b'MESSAGE FROM THE MANAGING DIRECTORDespite the challenges posed to our operations in 2021 as a result of the world-wide disruption in the supply chain and other ongoing issues resulting from the global pandemic, as well as from flooding at our onshore oilfields caused by extreme rainfall, Staatsolie once again met annual production targets and posted a strong financial performance.As we prepare for the transformation that thewhich has prepared me well. I have held a large offshore hydrocarbon discoveries willposition on the Executive Board of Directors bring toSuriname, we took significant stepssince 2015, and in this capacity have helped towards improving our internal processes andshape and implement our corporate strategy recognizing our responsibility to our peoplefor several years. I take the reins as part of and our planet. In addition, we made tangiblea well-defined succession plan. It is a true advances in our Environmental, Social andprivilege to lead Staatsolie into an exciting Governance (ESG) policies, including measuringnew era, which I believe will be distinguished and reporting our scope 1 and 2 carbonby our offshore success, which Im confident emissions for the first time, acknowledging thewill have a material and sustainable impact importance and impact of climate change. on Surinames future. Projects for Success is An extended strategic review took place inmy trademark methodology to safeguard the the first quarter of 2022, resulting in a revisedexecution to achieve envisioned success and we Vision, Mission and Values for Staatsolie. Thesehave successfully implemented this across the revisions re-align the organization with theorganization.updated strategic objectives for the next five2021 Resultsyears.Financial results for 2021 include consolidated Leadership Transition gross revenues of US$ 558 million, compared Before discussing Staatsolie s strong 2021to US$ 428 million in 2020; EBITDA of US$ 387 results in more detail, allow me a word ofmillion compared to US$ 316 million in 2020, introduction, as this is my first opportunity toan increase of 22%; Profit after tax increased address many of Staatsolie s stakeholders in65% in 2021 to US$ 117 million compared to the capacity of CEO. The role may be new butUS$ 71 million in 2020; and a contribution to the working for Staatsolie is not. I started in theGovernment of Suriname, consisting of taxes, companys Finance department more than 33dividend, and royalties, of US$ 186 million, years ago. Most recently, I served as Directorcompared to US$ 132 million in 2020.Downstream, but over the decades I had theOur US$ 186 million contribution was higher opportunity to build experience and expertisethan planned mainly due to higher oil prices, cost in both administrative and technical positions,reductions and increases in efficiency. Historical 14 STAATSOLIE 2021 ANNUAL REPORT'