Disclaimer

Presentation of information

This annual report (“Annual Report”) of Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (“FMO”) has been prepared in accordance with International Financial Reporting Standards as adopted by the European Union (“IFRS-Eu”) and with Title 9 of Book 2 of the Netherlands Civil Code.

The reports made in this document are for general information purposes only and are in particular not intended to confer any legal rights upon any recipient or reader of this Annual Report. Information provided in the Annual Report does not constitute and should not be constructed as, an offer, solicitation, investment advice or financial service. The information in this Annual Report is not intended to encourage any person to buy or sell any product or service from FMO, or to be used as a basis for an investment decision.

Cautionary statement regarding forward-looking statements

Certain of the statements in this Annual Report are not historical facts, including but not limited to certain statements made of future expectations and other forward-looking statements that relate to, among other things, FMO’s business, result of operation, financial condition, plans, objectives, goals, strategies, future events, future revenues and/or performance, capital expenditures, financing needs, plans or intentions, as well as assumptions thereof. Such statements are subject to risks and uncertainties. These statements represent only FMO’s beliefs at the date of publication of this document regarding future events and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Words such as ‘anticipate’, ‘believe’, ‘could’, ‘endeavor’, ‘estimate’, ‘expect’, ‘forecast’, ‘intend’, ‘predict’, ‘project’, ‘may’, ‘objectives’, ‘outlook’, ‘plan’, ‘strive’, ‘target’, ‘will’, and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Actual results, performance or events may differ materially from those anticipated by the forward-looking statements due to, without limitation: (i) changes in general economic, financial and market conditions, in particular in FMO’s core and niche markets, (ii) changes in the availability of, and costs associated with, sources of liquidity, as well as conditions in the credit markets generally, including changes in borrower and counterparty creditworthiness, (iii) changes in performance of financial markets, including emerging and developing markets, (iv) changes in interest rate levels, (v) changes in credit spread levels, (vi) changes in currency exchange rates, (vii) changes in general competitive factors, (viii) general changes in the valuation of assets, (ix) conclusions with regard to accounting assumptions and methodologies, (x) changes in law and regulations, including regulatory law and fiscal law, (xi) changes in policies of governments and/or regulatory authorities, (xii) changes in credit and financial strength ratings, (xiii) other risks and uncertainties detailed in the 'Risk Factors' section contained in recent public disclosures made by FMO, (xiv) risks and uncertainties as addressed in this Annual Report, and (xv) FMO’s success in managing the risks involved in the foregoing.

The forward-looking statements are only applicable as from the date of publication of this Annual Report. FMO does not intend to publicly update or revise forward-looking statements contained in this Annual Report to reflect events or circumstances after the date of this report, and FMO does not assume any responsibility to do so.

By accessing this Annual Report, readers acknowledge and accept that forward-looking statements are subject to risks and uncertainties and agree not to rely on them as a basis for making any financial or investment decisions. FMO shall not be liable for any damages, whether direct, indirect, incidental, or consequential, arising from or related to the use of or reliance upon forward-looking statements contained in this Annual Report.