b'of our future oil and gas revenues will be devotedopen to new ideas and fresh opportunities for to the sovereign welfare fund? How much to thegrowth. As I will reach my sixth full year as annual national budget? Within that framework,Managing Director at the Annual Shareholders how much, for example, should be allocated forMeeting in May 2021, I believe the time has healthcare, infrastructure, education, and othercome for Staatsolie to embrace new leadership priorities? We must ensure that the institutionsand for me to seek new challenges. My and organizations that will oversee these fundsretirement will become effective immediately will have the necessary resources in place toafter the shareholders meeting. develop our society effectively and sustainably. The fact that Staatsolie is poised to enter a new To put matters bluntly, we must decide togethereraof major offshore appraisal, development, today whether we want Suriname to becomeand productionalso makes this a propitious another Norway or another Venezuela. time for new, highly energized leadership. I am Protecting Our Most Valuable Resource proud that under my tenure, and guided by our Strategy for Success, Staatsolie has evolved SomemightfinditoddfortheManaging intoamorediversified,flexibleenterprise,withDirector of an oil company to say so, but Iinterests not only in oil, but in energy and gold am convinced that Surinames most valuableas well. Each of its directorates is now taking resource is not its hydrocarbons, but itsindividual accountability in contributing to the biodiversity.Muchlikebauxite,oilisafinite companys overall success. Staatsolie is well-resource, and we must recognize that. Thepositioned to participate in the rich opportunities magnificentbiodiversityofanationthatis that lie ahead.93% covered in pristine jungle, on the other hand, can be here for eternityif we protectAs part of our well-established succession it now from encroachments such as over- plan, Annand Jagesar, our current Director intensive and/or illegal logging and mining. Downstream, will step in as Managing Director/As my contribution to the national discussionCEO.Ourboard,withanaverageageof54about future investments, I am passionatelyafter my departure, has both the youthful spirit expressingtheneedtodevotesignificant and broad expertise to guide Staatsolie into its revenues to protecting our biodiversity andnext and most exciting phase.preparing for a more sustainable, bright It remains for me to express my appreciation green future. to my many colleagues over the last six years New Leadership and to wish them well going forward. As you will I take the liberty to put forth my personalsee in this report, the employees of Staatsolie viewpoint here, partly because this will betruly rose to the occasion in 2020 to keep our myfinalLetteroftheManagingDirectorof company strong despite unique challenges. Staatsolie and thus my last opportunity toSpecial thanks to all our stakeholders, including speak from this distinguished platform. Ofour offshore partners, national and international course, mine is only one voice in what shouldinvestors and the people and Government of be a national discussion. I hope this messageSuriname.IfirmlybelievethatStaatsoliesnextwill help get the conversation started. 40yearspromiseevengreaterthingsthantheWhy am I retiring now? Those who knowfour decades past.me will recognize that I always uphold thatRudolf Elias a companys leadership should changeManaging Director/CEOperiodically;inmyopinion,fivetosevenyearsis the ideal interval. Under leadership that lasts longer, companies risk falling into an entrenched comfort zone and become less 7'