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Statements of Operations

Years ended December 31, 2012 and 2011 (in Thousands of Dollars)

2012 2011 NextGen

SD Tech Biofuels Fund Fund Total Total

Revenue:

Recognition of deferred

contributions (note 6) $ 78,286 $ 1,991 $ 80,277 $ 95,029

Expenses:

Governance 740 130 870 931 Mandatory reporting 846 186 1,032 1,172 Project screening and evaluation 2,417 1,175 3,592 3,473 Project contracting and monitoring 1,108 70 1,178 1,188 Infrastructure development

and outreach 1,703 82 1,785 2,003 Financial audit 26 21 47 40 General administration 1,807 184 1,991 1,930 Amortization of capital assets 283 29 312 292 Outsourced services 725 – 725 1,699 9,655 1,877 11,532 12,728

Project expenditures:

Project disbursements 68,306 114 68,420 81,882 Technical and financial audit costs 325 – 325 419 Total project expenditures 68,361 114 68,745 82,301

Total expenditures 78,286 1,991 80,277 95,029

Excess of revenue over expenses $ –   $ –   $ –   $ –

See accompanying notes to financial statements.

Auditors’Report & Financials 25

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