b'STAATSOLIE MAATSCHAPPIJ SURINAME N.V.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2018 (Continued)Executive pension planPensioenfondsenenVoorzieningsfondsenshouldbe reduced to one year or less.Theexecutivepensionplanisafinalpayscheme;thepensionbaseisequaltothesalary.Thepension Pensions in payment and deferred pensions may plan provides entitlements to retirement andbe increased in the event of a general increase disabilitypensionforthebenefitoftheparticipant inthecostofliving.Thispossibilityhasnotbeenandtheirwidows/widowersandorphanspension applied yet. Pensions in payment and deferred forthebenefitoftheirspouseandchildren. pensionsshall,inanycase,beadjustedannuallyonthebasisofprofitsharingbasedonexcessTheretirementpensioncommencesuponreaching interest,arisingfromtheagreementwiththetheageof60andamountsto: insurance company.1.forBoardmembersdesignatedbyStaatsolie:at Thepensionentitlementsarisingfromtheplanretirement70%ofthelastsalary; areinsuredwithAssuriaLevensverzekeringen2.forotherBoardmembers:peryearofservice, N.V.(Assuria),forwhichStaatsoliehasentereduptoamaximumof28yearsofservice,2.5%of intoanagreementwith,whichprovidesforthe last salary. profitsharingbasedonexcessinterestonassetsof Assuria.Thepensionentitlementsareaccruedtime- TheparticipantsandStaatsoliecontributetotheproportionately.Thedisabilitypensionisequal financingofthisplan.Theparticipantscontributetothepotentialretirementpension.Thewidows/ a set percentage of their salary. Other costs of the widowerspensionis70%ofthe(potential) plan are fully borne by Staatsolieretirement pension. Upon termination of employment of a participant who has participated inTheplanassetvalueforthisinsuredexecutivetheschemeforlessthan3years,thecontributions pension plan consist of the insurance policy paid by the director shall be refunded. As sooncovering participants. As the insurance policy as a participant who has participated in the planexactly matches the amount and timing of the foratleast3years,thedirectorshallbeentitled accruedpensionentitlementsoftheparticipants,to the pension entitlements accrued up to thethe fair value of the insurance policy has been date of termination of employment. It is notedset at the present value of the related obligations thatthe3-yearperiodonthebasisoftheWet excluding any effects of future salary increases. (X US$ 1,000) 2018 2017Fair value of assets4,339 3,947 87'