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Stichting Bedrijfspensioenfonds voor de Landbouw is transparant over haar beleggingen. Stichting Bedrijfspensioenfonds voor de Landbouw (BPL) geeft graag rekenschap van beleid en uitvoering en publiceert een overzicht van haar directe beleggingsportefeuille. In tabellen 2 t/m 11 geeft het pensioenfonds inzicht in haar directe beleggingen. Het pensioenfonds laat zo veel mogelijk zien waar het in belegd is maar transparantie is door juridische beperkingen niet altijd mogelijk. Voor fondsbeleggingen is het niet mogelijk de onderliggende posities kenbaar te maken. Hier geeft het pensioenfonds een opsomming van externe beheerders en/of fondsbeleggingen. 1

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Stichting Bedrijfspensioenfonds voor de Landbouw is transparant over haar beleggingen. Stichting Bedrijfspensioenfonds voor de Landbouw (BPL) geeft graag rekenschap van beleid en uitvoering en publiceert een overzicht van haar directe beleggingsportefeuille. In tabellen 2 t/m 11 geeft het pensioenfonds inzicht in haar directe beleggingen. Het pensioenfonds laat zo veel mogelijk zien waar het in belegd is maar transparantie is door juridische beperkingen niet altijd mogelijk. Voor fondsbeleggingen is het niet mogelijk de onderliggende posities kenbaar te maken. Hier geeft het pensioenfonds een opsomming van externe beheerders en/of fondsbeleggingen.

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Tabel 1 Overzicht asset mix op 31 december 2013 Bron: Syntrus Achmea

Beleggingscategorie Percentage vermogen Aandelen Obligaties (staat) Obligaties (niet staat) Direct Vastgoed Alternatives Liquiditeiten

29,11% 34,42% 17,44% 15,95% 2,58% 0,50%

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Tabel 2 Directe beleggingen Europese aandelen op 31 december 2013 Bron: Syntrus Achmea

2G Energy AG 3i Group PLC A P Moller - Maersk A/S ABB Ltd Abengoa SA Admiral Group PLC Aegon NV Air Liquide SA Akka Technologies SA Allianz SE Amlin PLC Anglo American PLC ArcelorMittal Arseus NV Ashtead Group PLC Assicurazioni Generali SpA Associated British Foods PLC AstraZeneca PLC Atkins (Ws) Plc Austriamicrosystems AG Aviva PLC AXA SA Balfour Beatty PLC Banco Bilbao Vizcaya Argentari Banco Santander SA Barclays PLC Barco NV Barry Callebaut AG BASF SE Bayer AG Belgacom SA Betfair Group PLC

Fenner PLC Fiat Industrial SpA Firstgroup PLC Fortum OYJ France Telecom SA Fresenius Medical Care AG & Co Fresenius SE Fugro NV Galliford Try PLC Gamesa Corp Tecnologica SA Gas Natural SDG SA Gategroup Holding AG GDF Suez Geberit AG Gestevision Telecinco SA Givaudan SA Gjensidige Forsikring ASA GlaxoSmithKline PLC Glencore Xstrata Plc Greene King PLC Groupe Bruxelles Lambert SA Groupe Danone SA Groupe FNAC HeidelbergCement AG Hill & Smith Holdings PLC Hiscox Ltd HSBC Holdings PLC Huhtamaki OYJ Imperial Tobacco Group PLC Implenia AG Inditex SA Indra Sistemas SA

ProSafe SE Provident Financial PLC Prudential PLC Prysmian SpA Punch Taverns PLC PZ Cussons PLC QSC AG Reckitt Benckiser Group PLC Reed Elsevier PLC Renault SA Rieter Holding AG Rio Tinto PLC Roche Holding AG Royal Dutch Shell PLC RSA Insurance Group PLC RWE AG Ryanair Holdings PLC Sampo OYJ Sandvik AB Sanofi Schindler Holding AG Schneider Electric SA Seadrill Ltd SES SA Severn Trent PLC SGS SA Shire PLC Siemens AG Smith & Nephew PLC Societe BIC SA Societe Generale Sodexo

3

BG Group PLC BHP Billiton PLC BNP Paribas Bouygues SA BP PLC British American Tobacco PLC British Land Co PLC Bunzl PLC Bureau Veritas SA Carnival PLC Carrefour SA Catlin Group Ltd Centrica PLC Cewe Color Holding AG Cie de Saint-Gobain Cie Generale d'Optique Essilor Ciments Francais SA Coloplast A/S Compagnie Generale des Etablis Compass Group PLC CompuGroup Medical AG Construcciones y Auxiliar de F Credit Agricole SA Credit Suisse Group AG CTS Eventim AG Daimler AG Danske Bank A/S Dassault Systemes SA DCC PLC Delhaize Group SA Deutsche Bank AG Deutsche Post AG Deutsche Telekom AG Diageo PLC

ING Groep NV Ingenico Intertek Group PLC Intesa Sanpaolo SpA Investor AB Italcementi SpA J Sainsbury PLC Julius Baer Group Ltd Jyske Bank A/S Kazakhmys PLC Kcom Group PLC Kering Koninklijke Ahold NV Koninklijke DSM NV Koninklijke KPN NV Koninklijke Philips NV Land Securities Group PLC Lanxess AG Legal & General Group PLC Lloyds Banking Group PLC L'Oreal SA Man Group PLC Marks & Spencer Group PLC Mediaset SpA Mediobanca SpA Mekonomen AB Metka SA Metso OYJ Moleskine SpA Muenchener Rueckversicherungs National Grid PLC Nestle SA Next PLC Nobia AB

Solvay SA Sorin SpA SSE PLC Stagecoach Group Plc Standard Chartered PLC Statoil ASA STMicroelectronics NV Sweco AB Swedbank AB Swiss Prime Site AG Swiss Re Ltd Swisscom AG Syngenta AG TDC A/S Tecan Group AG Telefonaktiebolaget LM Ericsso Telefonica SA Telenor ASA TeliaSonera AB Tesco PLC TGS Nopec Geophysical Co ASA Thomas Cook Group PLC ThyssenKrupp AG TNT Express NV Tom Tailor Holding AG TomTom NV Total SA UBS AG Unibail-Rodamco SE UniCredit SpA Unilever NV Unilever PLC Unit4 NV United Utilities Group PLC

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Dignity PLC DnB ASA Domino Printing Sciences PLC Draegerwerk AG & Co KGaA Duerr AG Dunelm Group PLC Eaton Corp PLC Elisa OYJ EMS-Chemie Holding AG Enel SpA ENI SpA EON SE Erste Group Bank AG Eutelsat Communications

Nokia OYJ Nordea Bank AB Novartis AG OPAP SA Opera Software ASA Orange SA Orion OYJ Osram Licht AG Pearson PLC Peugeot SA Pfeiffer Vacuum Technology AG PKC Group OYJ PostNL PPR

Vacon PLC Vallourec SA Valmet Corp Vivendi SA Vodafone Group PLC Voestalpine AG WH Smith Plc Wienerberger AG Wirecard AG WM Morrison Supermarkets PLC Wolters Kluwer NV Xstrata PLC Zurich Insurance Group AG

Tabel 3 Top 5 posities directe beleggingen Europese aandelen op 31 december 2013 Bron: Syntrus Achmea

Positie Percentage binnen beleggingscategorie Percentage van het vermogen Royal Dutch Shell PLC Sanofi Nestle SA Novartis AG Vodafone Group PLC

3,92% 2,97% 2,89% 2,83% 2,64%

0,57% 0,43% 0,42% 0,41% 0,38%

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Tabel 4 Directe beleggingen aandelen Verenigde Staten op 31 december 2013 Bron: Syntrus Achmea

3M Co Abbott Laboratories Abercrombie & Fitch Co Accenture PLC ACE Ltd Aflac Inc AGCO Corp Airgas Inc Alcoa Inc Alleghany Corp Allegheny Technologies Inc Alliance Data Systems Corp Alliant Energy Corp Allied World Assurance Company Holdings AG Allstate Corp AltaGas Ltd Altria Group Inc Amdocs Ltd Ameren Corp American Capital Agency Corp American Eagle Outfitters Inc American Electric Power Co Inc American Express Co American International Group Inc American Tower Corp AMERICAN WATER WORKS CO INC Ameriprise Financial Inc AmerisourceBergen Corp Amgen Inc Analog Devices Inc Annaly Capital Management Inc Aon PLC

Diamond Offshore Drilling Inc Digital Realty Trust Inc Dominion Resources Inc / VA Dow Chemical Co Dr Pepper Snapple Group Inc DTE Energy Co Duke Energy Corp Ecolab Inc Eli Lilly & Co Emerson Electric Co Enbridge Inc Entergy Corp Equifax Inc Everest Re Group Ltd Exelon Corp Exxon Mobil Corp Fairtrade Access Fund S.A. Federal Realty Investment Trus FedEx Corp Fifth Street Finance Corp First Capital Realty Inc FirstEnergy Corp Ford Motor Co Forest Laboratories Inc Fortis Inc/Canada Foster Wheeler AG Franklin Resources Inc Freeport-McMoRan Copper & Gold General Electric Co General Mills Inc General Motors Co Genuine Parts Co

Newmont Mining Corp NextEra Energy Inc NiSource Inc Norfolk Southern Corp Northeast Utilities Northern Trust Corp Omega Healthcare Investors Inc Omnicom Group Inc Oracle Corp O'Reilly Automotive Inc PartnerRe Ltd Paychex Inc Pembina Pipeline Corp People's United Financial Inc PepsiCo Inc /NC PetSmart Inc Pfizer Inc Philip Morris International Inc Phillips 66 Pinnacle West Capital Corp PNC Financial Services Group Inc PPL Corp Praxair Inc Precision Castparts Corp Principal Financial Group Inc Procter & Gamble Co Prospect Capital Corp Prudential Financial Inc Public Service Enterprise Group Inc Public Storage QUALCOMM Inc Quest Diagnostics Inc /DE

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Apache Corp Apollo Group Inc Apple Inc Arch Capital Group Ltd Archer-Daniels-Midland Co Ares Capital Corp Arrow Electronics Inc Assurant Inc AT&T Inc Automatic Data Processing Inc AutoZone Inc Avnet Inc Axis Capital Holdings Ltd Baker Hughes Inc Bank of America Corp Bank of Montreal Bank of New York Mellon Corp Baxter International Inc BB&T Corp BCE Inc Becton Dickinson and Co Bed Bath & Beyond Inc Bell Aliant Inc Berkshire Hathaway Inc Bristol-Myers Squibb Co Broadridge Financial Solutions Brown-Forman Corp Calloway Real Estate Investment Trust Campbell Soup Co Canadian Imperial Bank of Comm Canadian National Railway Co Canadian Tire Corp-Class A Capital One Financial Corp Capitol Federal Financial Inc

Genworth MI Canada Inc Gilead Sciences Inc Google Inc H&R Block Inc H&R Real Estate Investment Tru Halliburton Co Hartford Financial Services GRP HCC Insurance Holdings Inc HCP Inc Henry Schein Inc Herbalife Ltd Hercules Technology Growth Cap Hershey Co Hewlett-Packard Co Home Depot Inc Hormel Foods Corp IGM Financial Inc Ingersoll-Rand PLC Intact Financial Corp Intel Corp International Business Machine Invesco Ltd JM Smucker Co Johnson & Johnson Joy Global Inc JPMorgan Chase & Co Kellogg Co Kimberly-Clark Corp Kohl's Corp Kroger Co Laboratory Corp of America Hol Leggett & Platt Inc Lincoln National Corp Lorillard Inc

Realty Income Corp RenaissanceRe Holdings Ltd Republic Services Inc Reynolds American Inc Riocan Real Estate Invst Tr Rogers Communications Inc Safeway Inc SCANA Corp Schlumberger Ltd Seagate Technology Security name Sempra Energy Shaw Communications Inc Sigma-Aldrich Corp Simon Property Group Inc Southern Co Spectra Energy Corp St Jude Medical Inc Staples Inc State Street Corp Stericycle Inc Synopsys Inc Sysco Corp Target Corp TELUS Corp Teva Pharmaceutical Industries Thomson Reuters Corp Tim Hortons Inc Time Warner Inc TJX Cos Inc Torchmark Corp Total System Services Inc Travelers Cos Inc Triangle Capital Corp

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Cardinal Health Inc Carnival Corp Centerpoint Energy Inc CenturyLink Inc Chubb Corp Church & Dwight Co Inc Ci Financial Corp Cincinnati Financial Corp Cisco Systems Inc Citigroup Inc Clorox Co CMS Energy Corp Coach Inc Coca-Cola Co Colgate-Palmolive Co Cominar Real Estate Investment ConAgra Foods Inc ConocoPhillips Consolidated Edison Inc Cooper Industries PLC Corning Inc Costco Wholesale Corp Covidien PLC CR Bard Inc CVS Caremark Corp Delta Air Lines Inc

Lowe's Cos Inc M&T Bank Corp Main Street Capital Corp Manitoba Telecom Services Inc Marathon Oil Corp Marsh & McLennan Cos Inc Mastercard Inc Mattel Inc McCormick & Co Inc / MD McDonald's Corp Medtronic Inc Merck & Co Inc MetLife Inc Metro Inc Microsoft Corp Molson Coors Brewing Co Mondelez International Inc Monster Beverage Corp Mosaic Co/The Motorola Inc National Bank of Canada National Health Investors Inc National Oilwell Varco Inc National Retail Properties Inc New York Community Ban Corp Inc Newfield Exploration Co

United Parcel Service Inc UnitedHealth Group Inc Unum Group US Bancorp Validus Holdings Ltd Vector Group Ltd Ventas Inc Verisk Analytics Inc Verizon Communications Inc Vermilion Energy Inc Viacom Inc Visa Inc Walt Disney Co WellPoint Inc Western Digital Corp Western Union Co Weyerhaeuser Co Willis Group Holdings PLC Wisconsin Energy Corp WR Berkley Corp Xcel Energy Inc XL Group PLC Yahoo! Inc Zimmer Holdings Inc

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Tabel 5 Top 5 posities directe beleggingen aandelen Verenigde Staten op 31 december 2013 Bron: Syntrus Achmea

Positie Percentage binnen beleggingscategorie Percentage van het vermogen Exxon Mobil Corp Johnson & Johnson Apple Microsoft Corp Pfizer Inc

2,64% 2,28% 2,15% 2,01% 2,01%

0,25% 0,21% 0,20% 0,19% 0,19%

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Tabel 6 Directe beleggingen aandelen Overig Wereld op 31 december 2013 Bron: Syntrus Achmea

AGL Energy Ltd Amcor Ltd/Australia APA Group Ascendad Real Estate Investment Trust Astellas Pharma Inc ASX Ltd Australia & New Zealand Bankin Autobacs Seven Co Ltd CapitaCommercial Trust Capitamall Trust Carsales.com Ltd CFS Retail Property Trust Group Cheung Kong Infrastructure Clp Holdings Ltd Coca-Cola Amatil Ltd Comfortdelgro Corp Ltd Commonwealth Bank of Australia Crown Resort Ltd Dexus Property Group Eisai Co Ltd FamilyMart Co Ltd GPT Group

Hang Seng Bank Ltd Hankyu Hanshin Holdings Inc Hongkong Electric Holdings Ltd Insurance Australia Group Ltd Kaken Pharmaceutical Co Ltd Kao Corp Kyowa Exeo Corp Lawson Inc Link Reit M1 Ltd/Singapore Mirvac Group MTR Corporation Nippon Telegraph & Telephone C Nissin Foods Holdings Co Ltd NTT DoCoMo Inc Ono Pharmaceutical Co Ltd Oriental Land Co Ltd Orora Ltd Platinum Asset Management Ltd Ramsay Health Care Ltd Ryohin Keikaku Co Ltd Santen Pharmaceutical Co Ltd

Security name Shimano Inc Shionogi & Co Ltd Singapore Post Ltd Singapore Press Holdings Ltd Singapore Telecommunications L Sonic Healthcare Ltd Starhub Ltd Stockland Takeda Pharmaceutical Co Ltd Tatts Group Ltd Television Broadcasts Ltd Telstra Corp Ltd TonenGeneral Sekiyu KK VTech Holdings Ltd Wesfarmers Ltd West Japan Railway Co Westfield Group Westpac Banking Corp Woolworths Ltd

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Tabel 7 Top 5 posities directe beleggingen aandelen Overig Wereld op 31 december 2013 Bron: Syntrus Achmea

Positie Percentage binnen

beleggingscategorie Percentage van het vermogen

Commonwealth Bank of Australia Westpac Banking Corp Australia & New Zealand Banking Group Ryohin Keikaku Co Ltd Ono Pharmaceutical Ltd

2,56% 2,25% 2,14% 2,09% 1,87%

0,02% 0,02% 0,02% 0,02% 0,02%

Tabel 8 Directe beleggingen staatsobligaties op 31 december 2013 Bron: Syntrus Achmea

Asfinag 4,125% 14/03/2014 Asfinag 4,375% 08/07/2019 Asfinag 4,5% 16/10/2017 Austria Government Bond 3,4% 20/10/2014 Austria Government Bond 3,5% 15/07/2015 Austria Government Bond 3,5% 15/09/2021 Austria Government Bond 3,9% 15/07/2020 Austria Government Bond 3.400% 22/11/2022 Austria Government Bond 3.650% 20/04/2022 Austria Government Bond 4% 15/09/2016 Austria Government Bond 4,15% 15/03/2037 Austria Government Bond 4,35% 15/03/2019 Austria Government Bond 4,65% 15/01/2018 Austria Government Bond 4,85% 15/03/2026 Banco Nac de Desen Econo 5.500% 12/07/2020 Banco Nac de Desen Econo 6.500% 10/06/2019 Bank Nederlandse Gemeenten 2,625% 01/09/2020 Bank Nederlandse Gemeenten 2,875% 15/01/2015 Bank Nederlandse Gemeenten 2.50% 15/11/2017

Finland Government Bond 4,375% 04/07/2019 FMS Wertmanagement 1.000% 18/07/2017 FMS Wertmanagement 1.375% 15/01/2020 FMS Wertmanagement 1.875% 09/05/2019 France (Govt Of) 2.750% 25/10/2027 France (Govt Of) 3.000% 25/04/2022 France (Govt of) 3.250% 25/05/2045 France Government Bond OAT 1,8% 25/07/2040 France Government Bond OAT 3% 25/10/2015 France Government Bond OAT 3,15% 25/07/2032 France Government Bond OAT 3,25% 25/04/2016 France Government Bond OAT 3,5% 25/04/2015 France Government Bond OAT 3,5% 25/04/2020 France Government Bond OAT 3,5% 25/04/2026 France Government Bond OAT 3,75% 25/04/2017 France Government Bond OAT 3,75% 25/04/2021 France Government Bond OAT 4% 25/04/2014 France Government Bond OAT 4% 25/04/2018 France Government Bond OAT 4% 25/04/2055

Nederlandse Waterschapsbank NV 3.500% 14/01/2021 Nederlandse Waterschapsbank NV 4,25% 16/09/2014 Netherlands Government 0% 15/04/2016 Netherlands Government Bond 1.250% 15/01/2018 Netherlands Government Bond 2.250% 15/07/2022 Netherlands Government Bond 2.500% 15/01/2017 Netherlands Government Bond 2.500% 15/01/2033 Netherlands Government Bond 3,25% 15/07/2015 Netherlands Government Bond 3,5% 15/07/2020 Netherlands Government Bond 3,75% 15/01/2023 Netherlands Government Bond 3,75% 15/01/2042 Netherlands Government Bond 3.250% 15/07/2021 Netherlands Government Bond 4% 15/01/2037 Netherlands Government Bond 4% 15/07/2016 Netherlands Government Bond 4% 15/07/2018 Netherlands Government Bond 4% 15/07/2019 Netherlands Government Bond 4,5% 15/07/2017 Netherlands Government Bond 5,5% 15/01/2028 Netherlands Government Bond 7,5% 15/01/2023

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Bank Nederlandse Gemeenten 3,75% 14/01/2020 Bank Nederlandse Gemeenten 3,875% 04/11/2019 Bank Nederlandse Gemeenten 3.000% 25/10/2021 Bank Nederlandse Gemeenten 4% 15/07/2014 Bank Nederlandse Gemeenten 4,125% 28/06/2016 Belgium Kingdom 3,25% 28/09/2016 Belgium Kingdom 3,5% 28/03/2015 Belgium Kingdom 3,75% 28/09/2020 Belgium Kingdom 3.500% 28/06/2017 Belgium Kingdom 4% 28/03/2017 Belgium Kingdom 4% 28/03/2018 Belgium Kingdom 4% 28/03/2019 Belgium Kingdom 4% 28/03/2022 Belgium Kingdom 4.250% 28/09/2021 Belgium Kingdom 4.250% 28/09/2022 Belgium Kingdom 4.500% 28/03/2026 Belgium Kingdom 5% 28/03/2035 Belgium Kingdom 5,5% 28/03/2028 BK Nederlandse Gemeenten 1.500% 15/04/2020 Bonos Y Oblig Del Estado 5.400% 31/01/2023 Bund Laender Anleihe 1.500% 15/07/2020 Bundesrepub. Deutschland 2.500% 04/07/2044 Bundesrepublik Deutschland 1.750% 04/07/2022 Bundesrepublik Deutschland 2,25% 04/09/2020 Bundesrepublik Deutschland 2.000% 04/01/2022 Bundesrepublik Deutschland 2.250% 04/09/2021 Bundesrepublik Deutschland 3% 04/07/2020 Bundesrepublik Deutschland 3,25% 04/01/2020 Bundesrepublik Deutschland 3,25% 04/07/2015 Bundesrepublik Deutschland 3,25% 04/07/2042 Bundesrepublik Deutschland 3,5% 04/01/2016 Bundesrepublik Deutschland 3,75% 04/01/2017 Bundesrepublik Deutschland 3,75% 04/01/2019 Bundesrepublik Deutschland 4% 04/01/2018

France Government Bond OAT 4% 25/04/2060 France Government Bond OAT 4% 25/10/2014 France Government Bond OAT 4% 25/10/2038 France Government Bond OAT 4,25% 25/04/2019 France Government Bond OAT 4,25% 25/10/2023 France Government Bond OAT 4,5% 25/04/2041 France Government Bond OAT 4,75% 25/04/2035 France Government Bond OAT 5% 25/10/2016 France Government Bond OAT 5,5% 25/04/2029 France Government Bond OAT 5,75% 25/10/2032 France Government Bond OAT 6% 25/10/2025 Gemeinsame Deutsche Bundeslander 3,5% 07/10/2019 Gemeinsame Deutsche Bundeslander 4,125% 24/01/2014 Gemeinsame Deutsche Bundeslander 4,25% 02/05/2014 Hungary Government Bond 5.500% 20/12/2018 Hungary Government Bond 6.000% 24/11/2023 Hungary Government Bond 6.500% 24/06/2019 Hungary Government Bond 7.000% 24/06/2022 Hungary Government Bond 7.750% 24/08/2015 Indonesia Government 5.625% 15/05/2023 Indonesia Government 6.125% 15/05/2028 Indonesia Government 6.625% 15/05/2033 Indonesia Government 7.000% 15/05/2022 Indonesia Government 7.875% 15/04/2019 Indonesia Government 8.250% 15/06/2032 Indonesia Government 8.375% 15/03/2024 Indonesia Government 9.000% 15/03/2029 Intl Bank Recon & Develop 3,875% 20/05/2019 Ireland Government Bond 3.900% 20/03/2023 Ireland Government Bond 4% 15/01/2014 Ireland Government Bond 4,4% 18/06/2019 Ireland Government Bond 4,6% 18/04/2016 Ireland Government Bond 5,4% 13/03/2025 Ireland Government Bond 5,9% 18/10/2019

Nota do Tesouro Nacional 10.00% 01/01/2017 Nota do Tesouro Nacional 10.00% 01/01/2021 Nota do Tesouro Nacional 10.00% 01/01/2023 NRW.Bank 4,5% 29/05/2017 Oebb Infrastruktur AG 2.250% 04/07/2023 OeBB Infrastruktur AG 3.500% 19/10/2026 OeBB Infrastruktur AG 4,5% 02/07/2019 Oesterreichische Kontrollbank AG 3,875% 15/09/2016 Oseo Sa 2.000% 25/07/2017 Poland Government Bond 2.500% 25/07/2018 Poland Government Bond 3.750% 25/04/2018 Poland Government Bond 4.000% 25/10/2023 Poland Government Bond 4.750% 25/04/2017 Poland Government Bond 5.000% 25/04/2016 Poland Government Bond 5.500% 25/04/2015 Poland Government Bond 5.750% 23/09/2022 Poland Government Bond 5.750% 25/10/2021 Poland Government Bond ZC 25/01/2016 Province of Quebec 2.250% 17/07/2023 Republic of Chile 2.250% 30/10/2022 Republic of Colombia 12.00% 22/10/2015 Republic of Colombia 7.750% 14/04/2021 Republic of Indonesia 11.62% 04/03/2019 Republic of Indonesia 4.875% 05/05/2021 Republic of Indonesia 5.875% 13/03/2020 Republic Of Indonesia 7.750% 17/01/2038 Republic Of Indonesia 8.500% 12/10/2035 Republic of Lithuania 5.125% 14/09/2017 Republic of Lithuania 6.125% 09/03/2021 Republic of Lithuania 6.625% 01/02/2022 Republic of Lithuania 6.750% 15/01/2015 Republic of Lithuania 7.375% 11/02/2020 Republic of Peru 5.625% 18/11/2050 Republic of Peru 7.125% 30/03/2019

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Bundesrepublik Deutschland 4% 04/01/2037 Bundesrepublik Deutschland 4% 04/07/2016 Bundesrepublik Deutschland 4,25% 04/07/2017 Bundesrepublik Deutschland 4,25% 04/07/2018 Bundesrepublik Deutschland 4,25% 04/07/2039 Bundesrepublik Deutschland 4,75% 04/07/2028 Bundesrepublik Deutschland 4,75% 04/07/2034 Bundesrepublik Deutschland 4,75% 04/07/2040 Bundesrepublik Deutschland 5,5% 04/01/2031 Bundesrepublik Deutschland 5,625% 04/01/2028 Bundesrepublik Deutschland 6% 20/06/2016 Bundesrepublik Deutschland 6,25% 04/01/2024 Bundesrepublik Deutschland 6,25% 04/01/2030 Bundesrepublik Deutschland 6,5% 04/07/2027 Buoni Poliennali del Tes 4.750% 01/09/2044 Caisse d'Amort Dette Soc 3,625% 25/04/2016 Caisse d'Amort Dette Soc 3.250% 07/03/2018 Caisse d'Amort Dette Soc 4% 25/10/2014 Caisse d'Amort Dette Soc 4,125% 25/04/2017 Caisse d'Amort Dette Soc 4,375% 25/10/2021 Caisse Nationale des Autoroutes 6.000% 26/10/2015 Council of Europe 3% 13/07/2020 Croatia 5.500% 04/04/2023 Croatia 6.375% 24/03/2021 Croatia 6.625% 14/07/2020 Czech Republic International 5% 11/06/2018 Deutsche Bahn Finance BV 3.750% 01/06/2021 Deutsche Bahn Finance BV 4,375% 23/09/2021 Deutsche Bundesrepublik IL 1,75% 15/04/2020 El Fondo Mivivienda SA 3.500% 31/01/2023 Erste Abwicklungsanstalt 1.250% 06/03/2015 Eskom Holdings Limited 5.750% 26/01/2021 Eurofima 4% 27/10/2021 European Fin Stability Facility 1.625% 17/07/2020

Ireland Government Bond 5.500% 18/10/2017 Italy Buoni Poliennali Del Tesoro 2.1% 15/09/2016 Italy Buoni Poliennali Del Tesoro 2.75% 01/12/2015 Italy Buoni Poliennali Del Tesoro 3% 15/04/2015 Italy Buoni Poliennali Del Tesoro 3% 15/06/2015 Italy Buoni Poliennali Del Tesoro 3,75% 01/03/2021 Italy Buoni Poliennali Del Tesoro 3,75% 01/08/2015 Italy Buoni Poliennali Del Tesoro 3,75% 01/08/2016 Italy Buoni Poliennali Del Tesoro 3,75% 01/08/2021 Italy Buoni Poliennali Del Tesoro 3.00% 01/11/2015 Italy Buoni Poliennali Del Tesoro 3.75% 15/04/2016 Italy Buoni Poliennali Del Tesoro 4% 01/02/2017 Italy Buoni Poliennali Del Tesoro 4% 01/02/2037 Italy Buoni Poliennali Del Tesoro 4% 01/09/2020 Italy Buoni Poliennali Del Tesoro 4,25% 01/02/2015 Italy Buoni Poliennali Del Tesoro 4,25% 01/02/2019 Italy Buoni Poliennali Del Tesoro 4,25% 01/03/2020 Italy Buoni Poliennali Del Tesoro 4,25% 01/09/2019 Italy Buoni Poliennali Del Tesoro 4,5% 01/02/2018 Italy Buoni Poliennali Del Tesoro 4,5% 01/02/2020 Italy Buoni Poliennali Del Tesoro 4,5% 01/03/2019 Italy Buoni Poliennali Del Tesoro 4,5% 01/08/2018 Italy Buoni Poliennali Del Tesoro 4.75% 01/05/2017 Italy Buoni Poliennali Del Tesoro 4.75% 01/06/2017 Italy Buoni Poliennali Del Tesoro 4.75% 01/09/2021 Italy Buoni Poliennali Del Tesoro 4.75% 01/09/2028 Italy Buoni Poliennali Del Tesoro 5% 01/03/2025 Italy Buoni Poliennali Del Tesoro 5% 01/08/2039 Italy Buoni Poliennali Del Tesoro 5% 01/09/2040 Italy Buoni Poliennali Del Tesoro 5,25% 01/08/2017 Italy Buoni Poliennali Del Tesoro 5,25% 01/11/2029 Italy Buoni Poliennali Del Tesoro 5,75% 01/02/2033 Italy Buoni Poliennali Del Tesoro 5.00% 01/03/2022 Italy Buoni Poliennali Del Tesoro 5.50% 01/09/2022

Republic of Peru 8.375% 03/05/2016 Republic of Poland 3% 24/08/2016 Republic of Poland 3.000% 17/03/2023 Republic of Poland 3.375% 09/07/2024 Republic of Poland 4,5% 18/01/2022 Republic of Poland 4.675% 15/10/2019 Republic of Poland 5.000% 23/03/2022 Republic of Poland 5.125% 21/04/2021 Republic of Poland 6.375% 15/07/2019 Republic Of South Africa 13.50% 15/09/2015 Republic of South Africa 4.665% 17/01/2024 Republic of South Africa 5.500% 09/03/2020 Republic of South Africa 5.875% 16/09/2025 Republic of South Africa 5.875% 30/05/2022 Republic Of South Africa 6.250% 31/03/2036 Republic Of South Africa 7.000% 28/02/2031 Republic Of South Africa 7.250% 15/01/2020 Republic Of South Africa 8.000% 21/12/2018 Republic Of South Africa 8.250% 15/09/2017 Republika Slovenija 2.750% 17/03/2015 Republika Slovenija 4.375% 02/04/2014 Russia Foreign Bond 12.75% 24/06/2028 Russia Foreign Bond 5.000% 29/04/2020 Russia Goverment Bond - OFZ 7.000% 25/01/2023 Russia Goverment Bond - OFZ 7.350% 20/01/2016 Russia Goverment Bond - OFZ 7.600% 20/07/2022 Russian Federation 3.250% 04/04/2017 Russian Federation 4.500% 04/04/2022 Russian Federation 5.625% 04/04/2042 Rzd Capital Limited (Rzd 5.700% 05/04/2022 Security name Slovak Republic 4,375% 15/05/2017 Slovenia, Republic of 4,375% 06/02/2019 Societe Financement l'Econ Franc 3,125% 30/06/2014

13

European Fin Stability Facility 2.625% 02/05/2019 European Fin Stability Facility 2.750% 18/07/2016 European Fin Stability Facility 3.375% 05/07/2021 European Investment Bank 2,625% 15/03/2018 European Investment Bank 2.500% 15/03/2019 European Investment Bank 2.750% 15/09/2021 European Investment Bank 3,125% 15/04/2014 European Investment Bank 3,5% 15/04/2016 European Investment Bank 3.00% 28/09/2022 European Investment Bank 3.000% 14/10/2033 European Investment Bank 3.625% 14/03/2042 European Investment Bank 3.625% 15/01/2021 European Investment Bank 4,25% 15/04/2019 European Investment Bank 4,5% 15/10/2025 European Investment Bank 4,625% 15/04/2020 European Union 2.750% 03/06/2016 European Union 3,375% 10/05/2019 European Union 3.250% 04/04/2018 European Union 3.500% 04/06/2021 Fed Republic of Brazil 10.12% 15/05/2027 Fed Republic of Brazil 11.00% 17/08/2040 Fed Republic Of Brazil 2.625% 05/01/2023 Fed Republic of Brazil 4.875% 22/01/2021 Fed Republic of Brazil 5.625% 07/01/2041 Fed Republic of Brazil 5.875% 15/01/2019 Fed Republic of Brazil 6.000% 17/01/2017 Fed Republic of Brazil 8.875% 15/04/2024 Finland Government Bond 1,75% 15/04/2016 Finland Government Bond 1.875% 15/04/2017 Finland Government Bond 3,375% 15/04/2020 Finland Government Bond 3.500% 15/04/2021 Finland Government Bond 4% 04/07/2025

Italy Buoni Poliennali Del Tesoro 6,5% 01/11/2027 Italy Buoni Poliennali Del Tesoro 7,25% 01/11/2026 Italy Buoni Poliennali Del Tesoro 9% 01/11/2023 Kreditanstalt Fuer Wiederaufbau 3,125% 25/02/2014 Kreditanstalt Fuer Wiederaufbau 3,875% 21/01/2019 Kreditanstalt Fuer Wiederaufbau 4,375% 04/07/2018 Land Nordrhein-Westfalen 1.250% 13/03/2020 Land Nordrhein-Westfalen 4,5% 15/02/2018 Land Rheinland-Pfalz 2.375% 23/02/2022 Land Sachsen-Anhalt 4% 26/09/2016 Landwirtschaftliche Rentenbank 2.000% 20/02/2019 Letra Tesouro Nacional ZC 01/01/2017 Malaysian Government 3.172% 15/07/2016 Malaysian Government 3.418% 15/08/2022 Malaysian Government 3.480% 15/03/2023 Malaysian Government 3.492% 31/03/2020 Malaysian Government 3.580% 28/09/2018 Malaysian Government 3.844% 15/04/2033 Malaysian Government 4.262% 15/09/2016 Malaysian Government 4.392% 15/04/2026 Mex Bonos Desarr Fix Rt 5.000% 15/06/2017 Mex Bonos Desarr Fix Rt 6.250% 16/06/2016 Mex Bonos Desarr Fix Rt 6.500% 10/06/2021 Mex Bonos Desarr Fix Rt 7.500% 03/06/2027 Mex Bonos Desarr Fix Rt 7.750% 14/12/2017 Mex Bonos Desarr Fix Rt 7.750% 29/05/2031 Mex Bonos Desarr Fix Rt 8.000% 07/12/2023 Mex Bonos Desarr Fix Rt 8.500% 31/05/2029 Mex Bonos Desarr Fix Rt 9.500% 18/12/2014 Nederlandse Waterschapsbank NV 2.250% 17/01/2017 Nederlandse Waterschapsbank NV 3,375% 01/02/2017 Nederlandse Waterschapsbank NV 3,375% 19/01/2016

Spain Government Bond 3,15% 31/01/2016 Spain Government Bond 3,8% 31/01/2017 Spain Government Bond 3.25% 30/04/2016 Spain Government Bond 4% 30/04/2020 Spain Government Bond 4,2% 31/01/2037 Spain Government Bond 4,6% 30/07/2019 Spain Government Bond 4,65% 30/07/2025 Spain Government Bond 4,85% 31/10/2020 Spain Government Bond 4,9% 30/07/2040 Spain Government Bond 4.250% 31/10/2016 Spain Government Bond 5,75% 30/07/2032 Spain Government Bond 5.500% 30/04/2021 Spain Government Bond 5.900% 30/07/2026 Thailand Government Bond 1.200% 14/07/2021 Thailand Government Bond 3.580% 17/12/2027 Turkey Government Bond 4.500% 11/02/2015 Turkey Government Bond 6.300% 14/02/2018 Turkey Government Bond 6.500% 07/01/2015 Turkey Government Bond 7.100% 08/03/2023 Turkey Government Bond 8.300% 07/10/2015 Turkey Government Bond 8.300% 20/06/2018 Turkey Government Bond 8.500% 14/09/2022 Turkey Government Bond 9.500% 12/01/2022 United Mexican States 4.750% 08/03/2044 United Mexican States 6.625% 03/03/2015 United Mexican States 8.000% 24/09/2022 Vnesheconombank(Veb) 5.450% 22/11/2017 Vnesheconombank(Veb) 6.025% 05/07/2022 Vnesheconombank(Veb) 6.800% 22/11/2025 Vnesheconombank(Veb) 6.902% 09/07/2020

14

Tabel 9 Top 5 posities directe beleggingen staatsobligaties op 31 december 2013 Bron: Syntrus Achmea

Positie Percentage binnen beleggingscategorie Percentage van het vermogen Deutsche Bundesrepublik IL 1,75% 15/04/2020 Netherlands Government Bond 5,5% 15/01/2028 Netherlands Government Bond 3,75% 15/01/2042 France Government Bond OAT 3,15% 25/07/2032 Netherlands Government Bond 4% 15/01/2037

4,23% 3,44% 3,29% 3,11% 3,07%

1,47% 1,19% 1,14% 1,08% 1,07%

15

Tabel 10 Directe beleggingen niet-staatsobligaties op 31 december 2013 Bron: Syntrus Achmea

Security Industriegroep 3M Company 1.875% 15/11/2021 ABB Finance BV 2.625% 26/03/2019 Abbey National Treasury Serv PLC 3,625% 05/10/2017 Abertis Infraestructuras SA 4,625% 14/10/2016 ABN Amro Bank NV 2.500% 05/09/2023 ABN Amro Bank NV 4,25% 01/03/2017 ABN Amro Bank NV 4.250% 11/04/2016 ABN Amro Bank NV 4.750% 11/01/2019 ABN Amro Bank NV 6.375% 27/04/2021 Allianz Finance II BV Var 08/07/2041 Allianz Finance II BV Var 29-12-2049 Perp Allianz Se 3.000% 13/03/2028 Amber Circle Funding Ltd 3.250% 04/12/2022 America Movil SAB de CV 3,75% 28/06/2017 Amgen Inc 4.375% 05/12/2018 Anglo American Capital 1.750% 20/11/2017 Anglo American Capital 2.750% 07/06/2019 Anheuser-Busch Inbev NV 1.250% 24/03/2017 Anheuser-Busch InBev NV 8,625% 30/01/2017 ASML Holding NV 3.375% 19/09/2023 Assicurazioni Generali SpA 5,125% 16/09/2024 Atlantia SpA 5,625% 06/05/2016 Autoroutes du Sud de la France 4.000% 24/09/2018 Autoroutes du Sud de la France 5,625% 04/07/2022 Autoroutes Paris-Rhin-Rh 5.125% 18/01/2018 Autoroutes Paris-Rhin-Rhone 7,5% 12/01/2015 Aviva Plc VAR 05/07/2043 Axa SA Var 29-7-2049 Perp AyT Cedul Caj VI Fondo Tituliz 4% 07/04/2014 AyT Cedulas Cajas Global 3,75% 14/12/2022 AyT Cedulas Cajas Global 4% 20/12/2016 AyT Cedulas Cajas Global 4,25% 25/10/2023 Bacardi Ltd 2.750% 03/07/2023 Banco Bilbao Vizcaya ARG 3.500% 05/12/2017 Banco Bilbao Vizcaya Argent SA 4.250% 30/03/2015

Non-Financials Non-Financials Covered Non-Financials Covered Covered Financials Financials Financials Financials Financials Financials Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Financials Financials Covered Covered Covered Covered Non-Financials Covered Covered

Security Industriegroep Banco Del Estado - Chile 3.875% 08/02/2022 Banco Del Estado - Chile 4.125% 07/10/2020 Banco Espirito Santo SA 3,375% 17/02/2015 Banco Espirito Santo SA 5,625% 05/06/2014 Banco Santander SA 4.375% 16/03/2015 Banco Totta & Acores SA 3,25% 21/10/2014 Bank of America Corp 4,625% 07/08/2017 Bank of Ireland 4% 28/01/2015 Bank of Ireland Mortgage 3,25% 22/06/2015 Bank of Ireland Mtge Bnk 3.625% 02/10/2020 Bankia SA 3.625% 05/10/2016 Barclays Bank PLC 4% 07/10/2019 Barclays Bank PLC 4% 20/01/2017 Barclays Bank PLC 6.625% 30/03/2022 BAT Holdings The Netherlands BV 4,375% 15/09/2014 BAT International Finance PLC 3.625% 09/11/2021 BAT International Finance PLC 5,875% 12/03/2015 Bat Intl Finance Plc 2.750% 25/03/2025 BBVA Senior Finance SA 3.250% 21/03/2016 BBVA Senior Finance Sa 3.625% 03/10/2014 BBVA Senior Finance SA 3.750% 17/01/2018 BG Energy Capital Plc 3.000% 16/11/2018 BHP Billiton Finance Ltd 2.125% 29/11/2018 BHP Billiton Finance Ltd 2.250% 25/09/2020 BMW Finance NV 3,875% 18/01/2017 BMW Finance NV 3.250% 14/01/2019 BNP Paribas 2.875% 26/09/2023 BNP Paribas 2.875% 27/11/2017 BNP Paribas Home Loan SA 3.750% 11/01/2021 Bouygues SA 3.64% 29/10/2019 British Telecommunications PLC 6,5% 07/07/2015 Brussels Air Holding nv/ 3.250% 01/07/2020 Caffil3 3.750% 18/05/2016 Caisse Francaise De Financemen 4,875% 03/07/2017 Caisse Refinance L'Habit SA 3,5% 25/04/2017

Financials Financials Covered Financials Covered Covered Financials Financials Covered Covered Covered Covered Financials Financials Non-Financials Non-Financials Non-Financials Non-Financials Financials Financials Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Financials Financials Covered Non-Financials Non-Financials Non-Financials Covered Covered Covered

16

Security Industriegroep Caisse Refinance L'Habit SA 5% 08/04/2019 Caixa Economica Federal 3.500% 07/11/2022 Caixa Estalvis de Catal Tar Man 4,875% 29/06/2017 Carlsberg Breweries A/S 2.625% 15/11/2022 Carrefour SA 1.750% 22/05/2019 Carrefour SA 5.250% 24/10/2018 Casino Guichard Perracho 3.157% 06/08/2019 Casino Guichard Perrachon SA 4,379% 08/02/2017 Casino Guichard Perrachon SA 4.726% 26/05/2021 Casino Guichard Perrachon SA 5,5% 30/01/2015 Cedulas TDA 6 Fondo Acti 4,25% 10/04/2031 CIE de Financement Foncier 4% 24/10/2025 CIE de Financement Foncier 4,375% 25/04/2019 Citigroup Inc 4,375% 30/01/2017 Citigroup Inc 4.00% 26/11/2015 Citigroup Inc Var 10/02/2019 Coca-Cola HBC Finance BV 2.375% 18/06/2020 Codelco Inc 3.000% 17/07/2022 Codelco Inc 3.875% 03/11/2021 Codelco Inc 6.150% 24/10/2036 Codelco Inc. 4.250% 17/07/2042 Comision Fed De Electric 4.875% 26/05/2021 Comision Fed De Electric 5.750% 14/02/2042 Credit Agricole Covered Bond 3.875% 12/01/2021 Credit Agricole Covered Bonds 2.625% 28/01/2014 Credit Suisse Guernsey 2.125% 18/01/2017 Daimler AG 1.500% 19/11/2018 Daimler AG 2.000% 07/04/2020 Daimler AG 2.375% 08/03/2023 Danone 1.250% 06/06/2018 Danone 2.600% 28/06/2023 Danske Bank A/S 2.500% 09/07/2015 Danske Bank A/S 3,5% 16/04/2018 Danske Bank A/S 3.875% 28/02/2017 Deutsche Bank AG 3.375% 06/04/2018 Deutsche Postbank AG 3.625% 15/02/2021 Deutsche Telekom Int' I Fin BV 4,25% 16/03/2020 Deutsche Telekom Int' I Fin BV 6% 20/01/2017 Development Bank of Kaza 4.125% 10/12/2022

Covered Financials Covered Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Covered Covered Covered Financials Financials Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Covered Covered Covered Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Financials Covered Financials Covered Covered Non-Financials Non-Financials Financials

Security Industriegroep Development Bank of Kaza 5.500% 20/12/2015 DNB Bank Asa 4.750% 08/03/2022 DNB Boligkreditt As 2.750% 21/03/2022 DNB Nor Boligkreditt As 2.625% 11/01/2016 Dong Energy A/S 4,875% 16/12/2021 EDF SA 4,625% 11/09/2024 Edison SpA 3.87% 10/11/2017 EDP Finance BV 5.750% 21/09/2017 Electricite De France 2.750% 10/03/2023 Electricite de France SA 6,25% 25/01/2021 Elia System Operator SA/NV 5,625% 22/04/2016 Empresa Nacional De Pertroleo 5.250% 10/08/2020 Empresa Nacional De Petroleo 4.750% 06/12/2021 Enel Finance International NV 3.625% 17/04/2018 Enel Finance International SA 5% 14/09/2022 Enexis Holding BV 3.375% 26/01/2022 Eni Spa 3.250% 10/07/2023 Eni SpA 3.50% 29/01/2018 Esb Finance Limited 3.494% 12/01/2024 Esb Finance Limited 6.250% 11/09/2017 Export-Import Bank of Malaysia 2.875% 14/12/2017 FCE Bank Plc 1.625% 09/09/2016 Fce Bank Plc 2.875% 03/10/2017 Fortis Bk SA/NV 4,5% 30/05/2014 Fortum Oyi 2.250% 06/09/2022 France Telecom SA 3,875% 09/04/2020 Gas Natural Capital 6.000% 27/01/2020 Gas Natural Capital Markets SA 4,125% 26/01/2018 Gas Natural Capital Markets SA 5,25% 09/07/2014 Gazprom (Gaz Capital Sa) 3.755% 15/03/2017 Gazprom (Gaz Capital SA) 5,875% 01/06/2015 Gazprom (Gaz Capital SA) 6,605% 13/02/2018 GDF Suez 1.500% 20/07/2017 GE Capital Euro Funding 2.250% 20/07/2020 GE Capital European Funding 4,25% 01/03/2017 GE Capital European Funding 5,25% 18/05/2015 GE Capital European Funding 5,375% 16/01/2018 Glaxosmithkline Capital PLC 4% 16/06/2025 Glaxosmithkline Capital PLC 5,625% 13/12/2017

Financials Financials Covered Covered Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Financials Non-Financials Non-Financials Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Financials Financials Financials Financials Non-Financials Non-Financials

17

Security Industriegroep Global Switch Holdings Ltd 5.500% 18/04/2018 Goldman Sachs Group Inc 4,375% 16/03/2017 Groupe Auchan Sa 3.000% 02/12/2016 Heathrow Funding Ltd 4,125% 12/10/2016 Heathrow Funding Ltd 4.375% 25/01/2017 Heineken NV 4.625% 10/10/2016 Hella KGaA Hueck & Co 2.375% 24/01/2020 HSBC Bank PLC 3.12% 15/11/2017 HSBC Bank PLC 3.875% 24/10/2018 HSBC Finance Corp 4,875% 30/05/2017 HSBC Holdings PLC 6% 10/06/2019 Hutchison Whampoa Fin 09 Ltd 4,75% 14/11/2016 Hypothekenbank Frankfurt AG 3,875% 21/11/2016 Iberdrola Intl BV 3.000% 31/01/2022 Iberdrola Intl BV 3.500% 01/02/2021 IBM Corp 1.375% 19/11/2019 IBM Corp 1.875% 06/11/2020 IM Cedulas 6-M1 - Fondo de Tituliz 3,5% 02/12/2015 Imperial Tobacco Finance PLC 7,25% 15/09/2014 Imperial Tobacco Finance PLC 8,375% 17/02/2016 ING Bank NV 1.875% 22/05/2023 ING Bank NV 1.875% 27/02/2018 ING Bank NV 3.375% 11/01/2018 ING Bank NV 3.875% 24/05/2016 ING Bank NV Var 29/05/2023 ING Groep NV 4.125% 23/03/2015 ING-Diba AG 2.000% 13/03/2019 Intergas Finance BV 6.375% 14/05/2017 Intesa Sanpaolo SpA 3,25% 28/04/2017 Intesa Sanpaolo SpA 3,375% 19/01/2015 Intesa SanPaolo Spa 3.000% 28/01/2019 Intesa Sanpaolo Spa 3.250% 28/04/2017 Intesa Sanpaolo Spa 4.000% 30/10/2023 Intesa Sanpaolo Spa 5.000% 28/02/2017 Intesa Sanpaolo Spa 6.625% 13/09/2023 Intesa Sanpaolo Vita 5.350% 18/09/2018 Investor AB 4,875% 18/11/2021 IPIC Gmnt Ltd 4.875% 14/05/2016 JP Morgan Chase & Co Var 12/11/2019

Non-Financials Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Financials Financials Financials Financials Non-Financials Covered Non-Financials Non-Financials Non-Financials Non-Financials Covered Non-Financials Non-Financials Covered Financials Covered Financials Financials Financials Covered Non-Financials Covered Financials Financials Covered Financials Financials Financials Financials Non-Financials Non-Financials Financials

Security Industriegroep JPMorgan Chase & Co 2.750% 01/02/2023 Kazagro Natl Mgmt Hldng 4.625% 24/05/2023 Kazakhstan Temir Zholy 6.375% 06/10/2020 Kazakhstan Temir Zholy 6.950% 10/07/2042 Kazmunaygas National 11.75% 23/01/2015 Kazmunaygas National 6.375% 09/04/2021 Kazmunaygas National 7.000% 05/05/2020 Kazmunaygas National 9.125% 02/07/2018 Kazmunaygas National Co 5.750% 30/04/2043 Koninklijke DSM NV 1.750% 13/11/2019 Koninklijke KPN NV 4.500% 04/10/2021 Koninklijke KPN NV 6,25% 04/02/2014 Korea Gas Corp 2.375% 15/04/2019 La Caja de Ahor Pens Barcelona 3,875% 17/02/2025 Lehman Brothers Holdings 4,250 09/16 Linde AG 1.750% 17/09/2020 Linde AG 2.000% 18/04/2023 Lloyds Bank Plc 1.875% 10/10/2018 Lloyds TSB Bank PLC 3.500% 11/01/2017 Lloyds TSB Bank PLC 6,25% 15/04/2014 LVMH Moet Hennessy Louis 1.250% 04/11/2019 LVMH Moet Hennessy Louis 1.750% 13/11/2020 Majapahit Holding BV 7.750% 20/01/2020 Majapahit Holding BV 8.000% 07/08/2019 Merck Financial Services GMBH 3,375% 24/03/2015 Merrill Lynch & Co 4,875% 30/05/2014 Metlife Life Global Fndg I 4,625% 16/05/2017 Microsoft Corp 2.125% 06/12/2021 Morgan Stanley 5,375% 10/08/2020 Morrison (WM) Supermarkets 2.250% 19/06/2020 Munich Re Var 26/05/2041 Nationwide Building Society 4,375% 28/02/2022 Nederlandse Gasunie NV 2.625% 13/07/2022 Nederlandse Waterschapsbank 1.750% 09/07/2020 Nordea Bank AB 1.375% 12/04/2018 Nordea Bank AB 2.250% 05/10/2017 Nordea Bank AB 4,5% 26/03/2020 Nordea Hypotek AB 3,5% 18/01/2017 NorthernRock AssetManagement PLC 3,875% 16/11/2020

Financials Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Covered Financials Non-Financials Non-Financials Financials Covered Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Financials Financials Non-Financials Financials Non-Financials Financials Covered Non-Financials Public Banks Financials Financials Financials Covered Covered

18

Security Industriegroep NorthernRock AssetManagement PLC 4,125% 27/03/2017 Novartis Finance SA 4,25% 15/06/2016 OJSC Russ Agric Bk(RSHB) 7.750% 29/05/2018 OJSC Russ Agric Bk(RSHB) Var 03/06/2021 OMV AG 3.500% 27/09/2027 Optus Finance Pty Ltd 3,5% 15/09/2020 Oracle Corp 3.125% 10/07/2025 Orange SA 3.000% 15/06/2022 Orange SA 3.125% 09/01/2024 Orange SA 4,75% 21/02/2017 Pemex Proj Fdg Master Tr 6.625% 15/06/2035 Penerbangan Malaysia Bd 5.625% 15/03/2016 Pernod-Ricard SA 4,875% 18/03/2016 Pertamina Pt 5.250% 23/05/2021 Perusahaan Listrik Negar 5.500% 22/11/2021 Petroleos Mexicanos 3.125% 27/11/2020 Petroleos Mexicanos 4.875% 24/01/2022 Petroleos Mexicanos 5.500% 21/01/2021 Petroleos Mexicanos 5.500% 27/06/2044 Petroleos Mexicanos 6.000% 05/03/2020 Petroleos Mexicanos 8.000% 03/05/2019 Petronas Capital Ltd 5.250% 12/08/2019 Petronas Capital Ltd 7.875% 22/05/2022 Pfizer Inc 4,75% 03/06/2016 Pfizer Inc 5,75% 03/06/2021 Philip Morris International Inc 5,75% 24/03/2016 Philip Morris Intl Inc 2.750% 19/03/2025 PPR 3,75% 08/04/2015 PPR 8,625% 03/04/2014 Principal Fin'L Global Fndg II LLC 4,5% 26/01/2017 Procter & Gamble Co/The 2.000% 16/08/2022 Rabobank Nederland NV 3.500% 17/10/2018 Rabobank Nederland NV 4,25% 22/04/2014 Rabobank Nederland NV 4,375% 05/05/2016 Rabobank Nederland NV 4.000% 11/01/2022 Red Electrica Financ SA Uni 3,5% 07/10/2016 Red Electrica Financ SA Uni 4.875% 29/04/2020 Rentokil Initial Plc 3.375% 24/09/2019 Repsol Intl Finance 3.625% 07/10/2021

Covered Non-Financials Financials Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Financials Non-Financials Financials Financials Financials Financials Non-Financials Non-Financials Non-Financials Non-Financials

Security Industriegroep Rio Tinto Finance PLC 2.000% 11/05/2020 Roche Finance Europe B.V. 2.000% 25/06/2018 Royal Bank of Canada 1.250% 29/10/2018 Royal Bank of Scotland PLC 4.125% 15/01/2018 Russian Rr(Rzd Cap) 5.739% 03/04/2017 RWE AG Var 28-9-2049 Perp Sabic Capital I BV 2.750% 20/11/2020 Sanofi 2.500% 14/11/2023 Santander International Debt SA 4,125% 04/10/2017 Santander Intl Debt SA 4.375% 04/09/2014 Santander Issuances SA Unipersonal Var 29/05/2019 Schiphol Nederland BV 4.430% 28/04/2021 Schlumberger Finance BV 1.500% 04/03/2019 Schneider Electric SA 2.500% 06/09/2021 Siemens Financieringsmat 2.875% 10/03/2028 Siemens Financieringsmij NV 5,125% 20/02/2017 Sinochem Overseas Capita 4.500% 12/11/2020 Sinochem Overseas Capital Co 6.300% 12/11/2040 Sinopec Group Oversea 2013 2.625% 17/10/2020 Sinopec Grp Oversea 2012 2.750% 17/05/2017 Sinopec Grp Oversea 2012 3.900% 17/05/2022 Ser Reg Sinopec Grp Oversea 2012 4.875% 17/05/2042 Snam Spa 2.375% 30/06/2017 Snam Spa 3.500% 13/02/2020 Societa Inizia Autostrada Serv SpA 4,5% 26/10/2020 Societe Generale SA 4.000% 20/04/2016 Societe Generale SA SCF 3,375% 16/04/2018 Societe Generale SFH 1.750% 05/03/2020 Sparebank 1 Boligkreditt 1.250% 28/02/2018 Stadshypotek Ab 1.625% 30/10/2020 Standard Chartered PLC 3.625% 23/11/2022 Standard Chartered PLC 4.125% 18/01/2019 State Grid Overseas Inv 4.375% 22/05/2043 Statoil Asa 2.000% 10/09/2020 Statoil Asa 5,625% 11/03/2021 Suez Environnement Co 6,25% 08/04/2019 Svenska Handelsbanken AB 3,75% 24/02/2017 Svenska Handelsbanken AB 3.375% 17/07/2017 Telefonica Emisiones Sau 3.987% 23/01/2023

Non-Financials Non-Financials Covered Covered Non-Financials Non-Financials Non-Financials Non-Financials Financials Financials Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Financials Covered Covered Covered Covered Financials Financials Non-Financials Non-Financials Non-Financials Non-Financials Financials Financials Non-Financials

19

Security Industriegroep Telefonica Emisiones SAU 4.750% 07/02/2017 Telefonica Emisiones SAU 4.797% 21/02/2018 Telefonica Emisiones SAU 4.967% 03/02/2016 Telekom Finanzmanagement GMBH 4,25% 27/01/2017 Telemar Norte Leste SA 5.125% 15/12/2017 Telenor Asa 4,125% 26/03/2020 Teliasonera AB 3.000% 07/09/2027 Teliasonera AB 4.000% 22/03/2022 Telstra Corp Ltd 2.500% 15/09/2023 Telstra Corp Ltd 3.750% 16/05/2022 Tennet Holding BV Var 28-2-2049 Perp Terna Spa 2.875% 16/02/2018 Terna SpA 4.750% 15/03/2021 Thames Water Util Cayman 3.25% 09/11/2016 Total Capital Intl Sa 2.125% 19/11/2021 Total Capital SA 3,125% 16/09/2022 Total Infrastructures Gaz France 4.339% 07/07/2021 Toyota Motor Credit Corp 2.375% 01/02/2023 TPSA Eurofinance France SA 6% 22/05/2014 Transnet Soc Ltd 4.000% 26/07/2022 UBS AG London 3.000% 06/06/2016 UBS AG/London 4% 08/04/2022

Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Covered Covered

Security Industriegroep Unedic 1.750% 27/02/2015 Unicredit Spa 2.250% 16/12/2016 Unicredit SpA 4.250% 31/07/2018 Unicredit SpA 4.375% 11/09/2015 Unicredit SpA 4.875% 07/03/2017 Unicredit SpA 6.950% 31/10/2022 Unilever NV 1.750% 05/08/2020 Vale SA 4,375% 24/03/2018 Valeo SA 4.875% 11/05/2018 Vattenfall AB 5,25% 17/03/2016 Vattenfall AB 6,25% 17/03/2021 Verbund International Finance BV 4,75% 16/07/2019 Vivendi Sa 4.125% 18/07/2017 Vodafone Group PLC 6,25% 15/01/2016 Volkswagen International Fin NV 1.875% 15/05/2017 Volkswagen Intl Fin NV 3.250% 21/01/2019 Volkswagen Leasing Gmbh 1.500% 15/09/2015 Volkswagen Leasing GMBH 2.750% 13/07/2015 Voto-Votorantim Ltd 5,25% 28/04/2017 Wells Fargo & Ccompany 2.250% 02/05/2023

Agencies Financials Covered Financials Financials Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Non-Financials Financials

Tabel 11 Top 5 posities directe beleggingen niet-staatsobligaties op 31 december 2013 Bron: Syntrus Achmea

Positie Industrie Groep Percentage binnen beleggingscategorie Percentage van het vermogen Caisse Refinance L'Habit SA 3,5% 25/04/2017 Bankia SA 3.625% 05/10/2016 Banco Santander SA 4.375% 16/03/2015 Hypothekenbank Frankfurt AG 3,875% 21/11/2016 La Caja de Ahor Pens Barcelona 3,875% 17/02/2025

Covered Covered Covered Covered Covered

1,62% 1,35% 1,34% 1,34% 1,19%

0,20% 0,17% 0,17% 0,17% 0,15%

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Opsomming Externe managers en fondsbeleggingen Bron: Syntrus Achmea

Via fondsen belegt BPL in aandelen Japan en aandelen opkomende markten. State Street Global Advisors, Robeco en Numeric zijn aangesteld als managers. Via fondsen belegt BPL in staatsobligaties uit opkomende markten. Deze fondsen worden beheerd door Stone Harbor en Syntrus Achmea. Via een participatie in de Syntrus Achmea Global High Yield Pool belegt het pensioenfonds in High Yield obligaties. De beleggingen in de beleggingscategorie Alternatives zijn ondergebracht in de Syntrus Achmea Infrastructure Pool en het Interpolis Pensioenen Private Equity Fund II. Syntrus Achmea Vastgoed beheert de beleggingen van BPL in direct vastgoed. Syntrus Achmea belegt namens het pensioenfonds verder in een portefeuille van kansen en landbouwgronden. Voor het beheren van liquiditeiten maakt het pensioenfonds gebruikt van de Syntrus Achmea Geldmarkt Pool. Disclaimer Stichting Bedrijfspensioenfonds voor de Landbouw (BPL) biedt deze rapportage aan als een vorm van dienstverlening voor haar deelnemers en overige geïnteresseerden. De inhoud van dit document is gebaseerd op betrouwbaar geachte informatiebronnen. Er wordt echter geen garantie of verklaring gegeven over de juistheid en volledigheid van die informatie, noch uitdrukkelijk, noch stilzwijgend. Aan de verstrekte informatie, aanbevelingen en berekende waardes kunnen geen rechten worden ontleend. De verstrekte informatie is uitsluitend indicatief en aan verandering onderhevig. De informatie is geen aanbod, beleggingsadvies of financiële dienst. BPL kan derhalve nimmer verantwoordelijk worden gesteld voor onder andere – maar niet uitsluitend – eventuele onvolkomenheden, onjuistheden en/of op een later tijdstip aangebrachte wijzigingen. Alle auteursrechten, patenten, intellectueel en andere eigendommen, en toestemmingen op dat gebied die van toepassing zijn op de inhoud van dit document behoren toe aan en zijn verkregen door BPL. Er worden geen rechten van welke aard dan ook in licentie gegeven of toegewezen of op andere wijze overgedragen aan personen die toegang verkrijgen tot deze informatie.

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