PAX Consolidated Financial Report 2017 by Vredesbeweging PAX

Consolidated Financial Report 2017 Stichting Vredesbeweging Pax Nederland

Document waarop het KPMG-rapport (1368085/18X00157929UTR) d.d. 30 april 2018 (mede) betrekking heeft. ÂŠ ICAN Tarik M.S. Osman. The PAX No Nukes team admiring the Nobel Peace Prize medal 2017.

www.paxforpeace.nl

dĂďůĞ ŽĨ ĐŽŶƚĞŶƚ ϭ͘ DĂŶĂŐĞŵĞŶƚ ƌĞƉŽƌƚ ϮϬϭϳ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϰ ϭ͘ϭ sŝƐŝŽŶ͕ ŵŝƐƐŝŽŶ ĂŶĚ ŽďũĞĐƚŝǀĞƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϰ sŝƐŝŽŶ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϰ ĞŶƚƌĂů ǀĂůƵĞƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϰ DŝƐƐŝŽŶ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϰ KďũĞĐƚŝǀĞƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϰ ϭ͘Ϯ ZŝƐŬƐ ĂŶĚ ƵŶĐĞƌƚĂŝŶƚŝĞƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϱ ϭ͘ϯ ĐŚŝĞǀŝŶŐ ŐŽĂůƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϲ DŽŶŝƚŽƌŝŶŐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϲ ^ĞůĞĐƚŝŽŶ ŽĨ ƉƌŽŐƌĂŵŵĞƐͬƉƌŽũĞĐƚƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϲ ZĞƐƵůƚƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϲ WƌŽŐƌĞƐƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϲ ϭ͘ϰ &ŝŶĂŶĐŝĂů ƉŽůŝĐǇ ĂŶĚ ĨŝŶĂŶĐŝĂů ƌĞƐƵůƚƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϴ ŶĂůǇƐŝƐ ŽĨ ƚŚĞ ϮϬϭϳ ƐƵŵ ŽĨ ŝŶĐŽŵĞ ĂŶĚ ĞǆƉĞŶƐĞƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϴ &ƵŶĚƌĂŝƐŝŶŐ ĚŝǀĞƌƐŝĨŝĐĂƚŝŽŶ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϵ ǆƉĞŶĚŝƚƵƌĞƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϵ ^Ƶŵ ŝŶĐŽŵĞ ĂŶĚ ĞǆƉĞŶĚŝƚƵƌĞ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϵ ŽŶƚŝŶƵŝƚǇ ŽĨ ŝŶĐŽŵĞ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϵ <ĞǇ ƌĂƚŝŽƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϵ ŽŶƚŝŶƵŝƚǇ ƌĞƐĞƌǀĞ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϵ /ŶǀĞƐƚŵĞŶƚƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϵ ϭ͘ϱ 'ŽǀĞƌŶĂŶĐĞ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϬ >ĞŐĂů ƐƚƌƵĐƚƵƌĞ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϬ /<s͕ W y ŚƌŝƐƚŝ ĂŶĚ W y ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϬ W y ŽůŽŵďŝĂ &ŽƵŶĚĂƚŝŽŶ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϭ ǆĞĐƵƚŝǀĞ ďŽĂƌĚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϭ ZĞŵƵŶĞƌĂƚŝŽŶ ŽĨ ƐĞŶŝŽƌ ŵĂŶĂŐĞŵĞŶƚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϭ 'ŽǀĞƌŶĂŶĐĞ ĂŶĚ ƐƵƉĞƌǀŝƐŝŽŶ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϮ /ŶƚĞŐƌŝƚǇ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϮ W y͛Ɛ ĐŽŵƉůĂŝŶƚƐ ƉƌŽĐĞĚƵƌĞ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϯ ŽŵƉůŝĂŶĐĞ ǁŝƚŚ ĞǆƚĞƌŶĂů ƐƵƉĞƌǀŝƐŝŽŶ ĐŽĚĞƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϯ /^K ĞƌƚŝĨŝĐĂƚĞ ϵϬϬϭ͗ϮϬϬϴ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϰ ǆƚĞƌŶĂů ĂĐĐŽƵŶƚĂŶƚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϰ ŽĚĞƐ ĂŶĚ ŐƵŝĚĞůŝŶĞƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϰ 'ĞŶĞƌĂů WƵďůŝĐ ĚǀĂŶĐĞŵĞŶƚ ; E /Ϳ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϰ ϭ͘ϲ ŽŵŵƵŶŝĐĂƚŝŽŶ ǁŝƚŚ ƐƚĂŬĞŚŽůĚĞƌƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϰ ϭ͘ϳ ǆƉĞĐƚĞĚ ƐƚĂƚĞ ŽĨ ĂĨĨĂŝƌƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϱ Document waarop het KPMG-rapport (1368085/18X00157929UTR) d.d. 30 april 2018 (mede) betrekking heeft.

ϭ͘ϴ ŽƌƉŽƌĂƚĞ ƐŽĐŝĂů ƌĞƐƉŽŶƐŝďŝůŝƚǇ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϲ Ϯ͘ ZĞƉŽƌƚ ĨƌŽŵ ƚŚĞ ƐƵƉĞƌǀŝƐŽƌǇ ďŽĂƌĚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϳ ZĞŵƵŶĞƌĂƚŝŽŶ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ Ϯϭ ϯ͘ ŽŶƐŽůŝĚĂƚĞĚ &ŝŶĂŶĐŝĂů ^ƚĂƚĞŵĞŶƚƐ ϮϬϭϳ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϮϮ ϯ͘ϭ dŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ďĂůĂŶĐĞ ƐŚĞĞƚ ĂƐ Ăƚ ϯϭ ĞĐĞŵďĞƌ ϮϬϭϳ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ Ϯϰ ϯ͘Ϯ dŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚ ŽĨ ŝŶĐŽŵĞ ĂŶĚ ĞǆƉĞŶĚŝƚƵƌĞƐ ϮϬϭϳ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ Ϯϳ ϯ͘ϯ dŚĞ ŶŽƚĞƐ ĐŽŵƉƌŝƐŝŶŐ Ă ƐƵŵŵĂƌǇ ŽĨ ƚŚĞ ĂĐĐŽƵŶƚŝŶŐ ƉŽůŝĐŝĞƐ ĂŶĚ ŽƚŚĞƌ ĞǆƉůĂŶĂƚŽƌǇ ŝŶĨŽƌŵĂƚŝŽŶ ;ŝŶĐůƵĚŝŶŐ ƚŚĞ ĨŽƵŶĚĂƚŝŽŶ͛Ɛ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚ W yͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ Ϯϵ ϰ͘ KƚŚĞƌ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϱϵ ϰ͘ϭ /ŶĚĞƉĞŶĚĞŶƚ ĂƵĚŝƚŽƌƐ ƌĞƉŽƌƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϱϵ

Document waarop het KPMG-rapport (1368085/18X00157929UTR) d.d. 30 april 2018 (mede) betrekking heeft.

1. Management report 2017 1.1 Vision, mission and objectives Vision /ƚ ŝƐ ŽƵƌ ĐŽŶǀŝĐƚŝŽŶ ƚŚĂƚ ĞǀĞƌǇ ƉĞƌƐŽŶ ŚĂƐ Ă ƌŝŐŚƚ ƚŽ Ă ĚŝŐŶŝĨŝĞĚ ůŝĨĞ͘ tĞ ďĞůŝĞǀĞ ƚŚĂƚ ŚƵŵĂŶ ĚŝŐŶŝƚǇ ŝƐ ƚŚĞ ďĂƐŝƐ ĨŽƌ ƉĞĂĐĞ ĂŶĚ ũƵƐƚŝĐĞ͕ ĂŶĚ ƚŚĂƚ ĞǀĞƌǇ ƉĞƌƐŽŶ ŚĂƐ ƚŚĞ ƌŝŐŚƚ ƚŽ ůŝǀĞ ĨƌĞĞ ĨƌŽŵ ĨĞĂƌ͘ tĞ ĐŽŶƐŝĚĞƌ ƉĞĂĐĞ Ă ǀĞƌď͗ Ă ƚĂƐŬ ĂƐƐŝŐŶĞĚ ƚŽ ƵƐ Ăůů͘ tĞ ƚŚĞƌĞĨŽƌĞ ƐŚŽǁ ŽƵƌ ƐŽůŝĚĂƌŝƚǇ ǁŝƚŚ ƉĞĂĐĞ ĂĐƚŝǀŝƐƚƐ ĂŶĚ ǀŝĐƚŝŵƐ ŽĨ ǁĂƌ ĂŶĚ ǀŝŽůĞŶĐĞ͘ tĞ ƐƵƉƉŽƌƚ ůŽĐĂů ĐŽŵŵƵŶŝƚŝĞƐ ĂŶĚ Đŝǀŝů ƐŽĐŝĞƚǇ ŽƌŐĂŶŝǌĂƚŝŽŶƐ ƚŚĂƚ ĂƌĞ ǁŝůůŝŶŐ ƚŽ ŐŽ ƚŚĞ ĞǆƚƌĂ ŵŝůĞ ĨŽƌ ƚŚĞ ƌŝŐŚƚ ƚŽ ŚƵŵĂŶ ƐĞĐƵƌŝƚǇ ĂŶĚ ǁŚŽ ƚƌǇ ƚŽ ĞŶĚ ĐŽŶĨůŝĐƚ ǁŝƚŚ ƐƵƐƚĂŝŶĂďůĞ ƐŽůƵƚŝŽŶƐ ĂŶĐŚŽƌĞĚ ŝŶ ŝŶƚĞƌŶĂƚŝŽŶĂů ůĂǁ͘ Central values ,ƵŵĂŶ ĚŝŐŶŝƚǇ͕ ƐŽůŝĚĂƌŝƚǇ ĂŶĚ ƚŚĞ ĐŽŵŵŽŶ ŐŽŽĚ ƐŚĂƉĞ ƚŚĞ ǀĂůƵĞƐ ŽĨ ŽƵƌ ƉĞĂĐĞ ǁŽƌŬ͘ dŚĞǇ ĂƌĞ ƚŚĞ ƵůƚŝŵĂƚĞ ĐƌŝƚĞƌŝĂ ĨŽƌ ƚŚĞ ƋƵĂůŝƚǇ ŽĨ ŽƵƌ ƉĞĂĐĞ ǁŽƌŬ͕ ƚŚĞ ĐƌŝƚŝĐĂů ĞǇĞ ĨŽƌ ĞǆƉŽƐŝŶŐ͕ ŝŶƚĞƌƉƌĞƚŝŶŐ ĂŶĚ ƚĂĐŬůŝŶŐ ƐŽĐŝĂů ŝŶũƵƐƚŝĐĞ ĂŶĚ ǀŝŽůĞŶĐĞ ĂŐĂŝŶƐƚ ŚƵŵĂŶ ůŝĨĞ ĂŶĚ ƚŚĞ ĨŽƵŶĚĂƚŝŽŶ ŽĨ ŚƵŵĂŶ ƌŝŐŚƚƐ͘ ,ƵŵĂŶ ĚŝŐŶŝƚǇ ŝƐ ƚŚĞ ďĂƐŝƐ ĨŽƌ ŽƵƌ ƐŽůŝĚĂƌŝƚǇ ǁŝƚŚ ƉĞŽƉůĞ ǁŚŽ ůŽŶŐ ĨŽƌ ĂŶĚ ǁŽƌŬ ƚŽǁĂƌĚƐ Ă ƉĞĂĐĞĨƵů ĂŶĚ ĚŝŐŶŝĨŝĞĚ ĞǆŝƐƚĞŶĐĞ͘ tĞ ĂůǁĂǇƐ ŬĞĞƉ ƚŚĞ ĐŽŵŵŽŶ ŐŽŽĚ ŝŶ ŵŝŶĚ ĂŶĚ ĂƌĞ ŶŽƚ ĚŝƐƚƌĂĐƚĞĚ ďǇ ƉƌŝǀĂƚĞ͕ ƉĂƌƚǇ ƉŽůŝƚŝĐĂů Žƌ ŶĂƚŝŽŶĂů ŝŶƚĞƌĞƐƚƐ͘ W y ŝƐ ƌŽŽƚĞĚ ŝŶ ƚŚĞ ŚƌŝƐƚŝĂŶ ƚƌĂĚŝƚŝŽŶ ĂŶĚ ŝŶƐƉŝƌĞĚ ďǇ Ă ƉƌŽƉŚĞƚŝĐ ĐĂůů ƚŽ ƉĞĂĐĞ ĂŶĚ ũƵƐƚŝĐĞ͘ tĞ ĂƌĞ ĐĂƚĂůǇƐƚƐ ĨŽƌ ĐƌŝƚŝĐĂů ƌĞĨůĞĐƚŝŽŶ ŽŶ ĐƵƌƌĞŶƚ ƉŽůŝƚŝĐĂů ĂŶĚ ƐŽĐŝĂů ƚƌĞŶĚƐ͕ ĂŶĚ ƉůĂǇ ĂŶ ĂĐƚŝǀĞ ƌŽůĞ ŝŶ ƚŚĞŵ͘ dŚŝƐ ƚƌĂĚŝƚŝŽŶ ŚĂƐ ƚƌƵƚŚ ĂƐ Ă ďĂƐŝƐ͕ ũƵƐƚŝĐĞ ĂƐ Ă ƐƚĂŶĚĂƌĚ͕ ůŽǀĞ ĂƐ ŝŶƐƉŝƌĂƚŝŽŶ ĂŶĚ ĨƌĞĞĚŽŵ ĂƐ Ă ŚĂůůŵĂƌŬ͕ ĂŶĚ ŝƚƐ Ăŝŵ ŝƐ ƚŽ ƐĞƌǀĞ ƚŚĞ ĐŽŵŵŽŶ ŐŽŽĚ͕ ĨŽƌ Ăůů ƉĞŽƉůĞ ĂŶĚ ƚŚĞ ǁŚŽůĞ ŝŶĚŝǀŝĚƵĂů͘ dŚĞ ĐĂůů ĨŽƌ ƉĞĂĐĞ ĐĂŶ ĂůƐŽ ďĞ ŚĞĂƌĚ ŝŶ ŽƚŚĞƌ ƌĞůŝŐŝŽƵƐ ĂŶĚ ŚƵŵĂŶŝƚĂƌŝĂŶ ƚƌĂĚŝƚŝŽŶƐ͘ dŚŝƐ ŝƐ ǁŚǇ ǁĞ ǁŽƌŬ ƚŽŐĞƚŚĞƌ ǁŝƚŚ Ăůů ƉĞŽƉůĞ ŽĨ ŐŽŽĚ ǁŝůů ǁŚŽ ƐŚĂƌĞ ŽƵƌ ŝĚĞĂů ĂŶĚ ŚĂǀĞ ƚŚĞ ĐŽƵƌĂŐĞ ƚŽ ƐƚĂŶĚ ƵƉ ĨŽƌ ƉĞĂĐĞ͘ tĞ ĂƌĞ ƐƵƉƉŽƌƚĞĚ ďǇ Ă ǁŝĚĞ ŐƌŽƵƉ ŽĨ ŝŶǀŽůǀĞĚ ĐŝƚŝǌĞŶƐ͕ ƐŽĐŝĂů ŽƌŐĂŶŝǌĂƚŝŽŶƐ ĂŶĚ ĐŚƵƌĐŚĞƐ͘ Mission W y ǁŽƌŬƐ ǁŝƚŚ ĐŽŵŵŝƚƚĞĚ ĐŝǀŝůŝĂŶƐ ĂŶĚ ƉĂƌƚŶĞƌƐ ŝŶ ĨƌĂŐŝůĞ ĂŶĚ ĐŽŶĨůŝĐƚͲĂĨĨĞĐƚĞĚ ƐŝƚƵĂƚŝŽŶƐ ƚŽ ƉƌŽƚĞĐƚ ŚƵŵĂŶ ƐĞĐƵƌŝƚǇ͕ ƚŽ ƉƌĞǀĞŶƚ ĂŶĚ ĞŶĚ ĂƌŵĞĚ ǀŝŽůĞŶĐĞ͕ ĂŶĚ ƚŽ ďƵŝůĚ ƉĞĂĐĞ ǁŝƚŚ ũƵƐƚŝĐĞ͘ dŚĞ ĚĞĐŝƐŝŽŶ ƚŽ ƉƌŽƚĞĐƚ ĐŝǀŝůŝĂŶƐ ĂŐĂŝŶƐƚ ǁĂƌ ǀŝŽůĞŶĐĞ ĚŽĞƐ ŶŽƚ ŵĞĂŶ ƚŚĂƚ ǁĞ ƚĂŬĞ ǁĂƌ ĨŽƌ ŐƌĂŶƚĞĚ͘ KŶ ƚŚĞ ĐŽŶƚƌĂƌǇ͕ ǁĞ ƚŚŝŶŬ ƚŚĂƚ ƌĞĚƵĐŝŶŐ ĂƌŵĞĚ ǀŝŽůĞŶĐĞ͕ ŚƵŵĂŶŝƚĂƌŝĂŶ ĚŝƐĂƌŵĂŵĞŶƚ ĂŶĚ ďĂŶŝƐŚŝŶŐ ǁĂƌ ĂƌĞ ƚŚĞ ďĞƐƚ ƉƌŽƚĞĐƚŝŽŶ ĂŐĂŝŶƐƚ ǁĂƌ ǀŝŽůĞŶĐĞ ĂŶĚ ƚŚĞ ĨŝƌƐƚ ĐŽŶĚŝƚŝŽŶƐ ĨŽƌ ŚƵŵĂŶ ƐĞĐƵƌŝƚǇ͕ ǁŚŝĐŚ ĞŶƐƵƌĞƐ ƚŚĞ ƉƌŽƚĞĐƚŝŽŶ ŽĨ ĐŝǀŝůŝĂŶƐ ĂŶĚ ƚŚĞŝƌ ƐĂĨĞƚǇ͘ Objectives Themes

dŽ ĂĐŚŝĞǀĞ ŽƵƌ ŵŝƐƐŝŽŶ ǁĞ ǁŽƌŬ ŽŶ ĨŝǀĞ ƚŚĞŵĞƐ ŝŶ ϭϱ ĐŽƵŶƚƌŝĞƐ ŝŶ ƚŚĞ DŝĚĚůĞ ĂƐƚ͕ EŽƌƚŚͲĞĂƐƚ ĂŶĚ ĞŶƚƌĂů ĨƌŝĐĂ͕ ƵƌŽƉĞ ĂŶĚ >ĂƚŝŶ ŵĞƌŝĐĂ ĂŶĚ Ăƚ ƚŚĞ ŝŶƚĞƌŶĂƚŝŽŶĂů ůĞǀĞů͘ Ŷ ŽƌŐĂŶŝǌĂƚŝŽŶͲǁŝĚĞ ƚŚĞŽƌǇ ŽĨ ĐŚĂŶŐĞ ŚĂƐ ďĞĞŶ ĚĞǀĞůŽƉĞĚ ĨŽƌ ĞĂĐŚ ŽĨ ƚŚĞƐĞ ƚŚĞŵĞƐ͘ dŚĞ ĨŝǀĞ ƚŚĞŵĞƐ ĂƌĞ͗ ϭ͘ ŽŵŵƵŶŝƚǇͲďĂƐĞĚ ^ĞĐƵƌŝƚǇ Θ ŝƚŝǌĞŶƐ͛ ZŝŐŚƚƐ ; ^ ZͿ Ϯ͘ ĞĂůŝŶŐ ǁŝƚŚ ƚŚĞ WĂƐƚ ; ǁƚWͿ ϯ͘ WƌŽƚĞĐƚŝŽŶ ŽĨ ŝǀŝůŝĂŶƐ ;WŽ Ϳ ϰ͘ EĂƚƵƌĂů ZĞƐŽƵƌĐĞƐ͕ ŽŶĨůŝĐƚ Θ ,ƵŵĂŶ ZŝŐŚƚƐ ;EZ Θ,ZͿ ϱ͘ ,ƵŵĂŶŝƚĂƌŝĂŶ ŝƐĂƌŵĂŵĞŶƚ ;,Ƶŵ ŝƐͿ

Document waarop het KPMG-rapport (1368085/18X00157929UTR) d.d. 30 april 2018 (mede) betrekking heeft.

Transformative processes

KƵƌ ƉƌŽũĞĐƚƐ ĂŶĚ ƉƌŽŐƌĂŵŵĞƐ ŝŶ ƚŚĞ ĨŝǀĞ ƚŚĞŵĂƚŝĐ ĂƌĞĂƐ ĐŽŶƚƌŝďƵƚĞ ƚŽ ĨŝǀĞ ƚƌĂŶƐĨŽƌŵĂƚŝǀĞ ƉƌŽĐĞƐƐĞƐ ƚŚĂƚ ǁĞ ĐŽŶƐŝĚĞƌ ĞƐƐĞŶƚŝĂů ƚŽ ĂĐŚŝĞǀŝŶŐ ƚŚĞ ĐŚĂŶŐĞ ǁĞ ĞŶǀŝƐĂŐĞ ŝŶ ƚŚĞ ĐŽƵŶƚƌŝĞƐ ǁŚĞƌĞ ǁĞ ǁŽƌŬ͘ dŚĞƐĞ ĨŝǀĞ ƚƌĂŶƐĨŽƌŵĂƚŝǀĞ ƉƌŽĐĞƐƐĞƐ ĂƌĞ͗ ϭ͘ KƌŐĂŶŝƐŝŶŐ ĂŶĚ ŵŽďŝůŝƐŝŶŐ Đŝǀŝů ĂĐƚŝǀŝƐŵ Ϯ͘ ^ƚƌĞŶŐƚŚĞŶŝŶŐ ƐŽĐŝĂů ĐŽŚĞƐŝŽŶ ǁŝƚŚŝŶ ƐŽĐŝĞƚǇ ĂŶĚ ďĞƚǁĞĞŶ ĂŶĚ ĂŵŽŶŐ ŚŽƐƚŝůĞ ŐƌŽƵƉƐ ϯ͘ WƌŽŵŽƚŝŶŐ ŐŽǀĞƌŶŵĞŶƚ ƌĞĨŽƌŵƐ ƚŽ ĐƌĞĂƚĞ ƌĞƐƉŽŶƐŝǀĞ ĂŶĚ ůĞŐŝƚŝŵĂƚĞ ƉƵďůŝĐ ŝŶƐƚŝƚƵƚŝŽŶƐ ϰ͘ DŽďŝůŝƐŝŶŐ ƐƵƉƉŽƌƚ ĨƌŽŵ ƚŚĞ ŝŶƚĞƌŶĂƚŝŽŶĂů ĐŽŵŵƵŶŝƚǇ ϱ͘ DŝƚŝŐĂƚŝŶŐ ĞǆƚĞƌŶĂů ƐƚƌĞƐƐ ĨĂĐƚŽƌƐ Interventions

W y ƵƐĞƐ ĚŝĨĨĞƌĞŶƚ ŝŶƚĞƌǀĞŶƚŝŽŶƐ ĂŶĚ ŝŶƐƚƌƵŵĞŶƚƐ ƚŽ ĂĐŚŝĞǀĞ ƌĞƐƵůƚƐ ŽŶ ƚŚĞ ĨŝǀĞ ŵĂŝŶ ƚŚĞŵĞƐ ĂŶĚ ƚŽ ĐŽŶƚƌŝďƵƚĞ ƚŽ ƚƌĂŶƐĨŽƌŵĂƚŝǀĞ ĐŚĂŶŐĞ͘ dŚĞ ŚŽǁ ŽĨ ŽƵƌ ǁŽƌŬ ĚĞƉĞŶĚƐ ŽŶ ƚŚĞ ĐŽŶƚĞǆƚ ŝŶ ƚŚĞ ĐŽƵŶƚƌŝĞƐ ǁŚĞƌĞ ǁĞ ŽƉĞƌĂƚĞ ŽƵƌ ƉƌŽŐƌĂŵŵĞƐ͘ dŽ ŝŶĐƌĞĂƐĞ ĞĨĨĞĐƚŝǀĞŶĞƐƐ͕ ŽƵƌ ŝŶƚĞƌǀĞŶƚŝŽŶƐ ĂƌĞ ŽĨƚĞŶ ůŝŶŬĞĚ ĂŶĚ ŝŶƚĞƌƌĞůĂƚĞĚ͘ tĞ ĨŽĐƵƐ ŽŶ ƚŚĞ ĨŽůůŽǁŝŶŐ ĨŝǀĞ ŝŶƚĞƌǀĞŶƚŝŽŶƐ͗ ϭ͘ ĂƉĂĐŝƚǇ ďƵŝůĚŝŶŐ Ϯ͘ ZĞƐĞĂƌĐŚ ĂŶĚ ŵŽŶŝƚŽƌŝŶŐ ϯ͘ ƵŝůĚŝŶŐ ďƌŝĚŐĞƐ ďĞƚǁĞĞŶ ;ĂŶƚĂŐŽŶŝƐƚŝĐͿ ŐƌŽƵƉƐ ϰ͘ &ĂĐŝůŝƚĂƚŝŽŶ ŽĨ ĚŝĂůŽŐƵĞ ϱ͘ >ŽďďǇŝŶŐ ϲ͘ WƵďůŝĐ ĐĂŵƉĂŝŐŶƐ

1.2 Risks and uncertainties W y ŚĂƐ ĨŽƌŵĂůŝƐĞĚ ŝƚƐ ƌŝƐŬ ĂŶĂůǇƐŝƐ͘ dŚĞ ƌŝƐŬƐ ĂƌĞ ƌĞͲĂƐƐĞƐƐĞĚ ĞǀĞƌǇ ǇĞĂƌ ĂĐĐŽƌĚŝŶŐ ƚŽ ĂĐƚƵĂů ĂŶĚ ĂŶƚŝĐŝƉĂƚĞĚ ĐŚĂŶŐĞƐ ŝŶ ƚŚĞ ĨŝǀĞ ĐĂƚĞŐŽƌŝĞƐ ďĞůŽǁ͘ ĂƐĞĚ ŽŶ ƚŚĞ ƵƉĚĂƚĞĚ ƌŝƐŬ ĂƐƐĞƐƐŵĞŶƚ ƚŚĞ ƌĞƋƵŝƌĞĚ ůĞǀĞů ŽĨ ƚŚĞ ĐŽŶƚŝŶƵŝƚǇ ƌĞƐĞƌǀĞ ŚĂƐ ďĞĞŶ ĐĂůĐƵůĂƚĞĚ ǁŝƚŚŝŶ Ă ƌĂŶŐĞ ŽĨ Φϯ͘ϰ ƚŽ Φϰ ŵŝůůŝŽŶ͘ dŚĞ ƌĞĐĞŶƚ ƵƉĚĂƚĞ ŚĂƐ ůĞĚ ƚŽ Ă ŶƵŵďĞƌ ŽĨ ƐŚŝĨƚƐ ĂŶĚ ŚĂƐ ƐůŝŐŚƚůǇ ŝŶĐƌĞĂƐĞĚ ƚŚĞ ƚŽƚĂů ĂŵŽƵŶƚ͘ EŽ ŶĞǁ ƌŝƐŬƐ ŚĂǀĞ ďĞĞŶ ŝĚĞŶƚŝĨŝĞĚ͘ dŚĞ ƵƉĚĂƚĞĚ ƌŝƐŬ ĂŶĂůǇƐŝƐ ŚĂƐ ďĞĞŶ ƉƌĞƐĞŶƚĞĚ ƚŽ ĂŶĚ ĂƉƉƌŽǀĞĚ ďǇ ƚŚĞ ƐƵƉĞƌǀŝƐŽƌǇ ďŽĂƌĚ͘ dŚĞ ĨŽůůŽǁŝŶŐ ďƌĞĂŬĚŽǁŶ ŽĨ ƌŝƐŬ ĂŶĚ ƐŚŝĨƚƐ ƐŚĞĚƐ ůŝŐŚƚ ŽŶ ƚŚĞ ƌŝƐŬƐ ƚŚĂƚ W y ĞŶĐŽƵŶƚĞƌƐ͘ Ǧ dŚĞ ĨŝŶĂŶĐŝĂů ƌŝƐŬ ;ďǇ ĨĂƌ EŽ͘ ϭ ƌŝƐŬͿ͕ ƉĂƌƚŝĐƵůĂƌůǇ ǁŝƚŚ ƌĞŐĂƌĚ ƚŽ ƚŚĞ ĂďŝůŝƚǇ ƚŽ ĂďƐŽƌď ĨŝŶĂŶĐŝĂů ƐŚŽĐŬƐ ŝŶ ƚŚĞ ĨŝŶĂŶĐŝŶŐ ŽĨ ŽƵƌ ǁŽƌŬ͕ ŚĂƐ ĚĞĐƌĞĂƐĞĚ ƐůŝŐŚƚůǇ ďĞĐĂƵƐĞ ŽƵƌ ĚĞƉĞŶĚĞŶĐĞ ŽŶ ŽƵƌ ůĂƌŐĞƐƚ ƐŽƵƌĐĞ ŽĨ ĨƵŶĚŝŶŐ ǁŝůů ŐƌĂĚƵĂůůǇ ĚĞĐƌĞĂƐĞ ŽǀĞƌ ƚŚĞ ĐŽŵŝŶŐ ǇĞĂƌƐ͘ DŝƚŝŐĂƚŝŽŶ͗ /ƚ ŝƐ ŶĞǁ ĂĐĐĞƉƚĞĚ ƉŽůŝĐǇ ƚŽ ƚƌĂŶƐĨĞƌ ďƵĚŐĞƚ ƵŶĚĞƌƐĐŽƌĞƐ ĨƌŽŵ ϮϬϭϳ ŽŶ ƚŽ ϮϬϮϬ ƚŽ ƌĞĚƵĐĞ ƚŚĞ ĚƌŽƉ ŝŶ ĨƵŶĚŝŶŐ ŝŶ ϮϬϮϬ͘ KƵƌ ƐƚƌĂƚĞŐǇ ƚŽǁĂƌĚƐ ĨƵŶĚƐ ĚŝǀĞƌƐŝĨŝĐĂƚŝŽŶ ůŝŵŝƚƐ ƚŚĞ ĚĞƉĞŶĚĞŶĐǇ ƚŽ DŽ&ĂͲ^W͘ Ǧ WŽůŝƚŝĐĂů ĂŶĚ ƐŽĐŝĂů ƌŝƐŬƐ ;ϮŶĚͿ ĂƌĞ ĂƐƐĞƐƐĞĚ ĂƐ ďĞŝŶŐ ŚŝŐŚĞƌ ĂƐ Ă ƌĞƐƵůƚ ŽĨ ƉŽůŝƚŝĐĂů ĂŶĚ ƐŽĐŝĂů ĚĞǀĞůŽƉŵĞŶƚƐ ŝŶ ƚŚĞ EĞƚŚĞƌůĂŶĚƐ ĂŶĚ ĂďƌŽĂĚ͘ DŝƚŝŐĂƚŝŽŶ͗ ŽŶƚŝŶƵŽƵƐ ŶĞƚǁŽƌŬŝŶŐ ĂŶĚ ĂĚǀŽĐĂĐǇ ĞĨĨŽƌƚƐ ĨƌŽŵ W y ƉƌŽŐƌĂŵŵĞ ůĞĂĚĞƌƐ ĂŶĚ ŵĂŶĂŐĞŵĞŶƚ͘ Ǧ dŚĞ ƌŝƐŬ ǁŝƚŚ ƌĞŐĂƌĚ ƚŽ WĞƌƐŽŶŶĞů ĂŶĚ KƌŐĂŶŝǌĂƚŝŽŶ ;ϯƌĚͿ ŝƐ ĐĂůĐƵůĂƚĞĚ ĂƐ ďĞŝŶŐ ůŽǁĞƌ ďĞĐĂƵƐĞ Ă ĚŽƵďůĞ ĐŽƵŶƚ ŽĨ ƚŚĞ ĨŝŶĂŶĐŝĂů ƌŝƐŬ ŚĂƐ ďĞĞŶ ƌĞŵŽǀĞĚ͘ DŝƚŝŐĂƚŝŽŶ͗ ,Z ƐƚƌĂƚĞŐǇ ƚŽǁĂƌĚƐ ĨůĞǆŝďůĞ ĐŽŶƚƌĂĐƚƐ ĨŽůůŽǁŝŶŐ ƚŚĞ W y ĨƵŶĚŝŶŐ ƉĂƚƚĞƌŶ ϮϬϭϲͲϮϬϮϬ͘ Ǧ dŚĞ ƌŝƐŬ ƌĞŐĂƌĚŝŶŐ ĚĂƚĂ ƉƌŝǀĂĐǇ ĂŶĚ ĚĂƚĂ ƉƌŽƚĞĐƚŝŽŶ ;ϰƚŚͿ ŝƐ ĞƐƚŝŵĂƚĞĚ ƚŽ ďĞ ĐŽŶƐŝĚĞƌĂďůǇ ŚŝŐŚĞƌ ƚŚĂŶ ďĞĨŽƌĞ͕ ďĂƐĞĚ ŽŶ ƚŚĞ ŝŶĐƌĞĂƐĞ ŝŶ ŝŶĐŝĚĞŶƚƐ ŝŶ ƚŚŝƐ ĂƌĞĂ ŝŶ ƚŚĞ EĞƚŚĞƌůĂŶĚƐ ĂŶĚ ǁŽƌůĚǁŝĚĞ͘ DŝƚŝŐĂƚŝŽŶ͗ W y ŚŝƌĞĚ Ă ^ĞĐƵƌŝƚǇ ŵĂŶĂŐĞƌ ;ĂĐƚŝǀĞ ĂƐ ŽĨ :ĂŶƵĂƌǇ ϮϬϭϴͿ ǁŚŽ ŝƐ ĂůƐŽ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ĚĂƚĂͲƐĞĐƵƌŝƚǇ͘ Document waarop het KPMG-rapport (1368085/18X00157929UTR) d.d. 30 april 2018 (mede) betrekking heeft.

dŚĞ ƌŝƐŬ ŽĨ ĨƌĂƵĚ ĂŶĚ ĐŽƌƌƵƉƚŝŽŶ ;ϱƚŚͿ ŚĂƐ ďĞĞŶ ƌĞĚƵĐĞĚ ĨŽůůŽǁŝŶŐ ƚŚĞ ŝŶƚƌŽĚƵĐƚŝŽŶ ŽĨ ďĞƚƚĞƌ ƉƌŽũĞĐƚ ĐŽŶƚƌŽů ĂŶĚ ŵŽŶŝƚŽƌŝŶŐ ĐĂƉĂĐŝƚŝĞƐ͘ DŝƚŝŐĂƚŝŽŶ͗ ŽŶƚŝŶƵŽƵƐ ĂƉƉĞĂů ĨƌŽŵ ŵĂŶĂŐĞŵĞŶƚ ;'ĞŶĞƌĂů ĚŝƌĞĐƚŽƌ ƚŚƌŽƵŐŚ ŝŶƚƌĂŶĞƚͿ ĨŽƌ ŝŶƚĞŐƌŝƚǇ͘ /ŵƉƌŽǀĞĚ ƉƌŽũĞĐƚ ĐŽŶƚƌŽů ŵŝƚŝŐĂƚĞƐ ƌŝƐŬ ŽĨ ĨƌĂƵĚ ;ĂƐ ĞǀŝĚĞŶĐĞĚ ďǇ ƚŚĞ ĨƌĂƵĚͲĚŝƐĐŽǀĞƌǇ ŝŶ ŽŶŐŽͿ͘

1.3 Achieving goals Monitoring ƵŝůĚŝŶŐ ŽŶ ƚŚĞ ĨŝǀĞ ƚŚĞŵĞƐ W y ŚĂƐ ĚĞĨŝŶĞĚ Ă ^ƚƌĂƚĞŐŝĐ &ƌĂŵĞǁŽƌŬ ϮϬϭϲ ʹ ϮϬϮϬ͘ DŽŶŝƚŽƌŝŶŐ ĂŶĚ ĞǀĂůƵĂƚŝŽŶ ŽĨ ƌĞƐƵůƚƐ Ăƚ ƚŚĞ ƉƌŽũĞĐƚ ůĞǀĞů ƚĂŬĞƐ ƉůĂĐĞ ďǇ ŵĞĂŶƐ ŽĨ ƚŚĞŽƌŝĞƐ ŽĨ ĐŚĂŶŐĞ͘ /ŶĚĞĞĚ͕ ĞĂĐŚ ƉƌŽũĞĐƚ ŚĂƐ Ă ƉƌŽũĞĐƚͲƐƉĞĐŝĨŝĐ ƚŚĞŽƌǇ ŽĨ ĐŚĂŶŐĞ ǁŝƚŚ ƐƚƌĂƚĞŐŝĐ ŐŽĂůƐ͕ ĂĐƚŽƌƐ ĂŶĚ ŝŶƚĞƌǀĞŶƚŝŽŶƐ ĂŶĚ ƵŶĚĞƌůǇŝŶŐ ĂƐƐƵŵƉƚŝŽŶƐ͘ ZĞƐƵůƚƐ ĂƌĞ ŵĞĂƐƵƌĞĚ ĂŶĚ ĂŶĂůǇƐĞĚ ĞǀĞƌǇ ǇĞĂƌ Ăƚ ƚŚĞ ƉƌŽũĞĐƚ ĂŶĚ ƉƌŽŐƌĂŵŵĞ ůĞǀĞů͕ ĂĨƚĞƌ ǁŚŝĐŚ ƚŚĞ ĨŽĐƵƐ ŵĂǇ ďĞ ĂĚũƵƐƚĞĚ ĂĐĐŽƌĚŝŶŐůǇ͘ dŽ ŵĞĂƐƵƌĞ ƌĞƐƵůƚƐ͕ W y ƵƐĞƐ ƚŚĞ ŽƵƚĐŽŵĞ ŚĂƌǀĞƐƚŝŶŐ ŵĞƚŚŽĚ͕ ǁŚŝĐŚ ůŽŽŬƐ Ăƚ ƌĞůĞǀĂŶƚ ĐŚĂŶŐĞƐ ŝŶ Ă ƉƌŽũĞĐƚ ĂŶĚ ƚŚĞ ĞǆƚĞŶƚ ƚŽ ǁŚŝĐŚ W y ŚĂƐ ĐŽŶƚƌŝďƵƚĞĚ ƚŽ ƚŚĞƐĞ ĐŚĂŶŐĞƐ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ W y ĂŶĂůǇƐĞƐ ƚŚĞ ƉƌŽŐƌĞƐƐ ŽĨ ƉƌŽũĞĐƚƐ ŽŶ ĂŶ ĂŶŶƵĂů ďĂƐŝƐ͕ ĂŶĂůǇƐŝŶŐ ƚŚĞ ĞǆƚĞŶƚ ƚŽ ǁŚŝĐŚ Ă ƉƌŽũĞĐƚ ŝƐ ŽŶ ƚƌĂĐŬ͘ Selection of programmes/projects dŚĞ ĐƵƌƌĞŶƚ ƚŚĞŵĞƐ ĂŶĚ ƉƌŽŐƌĂŵŵĞƐ ǁĞƌĞ ĐŚŽƐĞŶ ĚƵƌŝŶŐ ĂŶ ŽƌŐĂŶŝǌĂƚŝŽŶͲǁŝĚĞ ĐŽŶƐƵůƚĂƚŝŽŶ ;&ƵƚƵƌĞ ^ĞĂƌĐŚͿ ŝŶ ϮϬϭϰ͘ ĂƐĞĚ ŽŶ Ă ĐŽŶƐƚĂŶƚ ĂŶĂůǇƐŝƐ ŽĨ ƚŚĞ ĐŽŶƚĞǆƚ ŝŶ ǁŚŝĐŚ Ă ƉƌŽŐƌĂŵŵĞ ƚĂŬĞƐ ƉůĂĐĞ͕ W y ĚĞǀĞůŽƉƐ ŶĞǁ ƉƌŽũĞĐƚƐ ĂŶĚ ƐĞĐƵƌĞƐ ĨƵŶĚŝŶŐ ĨŽƌ ƚŚĞŵ͘ Results /Ŷ ϮϬϭϳ͕ ƚŚĞ ƉƌŽŐƌĂŵŵĞ ůĞĂĚĞƌƐ ƌĞƉŽƌƚĞĚ ϭϴϴ ƌĞůĞǀĂŶƚ ƉŽƐŝƚŝǀĞ ĐŚĂŶŐĞƐ ;ŽƵƚĐŽŵĞƐͿ ŝŶ ƉƌŽũĞĐƚƐ ƚŚĂƚ W y ĂŶĚ ŝƚƐ ƉĂƌƚŶĞƌƐ ĐŽŶƚƌŝďƵƚĞĚ ƚŽ͘ ĞůŽǁ ŝƐ ƚŚĞ ĚŝƐƚƌŝďƵƚŝŽŶ ĂĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ƌĞůĞǀĂŶĐĞ ŽĨ ƚŚĞƐĞ ĐŚĂŶŐĞƐ ǁŝƚŚ ƌĞŐĂƌĚ ƚŽ ƚŚĞ ŽďũĞĐƚŝǀĞ ŽĨ ƚŚĞ ƉƌŽũĞĐƚƐ͘ EƵŵďĞƌ ŽĨ ƌĞƉŽƌƚĞĚ ĐŚĂŶŐĞƐ ƚŽ ǁŚŝĐŚ W y ĐŽŶƚƌŝďƵƚĞĚ ŝŶ ϮϬϭϳ ƉĞƌ ƚŚĞŽƌǇ ŽĨ ĐŚĂŶŐĞ ĂĐĐŽƌĚŝŶŐ ƚŽ ƌĞůĞǀĂŶĐĞ͘

ZĞƉŽƌƚĞĚ ĐŚĂŶŐĞƐ ƚŽ ǁŚŝĐŚ W y ĐŽŶƚƌŝďƵƚĞĚ ŝŶ ϮϬϭϳ ĂĐĐŽƌĚŝŶŐ ƚŽ ƌĞůĞǀĂŶĐĞ͘ ϭϮϬ

ϭϮй

ϭϬϬ

,ŝŐŚ ϯϳй

ϱϭй

DĞĚŝƵŵ >Žǁ

ϴϬ ϲϬ

>Žǁ

ϰϬ

DĞĚŝƵŵ

ϮϬ

,ŝŐŚ

&Žƌ ĂďďƌĞǀŝĂƚŝŽŶƐ ƐĞĞ ϭ͘ϭ ƵŶĚĞƌ dŚĞŵĞƐ

Progress dŚĞ ŽǀĞƌǀŝĞǁ ďĞůŽǁ ƐŚŽǁƐ ƚŚĞ ƉƌŽŐƌĞƐƐ W y ƉƌŽũĞĐƚƐ ŵĂĚĞ ŝŶ ƌĞůĂƚŝŽŶ ƚŽ ƚŚĞ ŽďũĞĐƚŝǀĞƐ ĂŶĚ ƉŚĂƐĞ ŽĨ ƚŚĞ ƉƌŽũĞĐƚ͘ dŚĞ ůĞĨƚͲŚĂŶĚ ŐƌĂƉŚ ƐŚŽǁƐ ƚŚĂƚ ϳϬй ŽĨ W y͛Ɛ ƉƌŽũĞĐƚƐ ĂƌĞ ͚ŽŶ ƚƌĂĐŬ͛͘ dŚĞ ŐƌĂƉŚ ŽŶ ƚŚĞ ƌŝŐŚƚ ƐŚŽǁƐ ƚŚĂƚ ϳϲй ŽĨ ƚŚĞ ϮϬϭϳ ƉƌŽũĞĐƚ ĞǆƉĞŶƐĞƐ ǁĞƌĞ ŵĂĚĞ ŝŶ ƉƌŽũĞĐƚƐ ƚŚĂƚ ĂƌĞ ŽŶ ƚƌĂĐŬ͘ Document waarop het KPMG-rapport (1368085/18X00157929UTR) d.d. 30 april 2018 (mede) betrekking heeft.

ĞůŽǁ ĂƌĞ ƐŽŵĞ ĞǆĂŵƉůĞƐ ŽĨ ƚŚĞ ƉƌŽŐƌĞƐƐ ŵĂĚĞ ŝŶ W y͛Ɛ ĨŝǀĞ ƚŚĞŵĂƚŝĐ ĂƌĞĂƐ͘

Community-based Security and Citizen’s Rights

ŽŶĨůŝĐƚ ĂŶĚ ǀŝŽůĞŶĐĞ ĂƌĞ ĐŽŵŵŽŶ ŝŶ ƚŚĞ ĂƌĞĂƐ ŝŶ ǁŚŝĐŚ W y ǁŽƌŬƐ͘ ĞƐƉŝƚĞ ƚŚŝƐ W y ǁĂƐ ĂďůĞ ƚŽ ďƌŝŶŐ ƚŽŐĞƚŚĞƌ ůŽĐĂů ůĞĂĚĞƌƐ ƚŽ ǁŽƌŬ ǁŝƚŚ ŽƌĚŝŶĂƌǇ ĐŝƚŝǌĞŶƐ ĂŶĚ ĨŽƌŵĞƌ ƌŝǀĂůƐ͕ ƐƵĐŚ ĂƐ ƚƌŝďĂů ĐŚŝĞĨƐ ĂŶĚ ĐŽŵŵŝƐƐŝŽŶĞƌƐ͕ ƚŽ ũŽŝŶƚůǇ ƐƉĞĂŬ ŽƵƚ ĂŐĂŝŶƐƚ ǀŝŽůĞŶĐĞ͘ WĞĂĐĞ ĐŽŵŵŝƚƚĞĞƐ ĞƐƚĂďůŝƐŚĞĚ ďǇ W y ĂŶĚ ŝƚƐ ƉĂƌƚŶĞƌƐ ŚĂǀĞ ƉƌŽǀĞŶ ƉĂƌƚŝĐƵůĂƌůǇ ĞĨĨĞĐƚŝǀĞ ĂƐ Ă ŵĞĐŚĂŶŝƐŵ ƚŽ ŵŝƚŝŐĂƚĞ ǀŝŽůĞŶĐĞ ĂŶĚ ĚŝƐĐƵƐƐ ƐĞĐƵƌŝƚǇ ŝƐƐƵĞƐ ǁŝƚŚ ůŽĐĂů ĂƵƚŚŽƌŝƚŝĞƐ͘ /Ŷ ƐƉŝƚĞ ŽĨ ƚŚĞ ǀŝŽůĞŶƚ ĐŽŶƚĞǆƚ ĂŶĚ ŽƉƉƌĞƐƐŝŽŶ͕ ǇŽƵŶŐ ĂĐƚŝǀŝƐƚƐ ŚĂǀĞ ďƌĂǀĞůǇ ĂĚĚƌĞƐƐĞĚ ƚĞŶƐŝŽŶƐ ĂŶĚ ĞŵĞƌŐŝŶŐ ĐŽŶĨůŝĐƚƐ ŝŶ ƚŚĞŝƌ ŽǁŶ ĐŽŵŵƵŶŝƚŝĞƐ ĂŶĚ ĐƌĞĂƚĞĚ ƐƉĂĐĞ ĨŽƌ ŝŶƚĞƌĂĐƚŝŽŶ͘ DŽƌĞ ƐƉĞĐŝĨŝĐĂůůǇ͕ ŝŶ ^ǇƌŝĂ ŽƵƌ ƉĂƌƚŶĞƌƐ ĂƌĞ ƌƵŶŶŝŶŐ ƐĐŚŽŽůƐ ĂŶĚ ǇŽƵƚŚ ĐĞŶƚƌĞƐ ĂƐ Ă ƉĞĂĐĞĨƵů ĂůƚĞƌŶĂƚŝǀĞ ƚŽ ƚŚĞ ĂďŶŽƌŵĂůŝƚǇ ŽĨ Đŝǀŝů ǁĂƌ ĂŶĚ ĞǆƚƌĞŵŝƐŵ͘ /Ŷ <ŽƐŽǀŽ W y ŝƐ ƐƵƉƉŽƌƚŝŶŐ ŵƵŶŝĐŝƉĂůŝƚŝĞƐ ŝŶ ĚĞǀĞůŽƉŝŶŐ ĐŝƚŝǌĞŶƐ ƉĂƌƚŝĐŝƉĂƚŝŽŶ ƉůĂŶƐ ƚŽ ĞŶŚĂŶĐĞ ƚŚĞ ŝŶƚĞŐƌĂƚŝŽŶ ŽĨ Ăůů ŵĞŵďĞƌƐ ŽĨ ƐŽĐŝĞƚǇ͕ ŐŝǀĞŶ ƚŚĂƚ ĐĞƌƚĂŝŶ ƉĂƌƚƐ ŽĨ ŝƚ ŚĂǀĞ ďĞĞŶ ĞǆĐůƵĚĞĚ ĨƌŽŵ ƉŽůŝƚŝĐĂů ƉĂƌƚŝĐŝƉĂƚŝŽŶ͘ /Ŷ hŬƌĂŝŶĞ Ɛŝǆ ŵƵŶŝĐŝƉĂůŝƚŝĞƐ ĞŶŐĂŐĞĚ ĐŽŶĨůŝĐƚͲĂĨĨĞĐƚĞĚ ŐƌŽƵƉƐ ;Ğ͘Ő͘ ǁĂƌ ǀĞƚĞƌĂŶƐ͕ ŝŶƚĞƌŶĂůůǇ ĚŝƐƉůĂĐĞĚ ƉĞŽƉůĞ ĂŶĚ ƉĞŽƉůĞ ǁŝƚŚ ĚŝƐĂďŝůŝƚŝĞƐͿ ŝŶ ĐŽŶƐƚƌƵĐƚŝǀĞ ĚŝĂůŽŐƵĞ͕ ĂŶĚ ǇŽƵƚŚ ůĞĂĚĞƌƐ ĂĐƚŝǀĞůǇ ƐƉƌĞĂĚ ƚŚĞ ŵĞƐƐĂŐĞ ŽĨ ĚŝĂůŽŐƵĞ͘ Dealing with the Past

W y ŚĂƐ ŝŶĐƌĞĂƐĞĚ ƚŚĞ ŶƵŵďĞƌ ŽĨ ǁƚW ƉƌŽŐƌĂŵŵĞƐ͕ ĨƌĞƋƵĞŶƚůǇ ŝŶ ƉĂƌƚŶĞƌƐŚŝƉ ǁŝƚŚ /ŵƉƵŶŝƚǇ tĂƚĐŚ͘ /Ŷ Z ŽŶŐŽ͕ W y ůĂŝĚ ƚŚĞ ďĂƐŝƐ ĨŽƌ Ă ƉƌŽŐƌĂŵŵĞ ŝŶ ,ĂƵƚͲhĞůĞ ƚŽ ĚĞĂů ǁŝƚŚ ƚŚĞ ĂƚƌŽĐŝƚŝĞƐ ĐŽŵŵŝƚƚĞĚ ďǇ ƚŚĞ >ŽƌĚƐ͛ ZĞƐŝƐƚĂŶĐĞ ƌŵǇ͘ /Ŷ /ƌĂƋ W y ǁĂƐ ĂďůĞ ƚŽ ƉƌĞƉĂƌĞ ƚŚĞ ŐƌŽƵŶĚ ĨŽƌ Ă ǁƚW ƉƌŽũĞĐƚ ŝŶ ĨŽƌŵĞƌ /^/^ ĂƌĞĂƐ͘ ŶĚ ŝŶ ^ŽƵƚŚ ^ƵĚĂŶ͕ W y ƉĂƌƚŶĞƌƐ ĞǆƉůŽƌĞĚ ŽƉƉŽƌƚƵŶŝƚŝĞƐ ĨŽƌ ĐŽŽƉĞƌĂƚŝŽŶ ĂŶĚ ũŽŝŶƚ ĂĐƚŝŽŶ ǁŝƚŚ ĂĐĂĚĞŵŝĂ͕ ĂŶĚ ƚŚĞ ĨŝƌƐƚ ƌĞƐƵůƚƐ ŽĨ ƚŚĂƚ ƉĂƌƚŶĞƌƐŚŝƉ ĂƌĞ ĂůƌĞĂĚǇ ǀŝƐŝďůĞ͘ /Ŷ <ŽƐŽǀŽ͕ W y ĂŶĚ /ŵƉƵŶŝƚǇ tĂƚĐŚ ƉĂƌƚŝĐŝƉĂƚĞĚ ŝŶ ĚŝƐĐƵƐƐŝŽŶƐ ĂŶĚ ůŽďďǇŝŶŐ ĞĨĨŽƌƚƐ ŽŶ ƚƌĂŶƐŝƚŝŽŶĂů ũƵƐƚŝĐĞ ŝŶ ǁŚĂƚ ǁĂƐ Ă ŚŝŐŚůǇ ƐĞŶƐŝƚŝǀĞ ƉŽůŝƚŝĐĂů ĐŽŶƚĞǆƚ͘ Humanitarian Disarmament

ZĞŐĂƌĚŝŶŐ ƚŚĞ ŝŶƚĞƌŶĂƚŝŽŶĂů ƌĞŐƵůĂƚŝŽŶ ŽĨ ĐŽŶƚƌŽǀĞƌƐŝĂů ǁĞĂƉŽŶƐ͕ W y ƐĞĞƐ ƐĞǀĞƌĂů ƉŽƐŝƚŝǀĞ ĚĞǀĞůŽƉŵĞŶƚƐ͕ ƚŚŽƵŐŚ ŚƵŵĂŶƐ ĂƌĞ ĐŽŶƚŝŶƵŝŶŐ ƚŽ ƐƵĨĨĞƌ ĂƐ Ă ƌĞƐƵůƚ ŽĨ ƚŚĞ ƵƐĞ ŽĨ ǁĞĂƉŽŶƐ ŝŶ ĐŽƵŶƚƌŝĞƐ ƐƵĐŚ ĂƐ ^ǇƌŝĂ ĂŶĚ zĞŵĞŶ͘ W y ĐŽŶƚƌŝďƵƚĞĚ ƐŝŐŶŝĨŝĐĂŶƚůǇ ƚŽ ƚŚĞ ĂĚŽƉƚŝŽŶ ŽĨ ƚŚĞ dƌĞĂƚǇ ƚŽ WƌŽŚŝďŝƚ EƵĐůĞĂƌ tĞĂƉŽŶƐ͘ W y ĂůƐŽ ŵĂĚĞ ƉƌŽŐƌĞƐƐ ƌĞŐĂƌĚŝŶŐ ƚŚĞ ƌĞŐƵůĂƚŝŽŶ ŽĨ ƚŚĞ ƵƐĞ ŽĨ ĞǆƉůŽƐŝǀĞ ǁĞĂƉŽŶƐ ŝŶ ƉŽƉƵůĂƚĞĚ ĂƌĞĂƐ͕ ĂƌŵĞĚ ĚƌŽŶĞƐ ĂŶĚ ŬŝůůĞƌ ƌŽďŽƚƐ͘ Ɛ Ă ƌĞƐƵůƚ ŽĨ ŝŶƚĞƌŶĂƚŝŽŶĂů ƉƌĞƐƐƵƌĞ ďǇ ŽƌŐĂŶŝǌĂƚŝŽŶƐ ƐƵĐŚ ĂƐ W y ŽŶ ĨŝŶĂŶĐŝĂů ŝŶƐƚŝƚƵƚŝŽŶƐ͕ ŶŝŶĞ ŵŽƌĞ ĨŝŶĂŶĐŝĂů ŝŶƐƚŝƚƵƚŝŽŶƐ ŚĂǀĞ ĚƌĂĨƚĞĚ ƉŽůŝĐŝĞƐ ƚŽ ďĂŶ Žƌ ůŝŵŝƚ ĚĞĂůŝŶŐƐ ǁŝƚŚ ƉƌŽĚƵĐĞƌƐ ŽĨ ŶƵĐůĞĂƌ ǁĞĂƉŽŶƐ͘ ^ĞǀĞƌĂů ďĂŶŬƐ ĐŚĂŶŐĞĚ ƚŚĞŝƌ ĨŝŶĂŶĐŝĂů ƉŽůŝĐŝĞƐ ŽŶ ŝŶǀĞƐƚŝŶŐ ŝŶ ĂƌŵƐ ƉƌŽĚƵĐƚŝŽŶ͘ dĂůŬƐ ǁŝƚŚ ŝŶƐƵƌĞƌƐ ĂŶĚ ƉĞŶƐŝŽŶ ĨƵŶĚƐ ĂƌĞ ŽŶŐŽŝŶŐ͘ Document waarop het KPMG-rapport (1368085/18X00157929UTR) d.d. 30 april 2018 (mede) betrekking heeft.

Natural Resources, Conflict and Human Rights

W y ĐŽŶƚƌŝďƵƚĞĚ ƚŽ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ĂĚŽƉƚŝŽŶ ŽĨ ŝŶƚĞƌŶĂƚŝŽŶĂů ƐƚĂŶĚĂƌĚƐ ĨŽƌ ďƵƐŝŶĞƐƐ ĂŶĚ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ŚƵŵĂŶ ƌŝŐŚƚƐ͘ WƌŽĚĞĐŽ ĂŶĚ 'ůĞŶĐŽƌĞ͕ ƚǁŽ ĐŽĂů ŵŝŶŝŶŐ ĐŽŵƉĂŶŝĞƐ ĂĐĐƵƐĞĚ ŽĨ ŚƵŵĂŶ ƌŝŐŚƚƐ ǀŝŽůĂƚŝŽŶƐ ŝŶ ŽůŽŵďŝĂ͕ ĂƚƚĞŶĚĞĚ Ă ĐŽŵŵĞŵŽƌĂƚŝŽŶ ĞǀĞŶƚ ŽƌŐĂŶŝƐĞĚ ďǇ ǀŝĐƚŝŵƐ ŽĨ Ă ŵĂƐƐĂĐƌĞ ŝŶ ƚŚĞŝƌ ƐƉŚĞƌĞ ŽĨ ŝŶĨůƵĞŶĐĞ͘ dŚĞǇ ŵĂĚĞ Ă ƉƵďůŝĐ ƐƚĂƚĞŵĞŶƚ ŽĨĨĞƌŝŶŐ ƚŚĞŝƌ ƐŽůŝĚĂƌŝƚǇ ĂŶĚ ĐŽŵŵŝƚŵĞŶƚ ƚŽ ĞŶƐƵƌĞ ƚƌƵƚŚ ĂŶĚ ƌĞƉĂƌĂƚŝŽŶ ĨŽƌ ƚŚŝƐ ĐŽŵŵƵŶŝƚǇ͘ ŶĞƌŐǇ ĐŽŵƉĂŶŝĞƐ ;ƐƵĐŚ ĂƐ sĂƚƚĞŶĨĂůů ĂŶĚ E >Ϳ ŝŶĐƌĞĂƐĞĚ ƚŚĞ ƉƌĞƐƐƵƌĞ ŽŶ ŵŝŶŝŶŐ ĐŽŵƉĂŶŝĞƐ ďǇ ƚĂŬŝŶŐ ƐŝŐŶŝĨŝĐĂŶƚ ƐƚĞƉƐ ǁŝƚŚ ƌĞŐĂƌĚ ƚŽ ƚŚĞŝƌ ŚƵŵĂŶ ƌŝŐŚƚƐ ĚƵĞ ĚŝůŝŐĞŶĐĞ ŝŶ ƚŚĞ ĐŽĂů ƐƵƉƉůǇ ĐŚĂŝŶ͘ E > ƐƵƐƉĞŶĚĞĚ ŝƚƐ ŝŵƉŽƌƚƐ ŽĨ ĐŽĂů ĨƌŽŵ ŽůŽŵďŝĂ͘ Protection of Civilians

dŚĞ hŶŝƚĞĚ EĂƚŝŽŶƐ DŝƐƐŝŽŶ ŝŶ ^ŽƵƚŚ ^ƵĚĂŶ ĂŶĚ ƚŚĞ hŶŝƚĞĚ EĂƚŝŽŶƐ ĞƉĂƌƚŵĞŶƚ ŽĨ WĞĂĐĞŬĞĞƉŝŶŐ KƉĞƌĂƚŝŽŶƐ ŝƐ ŝŶĐƌĞĂƐŝŶŐůǇ ǁŝůůŝŶŐ ƚŽ ƵƐĞ Ă ĐŝǀŝůŝĂŶ ƉĞƌƐƉĞĐƚŝǀĞ ǁŚĞŶ ƉůĂŶŶŝŶŐ ĂŶĚ ĞǀĂůƵĂƚŝŶŐ ŵŝƐƐŝŽŶƐ ĂƐ Ă ƌĞƐƵůƚ ŽĨ ŽƵƌ ĂĚǀŽĐĂĐǇ ǁŽƌŬ͘ W y ĐŽŶƚƌŝďƵƚĞĚ ƚŽ ƚŚĞ ĂĚĂƉƚŝŽŶ ďǇ E dK ŽĨ Ă WƌŽƚĞĐƚŝŽŶ ŽĨ ŝǀŝůŝĂŶƐ ;WŽ Ϳ ĐƚŝŽŶ WůĂŶ ĂŶĚ WŽ DŝůŝƚĂƌǇ ŽŶĐĞƉƚ͘ dŚĞ ƵƚĐŚ DŝŶŝƐƚƌǇ ŽĨ &ŽƌĞŝŐŶ ĨĨĂŝƌƐ ĂŶĚ DŝŶŝƐƚƌǇ ŽĨ ĞĨĞŶĐĞ ĂƌĞ ŝŶĐƌĞĂƐŝŶŐůǇ ŝŶƚĞƌĞƐƚĞĚ ŝŶ ƵƐŝŶŐ WŽ ĂŶĚ ŚƵŵĂŶ ƐĞĐƵƌŝƚǇ ĂƉƉƌŽĂĐŚĞƐ ŝŶ ƚŚĞŝƌ ƉŽůŝĐŝĞƐ ĂŶĚ ĂŐĞŶĚĂ ĨŽƌ ƚŚĞ hŶŝƚĞĚ EĂƚŝŽŶƐ ^ĞĐƵƌŝƚǇ ŽƵŶĐŝů ϮϬϭϴ͘

1.4 Financial policy and financial results Analysis of the 2017 sum of income and expenses dŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ƉƌĞƐĞŶƚ Ă ĨŝŶĂŶĐŝĂůůǇ ƐŽƵŶĚ ǇĞĂƌ ĨŽƌ W y͘ W y ĂĐŚŝĞǀĞĚ ŐƌŽǁƚŚ ŝŶ ƚĞƌŵƐ ŽĨ ďŽƚŚ ŝŶĐŽŵĞ ĂŶĚ ĂĐƚŝǀŝƚŝĞƐͬĞǆƉĞŶĚŝƚƵƌĞƐ͘

W y ƐĞƚ ĂŵďŝƚŝŽƵƐ ŽďũĞĐƚŝǀĞƐ ĨŽƌ ŐƌŽǁƚŚ ĨŽƌ ϮϬϭϳ͘ dŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ǁĂƐ ŶŽƚ ĂďůĞ ƚŽ ĐŽŵƉůĞƚĞůǇ ůŝǀĞ ƵƉ ƚŽ ƚŚĞ ƉƌŽũĞĐƚĞĚ ŐƌŽǁƚŚ ŽďũĞĐƚŝǀĞƐ͕ ǁŚŝĐŚ ŝƐ ǁŚǇ ƚŚĞ ϮϬϭϳ ŝŶĐŽŵĞ ůĞǀĞůƐ ǁĞƌĞ ƐůŝŐŚƚůǇ ďĞŚŝŶĚ ŽƵƌ ĂŵďŝƚŝŽƵƐ ϮϬϭϳ ďƵĚŐĞƚ͘ dŚĞ ĂǀĂŝůĂďůĞ ŝŶĐŽŵĞ ŝŶ ϮϬϭϳ ĨŽƌ ŽďũĞĐƚŝǀĞƐ ĂŵŽƵŶƚĞĚ ƚŽ Φϭϵ͘ϲ ŵŝůůŝŽŶ͘ dŚŝƐ ŝƐ Φϭ͘ϰ ŵŝůůŝŽŶ Žƌ ϳй ŵŽƌĞ ƚŚĂŶ ŝŶ ϮϬϭϲ͘ ,ŽǁĞǀĞƌ ƚŚŝƐ ŝƐ Φϯ ŵŝůůŝŽŶ ďĞůŽǁ ďƵĚŐĞƚ͘ dŚĞ ŵĂŝŶ ĚĞǀŝĂƚŝŽŶƐ ǁĞƌĞ ŝŶ ƚŚĞ ĨŽůůŽǁŝŶŐ ĂƌĞĂƐ͗ Funding the ‘Dialogue and Dissent’ Strategic Partnership for lobbying and advocacy (SP)

dŚŝƐ ĚĞǀŝĂƚŝŽŶ ŝƐ ƉĂƌƚŝĂůůǇ ĚƵĞ ƚŽ ƵŶĚĞƌƐƉĞŶĚŝŶŐ ŝŶ ƚŚĞ ^ƚƌĂƚĞŐŝĐ WĂƌƚŶĞƌƐŚŝƉ &ƌĂŵĞǁŽƌŬ͘ W y ŐƌĞǁ ĐŽŶƐŝĚĞƌĂďůǇ ŝŶ ϮϬϭϲ ĂŶĚ ϮϬϭϳ ďƵƚ ŽƵƌ ĞǆƉĞĐƚĂƚŝŽŶƐ ǁĞƌĞ ĞǀĞŶ ŚŝŐŚĞƌ͘ dŚĞ ĚŝĨĨŝĐƵůƚǇ ŽĨ ǁŽƌŬŝŶŐ ŝŶ ƵŶƐƚĂďůĞ͕ ĐŽŶĨůŝĐƚ ĐŽƵŶƚƌŝĞƐ ŵĂĚĞ ŝƚ ĐŚĂůůĞŶŐŝŶŐ ƚŽ ŝŶĐƌĞĂƐĞ ŽƵƌ ďƵĚŐĞƚ ƚŽ ƚŚĞ ƉůĂŶŶĞĚ ůĞǀĞů͘ dŚĞ ďƵĚŐĞƚĞĚ ϭϰϬй ŐƌŽǁƚŚ ƉƌŽǀĞĚ ƚŽ ďĞ ŽǀĞƌůǇ ĂŵďŝƚŝŽƵƐ͕ ďƵƚ ŵĂŶĂŐĞĚ ƚŽ ĐŚĂƌƚ ĂŶ ŝŵƉƌĞƐƐŝǀĞ ŐƌŽǁƚŚ ŽĨ ΦϮ͘ϳ ŵŝůůŝŽŶ Žƌ ϭϮϱй ƵŶĚĞƌ ƚŚĞ ^ƚƌĂƚĞŐŝĐ WĂƌƚŶĞƌƐŚŝƉ ŶŽŶĞƚŚĞůĞƐƐ͘ Dutch government funding (non-SP)

tĞ ĂůƐŽ ƵŶĚĞƌƐƉĞŶƚ ƌĞŐĂƌĚŝŶŐ ŽƚŚĞƌ ĨƵŶĚƐ ĨƌŽŵ ƚŚĞ ƵƚĐŚ DŝŶŝƐƚƌǇ ŽĨ &ŽƌĞŝŐŶ ĨĨĂŝƌƐ ;ŶŽŶͲ^WͿ͘ ŵĂũŽƌ ƉƌŽũĞĐƚ ƚŚĂƚ ǁĂƐ ƐƵƉƉŽƐĞĚ ƚŽ ďĞ ĨƵŶĚĞĚ ďǇ Ă ƵƚĐŚ ĞŵďĂƐƐǇ ǁĂƐ ƉŽƐƚƉŽŶĞĚ ƵŶƚŝů ϮϬϭϴ͕ ĂŶĚ ƚŚĞ ƵƚĐŚ DŽ& ͲĨƵŶĚĞĚ ƉƌŽũĞĐƚ ͚ ŶŐĞŶĚĞƌŝŶŐ ƚŚĞ dƌĂŶƐŝƚŝŽŶ ƚŽ WĞĂĐĞ ĂŶĚ ^ĞĐƵƌŝƚǇ ŝŶ /ƌĂƋ͛ ǁĂƐ Ă ůŝƚƚůĞ ƐůŽǁĞƌ ƚŽ ŐĞƚ ŽĨĨ ƚŚĞ ŐƌŽƵŶĚ ƚŚĂŶ ĞǆƉĞĐƚĞĚ͕ ǁŚŝĐŚ ůĞĚ ƚŽ ƵŶĚĞƌƐƉĞŶĚŝŶŐ ŝŶ ϮϬϭϳ͘ dŚĞƐĞ ĚĞǀĞůŽƉŵĞŶƚƐ ĂĐĐŽƵŶƚ ĨŽƌ ƚŚĞ ΦϴϬϬ͕ϬϬϬ ĚŝĨĨĞƌĞŶĐĞ ŝŶ ĞǆƉĞŶĚŝƚƵƌĞƐ ƚŚĂƚ ŶĞĞĚĞĚ ƚŽ ďĞ ƉŽƐƚƉŽŶĞĚ ƚŽ ϮϬϭϴ͘ Foreign government funding

dŚĞ ΦϯϬϬ͕ϬϬϬ ĚŝĨĨĞƌĞŶĐĞ ŝŶ ĞǆƉĞŶĚŝƚƵƌĞƐ ĨƌŽŵ ĨŽƌĞŝŐŶ ŐŽǀĞƌŶŵĞŶƚƐ ŝƐ ŵĂŝŶůǇ ĂƚƚƌŝďƵƚĂďůĞ ƚŽ ĂŶ ĞǆƚĞŶƐŝŽŶ ŽĨ ƚŚĞ ͚dŚĞ ĂǇ ĨƚĞƌ ĨŽƌ EŝŶĞǁĂ͛ ƉƌŽũĞĐƚ͕ ǁŚŝĐŚ ƐŚŝĨƚĞĚ ĨƵŶĚŝŶŐ ƚŽ ϮϬϭϴ ĂƐ ǁĞůů͘ dŚĞƌĞ ǁĂƐ ĂůƐŽ ƵŶĚĞƌƐƉĞŶĚŝŶŐ ŝŶ ƚŚĞ ͚ ƵůƚƵƌĞ ŽĨ ŝĂůŽŐƵĞ͛ ƉƌŽũĞĐƚ ŝŶ ƚŚĞ hŬƌĂŝŶĞ͘ Lottery organizations

dŚĞ ĨƵŶĚŝŶŐ ŐƌĂŶƚĞĚ ƚŽ W y ďǇ ƚŚĞ ƵƚĐŚ EĂƚŝŽŶĂů WŽƐƚĐŽĚĞ >ŽƚƚĞƌǇ ĞǆĐĞĞĚĞĚ ĞǆƉĞĐƚĂƚŝŽŶƐ ƚŚĂŶŬƐ ƚŽ ƚŚĞ ĨƵŶĚŝŶŐ ƌĞĐĞŝǀĞĚ ĨŽƌ ƚŚĞ ͚^ƚŽƌǇ ŽĨ Ă ZĞĨƵŐĞĞ͛ ƉƌŽũĞĐƚ ŝŶ ϮϬϭϳ͘ /ŶĚĞĞĚ͕ ƚŚŝƐ ǁŝŶĚĨĂůů ĂĐĐŽƵŶƚƐ ĨŽƌ Document waarop het KPMG-rapport (1368085/18X00157929UTR) d.d. 30 april 2018 (mede) betrekking heeft.

ƚŚĞ ƐƵďƐƚĂŶƚŝĂů ŝŶĐƌĞĂƐĞ ŝŶ ŝŶĐŽŵĞ͘ dŚĞ ^ƚŽƌǇ ŽĨ Ă ZĞĨƵŐĞĞ ƉƌŽũĞĐƚ ĂŝŵƐ ƚŽ ďƌŝŶŐ ƌĞĨƵŐĞĞ ĞǆƉĞƌŝĞŶĐĞƐ ƚŽ ƐĐŚŽŽůƐ ŝŶ ƚŚĞ EĞƚŚĞƌůĂŶĚƐ͘ Fundraising diversification /Ŷ ůŝŶĞ ǁŝƚŚ W y͛Ɛ ĨƵŶĚƌĂŝƐŝŶŐ ƐƚƌĂƚĞŐǇ ǁĞ ƐůŝŐŚƚůǇ ƌĞĚƵĐĞĚ ƚŚĞ ĚŽŵŝŶĂŶĐĞ ŽĨ ŐƌĂŶƚƐ ĨƌŽŵ ŐŽǀĞƌŶŵĞŶƚƐ ĨƌŽŵ ϴϴй ƚŽ ϴϲй͘ dŚĞ W y ĨƵŶĚƌĂŝƐŝŶŐ ƐƚƌĂƚĞŐǇ ĂŝŵƐ ƚŽ ĨƵƌƚŚĞƌ ĚŝǀĞƌƐŝĨǇ ĨƵŶĚƐ͘ Expenditures dŚĞ ĞǆƉĞŶĚŝƚƵƌĞ ŽŶ ŽďũĞĐƚŝǀĞƐ ĂŵŽƵŶƚĞĚ ƚŽ Φϭϲ ŵŝůůŝŽŶ ĨŽƌ W y ĂŶĚ Φϭ ŵŝůůŝŽŶ ĨŽƌ ŽƵƌ ĂůůŝĂŶĐĞ ƉĂƌƚŶĞƌ ŵŶĞƐƚǇ /ŶƚĞƌŶĂƚŝŽŶĂů͕ ŝŶ ƚŚĞ &ƌĞĞĚŽŵ ĨŽƌ &ĞĂƌ ƉƌŽŐƌĂŵŵĞ͘ dŚĞ ƚŽƚĂů ĞǆƉĞŶĚŝƚƵƌĞƐ ĐĂŵĞ ƚŽ Φϭϳ͘Ϯ ŵŝůůŝŽŶ͕ ǁŚŝĐŚ ƌĞƉƌĞƐĞŶƚ Ă Φ ϭ͘ϭϱ ŵŝůůŝŽŶ Žƌ ϳй ŝŶĐƌĞĂƐĞ ĐŽŵƉĂƌĞĚ ƚŽ ϮϬϭϲ͘ dŚĞ ĞǆƉĞŶĚŝƚƵƌĞƐ ŽŶ ŽďũĞĐƚŝǀĞƐ ƌĞŵĂŝŶ Φϰ ŵŝůůŝŽŶ ďĞůŽǁ ďƵĚŐĞƚ͘ tĞ ŚĂǀĞ ďĞĞŶ ƵƐŝŶŐ Ă ƉƌŽŐƌĂŵŵĞ ƐƚƌƵĐƚƵƌĞ ďĂƐĞĚ ŽŶ ƚŚĞ ĨŝǀĞ ƚŚĞŵĞƐ ƐŝŶĐĞ ϮϬϭϲ͘ dŚĞ ĨĂĐƚ ƚŚĂƚ ĞǆƉĞŶĚŝƚƵƌĞƐ ǁĞƌĞ ďĞůŽǁ ďƵĚŐĞƚ ĐĂŶ ďĞ ŵĂŝŶůǇ ĂƚƚƌŝďƵƚĞĚ ƚŽ ĐŽƐƚ ŽĨ ƚǁŽ ƉƌŽŐƌĂŵŵĞƐ͕ ŶĂŵĞůǇ ŽŵŵƵŶŝƚǇͲďĂƐĞĚ ^ĞĐƵƌŝƚǇ ĂŶĚ ŝƚŝǌĞŶƐ͛ ZŝŐŚƚƐ ĂŶĚ EĂƚƵƌĂů ZĞƐŽƵƌĐĞƐ ĂŶĚ ŽŶĨůŝĐƚ͘ Sum income and expenditure dŚĞ ƉŽƐŝƚŝǀĞ ƐƵŵ ŽĨ ŝŶĐŽŵĞ ĂŶĚ ĞǆƉĞŶĚŝƚƵƌĞ ŝŶ ϮϬϭϳ ĂŵŽƵŶƚƐ ΦϮϴϵ͕ϮϳϬ͘ dŚŝƐ ƉŽƐŝƚŝǀĞ ďĂůĂŶĐĞ ŝƐ ďĞŝŶŐ ƵƐĞĚ ƚŽ ƐƚƌĞŶŐƚŚĞŶ W y͛Ɛ ĐŽŶƚŝŶƵŝƚǇ ƌĞƐĞƌǀĞ͘ Continuity of income ůů ŽĨ W y͛Ɛ ŝŶĐŽŵĞ ŝƐ ĐŽŶƐŝĚĞƌĞĚ ƚĞŵƉŽƌĂƌǇ͘ ĨĞǁ ĨƵŶĚŝŶŐ ƐƚƌĞĂŵƐ ĂƌĞ ŐƵĂƌĂŶƚĞĞĚ ĨŽƌ ĨŝǀĞͲǇĞĂƌ ƉĞƌŝŽĚƐ͕ ƚŚĞƌĞďǇ ĂƐƐƵƌŝŶŐ ĐŽŶƚŝŶƵŝƚǇ ŽĨ ŝŶĐŽŵĞ ĨŽƌ W y ƚŽ Ă ĐĞƌƚĂŝŶ ĞǆƚĞŶƚ͘ KĨ ĐŽƵƌƐĞ͕ ƚŚĞ ŵŽƐƚ ŝŵƉŽƌƚĂŶƚ ŽĨ ƚŚĞƐĞ ŝƐ ƚŚĞ ^ƚƌĂƚĞŐŝĐ WĂƌƚŶĞƌƐŚŝƉ ǁŝƚŚ ƚŚĞ ƵƚĐŚ DŝŶŝƐƚƌǇ ŽĨ &ŽƌĞŝŐŶ ĨĨĂŝƌƐ ;ϮϬϭϲͲ ϮϬϮϬͿ ĂŶĚ ƚŚĞ ĂŶŶƵĂů ĐŽŶƚƌŝďƵƚŝŽŶ ĨƌŽŵ ƚŚĞ ƵƚĐŚ EĂƚŝŽŶĂů WŽƐƚĐŽĚĞ >ŽƚƚĞƌǇ ;ϮϬϭϲͲϮϬϮϬͿ͘ dŚĞ ůŝŬĞůŝŚŽŽĚ ŽĨ ƌĞŶĞǁĂů ŽĨ ƚŚĞ ůĂƚƚĞƌ ŝƐ ŚŝŐŚ͕ ďƵƚ ŝƚ ŝƐ ŶŽƚ ŐƵĂƌĂŶƚĞĞĚ͘ Key ratios tŝƚŚŝŶ ƚŚĞ ƵƚĐŚ ĐŚĂƌŝƚǇ ďƌĂŶĐŚ ƚŚĞƌĞ ĂƌĞ ƚŚƌĞĞ ŬĞǇ ƌĂƚŝŽƐ ĨŽƌ ϭͿ ĞǆƉĞŶĚŝƚƵƌĞ ŽŶ ŽďũĞĐƚŝǀĞƐ͕ ϮͿ ĨƵŶĚƌĂŝƐŝŶŐ ĐŽƐƚƐ ĂŶĚ ϯͿ ŵĂŶĂŐĞŵĞŶƚ Θ ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ ĐŽƐƚƐ͘ dŚĞ <W/ ĨŽƌ ĞǆƉĞŶĚŝƚƵƌĞ ŽŶ ŽďũĞĐƚŝǀĞƐ ;ƌĞůĂƚĞĚ ƚŽ ŝŶĐŽŵĞͿ ŝŶĚŝĐĂƚĞƐ ŚŽǁ ŵƵĐŚ W y ƐƉĞŶĚƐ ŽŶ ŽďũĞĐƚŝǀĞƐ ƌĞůĂƚĞĚ ƚŽ ĞǀĞƌǇ hZ ŝŶĐŽŵĞ͘ dŚĞ <W/ ĚĞĐƌĞĂƐĞĚ ƐůŝŐŚƚůǇ ĨƌŽŵ ϴϴ͘Ϯй ŝŶ ϮϬϭϲ ƚŽ ϴϳ͘ϵй ŝŶ ϮϬϭϳ͘ dŚĞ ŽƚŚĞƌ Ϯ <W/Ɛ ůŽƐƚ ƚŚĞŝƌ ƐŝŐŶŝĨŝĐĂŶĐĞ ĨŽƌ ŚŝƐƚŽƌŝĐĂů ĐŽŵƉĂƌŝƐŽŶ͘ dŚŝƐ ǁĂƐ ƚŚĞ ƌĞƐƵůƚ ŽĨ Ă ĐŚĂŶŐĞ ŝŶ ĂůůŽĐĂƚŝŽŶ ŝŶƚƌŽĚƵĐĞĚ ŝŶ ϮϬϭϳ͘ dŚĞ ŵŽĚŝĨŝĞĚ ƵƚĐŚ ƌĞƉŽƌƚŝŶŐ 'ƵŝĚĞůŝŶĞ Z:ϲϱϬ͕ ŝŶ ĂĚĚŝƚŝŽŶ ƚŽ Ă ŶĞǁ ŐƵŝĚĞůŝŶĞ ĨƌŽŵ 'ŽĞĚĞ ŽĞůĞŶ EĞĚĞƌůĂŶĚ͕ ǁĞƌĞ ƚŚĞ ƌĞĂƐŽŶ ĨŽƌ ĐŚĂŶŐŝŶŐ ƚŚĞ ĂůůŽĐĂƚŝŽŶ͘ dŚĞ ŵŽĚŝĨŝĞĚ ĂůůŽĐĂƚŝŽŶ ůŝŵŝƚƐ ĐŽŵƉĂƌŝƐŽŶ ƚŽ ůĂƐƚ ǇĞĂƌ ĂŶĚ ƚŽ ƚŚĞ ďƵĚŐĞƚ͘ dŚĞ ĨƵŶĚƌĂŝƐŝŶŐ <W/ ŐƌĞǁ ĨƌŽŵ Ϯ͘ϭй ƚŽ Ϯ͘ϵй͘ ŶĚ ƚŚĞ <W/ ĨŽƌ ŵĂŶĂŐĞŵĞŶƚ Θ ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ ŝŶĐƌĞĂƐĞĚ ĨƌŽŵ ϱ͘ϰй ƚŽ ϳ͘ϴй͘ ƵĞ ƚŽ ƚŚĞ ĐŚĂŶŐĞĚ ĂůůŽĐĂƚŝŽŶ͕ W y ŵĂŶĂŐĞŵĞŶƚ ǁĂƐ ŶŽƚ ǇĞƚ ĂďůĞ ƚŽ ƐƚĂƚĞ ŶĞǁ ĚĞƐŝƌĞĚ ůĞǀĞůƐ ĨŽƌ ƚŚĞ ƌĂƚŝŽƐ͘ ,ŽǁĞǀĞƌ ŵĂŶĂŐĞŵĞŶƚ ǁŝůů ĚĞĨŝŶĞ ĂĚũƵƐƚĞĚ ĚĞƐŝƌĞĚ ůĞǀĞůƐ ĨŽƌ ƚŚĞ ƌĂƚŝŽƐ ĂĨƚĞƌ ĐĂƌĞĨƵů ĂŶĂůǇƐŝƐ ĂŶĚ ĚŝƐĐƵƐƐŝŽŶƐ ŝŶ ŽƵƌ ŽĂƌĚƐ ŝŶ ϮϬϭϴ͘ Continuity reserve dŚĞ ƐŝǌĞ ŽĨ ƚŚĞ ĐŽŶƚŝŶƵŝƚǇ ƌĞƐĞƌǀĞ ĂĐƚƵĂůůǇ ĂŵŽƵŶƚĞĚ ƚŽ Φϯ͘Ϯ ŵŝůůŝŽŶ͘ dŚŝƐ ŝƐ ďĞůŽǁ ƚŚĞ ƌĞƋƵŝƌĞĚ ďĂŶĚǁŝĚƚŚ ŽĨ Φϯ͘ϰ ƚŽ Φϰ ŵŝůůŝŽŶ͘ dŚĞ Ăŝŵ ŝƐ ƚŽ ĨƵƌƚŚĞƌ ŝŶĐƌĞĂƐĞ ƚŚŝƐ ƌĞƐĞƌǀĞ ƚŽ ƚŚĞ ƌĞƋƵŝƌĞĚ ůĞǀĞů͕ ŝĨ ĂŶĚ ǁŚĞŶ ĨŝŶĂŶĐŝĂů ƌĞƐƵůƚƐ ǁŝůů ĂůůŽǁ͘ ĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ϮϬϭϴ ďƵĚŐĞƚ ƚŚĞ ƌĞƋƵŝƌĞĚ ŵŝŶŝŵƵŵ ůĞǀĞů ǁŝůů ďĞ ĂĐŚŝĞǀĞĚ ƚŚĂƚ ǇĞĂƌ͘ Investments W y ĂƉƉůŝĞƐ Ă ƌĞƐƚƌŝĐƚŝǀĞ ŝŶǀĞƐƚŵĞŶƚ ƉŽůŝĐǇ͘ dŚĞ ŽŶůǇ ĨŝŶĂŶĐŝĂů ŝŶǀĞƐƚŵĞŶƚ ŝŶ ƐŽŵĞ ǇĞĂƌƐ ŝƐ ŝŶ KŝŬŽĐƌĞĚŝƚ ;ǁŚŝĐŚ ƉƌŽŵŽƚĞƐ ŵŝĐƌŽͲĨŝŶĂŶĐŝŶŐ ĂƐ ƚŽŽů ĨŽƌ ĚĞǀĞůŽƉŵĞŶƚ ĂŝĚ ŝŶ ĚĞǀĞůŽƉŝŶŐ ĐŽƵŶƚƌŝĞƐͿ͘

Document waarop het KPMG-rapport (1368085/18X00157929UTR) d.d. 30 april 2018 (mede) betrekking heeft.

1.5 Governance Legal structure W y ŝƐ ƚŚĞ ƌĞƐƵůƚ ŽĨ Ă ƉĂƌƚŶĞƌƐŚŝƉ ǁŝƚŚ Ă ƵŶŝƋƵĞ ƐƚƌƵĐƚƵƌĞ͘ /ƚ ŽƌŝŐŝŶĂƚĞĚ ĨƌŽŵ Ă ůŽŶŐ ƚƌĂĚŝƚŝŽŶ ŽĨ ƉĞĂĐĞ ĂĐƚŝǀŝƐŵ ĂŶĚ ǁĂƐ ĨŽƵŶĚĞĚ ŝŶ ϮϬϬϲ ĂƐ Ă ũŽŝŶƚ ǁŽƌŬ ŽƌŐĂŶŝǌĂƚŝŽŶ ŽĨ W y ŚƌŝƐƚŝ EĞƚŚĞƌůĂŶĚƐ WĞĂĐĞ DŽǀĞŵĞŶƚ ƐƐŽĐŝĂƚŝŽŶ ;W y ŚƌŝƐƚŝͿ ĂŶĚ ƚŚĞ /ŶƚĞƌĐŚƵƌĐŚ WĞĂĐĞ ŽƵŶĐŝů ;/ŶƚĞƌŬĞƌŬĞůŝũŬ sƌĞĚĞƐďĞƌĂĂĚ &ŽƵŶĚĂƚŝŽŶ͕ /<sͿ͘ W y ŚƌŝƐƚŝ EĞƚŚĞƌůĂŶĚƐ ǁĂƐ ĨŽƵŶĚĞĚ ŝŶ ϭϵϰϴ ĂƐ ĂŶ ŝŶĚĞƉĞŶĚĞŶƚ ƐĞĐƚŽƌ ŽĨ ƚŚĞ ŝŶƚĞƌŶĂƚŝŽŶĂů W y ŚƌŝƐƚŝ ŵŽǀĞŵĞŶƚ͘ /ƚ ĞŵĞƌŐĞĚ ĚƵƌŝŶŐ ƚŚĞ ĂĨƚĞƌŵĂƚŚ ŽĨ tŽƌůĚ tĂƌ dǁŽ ĨƌŽŵ ƚŚĞ ŝŵƉĂƐƐŝŽŶĞĚ ŚŽƉĞ͗ tĂƌ ŶĞǀĞƌ ĂŐĂŝŶ͘ /<s ǁĂƐ ĨŽƵŶĚĞĚ ŝŶ ϭϵϲϲ ďǇ ĐŚƵƌĐŚĞƐ ŝŶ ƚŚĞ EĞƚŚĞƌůĂŶĚƐ ĂŶĚ W y ŚƌŝƐƚŝ ǁŝƚŚ ƚŚĞ Ăŝŵ ŽĨ ƉƌŽŵŽƚŝŶŐ ĂŶ ĞĐƵŵĞŶŝĐĂů ƉĞĂĐĞ ĚŝĂůŽŐƵĞ ĂŶĚ ĨŝŶĚŝŶŐ ƉŽůŝƚŝĐĂů ƐŽůƵƚŝŽŶƐ ĨŽƌ ƚŚĞ ĂƌŵƐ ƌĂĐĞ ĂŶĚ ǁĂƌ ƐŝƚƵĂƚŝŽŶƐ͘ W y ŚƌŝƐƚŝ ĂŶĚ /<s ĂƌĞ W y͛Ɛ ƉƌŝŵĂƌǇ ƉĂƚƌŽŶƐ͘ W y ŚƌŝƐƚŝ ƌĞƉƌĞƐĞŶƚƐ ƚŚĞ ǀŽŝĐĞ ŽĨ ƚŚĞ ĐŽŶƐƚŝƚƵĞŶƚƐ ŽĨ ƚŚĞ ƉĞĂĐĞ ŵŽǀĞŵĞŶƚ ĂŶĚ ƚŚĞ ƚŚŽƵƐĂŶĚƐ ŽĨ ŵĞŵďĞƌƐ ŽĨ ŽƵƌ ŐƌĂƐƐƌŽŽƚƐ ŶĞƚǁŽƌŬ ŝŶ ƚŚĞ EĞƚŚĞƌůĂŶĚƐ͘ /<s ƌĞƉƌĞƐĞŶƚƐ ƚŚĞ ǀŽŝĐĞ ŽĨ ƚŚĞ ĐŚƵƌĐŚĞƐ ŽŶ ŝƐƐƵĞƐ ĂďŽƵƚ ǁĂƌ ĂŶĚ ƉĞĂĐĞ͘ W y ƌƵŶƐ Ăůů ŽĨ ƚŚĞ ƉĞĂĐĞ ƉƌŽŐƌĂŵŵĞƐ͕ ŵĂŶĂŐĞƐ Ăůů ĨŝŶĂŶĐŝĂů ƌĞƐŽƵƌĐĞƐ ĂŶĚ ĞŵƉůŽǇƐ Ăůů ŽĨ ƚŚĞ ƐƚĂĨĨ͘ ^d/< s ;^ƚŝĐŚƚŝŶŐ <ĂƚŚŽůŝĞŬĞ sƌĞĚĞƐďĞǁĞŐŝŶŐ͗ ĂƚŚŽůŝĐ WĞĂĐĞ DŽǀĞŵĞŶƚ &ŽƵŶĚĂƚŝŽŶͿ ǁĂƐ ĨŽƵŶĚĞĚ ďǇ W y ŚƌŝƐƚŝ͘ /ƚƐ ƌŽůĞ ŝƐ ƚŽ ŵĂŶĂŐĞ ƚŚĞ ůŽĐĂƚŝŽŶ Ăƚ 'ŽĚĞďĂůĚŬǁĂƌƚŝĞƌ ϳϰ ŝŶ hƚƌĞĐŚƚ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ^ƚŝůƚĞĐĞŶƚƌƵŵ ;^ŝůĞŶĐĞ ĞŶƚƌĞͿ Ăƚ ,ŽŽŐ ĂƚŚĂƌŝũŶĞ͘ ^d/< s ŵĂŶĂŐĞƐ ƚŚŝƐ ďƵŝůĚŝŶŐ ŽŶ ďĞŚĂůĨ ĂŶĚ ǁŝƚŚ ƚŚĞ ŵĂŶĚĂƚĞ ŽĨ ŝƚƐ ŽǁŶĞƌƐ͕ ƚŚĞ ^ŝƐƚĞƌƐ ŽĨ ƚŚĞ ƵĐŚĂƌŝƐƚ ĐŽŶŐƌĞŐĂƚŝŽŶ͘ /ŶƚĞƌĐŚƵƌĐŚ WĞĂĐĞ ŽƵŶĐŝů W y ŚƌŝƐƚŝ EĞƚŚĞƌůĂŶĚƐ

&ŽƵŶĚĂƚŝŽŶ

WĞĂĐĞ DŽǀĞŵĞŶƚ ƐƐŽĐŝĂƚŝŽŶ

^d/< s &ŽƵŶĚĂƚŝŽŶ

W y WĞĂĐĞ DŽǀĞŵĞŶƚ &ŽƵŶĚĂƚŝŽŶ

&ƵŶĚĂĐŝſŶ W y ŽůŽŵďŝĂ

&ŝŐƵƌĞ ϭ KǀĞƌǀŝĞǁ ĚŝĂŐƌĂŵ ŽĨ ůĞŐĂů ƐƚƌƵĐƚƵƌĞ

IKV, PAX Christi and PAX dŚĞ ƵŶŝƚǇ ďĞƚǁĞĞŶ ƚŚĞ ĚŝĨĨĞƌĞŶƚ ůĞŐĂů ĞŶƚŝƚŝĞƐ ŝƐ ĐĂƌĞĨƵůůǇ ŽƌŐĂŶŝǌĞĚ͘ /<s͛Ɛ ŚŝŐŚĞƐƚ ďŽĚǇ ŝƐ ĨŽƌŵĞĚ ďǇ ƚŚĞ ĞǆĞĐƵƚŝǀĞ ďŽĂƌĚ ƚŚĂƚ ŝƐ ƉƌŝŵĂƌŝůǇ ŶŽŵŝŶĂƚĞĚ ďǇ ƚŚĞ Ɛŝǆ ƉĂƌƚŝĐŝƉĂƚŝŶŐ ĐŚƵƌĐŚĞƐ͗ ƚŚĞ ZŽŵĂŶ ĂƚŚŽůŝĐ ŚƵƌĐŚ͕ ƚŚĞ WƌŽƚĞƐƚĂŶƚ ŚƵƌĐŚ ŝŶ ƚŚĞ EĞƚŚĞƌůĂŶĚƐ͕ ƚŚĞ ZĞŵŽŶƐƚƌĂŶƚ ƌŽƚŚĞƌŚŽŽĚ͕ ƚŚĞ DĞŶŶŽŶŝƚĞ ŚƵƌĐŚ ŝŶ ƚŚĞ EĞƚŚĞƌůĂŶĚƐ͕ ƚŚĞ KůĚ ĂƚŚŽůŝĐ ŚƵƌĐŚ ĂŶĚ ƚŚĞ DŽƌĂǀŝĂŶ ŚƵƌĐŚ͘ W y͛Ɛ ŐĞŶĞƌĂů ĚŝƌĞĐƚŽƌ ŝƐ ĂůƐŽ ƚŚĞ /<s ĚŝƌĞĐƚŽƌ ĂŶĚ ŽŶĞ ŽĨ ƚŚĞ ŵĞŵďĞƌƐ ŽĨ /<s͛Ɛ ĞǆĞĐƵƚŝǀĞ ďŽĂƌĚ͘ W y Document waarop het KPMG-rapport (1368085/18X00157929UTR) d.d. 30 april 2018 (mede) betrekking heeft.

ŚƌŝƐƚŝ͛Ɛ ŚŝŐŚĞƐƚ ďŽĚǇ ŝƐ ƚŚĞ ĐŽƵŶĐŝů ŽĨ ŵĞŵďĞƌƐ͘ W y ŚƌŝƐƚŝ͛Ɛ ƐƚĂƚƵƚŽƌǇ ďŽĂƌĚ ŽĨ ĚŝƌĞĐƚŽƌƐ ŝƐ ĂůƐŽ W y͛Ɛ ƐƚĂƚƵƚŽƌǇ ďŽĂƌĚ ŽĨ ĚŝƌĞĐƚŽƌƐ͘ /<s ĂŶĚ W y ŚƌŝƐƚŝ ĞĂĐŚ ŶŽŵŝŶĂƚĞ ŚĂůĨ ŽĨ ƚŚĞ ŵĞŵďĞƌƐ ŽĨ W y͛Ɛ ƐƵƉĞƌǀŝƐŽƌǇ ďŽĂƌĚ ĂŶĚ ĂƉƉƌŽǀĞ W y͛Ɛ ƐƚƌĂƚĞŐŝĐ ŵƵůƚŝĂŶŶƵĂů ƉůĂŶƐ͘ W y͛Ɛ ďŽĂƌĚ ŽĨ ĚŝƌĞĐƚŽƌƐ ŝƐ ĂůƐŽ ^d/< s͛Ɛ ďŽĂƌĚ͘ PAX Colombia Foundation dŚĞ &ƵŶĚĂĐŝſŶ W y ŽůŽŵďŝĂ ;W y ŽůŽŵďŝĂ &ŽƵŶĚĂƚŝŽŶ͕ &W Ϳ ŝƐ Ă ŶŽŶͲƉƌŽĨŝƚ ĞŶƚŝƚǇ ĨŽƵŶĚĞĚ ŝŶ ϮϬϭϮ͘ /ƚ ŝƐ ĚĞĚŝĐĂƚĞĚ ƚŽ ƚŚĞ ƉƌŽŵŽƚŝŽŶ ŽĨ Ă ƉĞĂĐĞ ĐƵůƚƵƌĞ͕ ƉĞĂĐĞĨƵů ĐŽŶĨůŝĐƚ ƌĞƐŽůƵƚŝŽŶ ĂŶĚ ƉĞĂĐĞ ŝŶ ŽůŽŵďŝĂ͘ /ƚ ŝƐ ŚĞĂĚƋƵĂƌƚĞƌĞĚ ŝŶ ƚŚĞ ĐŝƚǇ ŽĨ ŽŐŽƚĂ͕ ŽůŽŵďŝĂ͘ dŚĞ &W ŚĂƐ ĂŶ ĞǆĞĐƵƚŝǀĞ ĐŽŵŵŝƚƚĞĞ ǁŝƚŚ ƵŶƉĂŝĚ ďŽĂƌĚ ŵĞŵďĞƌƐ͕ ŝŶĐůƵĚŝŶŐ ĂŶ ĞǆĞĐƵƚŝǀĞ ĚŝƌĞĐƚŽƌ ĂĐƚŝŶŐ ĂƐ Ă ůĞŐĂů ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ Ă ƐĞĐƌĞƚĂƌǇ ĂŶĚ Ă ƚƌĞĂƐƵƌĞƌ͘ dŚĞ ƐĞĐƌĞƚĂƌǇ ŝƐ Ă ƵƚĐŚ W y ĞŵƉůŽǇĞĞ͘ dŚĞ ŽƚŚĞƌ ƚǁŽ ďŽĂƌĚ ŵĞŵďĞƌƐ ĂƌĞ ŽůŽŵďŝĂŶƐ͘ ďŽǀĞ ƚŚĞ ĞǆĞĐƵƚŝǀĞ ĐŽŵŵŝƚƚĞĞ ŝƐ Ă ĐŽŵŵŝƚƚĞĞ ŽĨ ĨŽƵŶĚĞƌƐ͕ ĐŽŶƐŝƐƚŝŶŐ ŽĨ ƚǁŽ ƵƚĐŚ W y ĞŵƉůŽǇĞĞƐ͘ dŚĞ ƉĂƌƚŝĐŝƉĂƚŝŽŶ ŽĨ ƚŚƌĞĞ ƵƚĐŚ W y ĞŵƉůŽǇĞĞƐ ŝŶ ƚŚĞ ƚǁŽ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ůĂǇĞƌƐ ŐƵĂƌĂŶƚĞĞƐ Ă ƐƵďƐƚĂŶƚŝĂů ŝŶĨůƵĞŶĐĞ ŽŶ ƚŚĞ ĐŽƵƌƐĞ ŽĨ ĂĨĨĂŝƌƐ ǁŝƚŚŝŶ &W ͘ Executive board W y͛Ɛ ĞǆĞĐƵƚŝǀĞ ďŽĂƌĚ ŝƐ ĨŽƌŵĞĚ ďǇ Ă ƐƚĂƚƵƚŽƌǇ ďŽĂƌĚ ŽĨ ĚŝƌĞĐƚŽƌƐ ƚĂƐŬĞĚ ǁŝƚŚ ŵĂŶĂŐŝŶŐ ƚŚĞ ŽƌŐĂŶŝǌĂƚŝŽŶ͕ ĨŽƌ ǁŚŝĐŚ ŝƚ ŚĂƐ ĨƵůů ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ƌĞƐƉŽŶƐŝďŝůŝƚǇ͘ dŚĞ ďŽĂƌĚ ŽĨ ĚŝƌĞĐƚŽƌƐ ŐĞŶĞƌĂůůǇ ŵĂŬĞƐ ŝƚƐ ĚĞĐŝƐŝŽŶƐ ďĂƐĞĚ ŽŶ ĐŽŶƐĞŶƐƵƐ͘ dŚĞ ŐĞŶĞƌĂů ĚŝƌĞĐƚŽƌ ŚĂƐ ƚŚĞ ĚĞĐŝĚŝŶŐ ǀŽƚĞ ŝĨ ƚŚĞ ǀŽƚĞƐ ĐĂƐƚ ďǇ ƚŚĞ ďŽĂƌĚ ĂƌĞ Ă ƚŝĞ͘ dŚĞ ďŽĂƌĚ ŽĨ ĚŝƌĞĐƚŽƌƐ ŝƐ ĂĐĐŽƵŶƚĂďůĞ ƚŽ ƚŚĞ ƐƵƉĞƌǀŝƐŽƌǇ ďŽĂƌĚ͘ hŶƚŝů ϭ DĂǇ ϮϬϭϳ ƚŚĞ ďŽĂƌĚ ŽĨ ĚŝƌĞĐƚŽƌƐ ĐŽŶƐŝƐƚĞĚ ŽĨ Ă ŐĞŶĞƌĂů ĚŝƌĞĐƚŽƌ͕ ǁŚŽ ĨŽĐƵƐĞƐ ƉƌŝŵĂƌŝůǇ ŽŶ ƚŚĞ ŽƌŐĂŶŝǌĂƚŝŽŶ͛Ɛ ƐƚƌĂƚĞŐǇ͕ ĂŶĚ ŽŶĞ ĚŝƌĞĐƚŽƌ ƚĂƐŬĞĚ ǁŝƚŚ ŽƉĞƌĂƚŝŽŶĂů ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͘ ,ŽǁĞǀĞƌ͕ ĂĨƚĞƌ Ă ƚĞŶƵƌĞ ŽĨ ϭϱ ǇĞĂƌƐ͕ ƚŚĞ ĚŝƌĞĐƚŽƌ ŽƉĞƌĂƚŝŽŶƐ &ƌĞĞŬ >ĂŶĚŵĞƚĞƌ ĚĞĐŝĚĞĚ ƚŽ ůĞĂǀĞ ƚŚĞ ŽƌŐĂŶŝǌĂƚŝŽŶ ĂŶĚ ƉƵƌƐƵĞ Ă ĨƵƚƵƌĞ ŽƵƚƐŝĚĞ ŽĨ W y͘ /Ŷ Ɖƌŝů ϮϬϭϳ͕ ĂĨƚĞƌ ĐŽŶƐƵůƚŝŶŐ ƚŚĞ ǁŽƌŬƐ ĐŽƵŶĐŝů͕ ƚŚĞ ďŽĂƌĚ ĚĞĐŝĚĞĚ ƚŽ ĂƉƉŽŝŶƚ ƚǁŽ ŝŶƚĞƌŝŵ ĚŝƌĞĐƚŽƌƐ͕ ŽŶĞ ĨŽƌ ƚŚĞ ƉƌŽŐƌĂŵƐ ĂŶĚ ĂŶŽƚŚĞƌ ĨŽƌ ƚŚĞ ŽƌŐĂŶŝǌĂƚŝŽŶ͘ ^ŝŶĐĞ ƚŚĞŶ͕ ĂŶĚ ĨŽůůŽǁŝŶŐ ůĞŶŐƚŚǇ ƌĞƐĞĂƌĐŚ ĂŶĚ ĐŽŶƐƵůƚĂƚŝŽŶ͕ W y ŚĂƐ ŽƉƚĞĚ ƚŽ ĨŽƌŵĂůůǇ ĐŚĂŶŐĞ ƚŽ Ă ƚŚƌĞĞͲƉĞƌƐŽŶ ďŽĂƌĚ ŽĨ ĚŝƌĞĐƚŽƌƐ ĐŽŶƐŝƐƚŝŶŐ ŽĨ Ă ŐĞŶĞƌĂů ĚŝƌĞĐƚŽƌ͕ Ă ĚŝƌĞĐƚŽƌ ŽĨ ƉƌŽŐƌĂŵŵĞƐ ĂŶĚ Ă ĚŝƌĞĐƚŽƌ ŽƌŐĂŶŝǌĂƚŝŽŶ͘ dŚĞ ǁŽƌŬƐ ĐŽƵŶĐŝů ŐƌĂŶƚĞĚ ŝƚƐ ĂƉƉƌŽǀĂů ĨŽƌ ƚŚŝƐ ƐƚƌƵĐƚƵƌĞ ŝŶ ůĂƚĞ ϮϬϭϳ͘ KŶ ϯϭ ĞĐĞŵďĞƌ ϮϬϭϳ ƚŚĞ ďŽĂƌĚ ŽĨ ĚŝƌĞĐƚŽƌƐ ĐŽŶƐŝƐƚĞĚ ŽĨ ƚŚĞ ĨŽůůŽǁŝŶŐ ƉĞŽƉůĞ͗ EĂŵĞ :ĂŶ 'ƌƵŝƚĞƌƐ

ZĂĚďŽƵĚ ǀĂŶ ĞůĨƚ DŝƌŝĂŵ ^ƚƌƵǇŬ

WŽƐŝƚŝŽŶͬĂŶĐŝůůĂƌǇ ƉŽƐŝƚŝŽŶƐ • 'ĞŶĞƌĂů ĚŝƌĞĐƚŽƌ ĂŶĚ ĐŚĂŝƌŵĂŶ ŽĨ W y͛Ɛ ďŽĂƌĚ ŽĨ ĚŝƌĞĐƚŽƌƐ • 'ĞŶĞƌĂů ĚŝƌĞĐƚŽƌ ĂŶĚ ĐŚĂŝƌŵĂŶ ŽĨ W y ŚƌŝƐƚŝ͛Ɛ ĞǆĞĐƵƚŝǀĞ ďŽĂƌĚ • ŝƌĞĐƚŽƌ ŽĨ /<s ĂŶĚ ŵĞŵďĞƌ ŽĨ /<s͛Ɛ ĞǆĞĐƵƚŝǀĞ ďŽĂƌĚ • DĞŵďĞƌ ŽĨ ^d/< s͛Ɛ ĞǆĞĐƵƚŝǀĞ ďŽĂƌĚ • /ŶƚĞƌŝŵ ĚŝƌĞĐƚŽƌ ŽƌŐĂŶŝǌĂƚŝŽŶ ĂŶĚ ŵĞŵďĞƌ ŽĨ W y͛Ɛ ďŽĂƌĚ ŽĨ ĚŝƌĞĐƚŽƌƐ • DĞŵďĞƌ ŽĨ ƚŚĞ ďŽĂƌĚ ŽĨ ƚŚĞ ƵƚĐŚ ƐĞĐƚŝŽŶ ŽĨ ŵŶĞƐƚǇ /ŶƚĞƌŶĂƚŝŽŶĂů • /ŶƚĞƌŝŵ ƉƌŽŐƌĂŵ ĚŝƌĞĐƚŽƌ ĂŶĚ ŵĞŵďĞƌ ŽĨ W y͛Ɛ ďŽĂƌĚ ŽĨ ĚŝƌĞĐƚŽƌƐ

dĂďůĞ ϭ ŽŵƉŽƐŝƚŝŽŶ ŽĨ ďŽĂƌĚ ŽĨ ĚŝƌĞĐƚŽƌƐ

/Ŷ ŽƌĚĞƌ ƚŽ ƉƌĞǀĞŶƚ ĂŶǇ ĐŽŶĨůŝĐƚ ŽĨ ŝŶƚĞƌĞƐƚ͕ ŝƚ ŚĂƐ ďĞĞŶ ĐŽŶƚƌĂĐƚƵĂůůǇ ƐƚŝƉƵůĂƚĞĚ ƚŚĂƚ ƚŚĞ ĂĐƚŝŶŐ ĚŝƌĞĐƚŽƌ ŽƌŐĂŶŝǌĂƚŝŽŶ ŚĂƐ ŶŽ ŝŶǀŽůǀĞŵĞŶƚ ǁŚĂƚƐŽĞǀĞƌ ŝŶ ĚĞĐŝƐŝŽŶƐ ƌĞůĂƚĞĚ ƚŽ ƚŚĞ ĨŝŶĂŶĐŝĂů ƌĞůĂƚŝŽŶƐŚŝƉ ďĞƚǁĞĞŶ W y ĂŶĚ ŵŶĞƐƚǇ /ŶƚĞƌŶĂƚŝŽŶĂů ĂŶĚ ǀŝĐĞ ǀĞƌƐĂ͘ Remuneration of senior management dŚĞ ƐƵƉĞƌǀŝƐŽƌǇ ďŽĂƌĚ ŚĂƐ ĞŶĂĐƚĞĚ͕ ŽŶ ƚŚĞ ĂĚǀŝĐĞ ŽĨ ƚŚĞ ƌĞŵƵŶĞƌĂƚŝŽŶ ĐŽŵŵŝƚƚĞĞ͕ ƚŚĞ ƌĞŵƵŶĞƌĂƚŝŽŶ ƉŽůŝĐǇ͕ ƚŚĞ ůĞǀĞů ŽĨ ŵĂŶĂŐĞŵĞŶƚ ƌĞŵƵŶĞƌĂƚŝŽŶ ĂŶĚ ƚŚĞ ůĞǀĞů ŽĨ ŽƚŚĞƌ ƌĞŵƵŶĞƌĂƚŝŽŶ ĐŽŵƉŽŶĞŶƚƐ͘ dŚĞ ƉŽůŝĐǇ ŝƐ ƵƉĚĂƚĞĚ ƉĞƌŝŽĚŝĐĂůůǇ͘ dŚĞ ůĂƐƚ ƌĞǀŝĞǁ ǁĂƐ ŝŶ ϮϬϭϲ͘ Document waarop het KPMG-rapport (1368085/18X00157929UTR) d.d. 30 april 2018 (mede) betrekking heeft.

dŚĞ ŐĞŶĞƌĂů ĚŝƌĞĐƚŽƌ ĂŶĚ ŝŶƚĞƌŝŵ ƉƌŽŐƌĂŵ ĚŝƌĞĐƚŽƌ ĂƌĞ ĞŵƉůŽǇĞĚ ďǇ W y ĂŶĚ ƌĞĐĞŝǀĞ Ă ƐĂůĂƌǇ͘ tŽƌŬ ĚŽŶĞ ĨŽƌ ƚŚĞ ďĞŶĞĨŝƚ ŽĨ ƚŚĞ ŽƚŚĞƌ ůĞŐĂů ĞŶƚŝƚŝĞƐ ŝƐ ŶŽƚ ƉĂŝĚ ƐĞƉĂƌĂƚĞůǇ Žƌ ĞǆƚƌĂ͘ dŚĞ ƐƵƉĞƌǀŝƐŽƌǇ ďŽĂƌĚ ŚĂƐ ĚĞƚĞƌŵŝŶĞĚ ƚŚĞ ƌĞŵƵŶĞƌĂƚŝŽŶ ƉŽůŝĐǇ ĂŶĚ ůĞǀĞů ŽĨ ƌĞŵƵŶĞƌĂƚŝŽŶ ĂĐĐŽƌĚŝŶŐ ƚŚĞ ŐƵŝĚĞůŝŶĞƐ ĂŶĚ ƋƵĂůŝĨŝĐĂƚŝŽŶ ƐǇƐƚĞŵ ŽĨ 'ŽĞĚĞ ŽĞůĞŶ EĞĚĞƌůĂŶĚ ĂŶĚ ƚŚĞ ĐŽůůĞĐƚŝǀĞ ůĂďŽƵƌ ĂŐƌĞĞŵĞŶƚ ; KͿ ŽĨ ƚŚĞ WƌŽƚĞƐƚĂŶƚ ŚƵƌĐŚ ŝŶ ƚŚĞ EĞƚŚĞƌůĂŶĚƐ͘ ĐŽŶƐƵůƚĂŶĐǇ ĂŐƌĞĞŵĞŶƚ ŚĂƐ ďĞĞŶ ĐŽŶĐůƵĚĞĚ ǁŝƚŚ ƚŚĞ ŝŶƚĞƌŝŵ ŽƌŐĂŶŝǌĂƚŝŽŶ ĚŝƌĞĐƚŽƌ͘ /Ŷ ĚĞƚĞƌŵŝŶŝŶŐ ƚŚĞ ƌĞŵƵŶĞƌĂƚŝŽŶ ƉŽůŝĐǇ ĂŶĚ ůĞǀĞů ŽĨ ƌĞŵƵŶĞƌĂƚŝŽŶ͕ W y ĨŽůůŽǁƐ ƚŚĞ ŐƵŝĚĞůŝŶĞƐ ĨŽƌ ƚŚĞ ƌĞŵƵŶĞƌĂƚŝŽŶ ŽĨ ĚŝƌĞĐƚŽƌƐ ďǇ 'ŽĞĚĞ ŽĞůĞŶ EĞĚĞƌůĂŶĚ ;ƐĞĞ www.goededoelennederland.nl Ϳ͘ dŚĞ ƐĐŚĞŵĞ ŝŶĚŝĐĂƚĞƐ͕ ŽŶ ƚŚĞ ďĂƐŝƐ ŽĨ ǁĞŝŐŚƚŝŶŐƐ͕ Ă ŵĂǆŝŵƵŵ ŶŽƌŵ ĨŽƌ ƚŚĞ ĂŶŶƵĂů ŝŶĐŽŵĞ͘ dŚĞ ǁĞŝŐŚƚŝŶŐ ŽĨ ƚŚĞ ƐŝƚƵĂƚŝŽŶ Ăƚ W y ǁĂƐ ĞǆĞĐƵƚĞĚ ďǇ ƚŚĞ ƌĞŵƵŶĞƌĂƚŝŽŶ ĐŽŵŵŝƚƚĞĞ͘ dŚŝƐ ůĞĚ ƚŽ Ă ƐŽͲ ĐĂůůĞĚ ^ ƐĐŽƌĞ ŽĨ ϰϳϱ ƉŽŝŶƚƐ ĐŽƌƌĞƐƉŽŶĚŝŶŐ ǁŝƚŚ Ă ŵĂǆŝŵƵŵ ĂŶŶƵĂů ŝŶĐŽŵĞ ĨŽƌ ƌĞƐƉĞĐƚŝǀĞůǇ ƚŚĞ ŐĞŶĞƌĂů ĚŝƌĞĐƚŽƌ ϴϳй Ͳ ϰϭϯ ƉŽŝŶƚƐ :͘ 'ƌƵŝƚĞƌƐ ΦϭϭϬ͕ϬϬϬ ƉĞƌ &d ͬϭϮ ŵŽŶƚŚƐ͖ ĂŶĚ ĨŽƌ ƚŚĞ ŽƉĞƌĂƚŝŽŶƐ ĚŝƌĞĐƚŽƌ ϴϬй Ͳ ϯϴϬ ƉŽŝŶƚƐ &͘:͘d͘ >ĂŶĚŵĞƚĞƌ Φϵϴ͕ϬϬϬ ƉĞƌ &d ͬϭϮ ŵŽŶƚŚƐ͘ dŚĞ ŽƵƚĐŽŵĞƐ ŽĨ ƚŚĞ ƌĞǀŝĞǁ ĂŐĂŝŶƐƚ ƚŚĞ ĂƉƉůŝĐĂďůĞ ůŝŵŝƚƐ ŽĨ ƚŚĞ ƌĞůĞǀĂŶƚ ĂŶŶƵĂů ŝŶĐŽŵĞ ŽĨ ƚŚĞ ĚŝƌĞĐƚŽƌƐ ĂŵŽƵŶƚĞĚ ;ϮϬϭϲ ŝŶ ΦͿ ĨŽƌ :͘ 'ƌƵŝƚĞƌƐ ƚŽ Φ ϵϰ͕ϯϵϰ ƉĞƌ &d ͬϭϮ ŵŽŶƚŚƐ ĂŶĚ ĨŽƌ &͘:͘d͘ >ĂŶĚŵĞƚĞƌ ƚŽ Φ ϴϳ͕ϵϬϯ ƉĞƌ &d ͬϭϮ ŵŽŶƚŚƐͿ͘ dŚĞƐĞ ƌĞǁĂƌĚƐ ǁĞƌĞ ǁŝƚŚŝŶ ƚŚĞ ĂƉƉůŝĐĂďůĞ ůŝŵŝƚƐ͘ /Ŷ ϮϬϭϳ͕ ƚŚĞ ƌĞůĞǀĂŶƚ ĂŶŶƵĂů ŝŶĐŽŵĞ ŽĨ ƚŚĞ ĚŝƌĞĐƚŽƌƐ ĂŵŽƵŶƚĞĚ ;ϮϬϭϳ ŝŶ ΦͿ ĨŽƌ :͘ 'ƌƵŝƚĞƌƐ ƚŽ Φ ϵϳ͕ϳϯϱ ƉĞƌ &d ͬϭϮ ŵŽŶƚŚƐ ;ŵĂǆ͘ ϭϭϰ͕ϬϬϬ ϭ &d ͬϭϮ ŵŽŶƚŚƐͿ ĂŶĚ ĨŽƌ &͘:͘d͘ >ĂŶĚŵĞƚĞƌ ƚŽ Φϯϱ͕ϬϮϬ ƉĞƌ &d ͬϰ ŵŽŶƚŚƐ ;ŵĂǆ͘ ϭϬϮ͕ϬϬϬ ϭ &d ͬϭϮ ŵŽŶƚŚƐͿ ĂŶĚ Ɛƚŝůů ƌĞŵĂŝŶĞĚ ǁŝƚŚŝŶ ƚŚĞƐĞ ůŝŵŝƚƐ͘ /Ŷ ϮϬϭϳ ƚŚĞ ĂŶŶƵĂů ŝŶĐŽŵĞ͕ ƚŚĞ ƚĂǆĂďůĞ ĚŝƐďƵƌƐĞŵĞŶƚƐ͕ ĞŵƉůŽǇĞƌ͛Ɛ ƉĞŶƐŝŽŶ ĐŽŶƚƌŝďƵƚŝŽŶ ĂŶĚ ŽƚŚĞƌ ;ĨƵƚƵƌĞͿ ďĞŶĞĨŝƚƐ ĨŽƌ ƌĞƐƉĞĐƚŝǀĞůǇ ŐĞŶĞƌĂů ĚŝƌĞĐƚŽƌ :͘ 'ƌƵŝƚĞƌƐ ΦϭϬϵ͕ϲϵϴ ƉĞƌ &d ͬϭϮ ŵŽŶƚŚƐ͕ ĨŽƌ ĚŝƌĞĐƚŽƌ &͘:͘d͘ >ĂŶĚŵĞƚĞƌ Φ ϯϴ͕ϲϬϲ ƉĞƌ &d ͬϰ ŵŽŶƚŚƐ ĂŶĚ ĨŽƌ ĚŝƌĞĐƚŽƌ D͘ ^ƚƌƵǇŬ Φϲϴ͕ϴϬϭ ƉĞƌ &d ͬϵ ŵŽŶƚŚƐ͕ ƌĞŵĂŝŶ ǁĞůů ďĞůŽǁ ƚŚĞ ŵĂǆŝŵƵŵ ŽĨ Φϭϴϭ͕ϬϬϬ ƉĞƌ ǇĞĂƌ ƐƚĂƚĞĚ ŝŶ ƚŚĞ ŐƵŝĚĞůŝŶĞ͘ DŽƌĞŽǀĞƌ͕ ƚŚĞ ƚĂǆĂďůĞ ĚŝƐďƵƌƐĞŵĞŶƚƐ͕ ĞŵƉůŽǇĞƌ͛Ɛ ƉĞŶƐŝŽŶ ĐŽŶƚƌŝďƵƚŝŽŶ ĂŶĚ ŽƚŚĞƌ ;ĨƵƚƵƌĞͿ ďĞŶĞĨŝƚƐ ǁĞƌĞ ŝŶ ƌĞĂƐŽŶĂďůĞ ƉƌŽƉŽƌƚŝŽŶ ƚŽ ƚŚĞ ĂŶŶƵĂů ŝŶĐŽŵĞ͘ ^ŝŶĐĞ ƚŚĞ ĂƐƐŝŐŶŵĞŶƚ ŽĨ D͘ ^ƚƌƵǇŬ ŝƐ ƚĞŵƉŽƌĂƌǇ͕ ŚĞƌ ŝŶĐŽŵĞ ŚĂƐ ŶŽƚ ďĞĞŶ ƌĞǀŝĞǁĞĚ ĂŐĂŝŶƐƚ ƚŚĞ ƉŽůŝĐǇ͘ dŚĞ ƚŽƚĂů ƉĂŝĚ ĐŽŵƉĞŶƐĂƚŝŽŶ ĨŽƌ Z͘ d͘ :͘ ǀĂŶ ĞůĨƚ ĂŵŽƵŶƚƐ ƚŽ ΦϭϮϬ͕ϬϬϬ ĞǆĐů͘ s d ĂŶĚ ŝƐ ŝŶ ůŝŶĞ ǁŝƚŚ ƚŚĞ ŵĂƌŬĞƚ͘ Z͘ d͘ :͘ ǀĂŶ ĞůĨƚ ŝƐ ĐŽŵƉůŝĂŶƚ ǁŝƚŚ ƚŚĞ ĐŽŶĚŝƚŝŽŶƐ ĨŽƌ ŝŶƚĞƌŝŵ ĚŝƌĞĐƚŽƌƐ ;ŶŽƚ ĞŵƉůŽǇĞĚͿ ƚŚĂƚ ĂƌĞ ƉĂƌƚ ŽĨ ƚŚĞ ŐƵŝĚĞůŝŶĞƐ Governance and supervision 'ŽǀĞƌŶĂŶĐĞ ĂŶĚ ƐƵƉĞƌǀŝƐŝŽŶ ĂƌĞ ƐƚƌŝĐƚůǇ ƐĞƉĂƌĂƚĞ ƉƌŽĐĞƐƐĞƐ Ăƚ W y͕ ǁŚŝĐŚ ŚĂƐ ďĞĞŶ ĚŽĐƵŵĞŶƚĞĚ ŝŶ ƚŚĞ ƐƚĂƚƵƚĞƐ͘ dŚĞ ƐƵƉĞƌǀŝƐŽƌǇ ďŽĂƌĚ͛Ɛ ĨŝƌƐƚ ƚĂƐŬ ŝƐ ƚŽ ĂƐƐĞƐƐ ǁŚĞƚŚĞƌ W y ŝƐ ĨƵůĨŝůůŝŶŐ ŝƚƐ ŵŝƐƐŝŽŶ ǁĞůů ĂĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ǀĂůƵĞƐ ŽĨ ƚŚĞ ƉĞĂĐĞ ŵŽǀĞŵĞŶƚ͘ dŚĞ ďŽĂƌĚ ŽĨ ĚŝƌĞĐƚŽƌƐ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ĂĐŚŝĞǀŝŶŐ ƚŚĞ ƐƚƌĂƚĞŐŝĐ ŽďũĞĐƚŝǀĞƐ ŝŶ ĂŶ ĞĨĨŝĐŝĞŶƚ ĂŶĚ ĞĨĨĞĐƚŝǀĞ ǁĂǇ͘ /Ŷ ĚŽŝŶŐ ƐŽ͕ ƚŚĞ ƐƵƉĞƌǀŝƐŽƌǇ ďŽĂƌĚ ŵŽŶŝƚŽƌƐ ƚŚĞ ƌŝƐŬƐ ĂŶĚ ĚĞŐƌĞĞ ŽĨ ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ ŝŶ ƚŚĞ ŽƌŐĂŶŝǌĂƚŝŽŶ ĂŶĚ ǁŚĞƚŚĞƌ ƚŚĞƌĞ ŝƐ Ă ƐĂĨĞ ĂŶĚ ŚĞĂůƚŚǇ ƐŽĐŝĂů ĞŶǀŝƌŽŶŵĞŶƚ͘ dŚĞ ƐƵƉĞƌǀŝƐŽƌǇ ďŽĂƌĚ ƌĞĐĞŝǀĞƐ ƐƵƉƉŽƌƚ ĨƌŽŵ ƚǁŽ ĂĚǀŝƐŽƌǇ ĐŽŵŵŝƚƚĞĞƐ͘ dŚĞ ĂƵĚŝƚ ĐŽŵŵŝƚƚĞĞ ŐŽĞƐ ŽǀĞƌ ƚŚĞ ĨŝŶĂŶĐŝĂů ŝŶƚĞƌŝŵ ĂƵĚŝƚ ƌĞƉŽƌƚ ĂŶĚ ĂŶŶƵĂů ĂĐĐŽƵŶƚ ŝŶ ĚĞƚĂŝů ǁŝƚŚ ƚŚĞ ĚŝƌĞĐƚŽƌ͕ ĐŽŶƚƌŽůůĞƌ ĂŶĚ ƚŚĞ ĞǆƚĞƌŶĂů ĂĐĐŽƵŶƚĂŶƚ͕ ĂĨƚĞƌ ǁŚŝĐŚ ƚŚĞ ĐŽŵŵŝƚƚĞĞ ĂĚǀŝƐĞƐ ƚŚĞ ƐƵƉĞƌǀŝƐŽƌǇ ďŽĂƌĚ ŽŶ ƚŚŝƐ͘ dŚĞ ƌĞŵƵŶĞƌĂƚŝŽŶ ĐŽŵŵŝƚƚĞĞ ŵĂŬĞƐ ĂŶ ĂŶŶƵĂů ĞǀĂůƵĂƚŝŽŶ ŽĨ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ ƐƚĂƚƵƚŽƌǇ ŵĞŵďĞƌƐ ŽĨ ƚŚĞ ďŽĂƌĚ ŽĨ ĚŝƌĞĐƚŽƌƐ ĂŶĚ ĂĚǀŝƐĞƐ ƚŚĞ ƐƵƉĞƌǀŝƐŽƌǇ ďŽĂƌĚ ŝŶ ŝƚƐ ƌŽůĞ ĂƐ ĞŵƉůŽǇĞƌ ŽĨ ƚŚĞ ďŽĂƌĚ͘ Integrity W y ŚĂƐ ĂŶ ŝŶƚĞŐƌŝƚǇ ƉŽůŝĐǇ ĂŶĚ ĂŶ ĂƌƌĂŶŐĞŵĞŶƚ ĨŽƌ ǁŚŝƐƚůĞͲďůŽǁĞƌƐ ŝŶ ŽƌĚĞƌ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ ĞŵƉůŽǇĞĞƐ ĐĂŶ ŝĚĞŶƚŝĨǇ ŵŝƐƵŶĚĞƌƐƚĂŶĚŝŶŐƐ ǁŝƚŚŽƵƚ ƌŝƐŬ ƚŽ ƚŚĞŝƌ ĐĂƌĞĞƌƐ Žƌ ũŽďƐ͘ ŶǇ ŬŝŶĚ ŽĨ ĐŽŶĨůŝĐƚ ŽĨ ŝŶƚĞƌĞƐƚ ĂŵŽŶŐ ŵĞŵďĞƌƐ ŽĨ ƚŚĞ ƐƵƉĞƌǀŝƐŽƌǇ ďŽĂƌĚ Žƌ ďŽĂƌĚ ŽĨ ĚŝƌĞĐƚŽƌƐ ŝƐ ĨŽƌďŝĚĚĞŶ͕ ƚŽ ǁŚŝĐŚ Document waarop het KPMG-rapport (1368085/18X00157929UTR) d.d. 30 april 2018 (mede) betrekking heeft.

ĞŶĚ ƚŚĞǇ ŚĂǀĞ ƐŝŐŶĞĚ Ă ǁƌŝƚƚĞŶ ĂŐƌĞĞŵĞŶƚ͘ DĞŵďĞƌƐ ŽĨ ƚŚĞ ďŽĂƌĚ ŽĨ ĚŝƌĞĐƚŽƌƐ ĂŶĚ ƐƵƉĞƌǀŝƐŽƌǇ ďŽĂƌĚ ĂƌĞ ĨŽƌďŝĚĚĞŶ ƚŽ ĞŶŐĂŐĞ ŝŶ ĂŶǇ ďƵƐŝŶĞƐƐ ƌĞůĂƚŝŽŶƐ Žƌ ƌĞůĂƚŝŽŶƐ ŝŶ ƚŚĞ ĨĂŵŝůǇ ƐƉŚĞƌĞ ǁŝƚŚ ƚŚĞ ŽƌŐĂŶŝǌĂƚŝŽŶ ŝŶ ŽƌĚĞƌ ƚŽ ƉƌĞĐůƵĚĞ ĂŶǇ ƉŽƚĞŶƚŝĂů ĐŽŶĨůŝĐƚ ŽĨ ŝŶƚĞƌĞƐƚ͘ W y ĂůƐŽ ƉƵƌƐƵĞƐ Ă ƐĂĨĞ ĂŶĚ ƚƌƵƐƚĞĚ ĞŶǀŝƌŽŶŵĞŶƚ ƚŚĂƚ ƉƌŽǀŝĚĞƐ ƉƌŽƚĞĐƚŝŽŶ ƚŽ ƉĂƌƚŶĞƌƐ͕ ƐƚĂĨĨ ŵĞŵďĞƌƐ͕ ǀŽůƵŶƚĞĞƌƐ ĂŶĚ ŽƚŚĞƌ ƉĞŽƉůĞ ǁĞ ĞŶŐĂŐĞ ǁŝƚŚ͘ KƵƌ ŝŶƚĞŐƌŝƚǇ ƉŽůŝĐǇ ŝƐ ƉƵďůŝƐŚĞĚ ŽŶ ŽƵƌ ŝŶƚƌĂŶĞƚ ĂŶĚ ŽŶ ŽƵƌ ǁĞďƐŝƚĞ͗ ŚƚƚƉƐ͗ͬͬǁǁǁ͘W yĨŽƌƉĞĂĐĞ͘ŶůͬĂďŽƵƚͲƵƐͬŝŶƚĞŐƌŝƚǇͲƉŽůŝĐǇ /Ŷ ϮϬϭϳ ƚŚĞƌĞ ǁĂƐ ŽŶĞ ŝŶƚĞŐƌŝƚǇ ŝƐƐƵĞ Ăƚ W y͘ /ƚ ĐŽŶĐĞƌŶĞĚ ƚŚĞ ƐƵƐƉĞĐƚĞĚ ĨƌĂƵĚ ŽĨ ΨϮ͕ϱϬϬ Ăƚ ŽƵƌ ĨŝĞůĚ ŽĨĨŝĐĞ ŝŶ Z ŽŶŐŽ͘ ĂƌĞĨƵů ŝŶǀĞƐƚŝŐĂƚŝŽŶ ĚŝĚ ŶŽƚ ƉƌŽǀŝĚĞ Ă ĐŽŶĐůƵƐŝǀĞ ĂůƚĞƌŶĂƚŝǀĞ ĞǆƉůĂŶĂƚŝŽŶ͕ ĂƐ Ă ƌĞƐƵůƚ ŽĨ ǁŚŝĐŚ ƚŚĞ ĞŵƉůŽǇĞĞ ĐŽŶĐĞƌŶĞĚ ǁĂƐ ĚŝƐŵŝƐƐĞĚ͘ ĞĐĂƵƐĞ Z ŽŶŐŽ ŚĂƐ ŶŽ ĨƵŶĐƚŝŽŶŝŶŐ ƌƵůĞ ŽĨ ůĂǁ͕ W y ĚĞĐŝĚĞĚ ŶŽƚ ƚŽ ĨŝůĞ Ă ƌĞƉŽƌƚ ǁŝƚŚ ƚŚĞ ƉŽůŝĐĞ͘ W y ĂĐĐĞƉƚĞĚ ƚŚĞ ůŽƐƐ ŝŶ ŝƚƐ ĂĐĐŽƵŶƚƐ͘ PAX’s complaints procedure W y ŚĂƐ Ă ĐŽŵƉůĂŝŶƚƐ ƉƌŽĐĞĚƵƌĞ͘ ĐŽŵƉůĂŝŶƚ ŝƐ ĚĞĨŝŶĞĚ ĂƐ ĂŶǇ ƐƚĂƚĞŵĞŶƚ ƚŚĂƚ ŚĂƐ ĐŽŵĞ ƚŽ ƚŚĞ ŽƌŐĂŶŝǌĂƚŝŽŶƐ͛ ĂƚƚĞŶƚŝŽŶ ƚŚĂƚ ĞǆƉƌĞƐƐĞƐ ĚŝƐƐĂƚŝƐĨĂĐƚŝŽŶ ǁŝƚŚ ŝƚƐ ŵŽĚĞ ŽĨ ŽƉĞƌĂƚŝŽŶ͕ ŝƚƐ ŵĞƐƐĂŐĞ Žƌ ĂŶǇ ŽĨ ŝƚƐ ĞŵƉůŽǇĞĞƐ͘ W y ŚĂŶĚůĞƐ ƚŚĞƐĞ ĐŽŵƉůĂŝŶƚƐ ǁŝƚŚ ƚŚĞ ƵƚŵŽƐƚ ĐĂƌĞ ĂŶĚ ĨŽůůŽǁƐ ƚŚĞ ĐŽŵƉĂŶǇ͛Ɛ ĐŽŵƉůĂŝŶƚƐ ƉƌŽĐĞĚƵƌĞ͘ KƵƌ ĐŽŵƉůĂŝŶƚƐ ƉƌŽĐĞĚƵƌĞ ŝƐ ƉƵďůŝƐŚĞĚ ŽŶ ŽƵƌ ǁĞďƐŝƚĞ͗ ŚƚƚƉƐ͗ͬͬǁǁǁ͘W yĨŽƌƉĞĂĐĞ͘ŶůͬĐŽŶƚĂĐƚͬĐŽŵƉůĂŝŶƚƐͲƉƌŽĐĞĚƵƌĞ EŽ ŽĨ ĐŽŵƉůĂŝŶƚƐ ;ŽĨ ǁŚŝĐŚ ŽŶ ƉŽůŝƚŝĐĂů ŽƉŝŶŝŽŶƐͿ ϮϬϭϱ ϭϴ ϳ ϮϬϭϲ ϭϬ ϭ ϮϬϭϳ ϭϮ Ϯ dĂďůĞ Ϯ ŽŵƉůĂŝŶƚƐ ϮϬϭϱͲϮϬϭϳ

/Ŷ ϮϬϭϳ͕ W y ƌĞĐĞŝǀĞĚ Ă ƚŽƚĂů ŽĨ ϭϮ ĐŽŵƉůĂŝŶƚƐ͘ dŚƌĞĞ ĐŽŵƉůĂŝŶƚƐ ĐŽŶĐĞƌŶĞĚ ĚŽŶĂƚŝŽŶ ƌĞƋƵĞƐƚƐ͘ dǁŽ ĐŽŵƉůĂŝŶƚƐ ǁĞƌĞ ĂďŽƵƚ ŚŽǁ W y ĂƉƉƌŽĂĐŚĞĚ ƚŚĞ ĐŽŵƉůĂŝŶĂŶƚ ĂŶĚ ĨŝǀĞ ĐŽŵƉůĂŝŶƚƐ ǁĞƌĞ ĂďŽƵƚ ĂŶ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ŝƐƐƵĞ͘ ůů ƚŚĞƐĞ ĐŽŵƉůĂŝŶƚƐ ǁĞƌĞ ŚĂŶĚůĞĚ ďǇ ƚŚĞ ƉƌŝǀĂƚĞ ĨƵŶĚƌĂŝƐŝŶŐ ƚĞĂŵ ĂĐĐŽƌĚŝŶŐ ƚŽ ƉƌŽĐĞĚƵƌĞ͘ dŚĞ ƌĞŵĂŝŶŝŶŐ ƚǁŽ ĐŽŵƉůĂŝŶƚƐ ĐŽŶĐĞƌŶĞĚ ƌĞĐĞŶƚ ŵĞĚŝĂ ƐƚĂƚĞŵĞŶƚƐ ĂďŽƵƚ ƚŚĞ WŽƚŽĐĂƌŝ DĞŵŽƌŝĂů ĞŶƚƌĞ ŝŶ ^ƌĞďƌĞŶŝĐĂ͘ dŚĞƐĞ ĐŽŵƉůĂŝŶƚƐ ŚĂǀĞ ďĞĞŶ ĚĞĂůƚ ǁŝƚŚ ďǇ ƚŚĞ ďŽĂƌĚ ŽĨ ĚŝƌĞĐƚŽƌƐ ĂŶĚ Ă ƉƌŽŐƌĂŵŵĞ ůĞĂĚĞƌ ĨƌŽŵ W y ƌĞƐƉĞĐƚŝǀĞůǇ͘ Compliance with external supervision codes /Ŷ ĂĚĚŝƚŝŽŶ ƚŽ ŝŶƚĞƌŶĂů ƐƵƉĞƌǀŝƐŝŽŶ͕ W y ŝƐ ĂůƐŽ ƐƵďũĞĐƚ ƚŽ ĞǆƚĞƌŶĂů ƐƵƉĞƌǀŝƐŝŽŶ͕ ǁŚŝĐŚ ŚĞůƉƐ ƚŽ ĞŶƐƵƌĞ ƋƵĂůŝƚǇ ĂƐƐƵƌĂŶĐĞ͘ dŚĞ ĚŝĂŐƌĂŵ ďĞůŽǁ ƐŚŽǁƐ ƚŚĞ ƌĞůĂƚŝŽŶƐŚŝƉ ďĞƚǁĞĞŶ ŝŶƚĞƌŶĂů ĂŶĚ ĞǆƚĞƌŶĂů ƐƵƉĞƌǀŝƐŝŽŶ Ăƚ W y͘ ǆƚĞƌŶĂů ƐƵƉĞƌǀŝƐŝŽŶ

ǆƚĞƌŶĂů /^K ĂƵĚŝƚƐ

/ŶƚĞƌŶĂů ƐƵƉĞƌǀŝƐŝŽŶ

ǆƚĞƌŶĂů ĂĐĐŽƵŶƚĂŶƚ YƵĂůŝĨŝĐĂƚŝŽ Ŷ ƐǇƐƚĞŵ

ŽĂƌĚ ŽĨ ĚŝƌĞĐƚŽƌƐ ^ƵƉĞƌǀŝƐŽƌǇ ďŽĂƌĚ

ŝŶƚĞƌŶĂů /^K ĂƵĚŝƚƐ

&ŝŶĂŶĐŝĂů ŽŶƚƌŽů

WD ;ƉƌŽŐƌĂŵŵĞƐͿ

E /

Document waarop het KPMG-rapport (1368085/18X00157929UTR) d.d. 30 april 2018 (mede) betrekking heeft.

ISO Certificate 9001:2008 W y ŚĂƐ ďĞĞŶ ŐƌĂŶƚĞĚ ƚŚĞ /^K ĐĞƌƚŝĨŝĐĂƚĞ ϵϬϬϭ͗ϮϬϬϴ͘ ǆƚĞƌŶĂů ĂƵĚŝƚƐ ŝŶ ƚŚĞ ĨƌĂŵĞǁŽƌŬ ŽĨ /^K ĐĞƌƚŝĨŝĐĂƚŝŽŶ ĂƌĞ ĐŽŶĚƵĐƚĞĚ ŽŶ ĂŶ ĂŶŶƵĂů ďĂƐŝƐ ďǇ ĂŶ ŝŶĚĞƉĞŶĚĞŶƚ ĂŶĚ ĂĐĐƌĞĚŝƚĞĚ ĂŐĞŶĐǇ͘ External accountant dŚĞ ĂĐĐŽƵŶƚĂŶƚ ĂƵĚŝƚ ŝƐ ĐĂƌƌŝĞĚ ŽƵƚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ŐƵŝĚĞůŝŶĞ ĨŽƌ ĂŶŶƵĂů ƌĞƉŽƌƚŝŶŐ Z:ϲϱϬ ĨŽƌ ͚ ŚĂƌŝƚǇ ŽƌŐĂŶŝǌĂƚŝŽŶƐ͛ ŽĨ ƚŚĞ ƵƚĐŚ ĐĐŽƵŶƚŝŶŐ ^ƚĂŶĚĂƌĚƐ ŽĂƌĚ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ƵƚĐŚ ĐŽŶƚƌŽů ƉƌŽƚŽĐŽů tEd ďǇ ŝŶĚĞƉĞŶĚĞŶƚ ƌĞŐŝƐƚĞƌĞĚ ĂĐĐŽƵŶƚĂŶƚƐ <WD' ĐĐŽƵŶƚĂŶƚƐ E͘s͘ Codes and guidelines W y ŝƐ Ă ŵĞŵďĞƌ ŽĨ ƚŚĞ ƐƐŽĐŝĂƚŝŽŶ ŽĨ &ƵŶĚƌĂŝƐŝŶŐ /ŶƐƚŝƚƵƚŝŽŶƐ ;'ŽĞĚĞ ŽĞůĞŶ EĞĚĞƌůĂŶĚͿ ĂŶĚ ĐŽŵƉůŝĞƐ ǁŝƚŚ Ăůů ŽĨ ƚŚŝƐ ĂƐƐŽĐŝĂƚŝŽŶ͛Ɛ ĐŽĚĞƐ ŽĨ ĐŽŶĚƵĐƚ͕ ŝŶĐůƵĚŝŶŐ͗ Ͳ dŚĞ ƌĞĐŽŐŶŝƚŝŽŶ ƐǇƐƚĞŵ ĨŽƌ ŐŽŽĚ ĐĂƵƐĞƐ͗ ŚƚƚƉƐ͗ͬͬǁǁǁ͘ĐďĨ͘Ŷůͬ͘ dŚĞ ƵƚĐŚ ĞŶƚƌĂů ƵƌĞĂƵ ŽŶ &ƵŶĚƌĂŝƐŝŶŐ ƉĞƌŝŽĚŝĐĂůůǇ ƌĞǀŝĞǁƐ ǁŚĞƚŚĞƌ W y ŝƐ ŵĞĞƚŝŶŐ Ăůů ŽĨ ŝƚƐ ƋƵĂůŝƚǇ ƌĞƋƵŝƌĞŵĞŶƚƐ͘ dŚĞ & ŵŽŶŝƚŽƌƐ ĐŽŵƉůŝĂŶĐĞ͘ Ͳ 'ƵŝĚĞůŝŶĞƐ ĨŽƌ ƚŚĞ ZĞƐĞƌǀĞƐ ŽĨ ŚĂƌŝƚĂďůĞ KƌŐĂŶŝǌĂƚŝŽŶƐ͘ Ͳ dŚĞ 'ƵŝĚĞůŝŶĞ ĨŽƌ ZĞŵƵŶĞƌĂƚŝŽŶ ĨŽƌ ŝƌĞĐƚŽƌƐ ŽĨ ŚĂƌŝƚĂďůĞ /ŶƐƚŝƚƵƚŝŽŶƐ tEdϮ͘ Ͳ dŚĞ EWͲ'ŽĞĚĞ ŽĞůĞŶ EĞĚĞƌůĂŶĚ ŝƌĞĐƚŝǀĞ ŽŶ ƚŚĞ ^ĞƚƚůĞŵĞŶƚ ŽĨ ƐƚĂƚĞƐ͘ Ͳ dŚĞ 'ŽĞĚĞ ŽĞůĞŶ EĞĚĞƌůĂŶĚ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶ ŽŶ ĐŽƐƚ ĂůůŽĐĂƚŝŽŶ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ͘ Ͳ WƌĂĐƚŝĐĂů ŐƵŝĚĞ ƚŽ ƌĞƐƉŽŶƐŝďůĞ ĂƐƐĞƚ ŵĂŶĂŐĞŵĞŶƚ͘ W y ŝƐ ŵĞŵďĞƌ ŽĨ WĂƌƚŽƐ͕ ƚŚĞ ƵƚĐŚ ĂƐƐŽĐŝĂƚŝŽŶ ĨŽƌ E'KƐ ǁŽƌŬŝŶŐ ŝŶ ŝŶƚĞƌŶĂƚŝŽŶĂů ĚĞǀĞůŽƉŵĞŶƚ͕ ĂŶĚ ĂĚŚĞƌĞƐ ƚŽ ƚŚŝƐ ĂƐƐŽĐŝĂƚŝŽŶ͛Ɛ ĐŽĚĞ ŽĨ ĐŽŶĚƵĐƚ ;ǁǁǁ͘ƉĂƌƚŽƐ͘ŶůͿ͘ dŚŝƐ ĐŽĚĞ ĐŽǀĞƌƐ ƚŚĞ ĨŝĞůĚƐ ŽĨ͗ ϭ͘ ^ƵƐƚĂŝŶĂďůĞ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ƐŽĐŝĞƚǇ Ϯ͘ WƌŽĨĞƐƐŝŽŶĂů ŽƌŐĂŶŝǌĂƚŝŽŶ ϯ͘ ŽŵŵƵŶŝĐĂƚŝŽŶ ĂŶĚ ĨƵŶĚƌĂŝƐŝŶŐ General Public Advancement (ANBI) W y ŝƐ Ă ƉƵďůŝĐ ďĞŶĞĨŝƚ ŽƌŐĂŶŝǌĂƚŝŽŶ͘ ŚĂŶŐĞƐ ƚŽ ŝƚƐ ƐƚĂƚƵƚĞƐ ŚĂǀĞ ƚŽ ďĞ ƉƌĞƐĞŶƚĞĚ ƚŽ ƚŚĞ ^ƚĂƚĞ /ŶƐƉĞĐƚŽƌ ŽĨ ƚŚĞ dĂǆ ƵƚŚŽƌŝƚŝĞƐ͕ ǁŚŽ ŵŽŶŝƚŽƌƐ ƚŚĞ ƌŝƐŬƐ ŽĨ ǁŚĞƚŚĞƌ ƚŚĞ ƉƵďůŝĐ ďĞŶĞĨŝƚ ŽƌŐĂŶŝǌĂƚŝŽŶ͛Ɛ ƌĞƋƵŝƌĞŵĞŶƚƐ ĂƌĞ ďĞŝŶŐ ŵĞƚ Žƌ ŶŽƚ͘

1.6 Communication with stakeholders W y͛Ɛ ŵĂŝŶ ƐƚĂŬĞŚŽůĚĞƌƐ ĂƌĞ ŽƵƌ ƉĂƌƚŶĞƌƐ ŝŶ ƚŚĞ ĂƌĞĂƐ ǁŚĞƌĞ ǁĞ ǁŽƌŬ͕ ƚŚĞ ƐƵƉƉŽƌƚĞƌƐ ŝŶ ƚŚĞ EĞƚŚĞƌůĂŶĚƐ͕ ĚŽŶŽƌƐ ĂŶĚ ĞŵƉůŽǇĞĞƐ͘ KƵƌ ĐŽŵŵƵŶŝĐĂƚŝŽŶ ƐƚƌĂƚĞŐǇ ŝƐ ĂƐ ĨŽůůŽǁƐ͘ Partners

WƌŽŐƌĂŵŵĞ ůĞĂĚĞƌƐ ĂƌĞ ĐŽŶƚĂĐƚ ƉĞƌƐŽŶƐ ĨŽƌ ƚŚĞ ƉĂƌƚŶĞƌƐ ĂŶĚ ŽĨƚĞŶ ŐŽ ŽŶ ĨŝĞůĚ ǀŝƐŝƚƐ͘ DĂŶĂŐĞŵĞŶƚ ĂůƐŽ ƉĞƌŝŽĚŝĐĂůůǇ ŐŽĞƐ ŽŶ ĨŝĞůĚ ƚƌŝƉƐ ƚŽ ƉĞƌƐŽŶĂůůǇ ŵŽŶŝƚŽƌ ƚŚĞ ƉƌŽŐƌĞƐƐ ŽĨ ƚŚĞ ƉĞĂĐĞ ǁŽƌŬ ĂŶĚ ƚŚĞ ĐŝƌĐƵŵƐƚĂŶĐĞƐ ŝŶ ǁŚŝĐŚ ƚŚŝƐ ŝƐ ďĞŝŶŐ ĐĂƌƌŝĞĚ ŽƵƚ͘ Supporters Ɛ Ă ƉĞĂĐĞ ŵŽǀĞŵĞŶƚ ƌŽŽƚĞĚ ŝŶ ƵƚĐŚ ƐŽĐŝĞƚǇ͕ W y ŚĂƐ ŝŶƚĞŶƐŝǀĞ ĐŽŶƚĂĐƚ ǁŝƚŚ ŝƚƐ ƐƵƉƉŽƌƚĞƌƐ ĂŶĚ ĨĂĐŝůŝƚĂƚĞƐ ϳϱ ƉĞĂĐĞ ĂŵďĂƐƐĂĚŽƌƐ ƚŽ ŽƌŐĂŶŝƐĞ ŚƵŶĚƌĞĚƐ ŽĨ ŵĞĞƚŝŶŐƐ ƉĞƌ ǇĞĂƌ͘ W y ĞŵƉůŽǇĞĞƐ͕ ƚŚĞ ďŽĂƌĚ ŽĨ ĚŝƌĞĐƚŽƌƐ ĂŶĚ ŵĞŵďĞƌƐ ŽĨ ƚŚĞ ƐƵƉĞƌǀŝƐŽƌǇ ďŽĂƌĚ ƌĞŐƵůĂƌůǇ ĂƚƚĞŶĚ ĞǀĞŶƚƐ ƐƵĐŚ ĂƐ ƚŚĞ ƉĞĂĐĞ ĂŵďĂƐƐĂĚŽƌƐΖ ĚĂǇ ĂŶĚ ŽƚŚĞƌ ĂĐƚŝǀŝƚŝĞƐ͕ ƉĂƌƚŝĐƵůĂƌůǇ ĚƵƌŝŶŐ W y͛Ɛ ŵĂŝŶ ĂŶŶƵĂů ĞǀĞŶƚ͕ ƚŚĞ ͚ƉĞĂĐĞ ǁĞĞŬ͛͘ tĞ ŵĂŝŶƚĂŝŶ ĐŽŶƚĂĐƚ ǁŝƚŚ ŽƵƌ ƐƵƉƉŽƌƚĞƌƐ ;ĂŶĚ ĚŽŶŽƌƐͿ ƚŚƌŽƵŐŚ ƚŚĞ W y ŵĂŐĂǌŝŶĞ ƚŚĂƚ ĂƉƉĞĂƌƐ ĨŽƵƌ ƚŝŵĞƐ Ă ǇĞĂƌ ĂŶĚ ǁŝƚŚ ŝŶƚĞƌĞƐƚĞĚ ƉĂƌƚŝĞƐ ǀŝĂ ŶĞǁƐůĞƚƚĞƌƐ͕ ƐŽĐŝĂů ŵĞĚŝĂ ĂŶĚ ƚŚĞ ǁĞďƐŝƚĞ͘ W y ǁŽƌŬƐ ƚŽŐĞƚŚĞƌ ǁŝƚŚ ƚŚĞ ƵƚĐŚ ƉƵďůŝĐ ŽŶ ƉĞĂĐĞ͘ <ŶŽǁŝŶŐ ǁŚŽ ǁĂŶƚƐ ƚŽ ƚĂŬĞ ĂĐƚŝŽŶ ŝƐ ĞƐƐĞŶƚŝĂů ĨŽƌ ŽƵƌ ǁŽƌŬ͘ tĞ ƚŚĞƌĞĨŽƌĞ ĐŽŵŵŝƐƐŝŽŶĞĚ DŽƚŝǀĂĐƚŝŽŶ ƚŽ ĐŽŶĚƵĐƚ Ă ƚĂƌŐĞƚ ŐƌŽƵƉ ƐƵƌǀĞǇ ŝŶ ĞĂƌůǇ Document waarop het KPMG-rapport (1368085/18X00157929UTR) d.d. 30 april 2018 (mede) betrekking heeft.

ϮϬϭϳ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ǁĞ ŝŶǀŽůǀĞ ŐƌŽƵƉƐ ƐƵĐŚ ĂƐ ĂƌƚŝƐƚƐ ĂŶĚ ƐƚƵĚĞŶƚƐ ŝŶ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ŽƵƌ ĐĂŵƉĂŝŐŶƐ͘ Donors ŵƉůŽǇĞĞƐ ĂŶĚ ŵĂŶĂŐĞŵĞŶƚ ŵĂŝŶƚĂŝŶ ƌĞŐƵůĂƌ ƉĞƌƐŽŶĂů ĐŽŶƚĂĐƚ ǁŝƚŚ ŵĂũŽƌ ĚŽŶŽƌƐ ƐƵĐŚ ĂƐ ƚŚĞ DŝŶŝƐƚƌǇ ŽĨ &ŽƌĞŝŐŶ ĨĨĂŝƌƐ͕ ƐƚƌĂƚĞŐŝĐ ƉĂƌƚŶĞƌƐ ĂŶĚ ŝŶƐƚŝƚƵƚŝŽŶĂů ĨƵŶĚƐ͘ Employees

/Ŷ ĂĚĚŝƚŝŽŶ ƚŽ ĚĂŝůǇ ŽƉĞƌĂƚŝŽŶĂů ĐŽŶƚĂĐƚ͕ ƚŚĞƌĞ ŝƐ ĂůƐŽ ƌĞŐƵůĂƌ ĐŽŶƐƵůƚĂƚŝŽŶ ƚŚƌŽƵŐŚ ǀĂƌŝŽƵƐ ĐŚĂŶŶĞůƐ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ŵĂŶĂŐĞŵĞŶƚ ŚŽůĚƐ ĐŽŶƐƵůƚĂƚŝǀĞ ŵĞĞƚŝŶŐƐ ǁŝƚŚ ƚŚĞ ǁŽƌŬƐ ĐŽƵŶĐŝů͘

1.7 Expected state of affairs /Ŷ ƚŚĞ ƌĞŐŝŽŶƐ ŝŶ ǁŚŝĐŚ W y ŽƉĞƌĂƚĞƐ͕ ǁĞ ĂƌĞ ĐŽŶĨƌŽŶƚĞĚ ǁŝƚŚ ƚŚƌĞĞ ƚƌĞŶĚƐ͗ 1. DŝůŝƚĂƌŝǌĂƚŝŽŶ ĂŶĚ ŐƌŽǁŝŶŐ ǀŝŽůĞŶĐĞ͕ ƐŝŵƵůƚĂŶĞŽƵƐůǇ ǁŝƚŚ 2. ƐƚĞĂĚǇ ĞƌŽƐŝŽŶ ŽĨ ŝŶƚĞƌŶĂƚŝŽŶĂů ŶŽƌŵƐ͕ ĂŶĚ 3. dŚĞ ĐŽŶƚŝŶƵĂů ůŝŵŝƚĂƚŝŽŶ ŽĨ ƉŽůŝƚŝĐĂů ƐƉĂĐĞ ǁŝƚŚŝŶ ǁŚŝĐŚ Đŝǀŝů ƐŽĐŝĞƚǇ ŽƌŐĂŶŝǌĂƚŝŽŶƐ ĐĂŶ ŽƉĞƌĂƚĞ͘ ŐĂŝŶƐƚ ƚŚĞ ďĂĐŬŐƌŽƵŶĚ ŽĨ ƚŚĞƐĞ ĚĞǀĞůŽƉŵĞŶƚƐ W y ĂŶĚ ŝƚƐ ƉĂƌƚŶĞƌƐ ĂƌĞ ůŽŽŬŝŶŐ ĨŽƌ ǁĂǇƐ ƚŽ ƐƚƌĞŶŐƚŚĞŶ ƚŚĞ ƉŽůŝƚŝĐĂů ƉŽǁĞƌ ŽĨ ĐŝƚŝǌĞŶƐ ďǇ ĂĚĂƉƚŝŶŐ ƉƌŽŐƌĂŵŵĞ ƐƚƌĂƚĞŐŝĞƐ ĂŶĚ ŝŶĐƌĞĂƐŝŶŐ ƚŚĞ ĐĂƉĂĐŝƚǇ ĂŶĚ ƌĞƐŝůŝĞŶĐĞ ŽĨ ŽƵƌ ƉĂƌƚŶĞƌƐ͘ ϮϬϭϴ ŝƐ ŚĂůĨǁĂǇ ƚŚƌŽƵŐŚ ƚŚĞ ϮϬϭϲͲϮϬϮϬ ƉůĂŶŶŝŶŐ ƉĞƌŝŽĚ͘ tĞ ǁŝůů ŚŽůĚ Ă ŵŝĚƚĞƌŵ ƌĞǀŝĞǁ ĂŶĚ ƉƌŽŐƌĂŵŵĞ ƐĐĂŶ ƚŚĂƚ ĨŽĐƵƐĞƐ ŽŶ Ă ŶƵŵďĞƌ ŽĨ ŬĞǇ ƋƵĞƐƚŝŽŶƐ͘ tĞ ǁŝůů ĐŽŵƉĂƌĞ ƚŚĞ ƐƚƌĂƚĞŐŝĐ ĂĚĚĞĚ ǀĂůƵĞ ŽĨ ƉƌŽŐƌĂŵŵĞƐ ǁŝƚŚ W y͛Ɛ ŵŝƐƐŝŽŶ ĂŶĚ ƉƌŽƉŽƐŝƚŝŽŶ ĂŶĚ ĂƐƐĞƐƐ ƚŚĞ ƐǇŶĞƌŐǇ ǁŝƚŚ ŽƚŚĞƌ ƉƌŽŐƌĂŵŵĞƐ͘ tĞ ǁĂŶƚ ƚŽ ƵŶĚĞƌƐƚĂŶĚ ƚŚĞ ĂƉƉĞĂů ŽĨ ŽƵƌ ƉƌŽŐƌĂŵŵĞƐ ĨŽƌ ƐŽĐŝĞƚǇ͕ ĨŽƌ ĚŽŶŽƌƐ ĂŶĚ ĨŽƌ ƐƚĂŬĞŚŽůĚĞƌƐ͘ tĞ ǁŝůů ůŽŽŬ Ăƚ ƚŚĞ ƵŶŝƋƵĞŶĞƐƐ ĂŶĚ ĐŽŵƉĞƚŝƚŝǀĞ ƐƚƌĞŶŐƚŚ ŽĨ ĞĂĐŚ ƉƌŽŐƌĂŵŵĞ͘ tĞ ǁŝůů ĂůƐŽ ƉĞƌĨŽƌŵ ĂŶ ĞĨĨŝĐŝĞŶĐǇ ƐĐĂŶ ŽĨ ŽƵƌ ŽƌŐĂŶŝǌĂƚŝŽŶ͘ /Ŷ ϮϬϭϴ ǁĞ ǁŝůů ĚĞǀĞůŽƉ Ă ƉƌŽŐƌĂŵŵĂƚŝĐ ĂƉƉƌŽĂĐŚ ĨŽƌ ƉĞĂĐĞ ĂĐƚŝǀŝƐŵ ŝŶ ƚŚĞ EĞƚŚĞƌůĂŶĚƐ͕ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ŽƵƌ ĐŽŵŵƵŶŝĐĂƚŝŽŶƐ ƉŽůŝĐǇ ĂŶĚ ƐƚƌĂƚĞŐŝĐ ĨƌĂŵĞǁŽƌŬ͕ ŝŶ ŽƌĚĞƌ ƚŽ ŝŶĐƌĞĂƐĞ ŽƵƌ ŽƵƚƌĞĂĐŚ ĂŶĚ ƚŚĞ ƐǇŶĞƌŐǇ ďĞƚǁĞĞŶ ĂĐƚŝǀŝƚŝĞƐ ŝŶ ƚŚĞ EĞƚŚĞƌůĂŶĚƐ͕ ŝŶƚĞƌŶĂƚŝŽŶĂůůǇ ĂŶĚ ŝŶ ĐŽŶĨůŝĐƚͲ ĂĨĨĞĐƚĞĚ ĐŽƵŶƚƌŝĞƐ͘ /Ŷ ϮϬϭϳ ƚŚƌĞĞ ǁŽƌŬŝŶŐ ŐƌŽƵƉƐ ǁĞƌĞ ƐĞƚ ƵƉ ƚŽ ĐŽŵĞ ƵƉ ǁŝƚŚ ƉƌŽƉŽƐĂůƐ ƚŽ ƚĂĐŬůĞ ŽďƐƚĂĐůĞƐ ŝŶ ƚŚĞ ĨŽůůŽǁŝŶŐ ĂƌĞĂƐ͗ ŽƌŐĂŶŝǌĂƚŝŽŶ͕ ƋƵĂůŝƚǇ Θ ůĞĂƌŶŝŶŐ ĂŶĚ ƉůĂŶŶŝŶŐ Θ ĐŽŶƚƌŽů͘ /Ŷ ϮϬϭϴ ƚŚĞ ǁŽƌŬŝŶŐ ŐƌŽƵƉƐ ǁŝůů ĐŽŵƉůĞƚĞ ƚŚĞŝƌ ƉƌŽƉŽƐĂůƐ ĂŶĚ ŝŵƉůĞŵĞŶƚ ǀĂƌŝŽƵƐ ŝŵƉƌŽǀĞŵĞŶƚƐ ŝŶ ƚŚĞƐĞ ĂƌĞĂƐ͘ Ŷ ŝŵƉŽƌƚĂŶƚ ƐƉĞĂƌŚĞĂĚ ŝŶ ϮϬϭϴ ŝƐ ŐŽŝŶŐ ƚŽ ďĞ ƐƚƌĂƚĞŐŝĐ ƉĞƌƐŽŶŶĞů ƉůĂŶŶŝŶŐ͘ dŚĞ Ăŝŵ ŝƐ ƚŽ ŐĞƚ ƚŚĞ ƌŝŐŚƚ ƉĞŽƉůĞ ŝŶ ƚŚĞ ƌŝŐŚƚ ƉůĂĐĞ Ăƚ ƚŚĞ ƌŝŐŚƚ ƚŝŵĞ͕ ƚĂŬŝŶŐ ŝŶƚŽ ĂĐĐŽƵŶƚ ƚŚĞ ƉůĂŶŶĞĚ ƌĞĚƵĐƚŝŽŶ ŽĨ ƚŚĞ ŶƵŵďĞƌ ŽĨ &d Ɛ ďĞƚǁĞĞŶ ϮϬϭϴ ĂŶĚ ϮϬϮϬ͘ WŽůŝĐŝĞƐ ĂŶĚ ŝŶƐƚƌƵŵĞŶƚƐ ǁŝůů ďĞ ĚĞǀĞůŽƉĞĚ ƚŽ ĂĐŚŝĞǀĞ ƚŚĞ ƌĞƋƵŝƌĞĚ ĨůĞǆŝďŝůŝƚǇ ŝŶ Ă ƐŽĐŝĂůůǇ ƌĞƐƉŽŶƐŝďůĞ ŵĂŶŶĞƌ͘ dŚĞ ďƵĚŐĞƚ ϮϬϭϴ ĂƐ ƐƚĂƚĞĚ ďĞůŽǁ ŝƐ ĂƉƉƌŽǀĞĚ ďǇ ƚŚĞ ƐƵƉĞƌǀŝƐŽƌǇ ďŽĂƌĚ͘

Document waarop het KPMG-rapport (1368085/18X00157929UTR) d.d. 30 april 2018 (mede) betrekking heeft.

1.8 Corporate social responsibility ůŽƐĞůǇ ůŝŶŬĞĚ ƚŽ ŽƵƌ ŵŝƐƐŝŽŶ ĂŶĚ ŽďũĞĐƚŝǀĞƐ͕ ĐŽƌƉŽƌĂƚĞ ƐŽĐŝĂů ƌĞƐƉŽŶƐŝďŝůŝƚǇ ƉůĂǇƐ ĂŶ ŝŵƉŽƌƚĂŶƚ ƌŽůĞ ŝŶ ŽƵƌ ŽƌŐĂŶŝǌĂƚŝŽŶ͘ dŚĞ W y ƉƌŝŶĐŝƉůĞ ŝƐ͗ ƉƌĂĐƚŝĐĞ ǁŚĂƚ ǇŽƵ ƉƌĞĂĐŚ͘ tĞ ĐŽŶĨƌŽŶƚ ĐŽŵƉĂŶŝĞƐ͕ ĨŝŶĂŶĐŝĂů ŝŶƐƚŝƚƵƚŝŽŶƐ ĂŶĚ ŐŽǀĞƌŶŵĞŶƚ ďŽĚŝĞƐ ĂďŽƵƚ ƚŚĞŝƌ ďĞŚĂǀŝŽƵƌ͕ ƉĂƌƚŝĐƵůĂƌůǇ ǁŚĞŶ ŝƚ ĐŽŵĞƐ ƚŽ ƚŚĞ ĞǆƉůŽŝƚĂƚŝŽŶ ŽĨ ŶĂƚƵƌĂů ƌĞƐŽƵƌĐĞƐ ĂŶĚ ƌĞƐƉŽŶƐŝďůĞ ŝŶǀĞƐƚŵĞŶƚ͘ Document waarop het KPMG-rapport (1368085/18X00157929UTR) d.d. 30 april 2018 (mede) betrekking heeft.

tĞ ĐŽŶƐĐŝŽƵƐůǇ ĐŚŽŽƐĞ ŽƵƌ ƐƵƉƉůŝĞƌƐ ĂŶĚ ŚŝƌĞĚ ƐĞƌǀŝĐĞƐ͘ Ɛ ŽŶĞ ŽĨ ƚŚĞ ĨŽƌĐĞƐ ďĞŚŝŶĚ ƚŚĞ &Ăŝƌ DŽŶĞǇ 'ƵŝĚĞ ŚƚƚƉƐ͗ͬͬĞĞƌůŝũŬĞŐĞůĚǁŝũǌĞƌ͘Ŷůͬ ǁĞ ŵĂŬĞ ƵƐĞ ŽĨ ƌĞƐƉŽŶƐŝďůĞ ďĂŶŬĞƌƐ ǁŚĞŶĞǀĞƌ ƉŽƐƐŝďůĞ͘ KƵƌ ƉƌŽĐƵƌĞŵĞŶƚ ƉŽůŝĐǇ ƚĂŬĞƐ ŝŶƚŽ ĂĐĐŽƵŶƚ ĞŶǀŝƌŽŶŵĞŶƚĂů ĐŽŶĐĞƌŶƐ͕ ĨŽƌ ĞǆĂŵƉůĞ ǁŚĞŶ ǁĞ ƉƵƌĐŚĂƐĞ ĐŽŵƉƵƚĞƌƐ͕ ƉƌŝŶƚĞƌƐ ĂŶĚ ŽƚŚĞƌ ŽĨĨŝĐĞ ƐƵƉƉůŝĞƐ͘ ŶĞƌŐǇ ŝƐ ƐƵƉƉůŝĞĚ ďǇ 'ƌĞĞŶĐŚŽŝĐĞ͕ Ă ůŽĐĂů ĞŶĞƌŐǇ ƐƵƉƉůŝĞƌ ƚŚĂƚ ƉƌŽǀŝĚĞƐ ŽƵƌ ŽĨĨŝĐĞ ǁŝƚŚ ϭϬϬй ŐƌĞĞŶ ĞŶĞƌŐǇ͘ tĞ ĂůƐŽ ƵƐĞ ƉƌŽĚƵĐƚƐ ǁŝƚŚ Ă &Ăŝƌ dƌĂĚĞ DĂƌŬ͕ ƐƵĐŚ ĂƐ ĐŽĨĨĞĞ ĂŶĚ ƚĞĂ͘ tĞ ƌĞĐŽŐŶŝƐĞ ƚŚĂƚ ďĞƐŝĚĞƐ ƉƵƌƐƵŝŶŐ Ă ƐƵƐƚĂŝŶĂďůĞ ƉƌŽĐƵƌĞŵĞŶƚ ƉŽůŝĐǇ͕ ǁĞ ĂůƐŽ ŶĞĞĚ ƚŽ ŵĂŬĞ ƐƵƌĞ ƚŚĂƚ ƚŚĞ ƉƌŽĚƵĐƚƐ ǁĞ ƉƵƌĐŚĂƐĞ ĂƌĞ ƵƐĞĚ ŝŶ Ă ƐƵƐƚĂŝŶĂďůĞ ǁĂǇ͘ dŚĂƚ ŝƐ ǁŚǇ Ăůů W y ĞŵƉůŽǇĞĞƐ ŶĞĞĚ Ă ĐŽĚĞ ƚŽ ƉƌŝŶƚ ĚŽĐƵŵĞŶƚƐ͕ ĂƐ ƚŚŝƐ ůŝŵŝƚƐ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ƉĂƉĞƌ ƚŚĂƚ ŝƐ ƉƌŝŶƚĞĚ͘ ŶĚ ŽĨ ĐŽƵƌƐĞ ǁĞ ƚƌǇ ƚŽ ŬĞĞƉ ŽƵƌ ĞŶĞƌŐǇ ĐŽŶƐƵŵƉƚŝŽŶ ƚŽ Ă ŵŝŶŝŵƵŵ͕ ĂŶĚ ǁĞ ƐŽƌƚ ĂŶĚ ƌĞĐǇĐůĞ ŽƵƌ ǁĂƐƚĞ͘ /Ŷ ϮϬϭϳ W y ŵŽǀĞĚ ƚŚĞ ŽĨĨŝĐĞƐ ƚŽ Ă ŶĞǁ ůŽĐĂƚŝŽŶ ŝŶ hƚƌĞĐŚƚ͘ /Ŷ ĐŚŽŽƐŝŶŐ ŽƵƌ ŽĨĨŝĐĞ ĞƋƵŝƉŵĞŶƚ͕ ǁĞ ŽƉƚĞĚ ĨŽƌ ƚŚĞ ŵŽƌĞ ƐƵƐƚĂŝŶĂďůĞ > ůĂŵƉƐ ǁŝƚŚ ƐĞŶƐŽƌƐ ƐŽ ƚŚĞǇ ƐǁŝƚĐŚ ŽĨ ĂƵƚŽŵĂƚŝĐĂůůǇ ǁŚĞŶ ŶŽďŽĚǇ ŝƐ ŝŶ ƚŚĞ ĂƌĞĂ͘ ůƐŽ W y ƉƵƌĐŚĂƐĞĚ ƐĞĐŽŶĚͲŚĂŶĚ ĨƵƌŶŝƚƵƌĞ ĂŶĚ ǁŚĞŶ W y ƉƵƌĐŚĂƐĞĚ ϲϬ ŶĞǁ ĐŽŵƉƵƚĞƌƐ ĂŶĚ ƌĞŶĞǁĞĚ Ăůů ƐĐƌĞĞŶƐ͕ ĞŶĞƌŐǇ ĞĨĨŝĐŝĞŶĐǇ ǁĂƐ ĂŶ ŝŵƉŽƌƚĂŶƚ ĐƌŝƚĞƌŝŽŶ͘ dŽ ĞŶƐƵƌĞ ƚŚĂƚ ǁĞ ŵĂŝŶƚĂŝŶ Ă ůŽǁ ĞŶǀŝƌŽŶŵĞŶƚĂů ĨŽŽƚƉƌŝŶƚ͕ ƚŚĞ ŶĞǁ ůŽĐĂƚŝŽŶ ŝƐ ĞĂƐŝůǇ ĂĐĐĞƐƐŝďůĞ ďǇ ƉƵďůŝĐ ƚƌĂŶƐƉŽƌƚ͘ Ɛ ŝŶ ƉƌĞǀŝŽƵƐ ǇĞĂƌƐ͕ W y ǁŝůů ĐŽŶƚŝŶƵĞ ƚŽ ĂĚŚĞƌĞ ƚŽ ƚŚĞ ƉƌŝŶĐŝƉůĞ ƚŚĂƚ ϭϬϬй ŽĨ ŝƚƐ ĞŵƉůŽǇĞĞƐ ƐŚŽƵůĚ ĐŽŵŵƵƚĞ ďǇ ƉƵďůŝĐ ƚƌĂŶƐƉŽƌƚ ƚŽ ƚŚĞ ŐƌĞĂƚĞƐƚ ƉŽƐƐŝďůĞ ĞǆƚĞŶƚ͘ dŚĞ ĨĂĐƚ ƌĞŵĂŝŶƐ͕ ŚŽǁĞǀĞƌ͕ ƚŚĂƚ ŽƵƌ ƐƚĂĨĨ ŝƐ ĨŽƌĐĞĚ ƚŽ ƚƌĂǀĞů ƌĞŐƵůĂƌůǇ ďǇ ĂĞƌŽƉůĂŶĞ ŝŶ ŽƌĚĞƌ ƚŽ ŝŵƉůĞŵĞŶƚ ƉƌŽũĞĐƚƐ ĂŶĚ ǁŽƌŬ ĐůŽƐĞůǇ ǁŝƚŚ ŽƵƌ ƉĂƌƚŶĞƌƐ ĂŶĚ ĐŝǀŝůŝĂŶƐ ŝŶ ;ƉŽƐƚͿĐŽŶĨůŝĐƚ ĂƌĞĂƐ͘ /Ŷ ϮϬϭϳ W y ƵƐĞĚ ϯ͘ϰ ŵŝůůŝŽŶ ƚƌĂǀĞů ŬŝůŽŵĞƚƌĞƐ ŐĞŶĞƌĂƚŝŶŐ ϲϴϵ ƚŽŶƐ ŽĨ KϮ ĞŵŝƐƐŝŽŶƐ͘ tĞ ŚĂǀĞ ĐŚŽƐĞŶ ƚŽ ĐŽŵƉĞŶƐĂƚĞ ĨŽƌ ƚŚĞƐĞ KϮ ĞŵŝƐƐŝŽŶƐ ƚŚƌŽƵŐŚ ƚŚĞ ůŝŵĂƚĞ EĞƵƚƌĂů 'ƌŽƵƉ ĂŶĚ ŽƉƚĞĚ ĨŽƌ ƚŚĞ 'ŽůĚ ^ƚĂŶĚĂƌĚ͛Ɛ ŶĞƌŐǇ ĨĨŝĐŝĞŶƚ ŽŽŬ ^ƚŽǀĞ WƌŽũĞĐƚ ŝŶ <ĞŶǇĂ͕ ǁŚŝĐŚ ŚĂƐ ĚĞǀĞůŽƉĞĚ Ă ƐƉĞĐŝĂů ĐŽŽŬ ƐƚŽǀĞ ƚŽ ƌĞƉůĂĐĞ ƚƌĂĚŝƚŝŽŶĂů ĐŽŽŬŝŶŐ ŽǀĞƌ ĂŶ ŽƉĞŶ ĨŝƌĞ͘ dŚŝƐ ǁŽŽĚ ŽǀĞŶ ƵƐĞƐ ůĞƐƐ ĨƵĞů ĂŶĚ ƉƌŽĚƵĐĞƐ ůŝƚƚůĞ Žƌ ŶŽ ƐŵŽŬĞ͕ ǁŚŝĐŚ ƌĞĚƵĐĞƐ KϮ ĞŵŝƐƐŝŽŶƐ͘

2. Report from the supervisory board dŚĞ ƐƵƉĞƌǀŝƐŽƌǇ ďŽĂƌĚ ƌĞĨůĞĐƚĞĚ Ăƚ ůĞŶŐƚŚ ŝŶ ϮϬϭϳ ĂďŽƵƚ ƚŚĞ ĐŚĂůůĞŶŐĞƐ ĨĂĐŝŶŐ W y ĂŶĚ ǁŚĂƚ ƚŚĞǇ ŵĞĂŶ ĨŽƌ ƚŚĞ ĞǆĞĐƵƚŝǀĞ ďŽĂƌĚ ĂŶĚ ŝƚƐ ƐƵƉĞƌǀŝƐŝŽŶ͘ dŚĞƐĞ ĐŚĂůůĞŶŐĞƐ ĂƌĞ͗ Ǧ

Ǧ Ǧ

dŚĞ ƵŶƉƌĞĚŝĐƚĂďŝůŝƚǇ͕ ĐŽŵƉůĞǆŝƚǇ ĂŶĚ ŝŶƚĞƌĐŽŶŶĞĐƚĞĚŶĞƐƐ ŽĨ ŐĞŽƉŽůŝƚŝĐĂů͕ ƵƌŽƉĞĂŶ ĂŶĚ ƵƚĐŚ ĚĞǀĞůŽƉŵĞŶƚƐ ƐĞƚƐ ŚŝŐŚ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽŶ W y͛Ɛ ǀŝƐŝŽŶ ĂŶĚ ĞŶƐƵŝŶŐ ƐƚƌĂƚĞŐŝĐ ƉŽƐŝƚŝŽŶŝŶŐ͘ W y͛Ɛ ƌĞůĞǀĂŶĐĞ ŝƐ ŶŽƚ Ă ŐŝǀĞŶ ďƵƚ ƌĞƋƵŝƌĞƐ ƐƚƌĂƚĞŐŝĐ ĨůĞǆŝďŝůŝƚǇ͘ dŚĂƚ ŝƐ Ă ĐŚĂůůĞŶŐĞ͕ ďŽƚŚ Ăƚ ƚŚĞ ƉƌŽŐƌĂŵŵĞ ĂŶĚ ƚŚĞ ŽƌŐĂŶŝǌĂƚŝŽŶĂů ůĞǀĞůƐ͘ ĐŚŝĞǀŝŶŐ ƚĂŶŐŝďůĞ ĂŶĚ ƉŽůŝƚŝĐĂůůǇ ƌĞůĞǀĂŶƚ ƌĞƐƵůƚƐ ŝŶ ƚŚŝƐ ƚŽƵŐŚ ĐŽŶƚĞǆƚ ŽĨ ǀŝŽůĞŶƚ ĐŽŶĨůŝĐƚ ĂŶĚ Ă ĚŝǀŝĚĞĚ ŝŶƚĞƌŶĂƚŝŽŶĂů ĐŽŵŵƵŶŝƚǇ ŵĂŬĞƐ ŐƌĞĂƚ ĚĞŵĂŶĚƐ ŽŶ ƚŚĞ ƉĞĂĐĞ ŶĞƚǁŽƌŬ͘ EŽƚ ŽŶůǇ ŽŶ ƚŚĞ ƋƵĂůŝƚǇ ŽĨ ƚŚĞ ƉƌŽŐƌĂŵŵĞƐ ďƵƚ ĂůƐŽ ŽŶ ƚŚĞ ŽƌŐĂŶŝǌĂƚŝŽŶĂů ƉƌĞĐŽŶĚŝƚŝŽŶƐ ƵŶĚĞƌ ǁŚŝĐŚ ƚŚĞƐĞ ĂƌĞ ĐĂƌƌŝĞĚ ŽƵƚ͘ dŚĞ ƵŶĐĞƌƚĂŝŶƚǇ ƌĞŐĂƌĚŝŶŐ ƚŚĞ ĨƵŶĚŝŶŐ ŽĨ ƚŚĞ ƉĞĂĐĞ ŶĞƚǁŽƌŬ ĂŶĚ ƚŚĞ ŐƌŽǁŝŶŐ ĂĐĐŽƵŶƚĂďŝůŝƚǇ ƌĞƋƵŝƌĞŵĞŶƚƐ ďǇ ĂŶ ŝŶĐƌĞĂƐŝŶŐ ŶƵŵďĞƌ ŽĨ ĚŽŶŽƌƐ ŝƐ ŵĂŬŝŶŐ ŝŶĐƌĞĂƐŝŶŐůǇ ŐƌĞĂƚ ĚĞŵĂŶĚƐ W y͛Ɛ ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ĨŝŶĂŶĐŝĂů ĂĐĐŽƵŶƚĂďŝůŝƚǇ͘ WĞƌƐŝƐƚĞŶƚ ƉŽůĂƌŝƐĂƚŝŽŶ ŝƐ ƵŶĚĞƌƐĐŽƌŝŶŐ ƚŚĞ ŝŵƉŽƌƚĂŶĐĞ ŽĨ ďĞĐŽŵŝŶŐ ƐŽĐŝĂůůǇ ĞŵďĞĚĚĞĚ ŝŶ ƵƚĐŚ ƐŽĐŝĞƚǇ ĂŶĚ ŵĞĞƚŝŶŐ ƚŚĞ ĚŝĨĨĞƌĞŶƚ ĞǆƉĞĐƚĂƚŝŽŶƐ ŽĨ W y ƐƚĂŬĞŚŽůĚĞƌƐ͘

/Ŷ ůŝŐŚƚ ŽĨ ƚŚĞƐĞ ĐŚĂůůĞŶŐĞƐ͕ ƚŚĞ ƐƵƉĞƌǀŝƐŽƌǇ ďŽĂƌĚ͕ ŝŶ ĐŽŶƐƵůƚĂƚŝŽŶ ǁŝƚŚ ƚŚĞ ŐĞŶĞƌĂů ĚŝƌĞĐƚŽƌ͕ ŚĂƐ ůŽŽŬĞĚ Ăƚ ƚŚĞ ĚŝĨĨĞƌĞŶƚ ĞƐƐĞŶƚŝĂů ĐŽŵƉŽŶĞŶƚƐ ŽĨ ŐŽǀĞƌŶĂŶĐĞ Ăƚ W y ĂŶĚ ƐƵďƐĞƋƵĞŶƚůǇ ůŝŶŬĞĚ ƚŚĞŵ ƚŽ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ƚŚĂƚ ŵƵƐƚ ďĞ ƐĂƚŝƐĨŝĞĚ ďǇ ƚŚĞ ĞǆĞĐƵƚŝǀĞ ďŽĂƌĚ͘ dŚĞƐĞ ĐŽŵƉŽŶĞŶƚƐ ŝŶĐůƵĚĞ ƚŚĞ ƐƚƌƵĐƚƵƌĞ ĂŶĚ ĐŽŵƉŽƐŝƚŝŽŶ ŽĨ ƚŚĞ ĞǆĞĐƵƚŝǀĞ ďŽĂƌĚ͕ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ŽƉĞƌĂƚŝŽŶ ĂŶĚ ĞĨĨĞĐƚŝǀĞŶĞƐƐ͕ Document waarop het KPMG-rapport (1368085/18X00157929UTR) d.d. 30 april 2018 (mede) betrekking heeft.

ƐƚƌĂƚĞŐǇ͕ ƉůĂŶŶŝŶŐ ĂŶĚ ŵŽŶŝƚŽƌŝŶŐ͕ ƚƌĂŶƐƉĂƌĞŶĐǇ ĂŶĚ ĂĐĐŽƵŶƚĂďŝůŝƚǇ͕ ƐŽĐŝĂů ůĞŐŝƚŝŵĂĐǇ͕ ĂŶĚ ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ĐŽŵƉůŝĂŶĐĞ͘ dŚĞƐĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ǁĞƌĞ ƚŚĞŶ ƚƌĂŶƐůĂƚĞĚ ŝŶƚŽ ĐƌŝƚĞƌŝĂ ĨŽƌ ƐĞƚƚŝŶŐ ƵƉ ƚŚĞ ĞǆĞĐƵƚŝǀĞ ďŽĂƌĚ͘ dŚŝƐ ǁĂƐ ĞƐƉĞĐŝĂůůǇ ŝŵƉŽƌƚĂŶƚ ŝŶ ϮϬϭϳ ďĞĐĂƵƐĞ ŽĨ ƚŚĞ ĚĞƉĂƌƚƵƌĞ ŽĨ ŽŶĞ ŽĨ ƚŚĞ ŵĞŵďĞƌƐ ŽĨ ƚŚĞ ďŽĂƌĚ ŽĨ ĚŝƌĞĐƚŽƌƐ͘ dŚĞ ƐƵƉĞƌǀŝƐŽƌǇ ďŽĂƌĚ ŚĂƐ ĚĞƚĞƌŵŝŶĞĚ ƚŚĞ ĨŽůůŽǁŝŶŐ ƌĞƋƵŝƌĞŵĞŶƚƐ ĨŽƌ ƚŚĞ ĚĞĨŝŶŝƚŝǀĞ ƐƚƌƵĐƚƵƌĞ ŽĨ ƚŚĞ ďŽĂƌĚ ŽĨ ĚŝƌĞĐƚŽƌƐ͗ Ͳ dŚĞ ƚĂƐŬƐ ŽĨ ǀŝƐŝŽŶ Θ ƐƚƌĂƚĞŐǇ͕ ƉƌŽŐƌĂŵŵĞƐ Θ ĨƵŶĚƌĂŝƐŝŶŐ͕ ŽƌŐĂŶŝǌĂƚŝŽŶ Θ ĨƵŶĚŝŶŐ ĂƌĞ ĂŶĐŚŽƌĞĚ Ăƚ ƚŚĞ ŵĂŶĂŐĞŵĞŶƚ ůĞǀĞů͘ Ͳ ůů ƚĞĂŵƐ ĂŶĚ ĚĞƉĂƌƚŵĞŶƚƐ ŚĂǀĞ ĚŝƌĞĐƚ ĂĐĐĞƐƐ ƚŽ Ă ŵĞŵďĞƌ ŽĨ ƚŚĞ ďŽĂƌĚ ŽĨ ĚŝƌĞĐƚŽƌƐ͘ Ͳ dŚĞ ŶĞĐĞƐƐĂƌǇ ĞǆƉĞƌŝĞŶĐĞ͕ ŬŶŽǁůĞĚŐĞ ĂŶĚ ĞǆƉĞƌƚŝƐĞ ŝƐ ĂǀĂŝůĂďůĞ Ăƚ ƚŚĞ ŵĂŶĂŐĞŵĞŶƚ ůĞǀĞů ƚŽ ĚĞǀĞůŽƉ Ă ǀŝƐŝŽŶ ĨŽƌ ƚŚĞ ĨƵƚƵƌĞ ;ƉŽƐŝƚŝŽŶŝŶŐͿ ĂŶĚ Ă ƐƚƌĂƚĞŐǇ ;ƉƌŝŽƌŝƚŝƐĂƚŝŽŶ ĂŶĚ ƉƌŽĨŝůĞͿ͕ ĂŶĚ ƚŽ ŝŵƉůĞŵĞŶƚ ƉƌŽŐƌĂŵŵĞƐ ĂŶĚ ƐĂĨĞŐƵĂƌĚ ƚŚĞ ƉƌĞĐŽŶĚŝƚŝŽŶƐ͕ ĂůƐŽ ŝŶ ĐŽŶũƵŶĐƚŝŽŶ ǁŝƚŚ ŽŶĞ ĂŶŽƚŚĞƌ͘ Ͳ dŚĞ ŶĞĐĞƐƐĂƌǇ ĞǆƉĞƌŝĞŶĐĞ͕ ŬŶŽǁůĞĚŐĞ ĂŶĚ ĞǆƉĞƌƚŝƐĞ ŝƐ ĂǀĂŝůĂďůĞ Ăƚ ƚŚĞ ŵĂŶĂŐĞŵĞŶƚ ůĞǀĞů ĨŽƌ ƌĞůĂƚŝŽŶƐŚŝƉ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ƌĞƉƌĞƐĞŶƚĂƚŝŽŶ ŝŶ ƚŚĞ EĞƚŚĞƌůĂŶĚƐ ĂŶĚ ĂďƌŽĂĚ͕ ƌĞƐƉĞĐƚŝǀĞůǇ͕ ĂŶĚ ĂĐƚŝǀĞ ŚŝŐŚͲůĞǀĞů ĐŽŵŵŝƚŵĞŶƚ ŝŶ ůŽďďǇŝŶŐ͕ ĨƵŶĚƌĂŝƐŝŶŐ ĂŶĚ ŵĞĚŝĂ ŝŶŝƚŝĂƚŝǀĞƐ͘ Ͳ dŚĞ ŵĞŵďĞƌƐ ŽĨ ƚŚĞ ďŽĂƌĚ ŽĨ ĚŝƌĞĐƚŽƌƐ ŚĂǀĞ ƐƵĨĨŝĐŝĞŶƚ ĞǆƉĞƌŝĞŶĐĞ͕ ŬŶŽǁůĞĚŐĞ ĂŶĚ ĞǆƉĞƌƚŝƐĞ ŝŶ ƚŚĞ ĂƌĞĂ ŽĨ ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ƋƵĂůŝƚǇ ŝŵƉƌŽǀĞŵĞŶƚ͘ Ͳ dŚĞ ŵĞŵďĞƌƐ ŽĨ ƚŚĞ ďŽĂƌĚ ŽĨ ĚŝƌĞĐƚŽƌƐ ŚĂǀĞ ƐƵĨĨŝĐŝĞŶƚ ĨůĞǆŝďŝůŝƚǇ ǁŝƚŚ ĂŶ ĞǇĞ ƚŽ ƚŚĞ ĨƵƚƵƌĞ͗ ƚŚĞ ŵĞŵďĞƌƐ ŽĨ ƚŚĞ ďŽĂƌĚ ŽĨ ĚŝƌĞĐƚŽƌƐ ĐŽŵƉůĞŵĞŶƚ ĞĂĐŚ ŽƚŚĞƌ͕ ǁŚĞƌĞ ŶĞĐĞƐƐĂƌǇ͕ ŝŶ ƚĞƌŵƐ ŽĨ ůĞĂĚĞƌƐŚŝƉ ĐŽŵƉĞƚĞŶĐŝĞƐ͘ ĂƐĞĚ ŽŶ ƚŚĞƐĞ ĐƌŝƚĞƌŝĂ͕ Ă ĚĞĐŝƐŝŽŶ ǁĂƐ ŵĂĚĞ ƚŽ ŚĂǀĞ Ă ƚŚƌĞĞͲƉĞƌƐŽŶ ďŽĂƌĚ ŽĨ ĚŝƌĞĐƚŽƌƐ͗ Ă ŐĞŶĞƌĂů ĚŝƌĞĐƚŽƌ͕ Ă ĚŝƌĞĐƚŽƌ ŽĨ ƉƌŽŐƌĂŵŵĞƐ Θ ĨƵŶĚƌĂŝƐŝŶŐ͕ ĂŶĚ Ă ĚŝƌĞĐƚŽƌ ŽƌŐĂŶŝǌĂƚŝŽŶ͘ dŚĞ ƌĂƚŝŽŶĂůĞ ĨŽƌ ƚŚŝƐ ŝƐ ƚŚĂƚ W y ŽƉĞƌĂƚĞƐ ŝŶ ĂŶ ĞŶǀŝƌŽŶŵĞŶƚ ƚŚĂƚ ŝƐ ƵŶƉƌĞĚŝĐƚĂďůĞ ĂŶĚ ĨŝŶĂŶĐŝĂůůǇ ƐƉĞĂŬŝŶŐ ƵŶĐĞƌƚĂŝŶ͘ dŚĞ ƐǁĞĞƉŝŶŐ ĐŚĂŶŐĞƐ ŝŶ ƚŚĞ ƉŽůŝƚŝĐĂů ůĂŶĚƐĐĂƉĞ ĂŶĚ ƉĞƌŚĂƉƐ ŝŶ ƚŚĞ ĨƵŶĚŝŶŐ ŽĨ ŽƵƌ ǁŽƌŬ ĂƐ ǁĞůů ǁŝůů ƌĞƋƵŝƌĞ ƚŚĂƚ ǁĞ ƉĂǇ ;ĂĚĚŝƚŝŽŶĂůͿ ĂƚƚĞŶƚŝŽŶ Ăƚ ƚŚĞ ŵĂŶĂŐĞŵĞŶƚ ůĞǀĞů ƚŽ ƐƚƌĂƚĞŐŝĐ ĨůĞǆŝďŝůŝƚǇ͕ ƉƌŽŐƌĂŵŵĂƚŝĐ ŝŶŶŽǀĂƚŝŽŶ ĂŶĚ ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ͘ ƚŚƌĞĞͲƉĞƌƐŽŶ ďŽĂƌĚ ŽĨ ĚŝƌĞĐƚŽƌƐ ĞŶĂďůĞƐ W y ƚŽ ĞŵƉůŽǇ ĚŝĨĨĞƌĞŶƚ ƋƵĂůŝƚŝĞƐ ĂŶĚ ĐĂƉĂĐŝƚŝĞƐ Ăƚ ƚŚĞ ŵĂŶĂŐĞŵĞŶƚ ůĞǀĞů ĨŽƌ ƐƚƌĂƚĞŐǇ ĚĞǀĞůŽƉŵĞŶƚ͕ ƉƌŽŐƌĂŵŵĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ Θ ĨƵŶĚƌĂŝƐŝŶŐ ĂŶĚ ŽƌŐĂŶŝǌĂƚŝŽŶĂů ĚĞǀĞůŽƉŵĞŶƚ͘ dŚŝƐ ĐůĞĂƌůǇ ŐƵĂƌĂŶƚĞĞƐ ĐŽŚĞƐŝŽŶ ŽĨ ƚŚĞ Ăŝŵ ;ƐƚƌĂƚĞŐǇͿ͕ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ;ƉƌŽŐƌĂŵŵĞͿ ĂŶĚ ƚŚĞ ĂƌƌĂŶŐĞŵĞŶƚ ;ŽƌŐĂŶŝǌĂƚŝŽŶͿ Ăƚ ƚŚĞ ŵĂŶĂŐĞŵĞŶƚ ůĞǀĞů͘ dŚĞ ĞǆƚƌĂ ĐĂƉĂĐŝƚǇ ǁŝůů ďĞ ŝŵƉŽƌƚĂŶƚ ĨŽƌ ŽƌŐĂŶŝǌĂƚŝŽŶĂů ĐŚĂŶŐĞ͕ ĨŽƌ ƐƵƉƉŽƌƚŝŶŐ ƐƚĂĨĨ ǁŝƚŚ ƚŚĞ ŝŶĞǀŝƚĂďůĞ ĐŚĂůůĞŶŐĞƐ ƚŚĂƚ ƉƌĞƐĞŶƚ ƚŚĞŵƐĞůǀĞƐ ŝŶ ƚŚĞƐĞ ƚƵƌďƵůĞŶƚ ƚŝŵĞƐ͕ ĂƐ ǁĞůů ĂƐ ĨŽƌ W y͛Ɛ ƌĞƉƌĞƐĞŶƚĂƚŝŽŶ ŝŶ ƚŚĞ EĞƚŚĞƌůĂŶĚƐ ĂŶĚ ŝŶƚĞƌŶĂƚŝŽŶĂůůǇ͕ ĨŽƌ ŚŝŐŚͲůĞǀĞů ĚĞƉůŽǇŵĞŶƚ ŝŶ ůŽďďǇŝŶŐ ĂŶĚ ŵĞĚŝĂ ŝŶŝƚŝĂƚŝǀĞƐ͕ ĨŽƌ ĐŽŶƚĂĐƚ ǁŝƚŚ ŽƵƌ ƐƵƉƉŽƌƚĞƌƐ ĂŶĚ ĨŽƌ ŝŶƐƚŝƚƵƚŝŽŶĂů ĨƵŶĚƌĂŝƐŝŶŐ͘ dŚĞ ĐŚĞĐŬƐ ĂŶĚ ďĂůĂŶĐĞƐ ĂƌĞ ŵŽƌĞ ĞĨĨĞĐƚŝǀĞ ŝŶ Ă ƚŚƌĞĞͲƉĞƌƐŽŶ ďŽĂƌĚ ĂƐ ǁĞůů͘ ƚŚƌĞĞͲƉĞƌƐŽŶ ďŽĂƌĚ͕ ĂĨƚĞƌ Ăůů͕ ƉƌŽǀŝĚĞƐ ŵŽƌĞ ƐƚĂďŝůŝƚǇ ĂŶĚ ĐŽŶƚŝŶƵŝƚǇ ǁŚĞŶ ŽŶĞ ŽĨ ƚŚĞ ŵĞŵďĞƌƐ ůĞĂǀĞƐ͘ dŚŝƐ ĚĞĐŝƐŝŽŶ ǁĂƐ ŶŽƚ ŽŶůǇ ĚŝƐĐƵƐƐĞĚ ǁŝƚŚ ƚŚĞ ƐƵƉĞƌǀŝƐŽƌǇ ďŽĂƌĚ ĂŶĚ ƚŚĞ ŐĞŶĞƌĂů ĚŝƌĞĐƚŽƌ͘ dŚĞ ƐƵƉĞƌǀŝƐŽƌǇ ďŽĂƌĚ ĂůƐŽ ĚĞůŝďĞƌĂƚĞĚ ĚŝƌĞĐƚůǇ ǁŝƚŚ ƚŚĞ ǁŽƌŬƐ ĐŽƵŶĐŝů͕ ǁŚŝĐŚ ŐĂǀĞ Ă ƉŽƐŝƚŝǀĞ ĂƐƐĞƐƐŵĞŶƚ͘ 'ŝǀĞŶ ƚŚĞƐĞ ĐŚĂůůĞŶŐĞƐ͕ ƚŚĞ ƐƵƉĞƌǀŝƐŽƌǇ ďŽĂƌĚ ŚĂƐ ĨŽƌŵƵůĂƚĞĚ ƌĞƋƵŝƌĞŵĞŶƚƐ ĨŽƌ ĞĨĨĞĐƚŝǀĞ ƐƵƉĞƌǀŝƐŝŽŶ͕ ǁŚŝĐŚ ŝƚ ĐĂŶ ƵƐĞ ĂƐ ƚŽŽůƐ ƚŽ ĐĂƌƌǇ ŽƵƚ ĞĨĨĞĐƚŝǀĞ ƐƵƉĞƌǀŝƐŝŽŶ͗ 'ŽǀĞƌŶĂŶĐĞ ĐŽŵƉŽŶĞŶƚƐ ĨƌŽŵ ƚŚĞ ƉĞƌƐƉĞĐƚŝǀĞ ŽĨ ƐƵƉĞƌǀŝƐŝŽŶ ^ŽĐŝĂů ŝŵƉĂĐƚ ŽĨ ƚŚĞ ŽƌŐĂŶŝǌĂƚŝŽŶ

ZĞƋƵŝƌĞŵĞŶƚƐ ĨŽƌ ƐƵƉĞƌǀŝƐŝŽŶ

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^ƵƉĞƌǀŝƐŝŶŐ ƐŽĐŝĂů ůĞŐŝƚŝŵĂĐǇ ĂŶĚ ĞǆƚĞŶƚ ƚŽ ǁŚŝĐŚ ƐƚĂŬĞŚŽůĚĞƌƐ͛ ĞǆƉĞĐƚĂƚŝŽŶƐ ĂƌĞ ŵĞƚ͕ ǁŝƚŚ ĨŽĐƵƐ ŽŶ ĚŝǀĞƌƐŝƚǇ ŝŶ ƐŽĐŝĞƚǇ

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ŶŶƵĂů ƉůĂŶƐ ĂŶĚ ƌĞƉŽƌƚƐ ZĞŐƵůĂƌ ƚĂůŬƐ ǁŝƚŚ ƌĞůĞǀĂŶƚ ĂĐƚŽƌƐ ;Ğ͘Ő͘ ďŽĂƌĚ ŽĨ ĚŝƌĞĐƚŽƌƐ ŽĨ ŵŶĞƐƚǇ͕ &ŽƌĞŝŐŶ ĨĨĂŝƌƐ͕ ĞǆƚĞƌŶĂů ĞǆƉĞƌƚƐͿ

Document waarop het KPMG-rapport (1368085/18X00157929UTR) d.d. 30 april 2018 (mede) betrekking heeft.

'ŽǀĞƌŶĂŶĐĞ ĐŽŵƉŽŶĞŶƚƐ ĨƌŽŵ ƚŚĞ ƉĞƌƐƉĞĐƚŝǀĞ ŽĨ ƐƵƉĞƌǀŝƐŝŽŶ ĐŚŝĞǀŝŶŐ ƚŚĞ ŽƌŐĂŶŝǌĂƚŝŽŶ͛Ɛ ŐŽĂůƐ

ZĞƋƵŝƌĞŵĞŶƚƐ ĨŽƌ ƐƵƉĞƌǀŝƐŝŽŶ

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^ƵƉĞƌǀŝƐŝŶŐ ƉŽůŝƚŝĐĂů ĂŶĚ ƐŽĐŝĂů ƌĞůĞǀĂŶĐĞ

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ĐŚŝĞǀŝŶŐ ƚŚĞ ŐŽĂůƐ ƐĞƚ ďĂƐĞĚ ŽŶ ƐƚƌĂƚĞŐǇ ĂŶĚ ƉŽůŝĐǇ

^ƵƉĞƌǀŝƐŝŶŐ ƐƚƌĂƚĞŐǇ ĂŶĚ ĞǆƚĞŶƚ ƚŽ ǁŚŝĐŚ ŐŽĂůƐ ĂƌĞ ƌĞĂĐŚĞĚ

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WŽůŝĐǇ ĂŶĚ ďŽĂƌĚ ŵĂŶĂŐĞŵĞŶƚ ǁŝƚŚ Ă ĨŽĐƵƐ ŽŶ ƌĞƐƵůƚƐ ĂŶĚ ƌŝƐŬƐ

,ŽŶŽƵƌŝŶŐ ůĂǁƐ ĂŶĚ ůĞŐŝƐůĂƚŝŽŶ

ŽŵƉůĞƚŝŶŐ ĨŝŶĂŶĐŝĂů ƌĞƉŽƌƚŝŶŐ

^ĂĨĞŐƵĂƌĚŝŶŐ ĐŽŶƚƌŽů ĂŶĚ ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ

^ĂĨĞŐƵĂƌĚŝŶŐ ƋƵĂůŝƚǇ ĂƐƉĞĐƚƐ ŚĞĐŬŝŶŐ ĞĨĨĞĐƚŝǀĞŶĞƐƐ ĂŶĚ ĞĨĨŝĐŝĞŶĐǇ ^ĂĨĞŐƵĂƌĚŝŶŐ ŝŶƚĞŐƌŝƚǇ͕ ƐĂĨĞƚǇ ĂŶĚ ƉƌŝǀĂĐǇ

^ĂĨĞŐƵĂƌĚŝŶŐ ŝĚĞŶƚŝƚǇ

ĐƚŝŶŐ ĂƐ ĞŵƉůŽǇĞƌ

^ƵƉĞƌǀŝƐŝŶŐ ƋƵĂůŝƚǇ ;ĐŽŚĞƐŝŽŶͿ͕ ƌĞƐƵůƚƐ ĂŶĚ ƌŝƐŬƐ ŽĨ Ăŝŵ͕ ƉĞƌĨŽƌŵĂŶĐĞ ĂŶĚ ĂƌƌĂŶŐĞŵĞŶƚ ^ƵƉĞƌǀŝƐŝŽŶ ŽĨ ƉƌĞĐŽŶĚŝƚŝŽŶƐ͗ ŝŶĐƌĞĂƐĞ ƐƚƌĂƚĞŐŝĐ ĨůĞǆŝďŝůŝƚǇ͖ ĚĞĐƌĞĂƐĞ ƵŶŝůĂƚĞƌĂů ĨŝŶĂŶĐŝĂů ĚĞƉĞŶĚĞŶĐĞ͖ ĚĞǀĞůŽƉ ƐƚƌĂƚĞŐŝĐ ŚƵŵĂŶ ƌĞƐŽƵƌĐĞƐ ƉŽůŝĐǇ͖ ƐĂĨĞŐƵĂƌĚ ƋƵĂůŝƚǇ ŽĨ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ŽƌŐĂŶŝǌĂƚŝŽŶ ^ƵƉĞƌǀŝƐŝŶŐ ǁŚĞƚŚĞƌ ůĞŐŝƚŝŵĂƚĞ ůĞŐŝƐůĂƚŝŽŶ ŝƐ ďĞŝŶŐ ŚŽŶŽƵƌĞĚ ĂŶĚ ǁŚĞƚŚĞƌ ŝŶƚĞƌŶĂů ĂŶĚ ĞǆƚĞƌŶĂů ǁŽƌŬ ŵĞĞƚ ǀĂůŝĚ ƵƚĐŚ ĂŶĚ ŝŶƚĞƌŶĂƚŝŽŶĂů ƐƚĂŶĚĂƌĚƐ ^ƵƉĞƌǀŝƐŝŶŐ ŵƵůƚŝͲǇĞĂƌ ĞƐƚŝŵĂƚĞ͕ ĂŶŶƵĂů ďƵĚŐĞƚƐ͕ ŝŶƚĞƌŝŵ ƌĞƉŽƌƚƐ ĂŶĚ ĂŶŶƵĂů ĂĐĐŽƵŶƚ ^ƵƉĞƌǀŝƐŝŶŐ ƋƵĂůŝƚǇ ŽĨ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ŽƌŐĂŶŝǌĂƚŝŽŶ ĂŶĚ ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ ;ŵĂŶĂŐĞŵĞŶƚ ůĞƚƚĞƌ͖ ƚĂůŬ ǁŝƚŚ ĂĐĐŽƵŶƚĂŶƚ ^ƵƉĞƌǀŝƐŝŶŐ ƋƵĂůŝƚǇ ƉŽůŝĐǇ ;Ğ͘Ő͘ /^KͿ DŽŶŝƚŽƌ ĞĨĨĞĐƚŝǀĞŶĞƐƐ ĂŶĚ ĞĨĨŝĐŝĞŶĐǇ ;ĐŽƌĞ ĨŝŐƵƌĞƐͿ

^ƵƉĞƌǀŝƐŝŶŐ ŚĂŶĚůŝŶŐ ŽĨ ĐŽŵƉůĂŝŶƚƐ͕ ƌĞŐŝƐƚƌĂƚŝŽŶ ŽĨ ƐĂĨĞƚǇ ŝŶĐŝĚĞŶƚƐ ĂŶĚ ;ĂŶǇͿ ƌĞƉŽƌƚƐ ŽĨ ǀŝŽůĂƚŝŽŶƐ ŽĨ ƚŚĞ ŝŶƚĞŐƌŝƚǇ ƉŽůŝĐǇ

Ǧ Ǧ

^ƵƉĞƌǀŝƐŝŽŶ ŽĨ ƐĂĨĞŐƵĂƌĚŝŶŐ ŽĨ W y͛Ɛ ŵŝƐƐŝŽŶ͕ ŝĚĞŶƚŝƚǇ ĂŶĚ ǀĂůƵĞƐ ^ƵƉĞƌǀŝƐŝŶŐ ƚŚĞ ĨƵŶĐƚŝŽŶŝŶŐ ĂŶĚ ƌĞŵƵŶĞƌĂƚŝŽŶ ŽĨ ƚŚĞ ďŽĂƌĚ ŽĨ ĚŝƌĞĐƚŽƌƐ

Ǧ Ǧ

ŶŶƵĂů ƉůĂŶƐ ĂŶĚ ƌĞƉŽƌƚƐ DŝĚƚĞƌŵ ƌĞǀŝĞǁ͕ ƉƌŽŐƌĂŵŵĞ ƐĐĂŶ ĂŶĚ ĞĨĨĞĐƚŝǀĞŶĞƐƐ ƐĐĂŶ ϮϬϭϴ ZĞŐƵůĂƌůǇ ĚŝƐĐƵƐƐ ĂŶĚ ĂĚǀŝƐĞ ŽŶ ƐƚƌĂƚĞŐǇ ŽŶ ƚŚĞ ƌŽĂĚ ƚŽ ϮϬϮϭ ĚǀŝƐŽƌǇ ƚĂůŬƐ ĂďŽƵƚ ƐƚƌĂƚĞŐŝĐ ŝƐƐƵĞƐ ZĞŐƵůĂƌ ŐƵĞƐƚƐ ǁŚŽ ĐŽŶƚƌŝďƵƚĞ ƚŽ ǀŝĞǁ ŽĨ ƐƚƌĂƚĞŐŝĐ ƉŽƐŝƚŝŽŶŝŶŐ ZĞŐƵůĂƌ ƌĞƉŽƌƚŝŶŐ ĂŶĚ ĂŐĞŶĚĂ ƐĞƚƚŝŶŐ ŝŶ ƐƚƌĂƚĞŐŝĐ ƉŽůŝĐǇ ĂƌĞĂƐ͗ ŽƌŐĂŶŝǌĂƚŝŽŶĂů ƚƌĂŶƐŝƚŝŽŶ͖ ďƵƐŝŶĞƐƐ ŽƉĞƌĂƚŝŽŶƐ͖ ĨƵŶĚƌĂŝƐŝŶŐ͖ ŚƵŵĂŶ ƌĞƐŽƵƌĐĞƐ ƉŽůŝĐǇ ZĞŐƵůĂƌ ƚĂůŬƐ ǁŝƚŚ ƚŚĞ ƐƵƉĞƌǀŝƐŽƌǇ ďŽĂƌĚ WƌĞƐĞŶƚĂƚŝŽŶƐ͕ ŝŶĐůƵĚŝŶŐ ďǇ ĞǆƚĞƌŶĂů ĞǆƉĞƌƚƐ

ŶŶƵĂů ƌĞƉŽƌƚ

Ǧ Ǧ

ŽŶƚƌŽů ƌĞƉŽƌƚ ĂĐĐŽƵŶƚĂŶƚ ƚĂůŬ ĞǆƚĞƌŶĂů ĂĐĐŽƵŶƚĂŶƚ ʹ ĂƵĚŝƚ ĐŽŵŵŝƚƚĞĞ

Ǧ Ǧ Ǧ Ǧ Ǧ Ǧ Ǧ

DĂŶĂŐĞŵĞŶƚ ůĞƚƚĞƌ ŽŶƚƌŽů ƌĞƉŽƌƚ ĂĐĐŽƵŶƚĂŶƚ ƚĂůŬ ĞǆƚĞƌŶĂů ĂĐĐŽƵŶƚĂŶƚ ʹ ĂƵĚŝƚ ĐŽŵŵŝƚƚĞĞ ZĞƉŽƌƚ ĨŝŶĚŝŶŐƐ ĞǆƚĞƌŶĂů ĂƵĚŝƚŽƌ /^K ŶŶƵĂů ƌĞƉŽƌƚ ^ƵďƐƚĂŶƚŝǀĞ͕ ĨŝŶĂŶĐŝĂů ĂŶĚ ƉƵďůŝĐ ƌĞƉŽƌƚ DŝĚƚĞƌŵ ƌĞǀŝĞǁ͕ ƉƌŽŐƌĂŵŵĞ ƐĐĂŶ ĞĨĨĞĐƚŝǀĞŶĞƐƐ ƐĐĂŶ ϮϬϭϴ ŽŵƉůĂŝŶƚƐ ƌĞŐŝƐƚƌǇ ZĞŐƵůĂƌ ƚĂůŬƐ ĂďŽƵƚ ƐĂĨĞƚǇ ƉŽůŝĐǇ ĂŶĚ ƌĞƉŽƌƚ ŽĨ ƐĂĨĞƚǇ ŝŶĐŝĚĞŶƚƐ ŝŶ ƚŚĞ ĨƌĂŵĞǁŽƌŬ ŽĨ ƚŚĞ ĂŶŶƵĂů ƌĞƉŽƌƚ ZĞŐƵůĂƌ ƚĂůŬƐ ĂďŽƵƚ ŝŶƚĞŐƌŝƚǇ ƉŽůŝĐǇ ĂŶĚ ƌĞƉŽƌƚ ŽĨ ŶŽƚŝĨŝĐĂƚŝŽŶƐ ŝŶ ƚŚĞ ĨƌĂŵĞǁŽƌŬ ŽĨ ƚŚĞ ĂŶŶƵĂů ƌĞƉŽƌƚ ŶŶƵĂů ƚĂůŬ ǁŝƚŚ ƐƵƉĞƌǀŝƐŽƌǇ ďŽĂƌĚ͕ /<s ďŽĂƌĚ ŽĨ ĚŝƌĞĐƚŽƌƐ ĂŶĚ W y ŚƌŝƐƚŝ ĐŽƵŶĐŝů ŽĨ ŵĞŵďĞƌƐ ZĞŵƵŶĞƌĂƚŝŽŶ ŽĨ ĐŽŵŵŝƚƚĞĞ ĂƐƐĞƐƐŵĞŶƚ ƚĂůŬƐ ŽĨ ďŽĂƌĚ ŽĨ ĚŝƌĞĐƚŽƌƐ

dĂďůĞ ϯ ĞŵĂŶĚƐ ĨŽƌ 'ŽŽĚ ^ƵƉĞƌǀŝƐŝŽŶ

Document waarop het KPMG-rapport (1368085/18X00157929UTR) d.d. 30 april 2018 (mede) betrekking heeft.

ĂƐĞĚ ŽŶ ƚŚĞƐĞ ŐŽǀĞƌŶĂŶĐĞ ĐŽŵƉŽŶĞŶƚƐ ĂŶĚ ƚŚĞ ĨŽƌŵƵůĂƚĞĚ ƌĞƋƵŝƌĞŵĞŶƚƐ͕ ƚŚĞ ƐƵƉĞƌǀŝƐŽƌǇ ďŽĂƌĚ ǁŝůů ĚƌĂĨƚ ĂŶ ĂŶŶƵĂů ƐƵƉĞƌǀŝƐŝŽŶ ƐĐŚĞĚƵůĞ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ƚŚĞ ƐƵƉĞƌǀŝƐŽƌǇ ďŽĂƌĚ ǁŝůů ĐŽŶĚƵĐƚ ĂŶ ĂŶŶƵĂů ƐĞůĨͲĞǀĂůƵĂƚŝŽŶ ƚŚĂƚ ǁŝůů ƐƉĞĐŝĨŝĐĂůůǇ ƌĞĨůĞĐƚ ŽŶ ƚŚĞ ĐƌŝƚŝĐĂů ƐƵƉĞƌǀŝƐŝŽŶ ƚŚĂƚ ŚĂƐ ďĞĞŶ ĐĂƌƌŝĞĚ ŽƵƚ ĂŶĚ ƚŚĞ ƋƵĞƐƚŝŽŶ ŽĨ ǁŚĞƚŚĞƌ ƚŚĞ ďŽĂƌĚ ŚĂĚ ƚŚĞ ƌĞƋƵŝƌĞĚ ĞǆƉĞƌƚŝƐĞ ĂŶĚ ĞǆƉĞƌŝĞŶĐĞ ŝŶ ƚŚĞ ĂƌĞĂ ŽĨ W y͛Ɛ ǁŽƌŬ ;ƉĞĂĐĞ ĂŶĚ ƐĞĐƵƌŝƚǇ ŝƐƐƵĞƐͿ͕ ŽƌŐĂŶŝǌĂƚŝŽŶ ĂŶĚ ďƵƐŝŶĞƐƐ ŽƉĞƌĂƚŝŽŶƐ ĂŶĚ ĨŝŶĂŶĐŝĂů ŵĂŶĂŐĞŵĞŶƚ͘ dŽ ĂŶƐǁĞƌ ƚŚŝƐ ůĂƐƚ ƋƵĞƐƚŝŽŶ͕ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ĞƐƚĂďůŝƐŚĞĚ ŝŶ ϮϬϭϳ ĂƌĞ ďĞŝŶŐ ŵŽŶŝƚŽƌĞĚ͘ /Ŷ ϮϬϭϴ ƚŚĞ ƐĞĐŽŶĚ ƚĞƌŵ ŽĨ ƚǁŽ ďŽĂƌĚ ŵĞŵďĞƌƐ ĐĂŵĞ ƚŽ ĂŶ ĞŶĚ͕ ǁŚŝĐŚ ŵĞĂŶƐ ƚŚĂƚ ƚŚĞǇ ĐĂŶŶŽƚ ďĞ ůĞŐĂůůǇ ƌĞͲ ĞůĞĐƚĞĚ͘ dŚĞ ƐƵƉĞƌǀŝƐŽƌǇ ďŽĂƌĚ ƚŚĞƌĞĨŽƌĞ ƚŽ ďĞ ƌĞĨƌĞƐŚĞĚ͘ dŽ ƉƌĞƉĂƌĞ ĨŽƌ ƚŚŝƐ͕ ƉƌŽĨŝůĞƐ ŽĨ ƉŽƚĞŶƚŝĂů ŶĞǁ ŵĞŵďĞƌƐ ŚĂǀĞ ďĞĞŶ ĚƌĂǁŶ ƵƉ͘ dŚĞ ĐŽŶĐůƵƐŝŽŶ͕ ƉĂƌƚůǇ ďĂƐĞĚ ŽŶ ƚŚĞ ϮϬϭϳ ƐĞůĨͲĞǀĂůƵĂƚŝŽŶ͕ ǁĂƐ ƚŚĂƚ ĂŶǇ ĂƚƚĞŵƉƚ ƚŽ ƌĞĨƌĞƐŚ ƚŚĞ ƐƵƉĞƌǀŝƐŽƌǇ ďŽĂƌĚ ŵƵƐƚ ŝŶŝƚŝĂůůǇ ĨŽĐƵƐ ŽŶ͗ Ǧ ZĞŝŶĨŽƌĐĞ ƚŚĞ ďŽĂƌĚ ǁŝƚŚ Ă ŵĞŵďĞƌ ǁŝƚŚ Ă ĨŝŶĂŶĐŝĂů ďĂĐŬŐƌŽƵŶĚ Ǧ ZĞŝŶĨŽƌĐĞ ƚŚĞ ďŽĂƌĚ ǁŝƚŚ Ă ŵĞŵďĞƌ ǁŝƚŚ ĂŶ ŝŶƚĞƌŶĂƚŝŽŶĂů ůĞŐĂů ďĂĐŬŐƌŽƵŶĚ͘ /Ŷ ĂĚĚŝƚŝŽŶ ƚŽ ŝŵƉůĞŵĞŶƚŝŶŐ ƚŚĞ ƉƌŝŶĐŝƉůĞƐ ŽĨ ŐŽŽĚ ŐŽǀĞƌŶĂŶĐĞ ĂŶĚ ƐƵƉĞƌǀŝƐŝŽŶ ĂŶĚ ĚĞƚĞƌŵŝŶŝŶŐ ƚŚĞ ĨŝŶĂů ƐƚƌƵĐƚƵƌĞ ŽĨ ƚŚĞ ďŽĂƌĚ ŽĨ ĚŝƌĞĐƚŽƌƐ͕ ƚŚĞ ƐƵƉĞƌǀŝƐŽƌǇ ďŽĂƌĚ ĂůƐŽ ĚĞǀŽƚĞĚ ƉĂƌƚŝĐƵůĂƌ ĂƚƚĞŶƚŝŽŶ ƚŽ ƚŚĞ ĨŽůůŽǁŝŶŐ ŝŶ ϮϬϭϳ͗ Ǧ dŚĞ ĂƉƉŽŝŶƚŵĞŶƚ ŽĨ ŝŶƚĞƌŝŵ ĚŝƌĞĐƚŽƌƐ͖ Ǧ dŚĞ ϮϬϭϲ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĂŶĚ ƚŚĞ ĂƵĚŝƚ ƌĞƉŽƌƚ͘ dŚĞ ĂƵĚŝƚ ĐŽŵŵŝƚƚĞĞ ĚŝƐĐƵƐƐĞĚ ƚŚŝƐ ƌĞƉŽƌƚ ŝŶ ĚĞƚĂŝů ǁŝƚŚ ƚŚĞ ĂƵĚŝƚŝŶŐ ĂĐĐŽƵŶƚĂŶƚ ĂŶĚ ŵŽŶŝƚŽƌƐ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ƚŚĞ ĂĐƚŝŽŶƐ ƚŚĂƚ ǁĞƌĞ ƚĂŬĞŶ ĨƌŽŵ ƚŚĞ ĂƵĚŝƚ ƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐ͖ Ǧ dŚĞ ϮϬϭϳ ĂŶŶƵĂů ƌĞƉŽƌƚƐ ŽĨ W y ĂŶĚ ƚŚĞ &ƌĞĞĚŽŵ ĨƌŽŵ &ĞĂƌ ůůŝĂŶĐĞ Ǧ dŚĞ ϮϬϭϴ ĂŶŶƵĂů ƉůĂŶ ĂŶĚ ďƵĚŐĞƚ Ǧ /ŵƉƌŽǀĞŵĞŶƚ ƉƌŽĐĞƐƐĞƐ ŝŶŝƚŝĂƚĞĚ ďǇ ƚŚĞ ďŽĂƌĚ ŽĨ ĚŝƌĞĐƚŽƌƐ ŝŶ ƚŚĞ ĂƌĞĂƐ ŽĨ ŽƌŐĂŶŝǌĂƚŝŽŶĂů ĚĞǀĞůŽƉŵĞŶƚ͕ ƉůĂŶŶŝŶŐ Θ ĐŽŶƚƌŽů ĂŶĚ ƋƵĂůŝƚǇ Θ ůĞĂƌŶŝŶŐ͖ ĂŶĚ Ǧ ŵĞƚŚŽĚ ƚŽ ŝŵƉƌŽǀĞ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ƌŝƐŬ ĂŶĂůǇƐĞƐ ĂŶĚ ƚŽ ĞƐƚĂďůŝƐŚ Ă ĐŽŶƚŝŶƵŝƚǇ ƌĞƐĞƌǀĞ

KŶ ϯϭ ĞĐĞŵďĞƌ ϮϬϭϳ ƚŚĞ ƐƵƉĞƌǀŝƐŽƌǇ ďŽĂƌĚ ĐŽŶƐŝƐƚĞĚ ŽĨ ƚŚĞ ĨŽůůŽǁŝŶŐ ŵĞŵďĞƌƐ͗ EĂŵĞ DĂƌŝĞŬĞ ĚĞ tĂů

ĂƌůĂ <ƵŝũƉĞƌƐͲ'ƌŽĞŶƐŵŝƚ tŝĞŐĞƌ ĂŬŬĞƌ

WĞƚĞƌ ǀĂŶ ĚĞƌ sĞĞƌ DĂƌŝŶĂ ǀĂŶ EŽƚƚĞŶ ^ĂŶĚĞƌ ^ŵŝƚƐ ǀĂŶ KǇĞŶ

WŽƐŝƚŝŽŶͬĂŶĐŝůůĂƌǇ ƉŽƐŝƚŝŽŶƐ • DĂŶĂŐŝŶŐ ĚŝƌĞĐƚŽƌ ŽĨ ƚŚĞ WĂƌƚŶĞƌƐŚŝƉƐ ZĞƐŽƵƌĐĞ ĞŶƚƌĞ͕ ZŽƚƚĞƌĚĂŵ ^ĐŚŽŽů ŽĨ DĂŶĂŐĞŵĞŶƚ͕ ƌĂƐŵƵƐ hŶŝǀĞƌƐŝƚǇ ZŽƚƚĞƌĚĂŵ • ŝƌĞĐƚŽƌ ŽĨ ŽƉĞƌĂƚŝŽŶƐ ŽĨ ƚŚĞ WĂƌƚŶĞƌƐŚŝƉ ƌŽŬĞƌƐ ƐƐŽĐŝĂƚŝŽŶ ;W Ϳ • &ŽƌŵĞƌ ĚŝƌĞĐƚŽƌ ŽĨ ƚŚĞ ^ƚƵĚĞŶƚƐ ^ĞƌǀŝĐĞ Ăƚ ƚŚĞ hƚƌĞĐŚƚ hŶŝǀĞƌƐŝƚǇ • WƌŽĨĞƐƐŽƌ Ăƚ ƚŚĞ hƚƌĞĐŚƚ hŶŝǀĞƌƐŝƚǇ ^ĐŚŽŽů ŽĨ 'ŽǀĞƌŶĂŶĐĞ ŝŶ ƚŚĞ ĨĂĐƵůƚǇ ŽĨ >Ăǁ͕ ĐŽŶŽŵŝĐƐ ĂŶĚ 'ŽǀĞƌŶĂŶĐĞ • ŝƌĞĐƚŽƌ ŽĨ ƐƚƵĚŝĞƐ ŽĨ ƚŚĞ ďĂĐŚĞůŽƌ ƉƌŽŐƌĂŵŵĞ ŽŶ ƉƵďůŝĐ ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ ĂŶĚ ŽƌŐĂŶŝǌĂƚŝŽŶ ƐĐŝĞŶĐĞ͕ hƚƌĞĐŚƚ ^ĐŚŽŽů ŽĨ 'ŽǀĞƌŶĂŶĐĞ͕ &ĂĐƵůƚǇ ŽĨ ůĂǁ͕ ĞĐŽŶŽŵŝĐƐ ĂŶĚ ŐŽǀĞƌŶĂŶĐĞ͘ • ŚĂŝƌŵĂŶ ŽĨ ƚŚĞ ďŽĂƌĚ ŽĨ ƚŚĞ DŽǀŝŶŐ ƵůĞŵďŽƌŐ &ŽƵŶĚĂƚŝŽŶ • DĞŵďĞƌ ŽĨ ƚŚĞ ĞǆĞĐƵƚŝǀĞ ĐŽŵŵŝƚƚĞĞ ŽĨ /ŶƚĞƌ hŶŝǀĞƌƐŝƚǇ ĞŶƚƌĞ ŝŶ ƵďƌŽǀŶŝŬ͕ ƌŽĂƚŝĂ • ŝƌĞĐƚŽƌ ŽĨ ŽƉĞƌĂƚŝŽŶƐ ŽĨ ƚŚĞ DƵŶŝĐŝƉĂůŝƚǇ ŽĨ sĞĞŶĞŶĚĂĂů • WĂƌƚŶĞƌ ŝŶ WƌŽĨŽŶƚĞ͕ ĐŽŶƐƵůƚĂŶƚƐ ŝŶ ƉŚŝůĂŶƚŚƌŽƉǇ • &ŽƵŶĚĞƌͬ ĚŝƌĞĐƚŽƌ ŽĨ ^Ks DĂŶĂŐĞŵĞŶƚ s • ŽĂƌĚ ŵĞŵďĞƌ ŽĨ ǀĂƌŝŽƵƐ ^D Ɛ ŝŶ 'ŚĂŶĂ • ŽĂƌĚ ŵĞŵďĞƌ ŽĨ ďĂŶŬƐĞ sĞŶƚƵƌĞ &ƵŶĚ >ƚĚ 'ŚĂŶĂ • DĞŵďĞƌ ŽĨ ƚŚĞ ĂĚǀŝƐŽƌǇ ďŽĂƌĚ ŽĨ ƵƌŽƉĞ ,ŽůĚŝŶŐ s • &ŽƵŶĚĞƌ ͬ ĚŝƌĞĐƚŽƌ ŽĨ ŽŶƚĞ WĂĂƌĚ ĞŚĞĞƌ s • &ŽƵŶĚĞƌͬ ĚŝƌĞĐƚŽƌ ŽĨ 'ŽĞĚtĞƌŬƚ &ŽƵŶĚĂƚŝŽŶ

dĂďůĞ ϰ ŽŵƉŽƐŝƚŝŽŶ ŽĨ ƐƵƉĞƌǀŝƐŽƌǇ ďŽĂƌĚ

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EĂŵĞ DĂƌŝĞŬĞ ĚĞ tĂů ĂƌůĂ <ƵŝũƉĞƌƐͲ'ƌŽĞŶƐŵŝƚ tŝĞŐĞƌ ĂŬŬĞƌ WĞƚĞƌ ǀĂŶ ĚĞƌ sĞĞƌ DĂƌŝŶĂ ǀĂŶ EŽƚƚĞŶ ^ĂŶĚĞƌ ^ŵŝƚƐ ǀĂŶ KǇĞŶ

ĂƚĞ ĂƉƉŽŝŶƚĞĚ ϬϮͲϬϳͲϮϬϭϬ ϭϬͲϬϱͲϮϬϭϬ ϬϭͲϬϯͲϮϬϭϮ ϬϭͲϬϯͲϮϬϭϮ ϬϭͲϬϯͲϮϬϭϮ ϮϵͲϬϱͲϮϬϭϯ

ŶĚ ŽĨ ĨŝƌƐƚ ƚĞƌŵ ϬϮͲϬϳͲϮϬϭϰ ϭϬͲϬϱͲϮϬϭϰ ϬϭͲϬϯͲϮϬϭϲ ϬϭͲϬϯͲϮϬϭϲ ϬϭͲϬϯͲϮϬϭϲ ϮϵͲϬϱͲϮϬϭϴ

ŶĚ ŽĨ ƐĞĐŽŶĚ ƚĞƌŵ ϬϮͲϬϳͲϮϬϭϴ ϬϮͲϬϳͲϮϬϭϴ ϬϭͲϬϯͲϮϬϮϬ ϬϭͲϬϯͲϮϬϮϬ ϬϭͲϬϯͲϮϬϮϬ

dĂďůĞ ϱ ZŽƚĂƚŝŽŶ ƐĐŚĞĚƵůĞ

Remuneration dŚĞ ŵĞŵďĞƌƐ ŽĨ /<s͛Ɛ ĞǆĞĐƵƚŝǀĞ ďŽĂƌĚ͕ ƚŚĞ W y ŚƌŝƐƚŝ ĐŽƵŶĐŝů ŽĨ ŵĞŵďĞƌƐ ĂŶĚ ƚŚĞ W y ƐƵƉĞƌǀŝƐŽƌǇ ďŽĂƌĚ ĐĂƌƌǇ ŽƵƚ ƚŚĞŝƌ ƚĂƐŬƐ ŽŶ Ă ǀŽůƵŶƚĂƌǇ ďĂƐŝƐ ĂŶĚ ĚŽ ŶŽƚ ƌĞĐĞŝǀĞ ĂŶǇ ƌĞǁĂƌĚ͕ ůĞĂǀĞ Žƌ ĂƚƚĞŶĚĂŶĐĞ ĨĞĞ͘ ǆƉĞŶƐĞƐ͕ ƐƵĐŚ ĂƐ ƚƌĂǀĞů ĞǆƉĞŶƐĞƐ͕ ĂƌĞ ƚŚĞ ŽŶůǇ ĞǆƉĞŶƐĞƐ ƚŚĂƚ ĂƌĞ ƌĞŵƵŶĞƌĂƚĞĚ͕ ďĂƐĞĚ ŽŶ ĂĐƚƵĂůůǇ ŝŶĐƵƌƌĞĚ ĞǆƉĞŶƐĞƐ͘

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3. Consolidated Financial Statements 2017

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3. Consolidated Financial Statements 2017 Stichting Vredesbeweging Pax Nederland

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3.1 The consolidated balance sheet as at 31 December 2017

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Consolidated PAX

3.1 BALANCE SHEET 2017 (after appropriation of result)

31 December

2017

2016

â&#x201A;Ź

ASSETS Intangible fixed assets

42.525

52.632

Tangible fixed assets

995.814

122.781

Financial fixed assets

28.570

Total fixed assets

28.137 1.066.909

203.550

Receivables and accrued amounts

2.471.143

1.162.436

Cash and Cash Equivalents

7.897.876

5.883.286

11.435.928

7.249.272

Total assets

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Consolidated PAX

BALANCE SHEET (after appropriation of result)

31 December

2017

2016

â&#x201A;Ź

LIABILITIES Reserves and funds Continuity reserve

3.158.105

Earmarked reserve

100.000

Provisions

2.868.835 100.000 3.258.105

2.968.835

40.000

Current Liabilities Subsidy commitments

6.510.223

3.233.145

Other accounts payable

679.021

347.860

Other liabilities

948.579

659.433

Total liabilities

8.137.823

4.240.438

11.435.928

7.249.273

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3.2 The consolidated statement of income and expenditures 2017

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Consolidated PAX 3.2 STATEMENT OF INCOME AND EXPENDITURE 2017

INCOME Income from Individuals Income from Companies Income from Lottery organizations Grants from Governments Funding from other non profit organizations Total income

12 13 14 15 16

EXPENDITURE Spent on behalf of the objective Community-Based Security and Citizens Rights

Dealing with the Past

Humanitarian Disarmament Natural Resources and Conflict. Protection of Civillians Networks for peace building Freedom from Fear Alliance partner SP

Actual

Budget

Actual

2017

2016

€

848.002 15.377 1.268.314 16.789.071 685.047 19.605.811

824.687 25.000 881.795 19.819.330 1.089.642 22.640.454

831.569 24.103 789.893 15.986.418 606.800 18.238.783

9.096.192 2.168.308 1.984.138 1.846.590 1.169.330 63.986 908.277 17.236.821

10.298.744 1.614.641 2.891.393 3.629.441 1.656.879 66.600 1.094.356 21.252.054

9.860.602 1.438.067 1.735.848 1.475.688 691.678 53.832 827.975 16.083.690

Cost of fundraising

565.097

401.400

391.841

Cost of management and administration

1.538.110

742.000

979.193

19.340.028

22.395.454

17.454.724

265.783

245.000

784.059

23.487

5.000

50.615

289.270

250.000

834.674

289.270 289.270

250.000 250.000

734.674 100.000 834.674

Total Expenditures Sum before financial income and expenses 20

Financial income and expenses Sum income and expenses Appropriation of Result Addition to Continuity reserve Addition to Earmarked reserve

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3.3 The notes comprising a summary of the accounting policies and other explanatory information (including the foundationâ&#x20AC;&#x2122;s financial statement PAX)

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3.3 NOTES to the 2017 Financial Statements General Peace Movement PAX Netherlands Foundation (hereinafter referred to as: PAX) is located and has its registered office in Utrecht, Godebaldkwartier 74.On 1 April 2017 we moved to St. Jacobsstraat 12. PAX works together with involved civilians and partners in areas of war to protect human security, to prevent and end armed violenc,e and to build peace with justice.

Going Concern These financial statements have been prepared on the basis of the going concern assumption.

Reporting Period The statements are based on a reporting period of one year. The fiscal year coincides with the calendar year.

Principles for the Translation of Foreign Currencies The currency used throughout this report is the euro (â&#x201A;Ź). Transactions denominated in foreign currency are translated into the relevant functional currency of the group companies at the exchange rate applying on the transaction date. Monetary assets and liabilities denominated in foreign currency are translated at the balance sheet date into to the functional currency at the exchange rate applying on that date. Non-monetary assets and liabilities in foreign currency that are stated at historical cost are translated into euros at the applicable exchange rates applying on the transaction date. Translation gains and losses are taken to the statement of income and expenditure as expenditure.

Reporting Directive for Fundraising Institutions The 2017 Financial Statements have been prepared in accordance with Guideline RJ650 for Fundraising Organisations. RJ650 imposes a mandatory model for the financial statements. In 2016 the guideline is altered and PAX applies to the alteration as of 2017. Main change is on a modified specification of income, where a modified classification is applied.

Consolidation The consolidated annual report contains the following entities: -

Stichting Vredesbeweging Pax Nederland (PAX)

Stichting Interkerkelijk Vredesberaad (IKV);

Vereniging Vredesbeweging Pax Christi Nederland (Pax Christi);

Stichting Katholieke Vredesbeweging (Stikav);

Fundacion Pax Colombia (FPC).

The consolidation is based on the full consolidation method. In the consolidated financial statements, intra-group debts, receivables and transactions are eliminated. Also, the results on transactions between group members are eliminated to the extent that the results are not realised through transactions with third parties outside the group.

Reclassifications in accordance with RJ650 and guidlines Goede Doelen Nederland (GDN) Reclassification income RJ650 Income in 2017 is reported according the RJ650 required classification. The income items of 2016 have been reclassified accordingly (for comparison reasons).

Reclassification spent on behalf of the objective In 2017 the cost categories were adjusted upon the guidelines Goede Doelen Nederland. This change resulted in adjusted cost caterories which is reflected in the adaptation of the breakdown table (Table Itemisation of expenses). The direct labour costs and hired experts were numbered among the Purchases and acquisitions of the last years. These costs are in 2017 directly categorised under the item Personnel. The outcome for the 2016 is restated for comparison reasons.

Reclassification of cost in the breakdown table In accordance with directive RJ650, the secretary cost of alliances is not permitted as a separate section in the breakdown table. This was presented under management and administration. However, it concerns costs for the correct application and justification of the SP (and MSF) funding. Think of the additional accountant costs, the reporting system costs and the additional costs to take the evaluation to a higher level also with our alliance partners. In addition, cooperation within the alliance with Amnesty and formerly Press Now and GPACC resulted from the MoFa requirement to qualify for MFS/SP. Thus, additional costs are primarily aimed at obtaining and maintaining government subsidies. The 2016 figures have been reclassified accordingly.

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Principles for the Valuation of Assets, Liabilities and Financial Results General The principles applied in evaluating assets and liabilities and determining financial results are based on nominal values. Revenue and expenses are matched to the period in which they occurred (according to the matching principle). Revenue from legacyis recorded in the year that their size can be reliably established.

Recognise assets and liabilities Assets and liabilities are measured at nominal value, unless otherwise stated in the further principles. An asset is recognised in the balance sheet when it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the cost of the asset can be reliably measured. A liability is recognised in the balance sheet when it is expected to result in an outflow of resources embodying economic benefits and the amount of the obligation can be measured reliably. An asset or liability that is recognised in the balance sheet, remains on the balance sheet if a transaction (with respect to the asset or liability) does not lead to a major change in the economic reality with respect to the asset or liability. An asset or liability is no longer recognised in the balance sheet when a transaction results in all or substantially all rights to economic benefits and all or substantially all of the risks related to the asset or liability being transferred to a third party. A financial asset or a financial liability is recognised in the balance sheet when the contractual rights or obligations with respect to that instrument arise. A financial instrument is no longer recognised in the balance sheet when there is a transaction that results in a transfer to a third party of all or substantially all of the rights to economic benefits and all or substantially all of the risks related to the position. A purchase or sale according to standard market conventions is, by class of financial assets and financial liabilities, systematically recognised or derecognised in the balance sheet on the trade date (date of entering into binding agreement) / the settlement date (date of transfer).

Recognise statement of income and expenditure Income is recognised in the statement of income and expenditure when an increase in future economic potential related to an increase in an asset or a decrease of a liability has arisen, the size of which can be reliably measured. Expenses are recognised when a decrease in the economic potential related to a decrease in an asset or an increase of a liability has arisen, the size of which can be measured with sufficient reliability. Revenues and expenses are allocated to the period to which they relate. Revenues are recognised when the foundation has transferred the significant risks and rewards of ownership of the goods to the buyer.

Recognise currency, price, credit, liquidity and cash flow risks The currency risk for PAX largely consists of positions and future transactions in US dollars or currencies closely related to US dollars. Management has determined that the cost of hedging these currency risks does not outweigh the benefits. PAX has no assets that are specifically sensitive to changes in price levels. Surplus cash is conservatively secured in deposits with low interest risk. PAX has no significant credit risks. Receivables mainly relate to grants from solid governments or multilateral institutions. Given this low risk cash positioning PAX has secured a sound liquidity balance.

Use of estimates The preparation of the financial statements requires the management to form opinions and to make estimates and assumptions that influence the application of principles and the reported values of assets and liabilities and of income and expenditure. Actual results may differ from these estimates. The estimates and the underlying assumptions are constantly assessed. Revisions of estimates are recognised in the period in which the estimate is revised and in future periods for which the revision has consequences. The following accounting policies are in the opinion of management the most critical for the purpose of presenting the financial position and require estimates and assumptions. • Donor commitments at contracted value • Work in progress partners on the basis of estimated progress % • Partner commitments on the basis of progress % and status of control capacity • Exchange rate fluctuations are partly mitigated by matching donor and partner contracts. For the remaing exposure the currency rates of donor and partner commitments are assumed to remain stable in the relevant contract periods.

Financial Instruments Financial Instruments include receivables, cash and cash equivalents, cash and accounts receivables, current liabilities and other liabilities. Financial instruments are initially recognised at fair value. After initial recognition the financial instruments are measured at amortised costs on the basis of the effective interest method. The amortised costs equal the fair value. The fair value is based on the estimated present value of the future net cash flows. Purchased loans and other receivables are measured at amortised costs on the basis of the effective interest method, less impairment losses. Financial commitments that are not held for trading are carried at amortised cost on the basis of the effective interest rate method. The foundation has no derivative financial instruments embedded in contracts.

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Intangible Fixed Assets Intangible fixed assets (software and licences) are valued at purchase price. Amortisation is calculated according to the straightǦline method in 5 years. Expenditures made after the initial recognition of an acquired or constructed intangible fixed asset are included in the acquisition or construction cost if it is probable that the expenditures will lead to an increase in the expected future economic benefits, and the expenditures and the allocation to the asset can be measured reliably. If expenditures do not meet these conditions, they are recognised as an expense in the statement of income and expenditure.

Tangible Fixed Assets Tangible fixed assets are valued at acquisition price minus depreciation using their estimated economic life time. Any residual value is taken into account. The annual depreciation is set as a basis for the following structure: - Installations:

According to the straight-line method in 10 years

- Other fixed operating assets: - IT equipment:

First year 40%, second year 30%, third year 20%, fourth year 10%

- Furniture and other equipment: According to the straight-line method in 5 years - Renovation (general):

According to the straight-line method in 10 years

- Renovation Jacobstraat (due to rental period) According to the straight-line method in 5 years Assets with a long life should be tested for impairment in the case of changes or circumstances arising that lead to an indication that the carrying amount of the asset will not be recovered. The recoverability of assets in use is determined by comparing the carrying amount of an asset with the estimated present value of the future net cash flows which the asset is expected to generate. If the carrying amount of an asset exceeds the estimated present value of the future cash flows, impairment is charged to the difference between the carrying amount and the recoverable amount. Future modification costs concerning restructuring can be covered through the formation of earmarked reserves. Scheduled maintenance can be included in a provision.

Financial Fixed Assets Financial fixed assets relate to certificates of Oikocredit shares which are valued at their nominal value. Every year dividend less management fee is added in certificates.

Receivables The accounting policies applied for the valuation of other receivables are described under the heading ‘Financial instruments’

Cash and cash equivalents Cash and cash equivalents are stated at nominal value. If cash and cash equivalents are not readily available, this is taken into account in the measurement. Cash and cash equivalents denominated in foreign currencies are translated at the balance sheet date in the functional currency at the exchange rate ruling at that date. Reference is made to the Principles for the Translation of Foreign Currencies.

Continuity reserve The continuity reserve is in place to secure PAX to meet its obligations in the long term, in case of stagnated income or after an incident with a major impact on expenditures. The target level is determined by de supervisory board. The PAX policy on continuity reserve meets the requirements of the CBF.

Earmarked reserve The earmarked reserves are related to funds earmarked by the Supervisory Board to be spent on a designated purpose. The earmarked reserves do not reflect an obligation towards any third party and the Supervisory Board has the authority to reverse this reserve.

Provisions Provision for roof terrace is measured at the nominal value of the best estimate of the expenditures expected to be required to settle the obligations and losses. A provision is recognised if the following applies: · the foundation has a legal or constructive obligation, arising from a past event; and · the amount can be reliably estimated; and ·

it is probable that an outflow of economic benefits will be required to settle the obligation

Long-Term Debts and Current Liabilities The valuation of the long-term debts and current liabilities are described under the paragraph financial instruments. Balance positions for current projects consist of grants yet to be received and costs yet to be paid for these projects.

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Distinction between operating and finance leases A lease agreement under which the risks and rewards of ownership of the leased object are carried entirely or almost entirely by the lessee are classified as finance leases. All other leases are classified as operating leases. For the lease classification, the economic substance of the transaction is conclusive rather than the legal form. All lease contracts are operational leases.

Lease of buildings If the foundation acts as lessee in an operating lease, the leased property is not capitalised. Benefits received as an incentive to enter into an agreement are recognised as a reduction of rental expenses over the lease term. Lease payments and benefits regarding operating leases are recognised in the statement of income and expenditure on a straight-line basis over the lease term, unless another systematic basis is more representative of the time pattern of the benefits from the use of the leased asset.

Cash flow statement The cash flow statement is prepared using the indirect method. Foreign currency cash flows are translated into euros using the weighted average exchange rates for the respective periods.

Income from Individuals Income from Individuals consists of private fundraising ,income from endowment funds and legacies. Except legacies the income from individuals items are accounted for in the earliest period in which they are received or commited to. As of 2006, the IKV Foundation's ruling body and Pax Christi's Membership Council decided to book the two organizations' incomes from individuals and institutional funding as the partnership's income. This was done after deducting the resources that the two entities require for their own activities and organisational expenses. Legacies to PAX entities are serviced by Bureau Nalatenschappen of the charity brancjhe organization Goede Doeklen Nederland.

Income from Companies Donations from companies are accounted for as income in the earliest period that they were received or commited to.

Income from Lottery p organizations Income from lottery organizations is accounted for in the earliest period as recieved or commited to.

Grants from governments Grants and subsidies are recognised in the statement of income and expenditure in the year in which the subsidised expenditures were incurred. The grants are recognised where it is probable that they will be received and PAX will comply with all attached conditions.

Funding from other non profit organisations. Income from endowment funds and from churches and NGO- organisations, is recognised in the statement of income and expenditure in the year in which they are received or commited to (according comditions).

Financial income and expenses The line item interest income and income from investments contains the interest, dividends and Interest income that is realised in the reported year.

Cost allocation Method of allocation of cost on the basis of hourrates The costs are allocated -based on hours spent- as direct cost to the target (spent on objectives). Allocation of indirect follows the same pattern of hours spent to the categories of Fundraising and/or Management and Administration. The method of cost allocation through the calculation of hourly rates is applied in line with the internal and external calculation, tendering and reporting on tariffs. The indirect expenses are allocated on the basis of actual cost of the number of hours actually worked, to a. Objectives b. Cost of fundraising c.

Management and administration costs

The allocation is specified in the table explaining expense distribution (Itemisation of expenses). Employee benefits during employment Employee benefits are charged to the statement of income and expenditure in the period in which the employee services are rendered and, to the extent not already paid, as a liability on the balance sheet. If the amount already paid exceeds the benefits owed, the excess is recognised as a current asset to the extent that there will be a reimbursement by the employees or a reduction in future payments by the foundation. The liability for benefits during employment is measured at nominal value of the expenditure expected to be required to settle the obligation.

Salary senior executives Senior executives recuire explicit reporting according the Dutch WNT guidelines and the Reporting Directive for Fundraising Institutions guidelines (following an additional format).

Personell Salaries and labor conditions of PAX employees are based on the specific employment conditions of the Protestant Church Netherlands (CAO PKN).

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Pensions Pensions are part of the employees' benefits. The main principle is that the pension charge to be recognised for the reporting period should be equal to the pension contributions payable to the pension fund over the period. Insofar as the payable contributions have not yet been paid as at balance sheet date, a liability is recognised. If the contributions already paid exceed the payable contributions as at balance sheet date, a receivable is recognised to account for any repayment by the fund or settlement with contributions payable in future. The employees of PAX in the Netherlands have a pension scheme which is administered by pension fund Zorg en Welzijn. This pension scheme is a conditionally indexed average-salary scheme. Entitlements and rights granted are only indexed (adjusted in line with increase in prices) if and to the extent that the pension provider has sufficient resources and has decided accordingly. The coverage of the sector pension as at December 31, 2017 is stated at 101.1%.

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Consolidated PAX

CASH FLOW STATEMENT

Sum of income and expenses 2017

2017

2016

â&#x201A;Ź

289.270

834.674

260.529

93.390

Adjusted for: Depreciations

1,2

Net interest income

Changes in Receivables and accrued amounts Changes in Current liabilities

5.990-

1.308.707-

1.067.104

9,10,11

3.897.386

4.965.801-

3.132.488

3.001.088-

Operating cash flow Interest received

6.265

Interest paid

275-

Cash flow from operating activities Investment/disinvestment in intangible fixed assets

30.455-

3.138.478

30.455 2.970.633-

27.569-

31.967-

Investment/disinvestment in tangible fixed assets

1.095.886-

46.416-

Investment/disinvestment in financial fixed assets

433-

426-

1.123.888-

78.809-

Cash flow from investing activities Changes in financing Cash flow from financing activities Changes in Cash and Cash Equivalents

2.014.590

3.049.442-

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Consolidated PAX Explanation of the balance sheet 31 December

31 December

2017

2016

â&#x201A;Ź

19.708

36.879

Licences

22.817

15.753

*) Software and licences are regular enterprise software and licenses.

42.525

52.632

1. Intangible fixed assets Balance as at 31/12 * Software

Movement in intangible fixed assets: Balance as at January 1 Purchase value Accumulated depreciation Book value

Software 341.764 304.885 36.879

Changes in book value Purchases Desinvestments Depreciations Balance

6.704 23.875 17.171-

Balance as at December 31 Purchase value Accumulated depreciation Book value

348.468 328.760 19.708

2. Tangible fixed assets Balance as at 31/12 Installations Other fixed operating assets Renovation

Movement in tangible fixed assets:

Installations

Balance as at January 1 Purchase value Accumulated depreciation Book value Changes in book value Investments * Desinvestments Depreciations Balance Balance as at December 31 Purchase value Accumulated depreciation Book value

27.976 16.634 11.342

2.798 2.79827.976 19.432 8.544

Other fixed operating assets

Licences

Total

99.742 83.989 15.753

441.506 388.874 52.632

20.865 13.801 7.064

27.569 37.676 10.107-

120.607 97.790 22.817

469.075 426.550 42.525

31 December

2017

2016

8.544 158.487 828.783 995.814

11.342 95.863 15.576 122.781

Renovation

Total

886.750 790.887 95.863

298.064 282.488 15.576

1.212.790 1.090.009 122.781

139.103 76.479 62.624

956.783 143.576 813.207

1.095.886 222.853 873.033

1.025.853 867.366 158.487

1.254.847 426.064 828.783

2.308.676 1.312.862 995.814

*) Investments in office equipment, workstations and laptops, renewal and enlargement of server capacity. Both intangible and tangible fixed assets held for business operations.

36 Document waarop het KPMG-rapport (1368085/18X00157929UTR) d.d. 30 april 2018 (mede) betrekking heeft.

Consolidated PAX Explanation of the balance sheet (cont.) 31 December

31 December

2017 €

2016 €

3. Financial Fixed Assets Oiko credit certificates *

28.570

28.137

27.711

Movement in fincial fixed assets: Balance as at January 1 Book value Received dividend Book value as at December 31

433

426

28.570

28.137

*) Oiko credit is an organisation that offers capital with favourable conditions for the start-up of a self- owned enterprise to underprivileged. Besides social revenue Oiko certificats generate an honest financial revenue for investors. The investment is consideresd a mission-related investment.

4. Receivables and accrued amounts Ministry of Foreign Affairs final settlement funds 2017 Cordaid Gender Fund Other donors Currents accounts alliance partners Prepaid salaries and pension contributions Income taxes and social security contribution Prepaid amounts and guarantees Payments in progress Other receivables

20.887 27.607 1.265.557 1.122.292 30.224 4.576 2.471.143

27.988 639.622 6.598 384 550 433.082 46.472 7.740 1.162.436

6.703.952 999.293 161.189 33.442 7.897.876

4.976.851 792.877 68.760 44.798 5.883.286

No receivables due after more then one year. The increase of receivables is mainly due to the expire of contract terms with the final installment.

5. Cash and Cash equivalents Deposits (term under 3 months) Credit balances on Dutch bank accounts Credit balances on foreign bank accounts *) Cash balances *) *) The cash and cash equivalents on foreign bank accounts and banks include liquidity of our field offices. The cash and cash equivalents balance includes an amount of € 113,460 that is not immediately accessible. This relates to funds that are in a blocked account because of guarantees issued by the bank.

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Consolidated PAX Explanation of the balance sheet (cont.)

6. Continuity reserve Continuity reserve *)

31 December

2017 €

2016 €

3.158.105

2.868.835

Movement in continuity reseve Balance as at January 1 Allocation of the result

2.868.835 289.270

2.034.161 834.674

Balance as at December 31 *)

3.158.105

2.868.835

1.778.875 2.479 1.369.424 6.202 1.125 3.158.105

1.491.779 2.479 1.369.424 5.153 2.868.835

*) Specification at December 31 PAX Pax Christi IKV STIKAV PAX Colombia

*) The required continuity reserve amounts € 3.4 to 4 million according the yearly update of the PAX risk assessment (see management report). Goede Doelen Nederland states a maximum for the branch of 1.5 times the annual ‘working cost’. For PAX this maximum is calculated at € 17 million.

7. Earmarked reserve Earmarked reserve

100.000

Movement in earmarked reseve Balance as at January 1 Allocation of the result Balance as at December 31 *

100.000 100.000

*) Planning costs for rehousing, part of expected modification costs concerning restructuring Hoog Catharijne. This restructuring however has been delayed due to restructoring of the centre. The earmarked reserve as at December 31 is part of STIKAV.

8. Provisions Provisions *) Movement in provisions Balance as at January 1 Provisions used during the year Dotation Withdrawal due to expences Balance as at December 31

40.000

40.000 40.000

2.064.607

834.246

444.773 774.656 2.807.940 418.247 6.510.223

294.225 847.612 863.643 393.418 3.233.144

679.021

347.860

*) Major maintenance has been deferred. This provision of a short-term nature is part of STIKAV.

Subsidy commitments Ministry of Foreign Affairs Strat. Partn. Dialogue and Dissent *) Ministry of Foreign Affairs Strat. Partn. Dialogue and Dissent Alliance partner Amnesty International Ministry of Foreign Affairs Fund not spent in 2017 to be used in 2018 Payment obligation allotted grants Other expenses to be paid Other prepaid grants by donors *) This amount is the difference between the collected amouts and the spendings.

10 Other accounts payable 37

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Consolidated PAX Explanation of the balance sheet (cont.) 31 December

31 December

2017 €

2016 €

11 Other liabilities *) Income taxes and social security contribution Sales tax Reservation for leave days and holiday allowance Payable salaries and pension contributions Other debts, accruals and deferred income

76.058 25.018 612.747 22.171 212.584 948.578

25.018 510.979 123.436 659.433

*) No other liabilities due after more then one year.

11B Off-Balance Sheet Assets and Liabilities Guarantees PAX has provided a blocked bank guarantee deposit of € 113,460 to Hajofi, lessor of the new office location Jacobstraat, Utrecht, per 01.04.2017. Commitments Partners & consultants Lease of equipment Office rent * Service contracts

€ € € €

<1 year 2.430.787 24.552 396.834 161.570

€ € € €

1– 5 year 950.000 30.690 1.467.526 485.244

>5 year

*) The office rent contract includes a rent-free period of 183,000 EUR, that will be realized during the 5 year contract-period.

12 Events after the balance sheet date Hoog Catharijne location PAX is discussing with the owner of Hoog Catharijne Centre, Kléppiere, the consequences of restructuring Hoog Catharijne on the physical accessibility and visibility of the Stiltecentrum managed by PAX. Among other things, PAX is negotiating Kléppiere's contribution to the cost of renovation and refurbishment. Collaboration PAX has not initiated any partnerships, such as collaborative agreements or merger processes, in 2018 that would require financial obligations. Guarantees, warranties In 2018, PAX has not entered into any new guarantees or large-scale guarantees (>€ 50,000). Contract management In 2018, PAX has not entered into any new business operations for large scale contracts. The financial institution GWK has indicated that erroneous exchange rates are likely to have been used in 2017. GWK noted Substantial tenders and subsidy grants In 2018 there have been no substantial tenders or subsidies. Factual situation of peace & security Pax management does not anticipate, in any of the below contexts, risks that would lead to a substantial impact on the Effects of specific PAX activities in South Sudan, Syria, Iraq, Ukraine and the blood coal campaign in Colombia. Substantial tax claims There have been no significant tax claims in 2018. Appointments The supervisory board unanimously has decided to appoint Miriam Struyk as programme Director as of May 1st. 38

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Consolidated PAX Explanation of the Income and Expenditure account Actual

Budget

Actual

2017 €

2016 €

The income items are reclassified according RJ650. See the notes. The sources of income relate to projects with statutory regular destinations. In the terms of the providers of these sources of income no other than statutory regular destinations are included.

12 Income from Individuals Contributions Donations Collection Legacies

69.244 587.764 137.509 53.485 848.002

75.000 639.687 60.000 50.000 824.687

73.609 691.682 64.028 2.250 831.569

15.377

25.000

24.103

500.000 130.634 637.680 1.268.314

500.000 150.000 231.795 881.795

500.000 289.893 789.893

12.561.992 908.277 1.202.469 1.126.061 15.798.799

14.192.592 1.094.356 2.039.074 1.433.258 18.759.280

9.952.828 827.975 2.842.545 1.272.939 14.896.287

990.272 990.272

1.060.050 1.060.050

1.090.131 1.090.131

16.789.071

19.819.330

15.986.418

13 Income from Companies

Donations and Charity discounts 14 Income from Lottery organizations National Postcode Lottery: regular contribution National Postcode Lottery: project Lessons in Peace National Postcode Lottery: project Story of the Refugee 15 Grants from Governments

Direct Ministry of Foreign Affairs SP Freedom from Fear Alliance partners Other direct Dutch government Other direct foreign governments Indirect Other indirect

Total grants from governments

*) The Ministry of Foreign Affair's Subsidy Strategic Partnership on Dialogue and Dissent (SP D&D) funded an amount totalling €59,500,000 for the Freedom from Fear Alliance for the period 2016 through 2020.

16 Funding from other non profit organizations

13.563

500

203.113 50.349 45.969 116.826 416.257

437.540 50.350 45.970 116.830 650.690

328.028 50.348 49.142 119.754 11.515 558.787

Other NGO organizations

255.227

438.452

48.013

Total Funding from other non profit organizations

685.047

1.089.642

606.800

Funding Churches Endowment funds: Domestic donors Joseph Rowntree Charitable Trust The Sigrid Rausing Trust Open Society Institute Other foreign donors

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Consolidated PAX Explanation of the income and expenditure account (cont.)

Actual

Budget

Actual

2017 €

2016 €

Total

Spent on behalf of the objective Expenditures on the objective were subdivided by project over six categories. All costs were assigned to the programmes. Actual direct costs 2017 4.419 1.115 493 612 345 64

Actual indirect costs 2017 4.677 1.054 1.491 1.235 824 -

actual 2017 9.096 2.168 1.984 1.847 1.169 64

budget 2017 10.299 1.615 2.891 3.629 1.657 67

actual 2016 9.861 1.437 1.736 1.476 692 54

7.048

9.281

16.328

20.158

15.256

908 17.236

1.094 21.252

828 16.084

19.606 87,9%

22.640 93,9%

18.239 88,2%

18 Cost of Fundraising *) Cost of fundraising, as percentage of total income

2,9%

1,8%

2,1%

19 Management & administration *) Management and administration costs, as percentage of total income

7,8%

3,3%

5,4%

Programme costs(x €1,000) Community-based security and citizens rights Dealing with the Past

Humanitarian Disarmament Natural recources and conflict. Protection of Civillians Networks for Peace building (of IKV and Pax Christi)

The Freedom from Fear Alliance partie' MFS SP liabilities Allocation is based on logbook results. Details are shown in Table Itemisation of expenses.

Percentages spent *) Income on behalf of the objective (x €1,000)

Percentage spent on objective in relation to income.

*) Distorted year comparison due to change in Income classification (RJ650) and due to change in allocation (new guideline Goed Doelen Nederland).

20 Financial income and expenses Interest income Interest expenses Dividend Withholdings on dividend Payment charges Exchange differences

Actual

Budget

Actual

2017 €

2016 €

6.265 -275 558 -125 -32.558 49.622 23.487

3.850 -

30.455 -

500 -150 -24.200 25.000 5.000

550 -124 -8.743 28.477 50.615

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Consolidated PAX

Explanation of the income and expenditure account (cont.)

2017

2016

â&#x201A;Ź x 1,000

Specification of personnel cost Gross salaries *) Social security contributions Pension

6.115

4.755

910

778

586

480

7.611

6.013

Other personnel cost **)

1.708

1.296

Total personnel cost

9.319

7.309

Explanation of changes Change in employed personnel cost

1.599

Change in other personnel cost

411

Total change in personnel cost

2.010 2017

2016

Employees (in FTE) Average # in the Netherlands

113,5

95,4

Number on balance sheet date in the Netherlands

119,6

107,4

Average # of FTEs foreign

15,8

17,7

Number of FTEs on balance sheet date foreign

14,3

23,5

Average # of FTEs Total Number of FTEs on balance sheet date Total

129,3 133,9

113,1 130,9

Change in number of FTEs on balance sheet date in the Netherlands Change in number of FTEs on balance sheet date foreign Total change FTEs on balance sheet

12,2 -9,2 3,0

The growth in FTEs (especially in the Netherlands) largely explaines the growth of employed personnel cost anticipating the growth 2016 till 2020, ** The level of other personnel cost is mainly due to hiring of interim staff for the investments in organisational improvements, strengthening of administration and control as well as monitoring and reporting systems to the end of increased accountability and transparency for the period 2016 till 2020. *

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Consolidated PAX RENUMERATION Senior Executives (format WNT) According Dutch reporting standards, the renumeration of senior executives for NGO organisations, has to be drawn up following the legislation WNT. For PAX additionally the branche guidelines GoedeDoelen are apllicable. Renumeration of PAX senior executives meet both the WNT legislation as the guidelines Goede Doelen Nederland. The WNT remuneration maximum in 2017 for PAX is € 168,000. This applies in proportion to the duration and / or extent of the employment. As of 1 January 2016, interim senior executives will apply a different standard for the first 12 calendar months, both for the duration of the assignment and for the hourly rate.

1a. Senior executives employed on a labor contract, plus executives contracted on interim-basis (as of 13 month of service). Amounts x € 1

J. Gruiters

F.J.T. Landmeter

General Director

Director

Duration of position in 2017

01.01-31.12

01.01-30.04

01.04-31.12

Size of emlpoyment (in FTE)

1,0

Former executive?

(Fictitious) contracted employment?

Yes

Remuneration plus (taxable) expenses

€ 97.735

€ 35.020

€ 62.549

Rewards (pension) affordable over time

€ 11.963

€ 3.586

€ 6.252

Subtotal

€ 109.698

€ 38.606

€ 68.801

Applicable maximum

€ 168.000

€ 55.233

€ 126.575

Position

M. Struyk

Renumeration 2017

- / - Unpaid amounts

n.a.

Total renumeration

€ 109.698

€ 38.606

€ 68.801

01.01-31.12

n.a.

1,0

n.a.

€ 96.394

€ 87.903

n.a.

Exceeding applicable maximum

Renumeration 2016 Duration of position in 2016 Size of emlpoyment (in FTE) 2016 Remuneration plus (taxable) expenses 2016 Rewards (pension) affordable over time 2016 Total renumeration 2016

€ 11.742

€ 10.562

n.a.

€ 108.136

€ 98.465

n.a.

1b. Senior executive without emploimancy contract (on consultancy basis) for the 12 month's period 2017 R. T. J. van Delft, Interim Director Organization

Position Calendar year

2017

2016

Duration of position in 2016

05.04 - 31.12

nvt

Number of months in 2017

nvt

Applicable maximum: (excluding VAT) Maximum hour rate

€ 176

€ 175

Applicable maximum on 12 months basis

€ 202.500

Applicable maximum actual worked period

€ 195.557

Renumeration (excluding VAT) Yes

Actual hour rate below maximum rate? Renumeration for the period

€ 120.000

Total renumeration on 12 month's basis

0 € 120.000

- / - Unpaid amounts

n.a.

Total renumeration

€ 120.000 No

Exceeding applicable maximum

1d. Senior supervising and former executives with renumeration of € 1.700 or less. Supervisory board members do not receive renumeration. In the Report from the Supervisory Board (chapter 2) the members of the Supervisory Board are stated.

42 Document waarop het KPMG-rapport (1368085/18X00157929UTR) d.d. 30 april 2018 (mede) betrekking heeft.

11,8%

49,4%

10,8%

1.984.138

34.106

130.088

93.537

1.233.073

108.943

122.678

215.614

10,0%

1.846.590

28.254

107.766

77.488

1.021.492

122.862

44.366

146.300

298.062

and Conflict.

Networks for

6,3%

0,3%

63.986

18.850 1.169.330

63.986

Peacebuilding

71.900

51.698

681.521

81.551

23.918

169.208

70.684

Civillians

Protection of

3,1%

565.097

11.564

44.110

31.716

418.105

59.602

Fundraising

8,3%

1.538.110

36.669

133.297

142.384

1.225.406

354

Administration

Management &

PAX has not budgeted on cost category (row in the table above), since we budgeted per objective-theme (as per columns above). For the latter see the Statement of Income and Expenditures.

827.975 17.454.724

908.277

16.626.749

93.390

895.834

512.701

7.309.143

492.406

744.482

2.632.318

53.832

3.892.643

2016

Total **)

19.340.028

18.431.751

260.529

987.826

756.816

9.318.934

778.330

812.273

1.897.091

63.986

3.555.966

2017

Total *)

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Note: Largest increase at Personnel cost, + â&#x201A;Ź 2 milion . This is due to an increased number of employees, contracted on payroll as wel as hired (on interim basis). This refects the growth in income and activities realised in 2017. The relocation to the new location caused the increase in Accomodations and Depreciation.

Direct programme costs for communication.

The total cost of the organisation is based on the actually realised hourly rates 2017, allocated to the above mentioned TOCs (direct) and cost types (indirect).

f-i

Direct programme costs, i.e. purchasing, travel and accommodation expenses.

Hiring specialists for research and reporting

Payments to partner organisations with whom we work when carrying out projects.

Payments to consolidated entities.

Explanation to expenses and distribution:

**) Restated for comparison reasons.

2.168.308

24.080

92.518

66.522

870.604

96.429

145.442

201.429

46.099

Disarmament

Spent on behalf of the objective Humanitarian Natural Resources

9.096.192

107.006

408.147

293.471

3.868.733

368.191

475.869

1.104.938

671.284

the Past

and Citizens Rights 2.469.837

Dealing with

Freedom from Fear Alliance partner

Total

Depreciation

Personnel cost

Publicity and promotion

Accommodations

Contracted work

Office and general expenses

Purchases and acquisitions

Payments to affiliated parties

Grants and contributions

Expenditures

Community-Based Security

Table: Itemisation of expenses

in â&#x201A;Ź

Consolidated PAX

Financial Statements 2017 PAX Foundation

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PAX foundation

BALANCE SHEET (after appropriation of result)

31 December

2017

2016

€

ASSETS Intangible fixed assets

42.525

52.632

Tangible fixed assets

975.109

111.439

Financial fixed assets

204.384

Total fixed assets

143.437 1.222.018

307.508

Receivables and accrued amounts

2.466.567

1.154.696

Cash and Cash Equivalents

6.215.071

4.269.778

9.903.656

5.731.982

Total assets

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PAX foundation

BALANCE SHEET (after appropriation of result)

31 December

2017

2016

â&#x201A;Ź

LIABILITIES Reserves and funds Continuity reserve

Earmarked reserve

1.778.876

1.491.779

1.778.876

1.491.779

Current Liabilities Subsidy commitments

6.510.223

3.233.143

Other accounts payable

675.427

347.860

Other liabilities

939.130

Total liabilities

659.200 8.124.780

4.240.203

9.903.656

5.731.982

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PAX foundation STATEMENT OF INCOME AND EXPENDITURE

INCOME Income from Individuals Income from Companies Income from Lottery organizations Grants from Governments Funding from other non profit organizations Total income

11 12 13 14 15

EXPENDITURE Spent on behalf of the objective Community-Based Security and Citizens Rights

Dealing with the Past

Humanitarian Disarmament Natural Resources and Conflict. Protection of Civillians Freedom from Fear Alliance partner SP

Actual

Budget

Actual

2017

2016

€

728.419 15.377 1.268.314 16.789.071 648.042 19.449.223

824.687 25.000 881.795 19.819.329 1.089.642 22.640.453

771.312 24.103 789.893 15.986.418 604.542 18.176.268

9.096.193 2.135.627 1.984.138 1.846.590 1.169.330 908.277 17.140.155

10.298.744 1.614.641 2.891.393 3.629.441 1.656.879 1.094.356 21.185.454

9.860.602 1.438.067 1.735.848 1.475.688 691.678 827.975 16.029.858

Cost of fundraising

565.097

401.400

391.841

Cost of management and administration

1.480.561

926.972

967.206

19.185.813

22.513.826

17.388.905

263.410

126.627

787.363

23.687

5.000

43.447

287.097

131.627

830.810

287.097 287.097

131.627 131.627

830.810 830.810

Total Expenditures Sum before financial income and expenses Financial income and expenses

Sum income and expenses Appropriation of Result Addition to Continuity reserve Addition to Earmarked reserve

47 Document waarop het KPMG-rapport (1368085/18X00157929UTR) d.d. 30 april 2018 (mede) betrekking heeft.

PAX foundation

CASH FLOW STATEMENT

Sum of income and expenses 2017

2017

2016

â&#x201A;Ź

287.097

830.810

90.592

Adjusted for: Depreciations

1,2

257.731

Net interest income

3.403-

Changes in Receivables and accrued amounts

1.311.871-

1.060.388

3.884.577

4.925.213-

3.114.131

2.966.139-

Changes in Current liabilities

8,9,10 Operating cash flow

Interest received

Interest paid

19 Cash flow from operating activities

3.678 2753.117.534

22.716-

22.716 2.943.423-

Investment/disinvestment in intangible fixed assets

27.569-

31.967-

Investment/disinvestment in tangible fixed assets

1.083.725-

46.416-

Investment/disinvestment in financial fixed assets

60.947-

133.235

1.172.241-

54.852

Cash flow from investing activities

Changes in financing Cash flow from financing activities Changes in Cash and Cash Equivalents

1.945.293

2.888.571-

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PAX foundation

Notes to the 2017 Financial Statements General PAX defined one set of notes applicable to all the entities of the consolidated group. The notes are included in de Consolidated Financial Statements. PAX Foundation - Stichting Vredesbeweging Pax Nederland (PAX) Stichting Interkerkelijk Vredesberaad (IKV); Vereniging Vredesbeweging Pax Christi Nederland (Pax Christi); Stichting Katholieke Vredesbeweging (Stikav); Fundacion Pax Colombia (FPC)

49 Document waarop het KPMG-rapport (1368085/18X00157929UTR) d.d. 30 april 2018 (mede) betrekking heeft.

PAX foundation Explanation of the balance sheet 31 December

31 December

2017 â&#x201A;Ź

2016 â&#x201A;Ź

Intangible fixed assets Balance as at 31/12 * Software

19.708

36.879

Licences

22.817

15.753

*) Software and licences are regular enterprise software and licenses.

42.525

52.632

Movement in intangible fixed assets:

Software

Licences

Total

Balance as at January 1 Purchase value

341.764

99.742

441.506

Accumulated depreciation

304.885

83.989

388.874

36.879

15.753

52.632

6.704

20.865

27.569

Book value Changes in book value Purchases Desinvestments

Depreciations

23.875

13.801

37.676

-17.171

7.064

-10.107

Purchase value

348.468

120.607

469.075

Accumulated depreciation

328.760

97.790

426.550

19.708

22.817

42.525

Balance Balance as at December 31

Book value

31 December

2017

2016

2. Tangible fixed assets Balance as at 31/12 Other fixed operating assets Renovation

Other fixed operating assets

Movement in tangible fixed assets

146.326

95.863

828.783

15.576

975.109

111.439

Renovation

Total

Balance as at January 1 Purchase value Accumulated depreciation Book value

886.750 790.887 95.863

298.064 282.488 15.576

1.184.814 1.073.375 111.439

Changes in book value Investments * Desinvestments Depreciations Balance

126.942 76.479 50.463

956.783 143.576 813.207

1.083.725 220.055 863.670

1.013.692 867.366 146.326

1.254.847 426.064 828.783

2.268.539 1.293.430 975.109

Balance as at December 31 Purchase value Accumulated depreciation Book value

*) Investments in office equipment, workstations and laptops, renewal and enlargement of server capacity. Both, intangible and tangible fixed assets held for business operations.

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PAX foundation Explanation of the balance sheet (cont.) 31 December

31 December

2017 €

2016 €

73.117 61.166 19.377 50.724 204.384

81.684 46.813 14.940 143.437

Receivables and accrued amounts Ministry of Foreign Affairs final settlement funds 2017 Cordaid Gender Fund Other donors Currents accountants alliance partners Prepaid salaries and pension contributions Income taxes and social security contribution Payments in progress

20.887 27.607 1.265.557 30.224

27.988 639.622 6.598 384 550 46.472

Prepayments and receivables and guarantees

1.122.292

433.082

2.466.567

1.154.696

5.173.951 903.552 104.126 33.442 6.215.071

3.458.557 697.663 68.760 44.798 4.269.778

Financial fixed assets Stichting Katholieke Vredesbeweging Stichting IKV Vereniging Pax Christi Fundation Pax Colombia (FPC)

No receivables due after more then one year. The increase of receivables is mainly due to the expire of contract terms with the final installment.

Cash and Cash equivalents Deposits (term under 3 months) Credit balances on Dutch bank accounts Credit balances on foreign bank accounts Cash balances

The cash and cash equivalents balance includes an amount of € 113,460 that is not immediately accessible. This relates to funds that are in a blocked account because of guarantees issued by the bank.

Continuity reserve

1.778.875

1.491.777

Movement in continuity reseve Balance as at January 1

1.491.777

660.967

Allocation of the result Balance as at December 31

Earmarked reserve

287.097

830.810

1.778.874

1.491.777

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PAX foundation Explanation of the balance sheet (cont.)

Subsidy commitments Ministry of Foreign Affairs advance Strat. Partn. Dialogue and Dissent Ministry of Foreign Affairs Strat. Partn. Dialogue and Dissent Alliance partner Amnesty International Ministry of Foreign Affairs other Funds not spent in 2016 to use in 2017 Cordaid Gender Fund Payment obligation allotted grants Other expenses to be paid Other prepaid grants by donors

31 December

2017 €

2016 €

2.064.607

834.246

444.773

774.656 2.807.939 418.247 6.510.222 *) The advance Strat. Partn. Dialogue and Dissent comprises the commitment of alliance partner

294.225 847.612 863.643 393.418 3.233.144

Amnesty International, PAX being the lead of the alliance. 9

Other accounts payable

10 Other liabilities *) Income taxes and social security contribution Sales tax Reservation for leave days and holiday allowance Payable salaries and pension contributions Other debts, accruals and deferred income

675.427

347.860

76.058 25.018 612.747 22.171 203.136 939.130

25.018 510.979 123.203 659.200

*) No other liabilities due after more then one year. 10B Off-Balance Sheet Assets and Liabilities Guarantees PAX has provided a blocked bank guarantee of € 113,460 to Hajofi, lessor of the new office location Jacobstraat, Utrecht, per 01.04.2017. Commitments <1 year € 2.430.787 € 24.552 € 396.834 € 161.570

Partners & consultants Lease of equipment Office rent * Service contracts

€ € € €

1– 5 year 950.000 30.690 1.467.526 485.244

>5 year

*) The office rent contract includes a rent-free period of 183,000 EUR, that will be realized during the 5 year contract-period.

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PAX foundation Explanation of the income and expenditure account

Actual

Budget

Actual

2017 €

2016 €

The income items are reclassified according RJ650. See the notes in the Consolidated Financial Statement. The sources of income relate to projects with statutory regular destinations. In the terms of the providers of these sources of income no other than statutory regular destinations are included.

11 Income from Individuals Contributions private fundraising Vereniging Pax Christi Contribution private fundraising Stichting IKV Contribution private fundraising STIKAV Collections Donations Legacies

14.087 60.241 110.000 77.509 413.869 52.713 728.419

19.500 64.500 136.000 554.687 50.000 824.687

27.489 78.760 150.000 57.881 457.182 771.312

15.377 15.377

25.000 25.000

24.103 24.103

500.000 130.634 637.680 1.268.314

500.000 150.000 231.795 881.795

500.000 289.893 789.893

12.561.992 908.277 1.202.469 1.126.061 15.798.799

14.192.592 1.094.356 2.039.073 1.433.258 18.759.279

9.952.828 827.975 2.842.545 1.272.939 14.896.287

990.272 990.272

1.060.050 1.060.050

1.090.131 1.090.131

16.789.071

19.819.329

15.986.418

650.690 438.952 1.089.642

558.787 45.755 604.542

12 Income from Companies

Donations and charity discounts 13 Income from Lottery organizations

National Postcode Lottery: regular contribution National Postcode Lottery: project Lessons in Peace National Postcode Lottery: project Story of the Refugee 14 Grants from Governments

Direct Ministry of Foreign Affairs SP Freedom from Fear Alliance partners Other direct Dutch Government Other direct Foreign Governments Indirect Other indirect Total grants from governments

*) The Ministry of Foreign Affair's Subsidy Strategic Partnership on Dialogue and Dissent (SP D&D) allocated an amount totalling €59,500,000 for the Freedom from Fear Alliance for the period 2016 through 2020.

16 Funding from other non profit organizations

Funding Churches Endowment funds Other NGO organisations

13.563 416.257 218.222 648.042

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PAX foundation Explanation of the income and expenditure account (cont.)

Actual

Budget

Actual

2017 €

2016 €

Total

Spent on behalf of the objective Expenditures on the objective were subdivided by project over five categories. All costs were assigned to the programmes. Actual Actual direct indirect costs costs 2017 2017 4.419 4.677 1.083 1.053 493 1.491 612 1.235 345 824 6.952 9.280

actual 2017 9.096 2.136 1.984 1.847 1.169 16.232

budget 2017 10.299 1.615 2.891 3.629 1.657 20.091

actual 2016 9.861 1.438 1.736 1.476 692 15.202

908 17.140

1.094 21.185

828 16.030

19.449 88,1%

22.640 93,6%

18.176 88,2%

17 Cost of Fundraising *) Cost of fundraising, as percentage of total income

2,9%

1,8%

2,2%

18 Management & administration *) Management and administration costs, as percentage of total income

7,6%

4,1%

5,3%

Programme costs(x €1,000) Community-based security and citizens rights Dealing with the Past

Humanitarian Disarmament Natural recources and conflict. Protection of Civillians

The Freedom from Fear Alliance parties' MFS SP liabilities Allocation is based on logbook results. Details are shown in Table Itemisation of expenses.

Percentages spent *) Income on behalf of the objective (x €1,000)

Percentage spent on objective in relation to income.

*) Distorted year comparison due to change in Income classification (RJ650) and due to change in allocation (new guideline Goed Doelen Nederland).

Actual 2017

19 Financial income and expenses Interest income Interest expenses Payment charges Exchange differences

3.678,00 -275,00 -29.338,00 49.622,00 23.687,00

Budget 2017

Actual 2016

5.000,00 22.716,00 -7.746,00 28.477,00 5.000,00 43.447,00

Document waarop het KPMG-rapport (1368085/18X00157929UTR) d.d. 30 april 2018 (mede) betrekking heeft. 54

PAX foundation Explanation of the income and expenditure account (cont.)

2017

2016

â&#x201A;Ź x 1,000

Specification of personnel cost 6.115

4.755

Social security contributions

910

778

Pension

586

480

7.611

6.013

Other personnel cost **)

1.707

1.296

Total personnel cost

9.318

7.309

Gross salaries *)

Explanation of changes Change in employed personnel cost

1.599

Change in other personnel cost Total change in personnel cost

410 2.009 2017

2016

Employees (in FTE) Average # in the Netherlands

113,5

95,4

Number on balance sheet date in the Netherlands

119,6

107,4

Average # of FTEs foreign

15,8

17,7

Number of FTEs on balance sheet date foreign

14,3

23,5

Average # of FTEs Total Number of FTEs on balance sheet date Total

129,3 133,9

113,1 130,9

Change in number of FTEs on balance sheet date in the Netherlands Change in number of FTEs on balance sheet date foreign Total change FTEs on balance sheet * **

12,2 -9,2 3,0

The growth in FTEs (in the Netherlands) largely explaines the growth of employed personnel cost anticipating the growth of budget 2016 till 2020. The level of other personnel cost is mainly due to the investments in organisational improvements, strengthening of administration and control as well as monitoring and reporting systems to the end of increased accountability and transparency for the period 2016 till 2020, through hiring of interim staff.

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PAX foundation

Renumeration Senior Executives See the Consolidated Financial Statements

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6,4%

3,1%

565.097

11.564

44.110

31.716

418.105

59.602

The total cost of the organisation is based on the actually realised hourly rates 2017, allocated to the above mentioned TOCs (direct) and cost types (indirect).

e-h

8,1%

1.480.561

33.871

129.194

92.895

1.224.601

Administration

827.975 17.388.905

908.277

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16.560.930

90.592

894.027

505.319

7.309.143

492.406

744.482

2.632.319

3.892.642

2016

Total **)

19.185.812

18.277.535

257.731

983.053

706.847

9.318.129

777.976

793.863

1.883.970

3.555.966

2017

Total *)

Hiring specialists for research and reporting

Direct programme costs for communication.

Payments to partner organisations with whom we work when carrying out projects.

Direct programme costs, i.e. purchasing, hiring, travel and accommodation expenses.

Explanation to expenses and distribution:

M&A cost

Management &

Restated for comparison reasons.

10,1%

1.169.330

18.850

71.900

51.698

681.521

81.551

23.918

169.208

70.684

Fundraising

PAX has not budgeted on cost category (row in the table above), since we budgeted per objective-theme (as per columns above). For the latter see the Statement of Income and Expenditures.

10,9%

1.846.590

28.254

107.766

77.488

1.021.492

122.862

44.366

146.300

Civillians

Protection of

11,7%

49,8%

1.984.138

34.106

130.088

93.537

1.233.073

108.943

122.678

215.614

298.062

and Conflict.

Natural Resources

Cost of Fundraising *)

**)

2.135.627

24.080

91.848

66.042

870.604

96.429

127.032

188.308

9.096.192

107.006

408.147

293.471

3.868.733

368.191

475.869

1.104.938

46.099

Disarmament

Humanitarian

Spent on behalf of the objective

671.284

the Past

2.469.837

Dealing with

and Citizens Rights

Freedom from Fear Alliance partner

Total

Depreciation

Personnel cost

Office and general expenses

Publicity and promotion

Accommodations

Contracted work

Purchases and acquisitions

Grants and contributions

Expenditures Community-Based Security

Table: Itemisation of expenses

in â&#x201A;Ź

PAX foundation

Approval Financial report and Appropriation of result

Date:

30 april 2018

Supervisory board Marieke de Wal Carla Kuijpers-Groensmit Wieger Bakker Peter van der Veer Marina van Notten Sander Smits van Oyen Board of directors Jan Gruiters Miriam Struyk Radboud van Delft

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4. Other 4.1 Independent auditors report

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Independent auditor’s report To: the Executive Board and the Supervisory Board of Stichting Vredesbeweging PAX Nederland

Report on the accompanying consolidated financial statements in the consolidated financial report Our opinion We have audited the consolidated financial statements 2017 of Stichting Vredesbeweging PAX Nederland, based in Utrecht. In our opinion the accompanying consolidated financial statements give a true and fair view of the financial position of Stichting Vredesbeweging PAX Nederland as at 31 December 2017, and of its result 2017 in accordance with the Guideline for annual reporting 650 ‘Fundraising organisations’ of the Dutch Accounting Standards Board and the requirements of the Wet normering bezoldiging topfunctionarissen publieke en semipublieke sector (WNT). The consolidated financial statements comprise: 1 the consolidated and foundation’s balance sheet as at 31 December 2017; 2 the consolidated and foundation’s statement of income and expenditures 2017; and 3 the notes comprising a summary of the accounting policies and other explanatory information. Basis for our opinion We conducted our audit in accordance with Dutch law, including the Dutch Standards on Auditing and the Controleprotocol WNT. Our responsibilities under those standards are further described in the ‘Our responsibilities for the audit of the consolidated financial statements’ section of our report. We are independent of Stichting Vredesbeweging PAX Nederland in accordance with the Verordening inzake de onafhankelijkheid van accountants bij assurance-opdrachten (ViO, Code of Ethics for Professional Accountants, a regulation with respect to independence) and other relevant independence regulations in the Netherlands. Furthermore, we have complied with the Verordening gedrags- en beroepsregels accountants (VGBA, Dutch Code of Ethics). We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Report on the other information included in the consolidated financial report In addition to the consolidated financial statements and our auditor’s report thereon, the consolidated financial report contains other information that consists of:

— the management report; — report from the supervisory board; — other information.

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Based on the following procedures performed, we conclude that the other information is consistent with the consolidated financial statements and does not contain material misstatements. We have read the other information. Based on our knowledge and understanding obtained through our audit of the consolidated financial statements or otherwise, we have considered whether the other information contains material misstatements. By performing these procedures, we comply with the requirements of the Dutch Standard 720. The scope of the procedures performed is less than the scope of those performed in our audit of the consolidated financial statements. The Executive Board is responsible for the preparation of the other information.

Description of the responsibilities for the consolidated financial statements Responsibilities of the Executive Board and the Supervisory Board for the consolidated financial statements The Executive Board is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with the Guideline for annual reporting 650 ‘Fundraising organisations’ of the Dutch Accounting Standards Board and the requirements of the WNT . Furthermore, the Executive Board is responsible for such internal control as the Executive Board determines is necessary to enable the preparation of the consolidated financial statements that are free from material misstatement, whether due to errors or fraud. As part of the preparation of the consolidated financial statements, the Executive Board is responsible for assessing the company’s ability to continue as a going concern. Based on the financial reporting frameworks mentioned, the Executive Board should prepare the consolidated financial statements using the going concern basis of accounting unless the Executive Board either intends to liquidate the Foundation or to cease operations, or has no realistic alternative but to do so. The Executive Board should disclose events and circumstances that may cast significant doubt on the company’s ability to continue as a going concern in the consolidated financial statements. The Supervisory Board is responsible for overseeing the Foundation’s financial reporting process. Our responsibilities for the audit of the consolidated financial statements Our objective is to plan and perform the audit assignment in a manner that allows us to obtain sufficient and appropriate audit evidence for our opinion. Our audit has been performed with a high, but not absolute, level of assurance, which means we may not have detected all material errors and fraud during our audit. Misstatements can arise from fraud or errors and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the consolidated financial statements. The materiality affects the nature, timing and extent of our audit procedures and the evaluation of the effect of identified misstatements on our opinion.

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We have exercised professional judgement and have maintained professional scepticism throughout the audit, in accordance with Dutch Standards on Auditing, ethical requirements and independence requirements. Our audit included e.g.:

— identifying and assessing the risks of material misstatement of the consolidated financial statements, whether due to errors or fraud, designing and performing audit procedures responsive to those risks, and obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from errors, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;

— obtaining an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Foundation’s internal control;

— evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Executive Board;

— concluding on the appropriateness of management’s use of the going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Foundation’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company ceasing to continue as a going concern;

— evaluating the overall presentation, structure and content of the consolidated financial statements, including the disclosures; and

— evaluating whether the consolidated financial statements represents the underlying transactions and events in a manner that achieves fair presentation. We communicate with the Supervisory Board regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant findings in internal control that we identify during our audit. Utrecht, 30 April 2018 KPMG Accountants N.V.

J.L.C. van Sabben RA

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Sint Jacobsstraat 12

www.paxforpeace.nl

P.O. Box 19318

3511 BS Utrecht

info@paxforpeace.nl

3501 DH Utrecht

The Netherlands

+31 (0)30 233 33 46

The Netherlands