MASSIF FUND

Statement of financial position

At December 31

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Statement of changes in fund capital

At December 31

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Statement of comprehensive income

At December 31

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Statement of cash flows

At December 31

Summary of accounting policies

MASSIF ("the Fund") was established in 2006 by the Dutch Ministry of Foreign Affairs to provide risk capital and local currency financing to financial intermediaries in developing countries who in turn serve micro- and small scale entrepreneurs and

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Notes to the annual accounts

The cash on bank accounts can be freely disposed of.

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Risk management

For FMO, acting in its role as Fund Manager (hereafter ‘FMO’), to be able to carry out the Fund’s strategy, it is essential to have an adequate risk management system in place to identify, measure, monitor and mitigate financial risks.