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the audited General Insurance Annual Statement of Massy United Insurance Limited – Curacao Branch RU RXU NQRZOHGJH REWDLQHG LQ WKH DXGLW RU RWKHUZLVH appears to be materially misstated. If based on the ZRUN ZH KDYH SHUIRUPHG ZH FRQFOXGH WKDW WKHUH LV D PDWHULDO PLVVWDWHPHQW RI WKLV LQIRUPDWLRQ ZH DUH required to report that fact. We have nothing to re- port in this regard. 0DQDJHPHQW·V 5HV

ADVERTENTIE $XGLWHG )LQDQFLDO +LJKOLJKWV Massy United Insurance Ltd. Curacao Branch )LQDQFLDO KLJKOLJKWV 7KH ÀQDQFLDO KLJKOLJKWV GR QRW FRQWDLQ DOO WKH GLV- closures required by the General Insurance Annual Statement Composition and Valuation Guidelines (2015) of the Central Bank of Curaçao and Sint 0DDUWHQ 5HDGLQJ WKH ÀQDQFLDO KLJKOLJKWV DQG WKH DXGLWRU·V UHSRUW WKHUHRQ WKHUHIRUH LV QRW D VXEVWL- tute

Dinsdag 17 december 2019 one of the largest conglomerates in the Caribbean DQG &RORPELD ZLWK RYHU VXEVLGLDU\ FRPSDQLHV 11,000 employees and annual revenues of USD 1.7 Billion. :H ZRXOG OLNH WR WKDQN DOO EURNHUV DQG FXVWRPHUV IRU WKHLU OR\DOW\ RXU G\QDPLF WHDP ZKR PDNHV RXU success possible, the CBCS and all other stake- holders for their ever present support.. Curacao, 11 December 2019, Ernie Croe

Antilliaans Dagblad 2018 Management Report 2018 :H DUH SOHDVHG WR SUHVHQW WKH ÀQDQFLDO KLJK- lights of Massy United Insurance Curaçao branch. 7KH UDPLÀFDWLRQV RI KXUULFDQHV ,UPD DQG 0DULD ZHUH not felt by the branch until 2018, as the company ended up paying in excess of USD 250,000,000 LQ WKH UHJLRQ DQG PRVW KXUULFDQH FODLPV ZHUH QRW ÀQDOL]HG XQWLO 'XULQJ WKH DXGLW D SUHYL- RXVO\ ÁDZHG

Dinsdag 17 december 2019 EDVHG RQ RXU SURFHGXUHV ZKLFK ZHUH FRQGXFWHG LQ DFFRUGDQFH ZLWK ,QWHUQDWLRQDO 6WDQGDUG RQ $X- GLWLQJ 5HYLVHG ¶(QJDJHPHQWV WR 5HSRUW RQ 6XPPDU\ )LQDQFLDO 6WDWHPHQWV· Other matter Our report dated January 31, 2019 on the con- VROLGDWHG ÀQDQFLDO VWDWHPHQWV RI WKH &RPSDQ\ IRU WKH \HDU HQGHG 6HSWHPEHU ZDV PDGH VROHO\ WR WKH &RPSDQ\·V VKDUHKROGHU DV D ERG\ FRUSRUDWH LQ

Antilliaans Dagblad is not a substitute for reading the audited con- VROLGDWHG ÀQDQFLDO VWDWHPHQWV DQG WKH DXGLWRU·V UHSRUW WKHUHRQ 7KH DXGLWHG FRQVROLGDWHG ÀQDQ- cial statements, and the summary consolidated ÀQDQFLDO VWDWHPHQWV GR QRW UHÁHFW WKH HIIHFWV RI events that occurred subsequent to the date of RXU UHSRUW RQ WKH DXGLWHG FRQVROLGDWHG ÀQDQFLDO 7KH DXGLWHG FRQVROLGDWHG ÀQDQFLDO VWDW

Massy United Insurance Ltd. Barbados VWDWHPHQWV ÀQDQFLDO FRQVROLGDWHG United Insurance Ltd. (the Company) are con- VLVWHQW DOO PDWHULDO UHVSHFWV ZLWK WKH DXGLWHG FRQVROLGDWHG ÀQDQFLDO VWDWHPHQWV RQ WKH EDVLV described in Note 1. 7KH VXPPDU\ FRQVROLGDWHG ÀQDQFLDO VWDWHPHQWV 7KH &RPSDQ\·V VXPPDU\ FRQVROLGDWHG ÀQDQFLDO statements derived from the audited consolidated ÀQDQFLDO VWDW

ADVERTENTIE &RQVROLGDWHG )LQDQFLDO +LJKOLJKWV RI 0DVV\ statements. and our report thereon $XGLWRU·V UHVSRQVLELOLW\ WKH ZKHWKHU 5(9(18( ([SHFWHG FUHGLW ORVV Other expenses 7RWDO UHYHQXH ([SHQVHV Losses incurred Net claims incurred Other expenses 7RWDO H[SHQVHV Taxation $WWULEXWDEOH WR Shareholder %DVLV RI FRQVROLGDWLRQ 7KH FRQVROLGDWHG ÀQDQFLDO VWDWHPHQWV FRP- SULVH WKH ÀQDQFLDO VW

2018 CEO Report 2018 ZDV D GLIÀFXOW \HDU IRU XV WR VHH RXU SHRSOH across the Caribbean impacted in such a nega- WLYH ZD\ DQG KDYH WKHLU OLYHV GLVUXSWHG ZDV GLIÀ- FXOW :H ZHUH KDSS\ WKDW ZH ZHUH DEOH WR EH WKHUH for our clients going into 2018 by paying their claims. Since then, successfully implementing our corporate strategy has helped Massy United UHWXUQ WR SURÀWDELOLW\ :H DFWXDOO\ SHUIRU

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