Page 48 - Financial Statements 2014, 2015 & 2016

AVSERMA Aviation Services &
Management Co. N.V.
Consolidated financial statements 2014

To the Management and Shareholders of
AVSERMA Aviation Services & Management Co. N.V.
Rumbastraat 20
Oranjestad-Oost, Aruba
September 7, 2015

COMPILATION REPORT
We have compiled the consolidated financial statements 2014 of AVSERMA Aviation
Services & Management Co. N.V., Aruba, based on the information received from you.
These financial statements comprise the statement of financial position as at December 31,
2014, the statement of the comprehensive income for the year then ended and the
accompanying notes. These notes include as summary of the accounting principles used for
financial reporting.

This compilation engagement is carried out by us in accordance with Dutch law, including
applicable guideline for accountants Standard 4410H: "Composition engagements". Based on
this standard it is expected of us that we support you in the preparation and presentation of
financial statements in accordance with generally accepted accounting principles in the
Netherlands. We have thereby applied our expertise in the field of accounting and financial
reporting.

In a compilation engagement you are responsible for the accuracy and completeness of the
information provided We conducted our work in accordance with the applicable regulations
and also based on the assumption that you have met this responsibility. In finalization of our
work, we verified globally by reading these financial statements that the overall picture of
the financial statements correspond with our knowledge of AVSERMA Aviation Services &
Management Co. N.V. We have not performed audit or review procedures which enable us
to express an opinion or to draw a conclusion as to the true and fair view of the financial
statements.

In performing this task, we have adhered to the relevant ethical requirements applicable to
us in the Verordening Gedrags- en Beroepsregels Accountants (VGBA). You and other users
of these financial statements should therefore may assume that we carried out this
engagement professionally, competent and careful, conscientious and objectively hand that
we will treat the information received from you confidential.

For further details on the nature and scope of the compilation engagement and the VGBA
please refer to www.nba.nl/uitleg-samenstellingsverklaring.
Oranjestad, September 7, 2015

ATLAS Accountancy Tax Legal & Advisory Services

drs. Ryan K. Kock AA

L.G. Smith Boulevard 160 • Suite 403 A/B • Sun Plaza • Postbus 5366 • Oranjestad • ARUBA
Tel +(297) 582 4863 • Fax +(297) 582 4879 • KvK 41466.0
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