b'2021 OPERATING INCOME PER SEGMENTUpstreamEnergy US$ 267 US$14 MMUpstream EBITDA contribution has gone upThe EBITDA contribution of Staatsolies power US$ 147 million from US$ 120 million (2020) tobusiness decreased from US$ 20 million (2020) US$ 267 million mainly due to increased crudeto US$ 14 million (2021). This is mainly due oil prices in 2021, the impact of opex reduction,to discounts given on the energy price to the the crude production and delivery on target (dueGovernment of Suriname in the last half-year of to successful horizontal wells project and High2021 combined with a higher cost of sales due Fluid Rate strategy in existing wells). For 2022,to higher fuel oil prices in 2021 (US$ 80 per bbl) the focus is on sustaining production volumescompared to 2020 (US$ 58 per bbl). In 2022 at 6 MMbbls with reducing opex and keepingour focus will be on optimizing the hydro power capex cash out around US$ 80 million. generation and studying the opportunities of clean energy.DownstreamGoldUS$ 76 M US$ 112 M The Downstream performed well in 2021.The EBITDA contribution has decreasedIncreasing oil prices combined with lowerUS$ 23 million from US$ 135 million (2020) to operating costs contributed to a higherUS$ 112 million. This is mainly due to lower Downstream EBITDA of US$ 76 million volumes from Merian and Pikin Saramacca, a (US$ 38 million in 2020). On the sales side oilcombined negative impact of US$ 13 million. prices rose in 2021, reaching a peak of US$A higher opex of US$ 11 million (US$ 4 million 82 for the NYH 1% posting in October. In 2022,lower opex at Merian and US$ 15 million higher we will continue our commitment to reduceat Pikin Saramacca) and is offset by a light operating costs, increase production andincrease in gold prices during 2021 with an improve sales margins.impact of US$ 2 million (US$ 1,798/toz. In 2021 versus US$ 1,770/toz in 2020). 25'