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Presen
tation
toP
articipan
tsof
the
Salary
Sav
ing
sP
lanset
upby
the
Eu
rop
eanP
atent
Office
Gerald
Rink
IM
agnusS
chmagold
FidelityInternational
The
Hague,
7th
July2009
(F1d
eby
LA
j
Agenda
()fi4y
apA
boutFidelity
Key
Characteristics
Salary
Savings
Plan
(SS
P)
Investment
Solutions
Adm
inistrationP
ortal
Com
munication
toP
articipants
Sum
mary
IIIi’
_____
1JC:
2
I
cF
4eR
Y
Ag
end
a
[Ab
ou
tFidelity
IIIK
eyC
haracteristicsS
alaryS
avingsP
lan(S
SP
)IIiiJ
Investment
Solutions
Adm
inistrationP
ortal
Com
munication
toP
articipants
Sum
mary
3
FILL
imited
(1969)FM
RL
LC
(1946)
I
.To
ky
oj}
Lo
nd
on
Hong
Kong
Seo
ul
Fran
kfu
rtP
arisII
Sydneyr
Taip
eitg
po
ie
Mum
baii
Ici973L
.]t(1981)
(1986)(1992)
(7994)j‘996j1
(2000)(2003)
IL_(2004)
1990:S
et-upof
Sales
Office
inA
msterdam
a1992:
Set-up
ofS
alesO
fficein
Frankfurt
amM
ain
2003:M
oveto
own
premises
inK
ronbergim
Ta
u nus
a2006:
Set-up
ofdedicated
pensionunit
forcorporate
clientsin
Germ
any
a2009:
InstitutionalB
usinessconsists
of16
staffm
anagingplans
form
orethan
40clients
Source:
Fidelity,FM
RC
orp.,31st
Decem
ber2008
aS
tabilityan
dIn
dep
enden
cedue
toprivate
ownership
aA
ssetM
anag
emen
tan
dP
ensio
nS
olu
tions
arecore
business
aD
isciplinedand
sustain
able
Inv
estmen
tP
rocess
aA
ssetsunder
man
agem
ent
FIL:
approx.U
S$
157billion.
aA
ssetsun
der
man
agem
ent
FMR
:approx.
US
$1.200
billion
d’IY
Fidelity
International—
Aglobal
network
4
-
-
____
($F
4efly
Fidelity
—In
vestm
ent
expertise
and
Pen
sion
know-how
—
More
than
25y
earsof
experien
cean
dm
ore
than
20%m
arket
share
inth
eU
S*
Market
leaderfor
occupationalpension
plans(401k)
D17,984
corporateclients
with
14.2m
illionm
ember
accounts
US
$911
billionassets
underadm
inistrationfor
planm
embers
US
$442
billionassets
investedinto
FidelityF
unds
asw
ellas
intern
ational
experien
ce
Established
providerof
definedcontribution
pensionplans
inthe
UK
since1994
DM
orethan
10years
experiencew
ithpension
plansin
Japan
nS
ince2000
oneof
theleading
providersof
pensionplans
inH
ongK
ong
Successful
launchof
localretirem
entsolutions
inG
ermany
andF
rance(2006
and2008
respectively)
Fidelity
has
been
nam
edby
lG/B
CE
andB
AV
Cas
oneof
Ithe
three
officialprovider
forpre-retirem
entsolutions
BAVCIn
du.trleg
.wed
isch.fl
inthe
chemical
industrynext
toH
PB
Sand
R+V
.B
ergb.v
,Cb
emsE
nef9
I.B
CE
DieC
hemieA
rbeitgeber
Source:
Fidelityas
at31
Decem
ber2007.
*Provider
inth
eU
Sis
FMR
Corp.
anaffiliated
company
ofFidelity
International
5
About
Fidelity
•KeIc1
Hracteristics
Salary
Savings
Plan
(SS
P)
Investment
Solutions
Adm
inistrationP
ortal
Com
munication
toP
articipants
Sum
mary
r’\
t1ft
-fL
kA
LA
i
1F’dW
’iy
Ag
end
a
IIIII6
;III
Key
characteristics
ofth
eS
alaryS
avin
gs
Plan
jE
ligibility:C
urrently,all
staffstarting
onor
afterjst
Janu
ary2009
with
EP
O
Co
ntrib
utio
ns:
Splitbetw
eenparticipant
(1/3)and
employer
(2/3)
Inv
estmen
ts:T
hreeinvestm
entstrateg
iesavailable
toparticipants
oF
lexibility:O
pportunityto
adap
tinvestm
entchoice
onceper
calendar
year
oA
ccess:V
iaonline
portaland
dedicatedpersonal
logincredentials
oS
up
ervisio
n:
Plan
monitored
bysupervisory
comm
itteeconsisting
ofstaff
andm
anag
emen
trep
resentativ
es
OF
1debIy7
Ag
end
a
Key
Characte
ris
tics
Sala
ry
Savin
gs
Pla
n(S
SP
)
nvestm
ent
Solu
tions
Adm
inis
tratio
nP
orta
l
Com
munic
atio
nto
Partic
ipants
Su
mm
ary
#F
i1eIiW
’I
0N
AC
Ab
ou
tF
idelity
.1
II
__ifflZbIU
;LZ:
S
oW
hatis
anInvestm
entF
und?
An
Investment
Fund
isa
portfolioof
assetssuch
asbonds
orsh
ares.
oW
hois
thelegal
owner
ofthe
Funds
inthe
caseof
theS
SP
?
The
employees
decidein
which
investment
fundthey
would
liketo
beinvested
in,how
everthey
arenot
yetthe
legalow
nerof
thefunds.
The
Office
(EP
O)
ordersthe
fundsand
remains
thelegal
owner
untilthe
Office
transfersthe
money
tothe
staff,usually
atretirem
ent.
oW
hatdoes
anem
ployeehave
todo
within
theS
SP
?
The
employee
may
choose
thestrategy
which
isbest
suitablefor
him.
Once
hehas
chosen
thepreferred
strategy,no
furtheraction
isrequired.
0F
4&
IY
Glo
ssaryI
I
9
%
.4
Fe
What
isE
quity?
An
alternativeterm
forsh
ares.A
share
isa
unitof
ownership
ina
company
orinvestm
entfund.
The
Am
ericanterm
isstocks.
What
areB
onds?
Asecurity
issuedby
acom
panyor
agovernm
ent.D
uringthe
lifeof
thebond,
thebondholder
receivesregular
interestpaym
entsb
asedon
thecoupon
rate.O
nm
aturitythe
loanis
repaid.
nW
hatis
consideredas
Cash
?
Cash
presen
tsthe
lowest
levelof
expectedreturn
buten
sures
liquidityand
ahigh
deg
reeof
safetyof
theoriginal
investment.
When
investingin
Cash
theF
undM
anagerinvests
inshort
termm
oneym
arketsecurities.
(E
dC
A!Y
Glo
ssaryII
10
Investm
ent
strategies
forth
esalary
savin
gs
planf
1.L
ife-Cycle
Fu
nd
s
D7
fundsw
itha
pre-definedtarget
dateranging
from2010
to2040
in5-year
intervals.
DT
heFE
Target
fundsare
matched
with
theretirem
entage
ofthe
participantand
chan
ge
theircom
positionfrom
mainly
equitiesto
acash
-near
portfoliotow
ardstheir
targetdate.
2.C
on
servativ
em
ulti-asset
inv
estmen
tstrateg
y
0A
conservativeportfolio
consistingof
maxim
um20%
equitiesw
iththe
remainder
beinginvested
inbonds
andcash.
oT
hefund
makes
useof
Fidelityproducts
asw
ellas
fundsfrom
otherproviders.
3.E
uroC
ashF
und
oT
heFF
Euro
Cash
Fund
isa
low-risk
optionw
ell-suitedfor
shorterperiods
ofinvestm
ent.
oT
hefund
predominantly
investsin
Euro-denom
inatedtitles
ofhigh-quality
issuers.
(FId
eb
Ir11
90%
80%
70%
60%
50%
40%
30%
20%
In
o,
II.)
/0
no
,IJ
/0
Source:
FidelityInternational.
Only
forillustration.
11F
4eA
1Y
1.S
trategy
:In
vestm
ent
concep
tof
the
FFT
arget
Euro
Fu
nd
s
Fidelity
Targ
etE
uroF
un
ds
arelife-cycle
funds
which
move
thro
ugh
very
distin
ctasse
tallo
cation
phases
100%
25Y
ears10
Years
5Y
ears2
Years
1Y
ear2
Month
Target
Date
Years
toT
argetD
ate
12
1.S
trategy
:D
ynamic
Asset
Migration
The
evolutionof
theinvestm
entchoice
startsw
itha
pureequity
portfolioand
overtim
ea
roll-down
chan
ges
theportfolio
intoa
more
andm
oreconservative
mix
ofequities,
bondsand
finallycash.
0E
xample
belowof
thecurrent
roll-down:
U)
0a)0.
xw
ci)cn-cci)0
Launch
•Equity
IBonds
higherE
xpected
Retu
rn
2M
onthto
Target
Date
ØF
ideIiW
I0
U*
C
10Y
earsto
Target
Date
Years
toT
argetD
ate
2Y
earsto
Target
Date1
Year
toT
argetD
ate
Cash
Target
Date
lower
13
Source:
FidelityInternational,
2008
11F
ickIitv
IC
UA
C
1.S
trategy
:A
gebased
allocatio
nof
planm
emb
ers
Allo
cation
oftarg
etfu
nd
sto
retiremen
tag
e
Pensionable
age
2009-
2014FF
Target
Fund
2010
LP
ensionableage
20
15
-2019
FFT
argetF
und2015
Pensionable
age2020
-2024
FET
argetF
und2020
Pensionable
age2025
-2029
FET
argetF
und2025
Pensionable
age2030
-2034
FET
argetF
und2030
Pensionable
age
2035-
2039FF
Target
Fund
2035
Pensionable
age
2040-
FET
argetF
und2040
700%F
idelityF
und
s-
Fidelity
Targ
et2030
Euro
Fu
nd
I
II
II
I2009
20302034 L
ump
Sum
-o
rA
nn
uity
pay
men
t
14
2.S
trategy
:C
onserv
ative
mu
lti-assetIn
vestm
ent
Asset
Allocation
and
Perfo
rman
ce
Key
figures
Expected
Return
Risk
(volatility)
CV
aR(12M
,95%
)
Gro
wth
-ii
tz‘0
,S
J/0
‘20/
sJ,J
/0
-0,5%
IE
uropeanB
onds(55%
)I
Euro
Cash
(30%)
•G
lobalE
quities(10%
)•
European
Equities
(5%)
2.8
0
____
Z7
://VA
f\\%
vV
_
Portfolio
Referen
ceportfolio
Inv
estm
en
tN
am
e
—F
on
dsp
ortfo
lioK
on
serv
ativ
0.9
0—
FF
-E
uro
pean
Gro
wth
AE
uro
—F
SE
RE
XP
Germ
an
Bo
nd
TR
EU
R
1999
2001
20
03
20
05
2007
_________
YT
D2008
20072006
20052
00
42
00
320
02
20012000
1999
3.00-3.57Jf
3.353.19
9.378.29
7.523.35
2.519.88
7.30
Source:
Morningstar,
30
.06
.20
09
Benchm
arkportfolio:
Return
assum
ptio
nbased
onF
SE
Rexp
Germ
anB
ond(80%
)and
FidelityE
uropeanG
rowth
Fund
(20%)
since
31.12.1998.—
—
15*P
erformance
since
01.11.1990(L
aunchof
FidelityE
uropeanG
rowth
Fund:
01.10.1990).F
idelily
IN
TE
RN
AT
IO
NA
L
‘t
-
2.S
trategy
:C
onserv
ative
mu
lti-assetIn
vestm
ent
I
j:a
,
oF
und-of-Fund
structure:T
heM
ulti-assetfund
investsin
differentactively
andpassively
man
aged
funds
oT
ransp
arent
risk:T
heinvestm
enttarget
isto
achievea
returnabove
theav
erage
returnof
government
bondsw
itha
conservativerisk
budgetand
max.
20%equities
oM
edium-term
investment
Opportunity
with
aconstant
riskprofile
llrideIitvI
0N
AC
16
FF—
Euro
Cash
Fund
Source:
Mo
rnin
gstar,
3006.2
009.
2.23
1.50
-0.17
-2.89
-7.23
2.90
2.71
1.84
0.99
-0.74
2.33
2.32
1.78
1.44
0.35*
llFd
CA
iY
3.S
trategy
:F
idelityE
uroC
ashF
und
Fund
Manager
Tim
Fo
ster
Launch
date
20.09.1993
Currency
EU
RO
ISINCode
Puoo64964o741
.00
Fund
Assets
EU
R758
Mio.
Investm
ent
Nam
e—
FF
-Eum
CashA
Euro
Uor,iingstirRitm
qs—
—
Rating
—A
llianz
PIM
CO
Geld
mktfd
sS
pez
AE
UR
Inc
Dek
a-G
eld
mark
t:E
uro
TF
Acc
0.9
0—
DW
SG
eld
mark
tP
lus
AC
C
—co
min
vest
Geld
mark
t1
Acc
2004
20
05
20
06
20
07
20
08
20
09
Cash
fun
dco
mp
arison
1Y
earI
Perf.
3Y
earsI
Perf.
5Y
earsM
orn
ing
star(ann.)
I(ann.)
IR
ating
FE-
Euro
Cash
AE
uro
Allianz
PIM
CO
Geldm
arktfondsS
pez
Deka-G
eldmarkt:
Euro
TF
Acc
DW
SG
eldmarkt
Plus
Acc
cominvest
Geldm
arkt1
Acc
***
17
1.L
ife-Cycle
Fu
nd
s
ExpectedR
eturn
6.8
%
Expected
Volatility
*
investment1
Horizon
Long
Term
2.M
ulti-asset
Investm
ent
5.2%3.5%
Medium
Term
*T
heex
pected
volatilityis
adaptingto
theroll-dow
nof
thefunds.
Volatility
variesbetw
een17%
p.a.(30
years
toT
argetD
ate)and
11
.8%p.a.
(10years
toT
argetD
ate)and
finally2.9%
p.a.(1
yearto
Target
Date).
Investment
options:S
umm
ary
3.C
ashF
und4.0%
0.3%S
hortT
erm
18
C’
Scenario
—E
mployee
1
Em
ployee,S
tartingG
rade:A
2,S
tartingA
ge:32,
retirement
Age:
62
1,200,000.00
965,945.75E
uros
754,500.93E
uros
632
,16
2.5
7E
uros
568,1
30.3
2E
uros
j:1
1,000,000.00
800,000.00
U)
0uJC000
7600,000.00
400,000.00
200,000.00
0.00IIp
Ip
lIp
pIIp
I!p
pp
I,,I!,F
,
3233
3435
3637
3839
4041
4243
4445
4647
4849
5051
5253
5455
5657
5859
6061
62
—3.2
5%
—C
ash
Fund—
Co
nserv
ative
mulit-asset
—life-C
ycle
Funds
Em
ployeesA
ge
19
Scen
ario—
Em
ployee2
oE
mployee,
Starting
Grade:
B2,
Starting
Age:
30,retirem
entA
ge:60
250,0
00.0
0
0.00
1.1
Iz
3031
3233
3435
3637
3839
4041
4243
4445
4647
4849
5051
5253
5455
5657
5859
60
—3.2
5%
—C
ash
Fund
—C
on
serv
ativ
em
ulit-asset—
life-C
ycle
Funds
Em
ployeesA
ge
1F
4&
A4Y
C),0DwC000
200,0
00.0
0
150,000.00
100,000.00
50,000.00
/223,251.29
Euros
168,059.41E
uros
137,024.28E
uros
121,109.31E
uros
20
Ch
ang
ing
the
perso
nal
inv
estmen
toptio
nj
I
aW
henjo
inin
gth
eplan
DFor
thefirst
sixm
onthsof
joiningthe
plan,all
newm
embers
areallocated
therespective
lifecycle
fundw
hichbest
matches
theirretirem
entage.
After
6m
onth
s
Priorto
reachingthe
endof
thefirst
6m
onths,m
embers
will
receivean
thatthey
canchange
theirinvestm
entsinto
anyone
ofthe
3investm
entstrategies
offered.
cO
ncea
changehas
beenm
ade,a
confirmation
will
follow
Ifno
changeis
beingm
ade,all
futureinvestm
entsw
illcontinue
tobe
investedinto
thelife
cyclefund
aA
nnualsw
itchin
goptio
n
DE
very12
months
afteran
investment
changehas
beeninitiated,
them
ember
will
beable
toreview
theinvestm
entoption
again.
DA
llch
anges
arem
adevia
theonline
portal
No
Charge
øF
ideIitv
IC
NA
L
21
Ag
end
ajI
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eyC
haracteristicsS
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avingsP
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SP
)
Investment
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ijTT
ty
Com
munication
toP
articipants
Sum
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flFid
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