WWF - WORLD WIDE FUNDFOR NATURE, Gland

Independent auditors' report of the project"European Neighborhood and PartnershipInstrument East Countries Forest Law Enforcementand Governance II Program ", grant agreementNo. TF013973 covering the period fromJuly 1, 2014 to June 30, 2015

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Deloitte eRue du Pre dela ichette 1CH 202 Gencve

T. +41 (0)58 279 80 00Fax +d1 (0)58 279 B8 00wwwro .,de,loitle ch

Independent auditors' report

To the Management ofWWF - WORLD WIDE FUND FOR NATURE, Gland

Report on the financial report

We have audited the accompanying financial report and statement of expenditure (together "thefinancial report") of the project "European Neighborhood and Partnership Instrument EastCountries Forest Law Enforcement and Governance II Program", grant agreement No.TF013973 covering the period from July 1, 2014 to June 30, 2015.

Management's responsibility for the financial report

Management is responsible for the preparation of this financial report in accordance with Swisslaw and the relevant terms of agreement for the treatment of the funds and for such internalcontrols as management determines is necessary to enable the preparation of the financialreport that is free from material misstatement, whether due to fraud or error.

Auditor's responsibility

Our responsibility is to express an opinion on this financial report based on our audit. Weconducted our audit in accordance with Swiss Auditing Standards and International Standardson Auditing. Those standards require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether the financial report is free frommaterial misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial report. The procedures selected depend on the auditor's judgment,including the assessment of the risks of material misstatement of the financial report, whetherdue to fraud or error. In making those risk assessments, the auditor considers internal controlrelevant to the entity's preparation of the financial report in order to design audit procedures thatare appropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of the entity's internal control. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of accounting estimatesmade by management, as well as evaluating the overall presentation of the financial report.

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

Audit. Fiscalite. Conseil. Financial Advisory.

Member of Deloitte Tojche Tohnnaisu Limited

WWF - WORLD WIDE FUND FOR NATUREEuropean Neighborhood and Partnership Instrument EastD eloitte. Countries Forest Law Enforcement and Governance II Program

Independent auditor's reportfor the period from July 1, 2014 to June 30, 2015

Opinion

In our opinion, the financial report of the project "European Neighborhood and PartnershipInstrument East Countries Forest Law Enforcement and Governance II Program", grantagreement No. TF013973 covering the period from July 1, 2014 to June 30, 2015 is presented,in all material respects, in accordance with Swiss law. Furthermore, the relevant terms ofagreement for the treatment of the funds have been adhered to.

Report on other requirements

In addition with respect to the Statement of expenses (SOE) withdrawal schedule ("statement ofexpenses") covering the period from July 1, 2014 to June 30, 2015, we confirm that adequatesupporting documentation has been maintained to support claims for reimbursement ofexpenses incurred and expenses included in the statement of expenses are eligible forfinancing under the grant agreement between WWF and the IBRD TFO 13973.

D SA

F i Bryois JOrg GehringPartner Director

Geneva, January 6, 2016

Attached: - Financial report and statement of expenditurefor the period from July 1, 2014 to June 30, 2015- Statement of expenses (SOE) withdrawal schedulefor the period from July 1, 2014 to June 30, 2015

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