b'Operations at a Glance2020 OPERATING INCOME PER SEGMENTUpstream EBITDA contribution has come down by US$ 109 million from US$ 229 million (2019) to US$ 120 millionUPSTREAM (2020) mainly due to fallen crude oil prices (from US$ 54/ ONSHOREbbl in 2019 to US$ 44/bbl in 2020). The impact of the Opex US$ reduction, following the Corona pandemic, volume and other120factors balance each out. For 2021 the focus is to sustain production volumes at 6 MMbbls without growing Opex and keeping Capex around US$ 80 million.MILLIONDespite falling oil prices in 2020 the Downstream EBITDA contribution has gone up from US$ 28 million (2019) toDOWNSTREAM US$ 38 million (2020), as on the sales side the new IMOregulations and associated change of our reference priceUS$ 38 to 1% NYH supported the revenue, whilst on the purchaseside Downstream benefited from a heavily reduced crudeprice (3% USGC) with an overall impact of US$ 10 million.The year 2021 will be another challenging year due to continuous pressure on the crack spreads; an ambitious MILLION efficiency program to reduce Opex is in place tosafeguard the EBITDA.The EBITDA contribution of Staatsolies Energy has gone up from US$ 16 million (2019) to US$ 20 million (2020) dueENERGYto changes in volume and mainly the incorporation of the Afobaka hydro power facility with an impact of US$ 123US$ million and lower Cost of Sales of Thermal power plant of 20US$ 15 million, which is largely offset by lower sales prices(related to the oil prices) of US$ 134 million. In 2021 thefocus will be to optimize the balance of Hydro andThermal power generation. MILLIONThe EBITDA contribution has gone up from US$ 102 million GOLD (2019) to US$ 135 million (2020), which is driven by the acquisition of a 30% stake in the Pikin Saramacca mine of US$ 135 IAMGOLD offset by lower volumes from Merian of US$ 14 million and higher gold prices during 2020 with an impact of US$ 53 million (US$ 1811/oz in 2020 versus US$ 1398/oz in 2019), offset by increased operational expenditures ofUS$ 34 million. In 2021 we expect the investment in Pikin MILLION Saramacca mine will start generating net cash contributions next to the existing contribution of the 25% stake interest in the Merian goldmine of Newmont.10'