Colophon 2 Contents 3 List of Illustrations 7 Foreword 9

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1 Contents Colophon 2 Contents 3 List of Illustrations 7 Foreword 9 Chapter 1 Trends of the Dutch Pension Fund Market Total Assets of Pension Plans Structure of the Dutch Pension Fund Market Assets of Dutch Pension Schemes Dutch Pension Fund Industry after Chapter 2 Trends on the Dutch Investment Management Market Market Developments Distribution of Services 36 Chapter 3 Operational Structure of Dutch Pension Plans Goals and Governance 42 Chapter 4 Pension System Dutch Pension System Dependency ratios Pension reform in the Netherlands Defined Benefit and Defined Contribution 56 Chapter 5 Performances and Z-scores Performances Z-scores and Performance test Chapter 6 Asset mix of Dutch Pension Plans Asset mixes Asset Mix per Type of Pension Scheme Real Estate Hedge Funds Private Equity Geographical Mix Asset Managers of ABP and PGGM Alterations in the Asset Mix and Investment Style 85 Chapter 7 Funding ratios of Pension Plans Cash Flows Funding Ratios of Individual Pension Schemes 94 Chapter 8 Profile Pages Marketing Labels Profile Pages Addendum 325 Chapter 9 Websites, Contact persons and Addresses Websites of Dutch Pension Plans Consultants 363

2 Profiles featured in paragraph 25 Abbott Nederland ABN AMRO Bank ABP ACF / Brocacef Agr. VoedselvoorzieningsHandel Ahold Akzo Nobel Albemarle Alcatel-Lucent ANWB Apotheken (PMA), Medewerkers Apothekers (SPOA), Openbare Arcadis Architectenbureaus Ardo Nederland Astellas AT&T Netherlands (SPAN) Atos Origin Atradius Bakkersbedrijf Baksteenindustrie Ballast Nedam Banden- en Wielenbranche BASF Bavaria Betonmortelindustrie Betonproduktenindustrie Bibliotheken Openbare Bitumieuze Dakbedekkingsbedrijf Boskalis Westminster Nederland Bouwmaterialen (Hibin), Handel in Bouwnijverheid British American Tobacco Calpam Campagne Campina Cap Gemini Nederland Cargill TenCate, Koninklijke Cerestar Nederland CFK, St. Brp. Citigroup Nederland Landbouw ('Colland') Co-op Corporate Express Cosun, Koninklijke CRH en Cementbouw CSM Nederland CSM Suiker Deloitte Detailhandel DHV Dierenartsen Diolen DNB (De Nederlandsche Bank N.V.) Douwe Egberts Dow Chemical Drankindustrie DSM Nederland (PDN) DuPont Nederland ECI EDS Elsevier-Ondernemingen Enci Equens Ernst & Young Euretco Federatief Pensioenfonds FGH Bank Film- en Bioscoopbedrijf Financiering Voortzetting Pensioenverzekering Fluke Fluor Nederland FNV Forbo Fortis Bank Nederland Fracties, De Fysiotherapeuten Gasunie Gazelle General Electric GITP Glasfabrieken, Vereenigde Grafische Bedrijven (PGB) Groenten- en Fruitverwerkende Industrie Grolsche Bierbrouwerij Grondstoffen, Herwinning Grontmij Groothandel in Levensmiddelen Hagee Heineken Heinz Nederland Hercules Nederland Linde Gas (Hoek Loos) Holland Casino Hoogovens (SPH) Horeca en Catering Houthandel Houtverwerkende Industrie Huisartsen (SPH) Hunter Douglas IBM Nederland ICK ING Groep InBev Nederland Internatio Muller (CPIM), Centraal Interpolis Jacobs Nederland Johnson & Johnson Nederland Kalkzandsteen Industrie Kappersbedrijf Kartonnage- Flexibele Verpakkingenbedrijf KLM, Algemeen KLM, Vliegend personeel KLM, Cabinepersoneel Koopvaardij KPN KPN (OPF) Kunst en Cultuur Kuwait Petroleum (Q8) Langdurige Uitzendkrachten Laurus Levensmiddeldenbedrijf Loodsen + Loodswezen Masterfoods (Mars) Meneba Medisch Specialisten (SPMS) Melk- en Zuiveldetailhandelsbedrijf Melle, Perfetti Van Meubelindustrie en Meubileringsbedrijven Mijnbedrijf, Beambtenfonds Mijnwerkersfonds, Algemeen (AMF) MITT MSD (Merck, Sharp, Dohme) Bisdommen, Nederlandse Nedlloyd NIBC Norit Notariaat, Medewerkers Notarieel Nutreco Nutsbedrijven (SFN), Flexibele Uittreding Océ ODS Openbaar Vervoer OPG Optiekbedrijven (BPFO) Orsima OWASE P&C Groep N.V. Particuliere Beveiliging PBO-D: Productschappen PBO-D: Ser & Bedrijfschappen Petroland (ELF) Philips PME (Metalektro) PMT (Metaal en Techniek) PNO Media Poseidon Predikanten Protestantse Kerk Nederland Progress (Unilever) Protector (ExxonMobil) Provisum (C&A) Rabobankorganisatie Randstad Recreatie (SPR) Reisbranche Rijn- en Binnenvaart Roba Rubber- en Kunststoffenindustrie

3 Sabic Sagittarius Samenwerking (Slagersbedrijf), De SCA Hygiene Schelde, Beambten van De Schilders Schoen-, Leder- en Lederwarenindustrie Schoenmakerij Schoonmaak- en Glazenwassersbedrijf Schuitema Shell Sigarenindustrie en Aanverwante Bedrijven Smurfit Kappa Nederland SNS Reaal Groep SNT Spaendonck, Van Spoorwegpensioenfonds Sportfondsen Stork Suiker- en Chocoladeverwerkende Industrie Suikerverwerkende Industrie Tandartsen, Tandartsspecialisten Tandtechniek TDV Teijin Aramid Thales Nederland TNO TNT (TNT Post Group) Total Nederland Transport (DHL) Uitvaartbranche Unisys Urenco (SPUN) UWV Verf- en Drukinktindustrie Verloskundigen Vervoer Vlakglas Vlees-, Vleeswaren en Gemaksvoedingsindustrie Vleeswarenindustrie, Prepsf. Volker Wessels Stevin, Koninklijke Vopak Waterbouw Wegener (APW) Werk en (re)integratie Witteveen+Bos Wolters Kluwer Wonen Woningcorporaties (SPW) Xerox Pensioenfondsen Zeevisserij Zorg en Welzijn (PFZW) Zorgverzekeraars Addendum Short profiles featured in paragraph 26 Acordis Agfa-Gevaert Adecco Flexpensioen Ahrend Alcan Alliance (Nestlé) Amstelland I & II Audax Avebe 1992 Avery Dennison Boekelo Decor Bull Nederland Buma/Stemra CBR Celtona Chevron Texaco Cindu International Coca Cola Cordares Draka Holding ERIKS Euronext Amsterdam Gamma Holding Nederland GE Artesia Bank Heijmans Helvoet Henkel Nederland Hewlett-Packard IFF Inesse Media Groep Limburg Michelin Mn Services (OPF) NLR NCR Nederlandse Groothandel Niemeijer, Will NKF Kabel Norfolkline NRG Nederland Nutricia Octrooibureaux Vereenigde Oranjewoud Pharmachemie Polaroid Rockwool Roeiers Rotterdamse havengebied Sappi Netherlands SDU Siemens Sodexho Nederland Solvay Chemie Solvay Pharmaceuticals Sphinx Maastricht Tectum (de Galan & Voigt) TNT, OPF Verkade Vitol Anker VNU Vredestein Waterrecreatie Wereldhave Yara

4 List of Illustrations Total investment in autonomous pension funds, top-10 countries, (2006, EUR) 13 Total investment in autonomous pension funds, (% of GDP, 2006) 14 Top-20 largest pension schemes worldwide (2006, $ mio) 15 Dutch institutional assets (2006) 15 Assets Dutch pension plans and insurance companies ( ) 16 Asset mix pension schemes and insurance companies ( ) 17 Assets Dutch pension plans, relative shares (2006) 18 Distribution to size (2006) 18 Number of pension funds, by size of reserves ( ) 19 Number of pension plans by category ( ) 19 Average size of pension plans according to category ( ) 20 Assets % by category of pension scheme (2006) 20 Pension plans and active members to categories (2006) 21 Smaller pension plans 21 Number of plans in size brackets, Bureau Bosch Universe 22 Dutch Pension Schemes, Top-100 plans by assets ( mio, ultimo 2006), I 23 Dutch Pension Schemes, Top-100 plans by assets ( mio, ultimo 2006), II 24 Dutch Pension Schemes, Top-100 plans by assets ( mio, ultimo 2006), III 25 Dutch Pension Schemes, Top-100 plans by assets ( mio, ultimo 2006), IV 26 Dutch Pension Schemes, Top-100 plans by assets ( mio, ultimo 2006), V 27 Dutch demographics, 2000 and Premiums and Benefits ( mio, ) 29 Assets Dutch pension plans, , forecast to External asset management of Dutch pension plans ( , bn) 31 Fiduciary management, multi-management, overlays ( mio) 32 Top 10 AuM winning asset managers (Q Q1 2007, bn) 33 Geographical distribution of asset managers (%, 2007) 34 Dutch Pension schemes assets, externally managed 35 Costs of asset management 40 External organization of asset management of Dutch pension plans 43 Main stakeholders of Dutch pension plans 45 Interaction of stakeholders 45 Dutch pension fund system: 3 pillars regime 46 Old-age dependency ratio 48 Pension-related public spending 49 Solvency ratios and buffer zones under FTK 51 WM Company Universe of Dutch pension funds, Average portfolio of Dutch pension scheme (2006) 57 Long term performances of pension plans (Bureau Bosch universe), Returns of corporate pension funds, Returns of industry-wide pension plans, Returns of occupational pension plans, Average returns of individual pension plans, segmented, Performances related to asset mix (2006), I 60 Performances related to asset mix (2006), II 61 Performances related to asset mix (2006), III 62 Performances related to asset mix (2006), IV 63 Top 10 performing pension schemes on a 3 year basis 63 Z-scores (2006) and Performance test ( ), I 64 Z-scores (2006) and Performance test ( ), II 65 Asset allocation of pension plans in selected OECD countries, Asset mix of Dutch Pension plans over time 67 ABP, strategic asset allocation Asset mix of Dutch Pension plans over time (1950, 1987, 2006, and 2020) 68 Asset mix Corporate pension plans Asset mix Industry-wide pension plans Asset mix Occupational pension plans

5 Total real estate investments of Dutch pension plans, EUR bn, Total direct real estate assets of institutional investors Q2 2006, EUR bn 71 Largest indirect real estate portfolios, Dutch pension plans, EUR bn, Dutch pension plans with most real estate, EUR bn, Largest Real estate managers in the Netherlands, EUR mln, I Largest Real estate managers in the Netherlands, EUR mln, II Largest Real estate managers in the Netherlands, EUR mln, III Highest real estate weightings (%) of Dutch pension plans 74 Total return of real estate portfolios, direct and indirect, of pension plans 75 Investments in Dutch commercial real estate 76 Type of underlying real estate 76 Dutch pension plan investments in hedge funds (mio, 2005) 77 Geographical breakdown 79 Fixed income moving abroad 79 Bonds, Mortgages and long term loans as percentage of total fixed income 80 Equities are largely invested outside the Netherlands 80 Real Estate invested locally 81 Dutch equity holdings 81 Top 10 shares in the portfolios of ABP and PFZW (%, 2007) 82 External managers hired by ABP 83 External Managers of PGGM, I 83 External Managers of PGGM, II 84 Asset mix of individual pension schemes, 2006, I 86 Asset mix of individual pension schemes, 2006, II 87 Asset mix of individual pension schemes, 2006, III 88 Asset mix of individual pension schemes, 2006, IV 89 Cash flows of pension plans 90 Financing of pension plans 90 Funding ratios divided over all Dutch pension plans (%) 91 Shortfall in funding and / or buffer requirements 91 Funding ratios Dutch pension funds, Average funding ratios for categories of pension funds 92 Distribution per type to funding ratio (2006) 94 Funding ratios (%) of 185 Dutch pension plans, I 95 Funding ratios (%) of 185 Dutch pension plans, II 96 Funding ratios (%) of 185 Dutch pension plans, III 97 Funding ratios (%) of 185 Dutch pension plans, IV 98