Foundation started April 25th, 1968 (45 years track record); 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);

Fully Integrated administration (participants, actuarial, payroll, financial, securities); ISO 9001 – 2008 certified since 1998; Compliant with pension fund ordinance PB 1985 no.44;

Assets ANG. 752 million per 30/06/2013; Liabilities ANG. 648 million per 30/06/2013; Total participants 4381 per 30/06/2013; Solvency (asset to coverage) ratio Q2, 2013 =>116 % (Never had an underfunding);

Prudent mortality tables GBM/GBV 2000-2005 with 1 year age deduction; Long Term Net Fund Returns over 45 years: > 7% on average; Long term average indexation % per year (period 1988 – 2012) is: > 2%;

Website: (www.vidanova.net).

Important Data / Figures Vidanova

Committed with its clients. Clients’ pension interest forms an optimal basis for transparent and quality service

VISION and GOALS:

Realize consistent and managed growth while guaranteeing efficiencyForm strategic alliances that add value with commercial institutions and institutional investors

To become the preferred private collective pension provider in the Dutch Speaking

Caribbean

MISSION

CORE VALUES:Professional and MeticulousAccessible and InvolvedMotivated and InnovativeEfficient and Result orientedIndependent and Transparent

Client and Service Driven

Current Governance Structure2002 - 2013

Governance StructureVIDANOVA PENSION FUND

FOUNDATIONBoard of Supervisory Directors

Board of Managing Directors

Vidanova Pension Management

Foundation Operations

SponsorsParticipants

Supervisory Authority

CBCS

External AccountantPWC

External ActuaryMilliman

Advisors: LCG Associates AIC International Corporate Financial Solutions ICTAS BNY Mellon Spotlight / Stradius The Galan Group

1. Governing body

2. Identification of responsibilities

3. Delegation and expert advice

4. Custodian

5. Suitability

6. Risk-based internal control

7. Reporting

8. Disclosure

9. Actuary

10. Accountability

11. Auditor

(12. Redress)

0

1

2

3

4

5

2003 2005 2010

Pension Fund Governance Development

VIDANOVA Pension Management

Executive Director

Manager Business Unit Pensions

CoordinatorPensions &

Payroll

Collaborator / Advisor

Pensions

Manager Business Unit Finance

Receptionist / Archive

Collaborator

Collaborator Finance &

Payroll

QUALITY IMPROVEMENTS Quality and electronic process handbook

Disability and Survivors Risks (DB plans stop loss) DC plans reinsured at Elips

ISO 9001 certification since 1998

Yearly client satisfaction surveys with average high satisfaction score (above norm)

Pension Fund Governance Compliance Scans level 4,3 reached in 2010

Flexibilization of pension plans (parametric changes) at contract level

Annual Financial and Actuarial Reports delivered in 3 months with unqualified opinions

All policy papers are updated annually

Competencies VPM Personnel are constantly improved

Calculation models for DB and DC plans developed

12 different DB and DC pension plans available for clients

VPV, Reserve calculations and Annual Reports are produced internally

Applications Lifetime, Altair, Exact, AFAS, BPM one implemented and up to par

Mutations through WEB portal, downtime ICT low

Business Continuity Plan / IT performance scans complies with CBCS regulations

Sponsor and Participant Interface and Pension planner are available for clients

VPM holds regularly presentations to sponsors and participants at no cost to clients

ICT Infrastructure / Web Connectivity

Databases:

SatisfiedClient

Sponsor

wireless

Lease lines

Sponsor

Offside backupsE Commerce Park

Pensions Payroll General Ledger

Investments Document Management

Core applications: Lifetime, Exact Globe, Altair, AFAS, BPM - One, Microsoft Office, Database Oracle and SQL

ISO 9001 – 2008 Certificate

Vidanova Policies in place

•5 year Business Plans

•5 year budget with performance indicators

• ICT Information Plan

•Communication Plan

•Quality Management System

•Quality Handbook & Process descriptions

•ABTN (actuarial business plan)

•Asset Liability Management Studies

• Investment Policy (local & international)

•Asset Allocation Studies

•Code of Conduct

•Risk Assessment Paper

•Pension Fund Governance policy and scan

Note: All policy documents are updated on a regular basis

IFSReal Estate KFRE

LCG AssociatesGlobal Investment

Advisors

CustodianBNY Mellon

Investment Manager/ Fund

RBC Royal BankCommercial Banking

ASKA Insurance NV

CentraleHypotheek

Bank

Joint ventures Pension Funds

Project Development

VIDANOVA

VIDANOVA’S STRATEGIC PARTNERSHIPS

VIDANOVAParticipants Development 1968 - 2012

Actives 267Participants with deferred rights 6Pensioners 29Participants with disability pension 3Widows and orphans 15J unior participants 101

Total 421

Participants per category at the start of the fund in 1968: Participants per Category December 31, 2012

Actives 2,493 Participants with Deferred Rights 637 Pensioners 564 Participants with Disability Pension 18 Widows and Orphans 201 BNP 15

Total 3913

1968

2013Participants Growth

137,2%

1997

Growth 1997 – 2013

Average 8,6%

4381 participants2807 active 629 deferred 945 pensioners

1846 Participants

421 Participants

Up to 2nd quarter 2013

97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 0

600

1,200

1,800

2,400

3,000

3,600

4,200

4,800

Actives Deferred rights Pension recipients

Participants Development

97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 0

10

20

30

40

50

60

Sponsors Pens. Arrangements

Sponsors & Pension Plans

97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13

0

5,000,000

10,000,000

15,000,000

20,000,000

25,000,000

30,000,000

35,000,000

Premium Contributions

Balance Sheet Development 1968 - 2012

Assets Liabilities

Fixed assets 2.713 Fund Capital 0.1 Investments 656,327 Reserves 89.168 Receivables 10,896 Provision DB plans 598.273 Liquid assets 53,905 Provision DC plans 26.125

Other liabilities 2.138 Minority interest KFR 3.954 Loans KFR 4.084

Total Fund Assets 723,842 Total Capital and Liabilities 723,842

Debit CreditFixed Properties 1,214 Premium Reserves 4.366Mortgages 0.04 Disability Reserves 0.103Securities 0.58 Current account OGEM 0.386Loans 2.99Cash at banks 0.019Interest 0.014Current Account ElecCoCuracao

0.0017

Other debtors 0.0004

Total 4.855 Total 4.855

1968

2013Assets Growth Vidanova

235,8%

1997

Growth 1997 - 2013

752,1million

223,9 million

4,8 million

In ANG.528,1 millionAverage growth PY: 14,74

%

In ANG.219.1 million

Pension Assets and Liabilities

‘97 ‘98 ‘99 ‘00 ‘01 ‘02 ‘03 ‘04 ;05 ‘06 ‘07 ‘08 ‘09 ‘10 11 12 130%

8%

16%

24%

31%

39%

47%

55%

63%

71%

79%

86%

94%

102%

110%

118%

126%

134%

Funding Ratio Minimum ratio

Asset to Liability Ratio

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130

100

200

300

400

500

600

700

800

Local International

Invested Assets (Local and International)

Investment Review for Vidanova

AssetAllocation – Combined Portfolio

U.S. Equity10.0%

Non-U.S.Equity15.0%

FixedIncome20.0%

AbsoluteReturn2.5%

Real Estate2.5%

Local

Portfolio50.0%

Target

U.S. Equity8.6%

Non-U.S.Equity15.7%

FixedIncome12.1%

Other FixedIncome

4.4%

AbsoluteReturn

Asset 1.9%

Allocation1.8%

Real Estate0.6%

Cash &

Equivalents4.5%

Local

Portfolio50.4%

June 30, 2013

INDEXATION 1988 - 2013

LT Average indexation 2,4%

Indexation Example VidanovaYear Pension PM Index % After Index1988 1,000 1989 5.00 1,050 1990 4.00 1,092 1991 5.00 1,147 1992 1.70 1,166 1993 1.90 1,188 1994 2.50 1,218 1995 1.70 1,239 1996 10.00 1,363 1997 3.50 1,410 1998 3.00 1,453 1999 2.00 1,482 2000 3.75 1,537 2001 - 1,537 2002 - 1,537 2003 1.33 1,558 2004 2.37 1,594 2005 2.27 1,631 2006 1.58 1,656 2007 2.87 1,704 2008 - 1,704 2009 0.91 1,719 2010 1.70 1,749 2011 - 1,749 2012 - 1,749 2013 1.40 1,773

Increase 77.30 773

Development AOV Married Couples

70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 0 2 4 6 8 10 120

200

400

600

800

1000

1200

1400

1600

1800

2000

AOV uitkering Gehuwd

AOV uitkering Gehuwd

LONG TERM AVERAGE INDEXATION

2.4 %1968 - 2013

per year

Premium & Pension Prognosis2010 - 2026

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

0

5000000

10000000

15000000

20000000

25000000

30000000

35000000

40000000

45000000

50000000

LOP in ANG Premium

How Vidanova adds value?

1.By distributing all net fund returns to clients;2.By improving pension arrangements as we

grow stronger;3.Through its indexation policy for actives /

non actives;4.By continuously focusing on improving

efficiency defined as cost as % of total cost and our service (timely and accurate);

5.Through favorable reinsurance contracts for risk coverage;

6.Through strategic alliances with commercial partners;

7.By providing an Employers and Participants Interface and a pension planner;

8.By investing in the local economies which help create jobs and stimulates economic growth;

9.Through participation of sponsors and participants in the funds board;

10.By providing timely and accurate pension statements and transparent reporting of the funds performance to all stakeholders.