in Members’ Equity For the Year Ended October 31, 2020 Dividends Common Retained Total Distributable Shares Earnings Equity As at November 1, 2018 $ 174,448 $ 5,856,407 $ 10,400,458 $ 16,431,313 Adjustment for initial application of IFRS 9 --- --- (226,148) (226,148) Restated balance at November 1, 2018 174,448 5,856,407 10,174,310 16,205,165 Net Comprehensive loss for the year --- --- - - - - (1,198,23155,160) (1,198,23156,160) Share capital issued and redeemed for cash, net --- (476,454) --- (476,454) Shares issued to settle allocation distributable (174,448) 174,448 --- --- Dividends declared, net of tax recovery of $44,315 (Note 15) 166,203 --- (121,888) 44,315 As Balance at October March 31, 2019 $ 166,203 $ 5,554,401 $ 8,854,191 $ 14,574,795 As at November 1, 2019 $ 166,203 $ 5,554,401 $ 8,854,191 $ 14,574,795 Net loss 2016 13 910 9 9,100 91 (100,319) (100,219) Comprehensive income for the year --- --- (612,082) (612,082) Share capital issued and redeemed for cash, net --- (274,931) --- (274,931) Shares issued to settle allocation distributable (166,203) 166,203 --- --- As 172,923 172,923 Balance at October March 31, 2020 2017 13 910 $ --- 9 9,100 $ 5,445,673 91 $ 8,242,109 72,605 $ 13,687,782 See 72,705 The accompanying notes to the are an integral part of these financial statements Statement Intermeccanica International Inc. Statements of Cash Flows For the (Expressed in Canadian dollars) Year Ended October ended March 31, 2020 2020 2019 Cash flows 2017 March 31, 2016 Operating activities Income (used inloss) from operating activities: Net loss for the year $ 172,923 $ (612,082) $ (1,198,23155,160) Adjustments for: Net interest income (2,869,832) (3,532,922) Provisions for credit impairment 125,804 1,051,149 Provisions for deferred income taxes recovery (237,655) (244,075) Interest paid for leased liabilities (Note 22) (16,125) --- Depreciation of property and equipment (Note 10) 131,555 123,963 Amortization of intangible assets (Note 11) 55,440 43,561 (3,422,895) (3,756,555) 13,459 10,925 Changes in other assets non-cash working capital items: Receivables (39,09541,630) 16,517 Inventory (77,65566,797) Changes in accounts 43,750 Prepaid expenses and deposits (346) 5,459 Trades payable and accrued liabilities (190,150) 11,481 Changes in income taxes receivable 78,221 5,130 (151,0244,138) (61,04464,348) Changes Customer deposits 41,740 63,866 Income taxes payable 17,251 - Net cash flows used in member operating activities 132,463 21,009 Investing activities Expenditures on plant and equipment - (24,280) Net cash flows used in investing activities - (24,280) Financing activities Payment of bank indebtedness (159,637) (13,963) Proceeds from (repayment of) loan (4,154) 17,651 Proceeds from (repayment of) shareholder loans 84,188 (10,925) Net cash flows used in financing activities (net): Changes in member loans 19,994,041 14,259,922 Changes in member deposits (5,972,27579,603) (6,317,9107,237) 14,021,766 7,942,012 Cash flows related to interest: Interest received 7,031,327 7,896,957 Interest paid (4,145,370) (4,198,683) 2,885,957 3,698,274 13,333,804 7,822,687 Cash flows (used in) financing activities: Issuance of common shares 24,275 31,938 Redemption of common shares (299,206) (508,392) Tax recovery on investment share dividends --- 44,315 (274,931) (432,139) Cash flows (used in) from investing activities: Purchase of investments (9,336,160) (9,431,742) Proceeds on redemption of investments 3,381,750 1,313,977 Additions to intangible assets (Note 11) (166,443) (43,625) Additions to property and equipment (Note 10) (41,984) (73,900) (6,162,837) (8,235,290) Net Increase (decrease) increase in cash and cash equivalents 6,896,036 52,860 (844,74210,508) Cash and cash equivalentsCash, beginning of year 315,723 1,160,465 Cash and cash equivalents19,986 30,494 Cash, end of year ending $ 7,211,759 72,846 $ 315,723 See 19,986 The accompanying notes are an integral part of these financial statements Intermeccanica International Inc. Notes to the financial statementsFinancial Statements (Expressed in Canadian dollars) For the years ended March 31, 2017 and 2016

Independent Auditor’s Report. (Continued) To the Members Member of Spark The Energy Credit Union EZbuy Holdings Limited Opinion We have audited the financial statements of Spark The Energy Credit Union Limited, (the "Credit Union"), which comprise the statement of financial position as at October 31, 2020 and the statements of loss and comprehensive loss, changes incorporated in members' equity and cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Credit Union as at October 31, 2020, and its financial performance and its cash flows for the year then ended in accordance Hong Kong with International Financial Reporting Standards. Basis for Opinion We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the limited liability) Auditor's ’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Credit Union in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada, and 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. Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with International Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Credit Union's ability 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 Credit Union or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Credit Union's financial reporting process. Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole 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 Canadian generally accepted auditing standards 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 taken on the basis of these financial statements. Company Standing Alone (Continued) As part of an audit in accordance with Canadian generally accepted auditing standardsHKSAs, we exercise professional judgment and maintain professional skepticism 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 Credit Union's Company’s internal control. • · Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by managementthe director. • · Conclude on the appropriateness of management's the director’s use 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 Credit Union's Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's ’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 ’s report. However, future events or conditions may cause the Credit Union Company to cease to continue as a going concern. • · Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance the directors 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. Chartered Professional PricewaterhouseCoopers Certified Public Accountants January 28Hong Kong, 2021 Edmonton, Alberta Statement of Financial Position October 31, 2020 October 31, 2020 October 31, 2019 Assets 10 August 2017 EZBUY HOLDINGS LIMITED BALANCE SHEET AS AT 31 DECEMBER 2016 (All amounts in Renminbi unless otherwise stated) Note 31 December 2016 31 December 2015 ASSETS Non-current assets Investment in a subsidiary 5 6,405,609 2,242,651 6,405,609 2,242,651 Current assets Inventories 6 76,257,832 19,506,226 Other receivables 7 8,307,641 2,047,184 Amounts due from related parties 19 73,112,024 30,611,293 Cash and cash equivalents 8 4,684,138 33,196 162,361,635 52,197,899 Total assets 168,767,244 54,440,550 EQUITY Capital and reserves attributable to the Company’s equity holder Share capital 9 7,895 7,895 Accumulated deficit 10 (Note 565,680,600 ) $ 7,211,759 $ 315,723 Income taxes receivable 91,058 169,280 Investments (Note 6708,033 ) 48,953,294 43,119,156 Other Total equity (65,672,705 ) (700,138 ) LIABILITIES Current liabilities Trade and other payables 11 20,556,461 3,699,219 Advances from customers 109,260,907 32,143,493 Amounts due to related parties 19 100,807,519 18,659,233 Deferred revenue 3,815,062 638,743 234,439,949 55,140,688 Total liabilities 234,439,949 55,140,688 Total equity and liabilities 168,767,244 54,440,550 Net current assets (Note 972,078,314 ) 238,829 199,734 Loans to members (Note 8) 181,407,470 201,401,511 Derivative financial 2,942,789 ) Total assets (Note 7) 33,566 --- Deferred income taxes (Note 14) 475,308 237,654 Property and equipment (Note 10) 297,753 387,323 Right-of-use lease assets (Note 22) 394,059 --- Intangible assets (Note 11) 184,330 73,327 $ 239,287,426 $ 245,903,708 Liabilities Member deposits (Note 13) $ 224,985,466 $ 230,957,741 Accounts payable and accrued liabilities 181,022 371,172 Right-of-use lease less current liabilities (Note 2265,672,705 ) 399,590 --- Derivative (700,138 ) The financial liabilities (Note 7) 33,566 --- 225,599,644 231,328,913 Members’ Equity Dividends distributable (Note 15) --- 166,203 Common shares (Note 15) 5,445,673 5,554,401 Retained earnings 8,242,109 8,854,191 13,687,782 14,574,795 $ 239,287,426 $ 245,903,708 Contingent liabilities and commitments (Note 18) Subsequent events (Note 24) Approved statements on behalf of pages 6 to 27 were approved by the Board Xxx Xxxxof Directors on 10 August 2017 and were signed on its behalf. Director Director EZBUY HOLDINGS LIMITED STATEMENT OF COMPREHENSIVE LOSS FOR THE YEAR ENDED 31 DECEMBER 2016 (All amounts in Renminbi unless otherwise stated) Period from 9 December 2014 (date of incorporation)to Note 2016 31 December 2015 Revenues 12 671,572,874 93,313,244 Cost of revenues 13 (577,918,064 ) (78,465,289 ) Gross profit 93,654,810 14,847,955 Selling and marketing expenses 13 (141,993,364 ) (11,481,703 ) General and administrative expenses 13 (10,061,867 ) (2,735,472 ) Other losses, Board Chair Xxxxxxx Xxxxxxnet 14 (4,874,989 ) (1,111,512 ) Operating loss (63,275,411 ) (480,732 ) Finance expenses, Director See accompanying notes to the financial statements Statement of Loss and Comprehensive Loss For the Year Ended October 31, 2020 2020 2019 Financial income Interest on member loans $ 6,253,284 $ 7,003,972 Investment net 15 (Note 201,697,157 ) 778,043 846,258 7,031,327 7,850,230 Financial expenses Interest on member deposits 4,145,127 4,315,615 Interest on lease liability 16,125 --- Interest on borrowings 243 1,693 4,161,495 4,317,308 Financial margin 2,869,832 3,532,922 Provisions for credit impairment (Note 6 and Note 8) 125,804 1,051,149 Net interest income after provision for credit impairment 2,744,028 2,481,773 Other income Service charges, commissions and other 560,356 657,735 Income before operating expenses 3,304,384 3,139,508 Operating expenses (Schedule 1227,301 ) 4,154,121 4,693,156 Loss before income taxes tax (849,73764,972,567 ) (1,553,648708,033 ) Income tax recovery Current income taxes recovery --- expenses 16 — — Loss for the year/period (111,342) Deferred income taxes recovery (237,65564,972,567 ) (244,075708,033 ) Other comprehensive loss — — Total comprehensive loss (64,972,567 ) (237,655708,033 ) The notes on pages 10 to 27 are an integral part of these financial statements. EZBUY HOLDINGS LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2016 (All amounts in Renminbi unless otherwise stated) Accumulated Total equity Share capital deficit Total Loss for the period — (708,033 ) (355,417708,033 ) Net loss and comprehensive loss $ Transactions with owners in their capacity as owners - Proceeds from shares issued 7,895 — 7,895 Balance at 31 December 2015 7,895 (612,082) $ (1,198,231) See accompanying notes to the financial statements Statement of Changes in Members’ Equity For the Year Ended October 31, 2020 Dividends Common Retained Total Distributable Shares Earnings Equity As at November 1, 2018 $ 174,448 $ 5,856,407 $ 10,400,458 $ 16,431,313 Adjustment for initial application of IFRS 9 --- --- (226,148708,033 ) (226,148700,138 ) Restated balance at November 1, 2018 174,448 5,856,407 10,174,310 16,205,165 Net loss Loss for the year --- --- — (1,198,23164,972,567 ) (1,198,23164,972,567 ) Share capital issued and redeemed for cash, net --- Balance at 31 December 2016 7,895 (476,454) --- (476,454) Shares issued to settle allocation distributable (174,448) 174,448 --- --- Dividends declared, net of tax recovery of $44,315 (Note 15) 166,203 --- (121,888) 44,315 As at October 31, 2019 $ 166,203 $ 5,554,401 $ 8,854,191 $ 14,574,795 As at November 1, 2019 $ 166,203 $ 5,554,401 $ 8,854,191 $ 14,574,795 Net loss for the year --- --- (612,08265,680,600 ) (612,08265,672,705 ) Share capital issued and redeemed for cash, net --- The notes on pages 10 to 27 are an integral part of these financial statements. EZBUY HOLDINGS LIMITED STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31 DECEMBER 2016 (274,931All amounts in Renminbi unless otherwise stated) --- Period from 9 December 2014 (274,931date of incorporation) Shares issued to settle allocation distributable (166,203) 166,203 --- --- As at October 31, 2020 $ --- $ 5,445,673 $ 8,242,109 $ 13,687,782 See accompanying notes to the financial statements Statement of Cash Flows For the Year Ended October 31, 2020 2020 2019 Note 2016 31 December 2015 Cash flows (used in) from operating activities: activities Net loss $ cash generated from operating activities 18 10,511,204 2,495,491 Cash flows from investing activities Investment in a subsidiary (612,082) $ (1,198,231) Adjustments for: Net interest income (2,869,8324,162,958 ) (3,532,9222,242,651 ) Provisions for credit impairment 125,804 1,051,149 Provisions for deferred income taxes recovery Net cash used in investing activities (237,6554,162,958 ) (244,075) Interest paid for leased liabilities (Note 22) (16,125) --- Depreciation of property and equipment (Note 10) 131,555 123,963 Amortization of intangible assets (Note 11) 55,440 43,561 (3,422,895) (3,756,555) Changes in other assets (39,095) (77,655) Changes in accounts payable and accrued liabilities (190,150) 11,481 Changes in income taxes receivable 78,221 5,130 (151,024) (61,044) Changes in member activities (net): Changes in member loans 19,994,041 14,259,922 Changes in member deposits (5,972,275) (6,317,910) 14,021,766 7,942,012 Cash flows related to interest: Interest received 7,031,327 7,896,957 Interest paid (4,145,370) (4,198,683) 2,885,957 3,698,274 13,333,804 7,822,687 Cash flows (used in) financing activities: Issuance of common shares 24,275 31,938 Redemption of common shares (299,206) (508,392) Tax recovery on investment share dividends --- 44,315 (274,931) (432,1392,242,651 ) Cash flows (used in) from investing activities: Purchase financing activities Proceeds from issuance of investments (9,336,160) (9,431,742) Proceeds on redemption of investments 3,381,750 1,313,977 Additions to intangible assets (Note 11) (166,443) (43,625) Additions to property and equipment (Note 10) (41,984) (73,900) (6,162,837) (8,235,290) ordinary shares — 7,895 Net (decrease) cash received from financing activities — 7,895 Net increase in cash and cash equivalents 6,896,036 6,348,246 260,735 Cash and cash equivalents at beginning of the year 33,196 — Exchange loss on cash (844,7421,697,304 ) (227,539 ) Cash and cash equivalents, beginning of year 315,723 1,160,465 Cash and cash equivalents, equivalents at end of the year $ 7,211,759 $ 315,723 See accompanying 4,684,138 33,196 The notes on pages 10 to the 27 are an integral part of these financial statements. EZBUY HOLDINGS LIMITED

Independent Auditor’s Report. To To: Ministry of Education and Community Development - Republic of Suriname Executing Agency Second Basic Education Improvement Program Report on the Members of Spark The Energy Credit Union Limited Opinion financial statements We have audited the accompanying financial statements of Spark The Energy Credit Union Limited, (the "Credit Union")statements, which comprise the statement Statement of financial position as at October 31Cash Flows, 2020 and the statements Statement of loss and comprehensive loss, changes in members' equity and cash flows for the year then endedCumulative Investments, and notes to the financial statements, including a summary of significant accounting policiespolicies and other explanatory information for the Second Basic Education Improvement Program, executed by the Ministry of Education and Community Development (Executing Agency), and financed with funds from the Inter-American Development Bank (IDB) Loan Agreement No. In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Credit Union 2742/OC-SU as at October 31, 2020, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting StandardsDecember 31, 2013. Basis Project management’s responsibility for Opinion We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Credit Union in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that The Project management of the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Responsibilities of Management and Those Charged with Governance for the Financial Statements Management Second Basic Education Improvement Program is responsible for the preparation and fair presentation of the these financial statements in accordance with International Financial Reporting StandardsCash Basis Accounting and specific requirements of the IDB, and for such internal control as management determines is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error. In preparing Auditor’s responsibility Our responsibility is to express an opinion on the accompanying financial statementsstatements based on our audit. We conducted our audit in accordance with International Standards on Auditing, management is responsible for assessing and specific requirements of the Credit Union's ability 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 Credit Union or to cease operations, or has no realistic alternative but to do soIDB. Those charged standards require that we comply with governance are responsible for overseeing ethical requirements, and plan and perform the Credit Union's financial reporting process. Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are audit to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due . An audit involves performing procedures to fraud or error, obtain audit evidence about the amounts 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 Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or disclosures in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part The procedures selected depend on the auditor’s judgment, including the assessment of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, 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 auditor considers internal control relevant to the audit agency’s preparation and fair presentation of the 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 Credit Union's agency’s internal control. • Evaluate An audit also includes assessing the appropriateness of accounting policies used and the reasonableness of accounting significant estimates and related disclosures made by Project management. • Conclude on the appropriateness of management's use 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 Credit Union's ability 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 the Credit Union to cease to continue well as a going concern. • Evaluate evaluating the overall presentation, structure and content presentation of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other mattersbelieve that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. As described in Note 2, 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. Chartered Professional Accountants January 28, 2021 Edmonton, Alberta Statement of Financial Position October 31, 2020 October 31, 2020 October 31, 2019 Assets Cash and cash equivalents (Note 5) $ 7,211,759 $ 315,723 Income taxes receivable 91,058 169,280 Investments (Note 6) 48,953,294 43,119,156 Other assets (Note 9) 238,829 199,734 Loans to members (Note 8) 181,407,470 201,401,511 Derivative financial assets (Note 7) 33,566 --- Deferred income taxes (Note 14) 475,308 237,654 Property and equipment (Note 10) 297,753 387,323 Right-of-use lease assets (Note 22) 394,059 --- Intangible assets (Note 11) 184,330 73,327 $ 239,287,426 $ 245,903,708 Liabilities Member deposits (Note 13) $ 224,985,466 $ 230,957,741 Accounts payable and accrued liabilities 181,022 371,172 Right-of-use lease liabilities (Note 22) 399,590 --- Derivative financial liabilities (Note 7) 33,566 --- 225,599,644 231,328,913 Members’ Equity Dividends distributable (Note 15) --- 166,203 Common shares (Note 15) 5,445,673 5,554,401 Retained earnings 8,242,109 8,854,191 13,687,782 14,574,795 $ 239,287,426 $ 245,903,708 Contingent liabilities and commitments (Note 18) Subsequent events (Note 24) Approved on behalf of the Board Xxx Xxxx, Board Chair Xxxxxxx Xxxxxx, Director See accompanying notes to the financial statements Statement of Loss and Comprehensive Loss For the Year Ended October 31, 2020 2020 2019 Financial income Interest on member loans $ 6,253,284 $ 7,003,972 Investment (Note 20) 778,043 846,258 7,031,327 7,850,230 Financial expenses Interest on member deposits 4,145,127 4,315,615 Interest on lease liability 16,125 --- Interest on borrowings 243 1,693 4,161,495 4,317,308 Financial margin 2,869,832 3,532,922 Provisions for credit impairment (Note 6 and Note 8) 125,804 1,051,149 Net interest income after provision for credit impairment 2,744,028 2,481,773 Other income Service charges, commissions and other 560,356 657,735 Income before operating expenses 3,304,384 3,139,508 Operating expenses (Schedule 1) 4,154,121 4,693,156 Loss before income taxes (849,737) (1,553,648) Income tax recovery Current income taxes recovery --- (111,342) Deferred income taxes recovery (237,655) (244,075) (237,655) (355,417) Net loss and comprehensive loss $ (612,082) $ (1,198,231) See accompanying notes to the financial statements Statement of Changes in Members’ Equity For the Year Ended October 31, 2020 Dividends Common Retained Total Distributable Shares Earnings Equity As at November 1, 2018 $ 174,448 $ 5,856,407 $ 10,400,458 $ 16,431,313 Adjustment for initial application of IFRS 9 --- --- (226,148) (226,148) Restated balance at November 1, 2018 174,448 5,856,407 10,174,310 16,205,165 Net loss for the year --- --- (1,198,231) (1,198,231) Share capital issued and redeemed for cash, net --- (476,454) --- (476,454) Shares issued to settle allocation distributable (174,448) 174,448 --- --- Dividends declared, net of tax recovery of $44,315 (Note 15) 166,203 --- (121,888) 44,315 As at October 31, 2019 $ 166,203 $ 5,554,401 $ 8,854,191 $ 14,574,795 As at November 1, 2019 $ 166,203 $ 5,554,401 $ 8,854,191 $ 14,574,795 Net loss for the year --- --- (612,082) (612,082) Share capital issued and redeemed for cash, net --- (274,931) --- (274,931) Shares issued to settle allocation distributable (166,203) 166,203 --- --- As at October 31, 2020 $ --- $ 5,445,673 $ 8,242,109 $ 13,687,782 See accompanying notes to the financial statements Statement of Cash Flows For and the Year Ended October Statement of Cumulative Investments were prepared in accordance with Cash Basis Accounting. Cash Basis Accounting recognizes transactions and acts only when cash (and/or cash equivalent) is received or disbursed by the Program, and not when they give rise to accrue or originate rights or obligations although there was no cash movement. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the cash flows and cumulative investments Second Basic Education Improvement Program as at and for the year ended December 31, 2020 2020 2019 Cash flows (used in) from operating activities: Net loss $ (612,082) $ (1,198,231) Adjustments for: Net interest income (2,869,832) (3,532,922) Provisions for credit impairment 125,804 1,051,149 Provisions for deferred income taxes recovery (237,655) (244,075) Interest paid for leased liabilities (2013, in accordance with the basis of accounting described in the paragraph above and the accounting policies described in Note 22) (16,125) --- Depreciation of property and equipment (Note 10) 131,555 123,963 Amortization of intangible assets (Note 11) 55,440 43,561 (3,422,895) (3,756,555) Changes in other assets (39,095) (77,655) Changes in accounts payable and accrued liabilities (190,150) 11,481 Changes in income taxes receivable 78,221 5,130 (151,024) (61,044) Changes in member activities (net): Changes in member loans 19,994,041 14,259,922 Changes in member deposits (5,972,275) (6,317,910) 14,021,766 7,942,012 Cash flows related to interest: Interest received 7,031,327 7,896,957 Interest paid (4,145,370) (4,198,683) 2,885,957 3,698,274 13,333,804 7,822,687 Cash flows (used in) financing activities: Issuance of common shares 24,275 31,938 Redemption of common shares (299,206) (508,392) Tax recovery on investment share dividends --- 44,315 (274,931) (432,139) Cash flows (used in) from investing activities: Purchase of investments (9,336,160) (9,431,742) Proceeds on redemption of investments 3,381,750 1,313,977 Additions to intangible assets (Note 11) (166,443) (43,625) Additions to property and equipment (Note 10) (41,984) (73,900) (6,162,837) (8,235,290) Net (decrease) increase in cash and cash equivalents 6,896,036 (844,742) Cash and cash equivalents, beginning of year 315,723 1,160,465 Cash and cash equivalents, end of year $ 7,211,759 $ 315,723 See accompanying notes to the financial statements2.