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KPMG Auditors report

We have been engaged by Nederlandse Financieringsmaatschappij voor Ontwikkelingslanden N.V. (hereinafter also referred to as FMO) to conduct (1) an audit on the financial statements 2012 and (2) a limited assurance engagement of the Report of the Management Board 2012. The audit and the limited assurance engagement are conducted in accordance with the Dutch law, including the Dutch Auditing Standards for the audit and ISAE 3000 for the limited assurance engagement.

Report on the financial statements

We have audited the accompanying financial statements 2012 of Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V., The Hague on pages 80 to 147. The financial statements include the consolidated financial statements and the company financial statements. The consolidated financial statements comprise the consolidated balance sheet as at December 31, 2012, the consolidated profit and loss account, the consolidated statements of comprehensive income, changes in shareholders’ equity and cash flows for the year then ended, and notes, comprising  a summary of the significant accounting policies and other explanatory information. The company financial statements comprise the company balance sheet as at December 31, 2012, the company profit and loss account for the year then ended and the notes, comprising a summary of the accounting policies and other explanatory information.

Assurance Report on the Management Board’s report

We have provided limited assurance on whether the Report of the Management Board 2012 on pages 8 to 65 (further referred to as The Report) is presented, in all material respects, in accordance with the requirements of section 2:391 of the Netherlands Civil Code.

In addition, we have checked whether FMO’s Global reoprting Initiative (GRI) Application Level, as disclosed in the GRI Content Index on FMO’s website, is consistent with the GRI criteria for the disclosed Application Level.

Management’s responsibility

Management is responsible for the preparation and fair presentation of the financial statements in accordance with International Financial Reporting Standards as adopted by the European Union and with Part 9 of Book 2 of the Netherlands Civil Code, and for the preparation of the Report of the Management Board in accordance with Part 9 of Book 2 of the Netherlands Civil Code. Furthermore, management is responsible for such internal control as it determines is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

Management is responsible for the preparation of The Report in accordance with Part 9 of Book 2 of the Netherlands Civil Code. In The Report FMO presents the state of affairs within the company and the strategy and policy pursued following the requirements as set out in section 2:391 of the Netherlands Civil Code.In addition, management is responsible for determining FMO’s GRI Application Level in accordance with the GRI Application Level criteria.


Auditor’s responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Dutch law, including the Dutch Standards on Auditing. This requires that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements 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 entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Our responsibility is to provide limited assurance on whether the information in The Report is, in all material respects, prepared in accordance with section 2:391 of the Netherlands Civil Code. We conducted our engagement in accordance with Standard 3000 Assurance Engagements Other Than Audits or Reviews of Historical Financial Information as issued by the NBA. We do not provide any assurance on the feasibility of the targets, expectations, policy and ambitions of FMO. Procedures performed to obtain a limited level of assurance are aimed at determining the plausibility of information and are less extensive than those for a reasonable level of assurance.  The following procedures were performed:

  • a review of the content of The Report in relation to the specific requirements as set out in section 2:391 of the Netherlands Civil Code;
  • a review of the underlying principles of information management and reporting used in drawing up The Report;
  • interviews with relevant staff responsible for the information in The Report;
  • a review of internal and external documentation such as minutes of meetings, reports and intranet sources;
  • a review of the underlying systems and procedures used to collect and process the reported
  • information, including the aggregation of data into the information in The Report;
  • a review of the reliability of the quantitative information in The Report based on sampling.

GRI check

With respect to our work on the disclosed GRI Application Level, our procedures were limited to checking whether the GRI Content Index is consistent with the criteria for the disclosed Application Level and that the relevant information is publicly reported.

Opinions and conclusion

Opinion with respect to the consolidated financial statements

In our opinion, the consolidated financial statements give a true and fair view of the financial position of Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. as at December 31, 2012 and of its result and its cash flows for the year then ended in accordance with International Financial Reporting Standards as adopted by the European Union and with Part 9 of Book 2 of the Netherlands Civil Code.

Opinion with respect to the company financial statements

In our opinion, the company financial statements give a true and fair view of the financial position of Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. as at December 31, 2012 and of its result for the year then ended in accordance with Part 9 of Book 2 of the Netherlands Civil Code.

Conclusion with respect to The Report of the Management Board

Based on the work described in the previous paragraph, nothing has come to our attention that causes us to believe that the information in The Report on pages 8 to 65 is not, in all material respects, presented in accordance with the requirements included in section 2:391 of the Netherlands Civil Code

 

Other

Report on other legal and regulatory requirements

Pursuant to the legal requirements under Section 2:393 sub 5 at e and f of the Netherlands Civil Code, we have no deficiencies to report as a result of our examination whether the Report of the Management Board, to the extent we can assess, has been prepared in accordance with part 9 of Book 2 of this Code, and if the information as required under Section 2:392 sub 1 at b - h has been annexed. Further, we report that the Report of the Management Board, to the extent we can assess, is consistent with the financial statements as required by Section 2:391 sub 4 of the Netherlands Civil Code.

Report on GRI application level

Based on the procedures performed we conclude that the GRI Content Index on FMO’s website is consistent with the GRI criteria for the disclosed Application Level.

Amstelveen, March 11, 2013

KPMG ACCOUNTANTS N.V.

M.A. Hogeboom RA