Off-balance sheet information

The company issued guarantees regarding principal and interest repayments for a number of projects. The nominal amount of the guarantees is valued at the exchange rate as per December 31, 2011 and December 31, 2010.

Of the liabilities for guarantees €0 (2010: €0) is covered by a counter guarantee of the State.

The future lease payments under non-cancelable operating leases are based on contractual terms and can be summarized as follows:

FMO defines the Dutch State, subsidiaries, associated companies, the Management Board and Supervisory Board as related parties.

Dutch State

The Dutch State holds 51% of FMO's share capital. The remaining 49% is held by banks and others. In 2005, FMO received its last contribution to the development fund from the Dutch State for the amount of €37,260. FMO has a guarantee provision from the State, which is detailed in 'other information'.

FMO stimulates the development of small and medium Dutch-sponsored enterprises in selected emerging markets through the 'Faciliteit Opkomende Markten'. This facility is a joint initiative with the Dutch Ministry of Economic Affairs. The State acts as a guarantor for 80% to 95% of the outstanding loans. These loans are included in the consolidated annual accounts under 'loans guaranteed by the State'.

FMO executes several government funds and programs at the risk and expense of the State. Below is a description of the different funds and programs:

1. MASSIF
   MASSIF extends risk capital and local currency financing to financial intermediaries in developing countries who in turn serve micro- and small-scale entrepreneurs and lower income households. FMO has a 2.66% (2010: 2.66%) stake in this fund. For 2011, FMO received a fixed remuneration of €10,508.
   
2. Infrastructure Development Fund
   Through this fund, FMO concentrates on the development of the social and economic infrastructure in least developed countries. FMO aims to stimulate private investors to invest in private or public-private infrastructure projects in these countries. By providing risk capital, the Infrastructure Development Fund decreases risk for other financiers. As a result, additional private funds are attracted. For 2011, FMO received a fixed remuneration of €3,696 in accordance with the subsidy order.
   
3. Capacity Development (CD)
   The CD program provides clients with financial support to realize their internal business endeavors in areas such as management development, organizational development, corporate governance, environmental and social performance and product development. The program was financed by the Dutch Minister for Development Cooperation and ran from 2006 through 2011. In line with the recent evaluation of the CD program, it is the intention of both the Ministry and FMO to continue the CD program through 2015, mainly benefitting MASSIF and FMO-A clients. For 2011, FMO received a fixed remuneration of €900.
   
4. Access to Energy Fund (AEF)
   FMO agreed with the Dutch Minister for Development Cooperation to execute the subsidy scheme, Access to Energy Fund. Through this fund, FMO provides risk and concessional financing through equity, local currency loans, subordinated debt and grants to facilitate projects that generate, transmit or distribute sustainable energy. For 2011, FMO received a fixed remuneration of €1,836.
   

Subsidiaries

The consolidated subsidiaries FMO Antillen N.V. and Nuevo Banco Comercial Holding B.V. are used for intermediate holding purposes. The consolidated subsidiary Blauser S.A. is an Ecuadorian fruit processor and exporter.

During 2011, FMO's stake in Blauser S.A. increased from 63.125% to 70.500%.

The transactions during the year are summarized in note 3 of the company balance sheet. At December 31, 2011, FMO has a loan exposure to Blauser S.A. of €8,452 (2010: €5,738).

Remuneration of the Management Board

On December 31, 2011, the Management Board consisted of three statutory members (2010: three). The members of the Management Board have no shares, options or loans related to the company. The performance-related pay shown in the following table relates to the performance year and not to the year in which they are paid. Payments regarding the general profit-sharing scheme, social security, company car and life-course savings scheme are included in other instead of fixed remuneration and performance-related pay.

The total remuneration of the Management Board in 2011 amounts to €1,105 (2010: €1,122) and is specified as follows:

1) The reported performance-related pay related to 2011 will be partly deferred in line with the guidelines on remuneration policies and practices.
2) Includes contributions to company car, fixed expense allowance, general profit-sharing, life-course savings scheme, compensation of interest on mortgages, compensation for the return of leave allowances (ADV), and anniversary benefits. This is in line with the general fringe benefits within FMO.
3) Nico Pijl's fixed remuneration includes a six-week unpaid leave in 2010.

The annual remuneration of the members of the Supervisory Board is as follows:

1) Willy Angenent resigned his position in May 2011
2) Jean Frijns was appointed to the Supervisory Board in 2010, and appointed as chairman of the Supervisory Board in May 2011

The members of the Supervisory Board have no shares, options or loans related to the company.