Who is Vidanova Pension Fund Foundation ? Foundation April 25th, 1968 (44 years track record); Started in 1968 with 8 and in 2011 46 sponsors on Curaçao, Sint Maarten, Saba, Sint Eustatius, Bonaire, Aruba and Suriname; Sponsors and participants are represented in Board; Collective pension plans 12: 4 DB (FP/AP) and 8 DC (Premium varies: 6%-16%); Disability and Survivors Risks covered through Reinsurer Alhermij (SwissRe); Currently VPM is administers the RBTT pension fund; Operations up to 2006, 5 employees increased to 6 in 2007 and 8 in 2008; Fully Integrated administration (participants, actuarial, payroll, financial, securities); ISO 9001 – 2008 certified since 1998. Current certificate valid until 2014; Compliant with pension fund ordinance PB 1985 no.44; Pension fund governance compliance scan from level 3 in 2003 to level 4,3 in 2010; Assets 1968: US$. 2.70 million increased to US$. 373 million per 31/12/2011; Liabilities 1968: US$.2,51 million increased to 338 million per 31/12/2011; Total participants (active and not active) in 1968: 421 per 31/12/2011: 3675; Solvency (asset to coverage) ratio 2011 =>113,5 %; All Pension plans are completely financed yearly. Prudent mortality tables GBM/GBV 2000-2005 with 1 year age deduction; Long Term Net Fund Returns over 44 years: 7,4% on average; Long term average indexation % per year (period 1971 – 2011) is: 2,74%; Website: (www.vidanova.net).

VISION and GOALS Vidanova is committed with its clients. Their pension interest combined with our commitment forms an optimal basis for a transparent and quality service Realize consistent and managed growth while at the same time guaranteeing efficiency and quality services Form strategic alliances that add value with commercial institutions and institutional investors

CORE VALUES Professional and Meticulous Accessible and Involved Motivated and Innovative Efficient and Result oriented Independent and Transparent Client and Service Driven

of supervisory directors GOVERNANCE STRUCTURE Since 2002 Central Bank of Curaçao and Sint Maarten Sponsors and Participants BOARD of supervisory directors 17 members Board of Managing Directors 3 members VPM Operations Staff 8

Pension Management Foundation VIDANOVA Pension Management Foundation Executive Director Manager Business Unit Pensions Coordinator Pensions & Payroll Advisor Pensions Finance Receptionist / Archive Collaborator Collaborator Finance & Payroll Coordinator Finance Advisors Financial / Investments / Legal / ICT

Pension Fund Governance Development

Important FACTS 1 Collective Pension Plans from 1 to 12 in total Risks (disability and Survivors) covered through Reinsurer Alhermij / Elips VPM administers RBTT Pension Fund Fully Integrated administration

Important FACTS 2 ISO 9001certified since 1998 Compliant with PB 1985 no. 44 Pension Fund governance compliance scan score level 3 in 2003 to level 4,3 in 2010

Note: All policy documents are updated on a regular basis Vidanova Policies Code of Conduct 5 year Business Plans Quality Handbook & Process descriptions 5 year budget with performance indicators ABTN (actuarial business plan) Pension Fund Governance policy and scan ICT Information Plan Risk Assessment Paper Asset Liability Management Studies Communication Plan Asset Allocation Studies Quality Management System Investment Policy (local & international) Note: All policy documents are updated on a regular basis

VIDANOVA’S STRATEGIC PARTNERSHIPS RBTT Bank Commercial Banking ASKA Insurance NV Investment Manager/ Fund Custodian BNY Mellon LT Financing Funds LCG Associates Global Investment Advisors Other Pension Funds IFS Real Estate Fund Project Development VIDANOVA VIDANOVA’S STRATEGIC PARTNERSHIPS

ISO 9001 – 2008 Certificate

Participants Development

Sponsors & Pension Plans

Balance Sheet Development 1968 - 2011

ASSETS 1968 2011 ANG 4.8 ANG 673 LIABILITIES 1968 2011 ANG 4.5 ANG 602

Invested Asset (Local and International)

Investments Asset Allocation

113,5 % SOLVENCY 2011 Asset to Liability Ratio Vidanova never had underfunding since inception in 1968!

LONG TERM NET FUND RETURN 7.4 % over 44 years (1968 - 2011)

LONG TERM AVERAGE INDEXATION 2.74 % per year 1971 - 2010

Premium & Pension Prognosis 2010 - 2026

How Vidanova adds value? By distributing all net fund returns to clients; By improving pension arrangements as we grow stronger; Through its indexation policy for actives / non actives; By continuously focusing on improving efficiency cost as % of total cost and our service (timely and accurate); Through reinsurance contracts for risk coverage; Through strategic alliances with commercial partners; By providing an Employers and Participants Interface and a pension planner; By investing in the local economies which help create jobs and stimulates economic growth; Sponsors and participants have equal say in the funds board and policies; By yearly providing timely and accurate pension statements and transparent reporting of the funds performance.