b'FINANCIAL & OPERATIONAL PERFORMANCE 2020A Challenging ClimateThe year 2020 was a challenging year for the Surinamese economy in addition to dealing with theeconomicimpactsoftheglobalpandemic.InflationaccompanyingtheeconomicclimatesawSurinameseconsumers,includingourlocalsuppliers,payingsignificantlymoreforcertainitemsin 2020. With government regulations on foreign currency exchange, the exchange rates for the Surinamese dollar were depreciated against the U.S. dollar, having a major impact on consumers spending power. At certain points in the year, the nation received a CCC rating from major credit rating agencies. In 2021, the Government of Suriname is introducing a solidarity levy of 10% on Income Tax, which will have an impact on our net results next year.Itwasalsoaverychallengingyearfortheglobalenergyindustry.Oilpricesweresignificantlyimpacted by the pandemic. With lockdowns, job losses and other economy-impacting effects, demand for oil worldwide dropped dramatically in 2020, which led to markedly lower prices.Despite these local and global headwinds, Staatsolie performed well in 2020, as this report will highlight. For example, we managed to sustain our foreign/domestic currency ratio at approximately 65%/35%, a healthy balance to manage our payment obligations. Our ability to maintainourannualcrudeproductionof6MMbblsandtosuccessfullycompletetherefineryTurnAround,alongwiththefiscaldisciplinetoscalebackonplannedoperationalandcapitalexpenditure costs, helped us realize the solid 2020 performance.SURINAME 2020EXPECTED RISE INSURINAME GROSS CONSUMER PRICECONSUMER PRICESDOMESTIC PRODUCT INDEX, INFLATION IN 2021 PER CAPITA104.9%151%2US$ 4,199 1(end of period, 12-month percent change)SURINAME GROSSSURINAME CREDITAVERAGE POSTING PUBLIC DEBT RATING PRICE OF STAATSOLIE CRUDE145.3%CCC3 2019 of GDP1 US$ 54/bbl 2020 US$ 41.4/bblSources:1. IMF World Economic Outlook.2. Suriname Could be Latest Big Oil Find as Industry Cuts Costs, New York Times, January 20, 2021.3. Fitch rating on January 16, 2020; S&P rating on July 16, 2020.8'