Information Pension Profile Investment and Free Investment. Commencement 2018 Version 30 January 2018

Transcription

1 Information Pension Profile Investment and Free Investment Commencement 2018 Version 30 January

2 Contents General 3 Investment choices 3 Profile investment 4 Life Cycle funds 4 ASR Pensioen Mixfondsen 5 Underlying funds and distribution ASR Pensioen Mixfondsen 6 ASR Pensioen Bedrijfsobligatiefonds 7 ASR Pensioen Staatsobligatiefondsen 7 Life Cycle structure 8 Defensive Life Cycle (fixed pension) 9 Life Cycle Neutral (= default life cycle) 11 Offensive Life Cycle 15 Free investment 17 Free investment fund range 17 Investment fund costs 18 Operating costs 18 Management fee 18 Service fee 18 Entry and exit fees 18 Overview investment fund costs 19 Asset Management 20 2

3 General The information in this document applies to pension products in which employees can invest. In addition to the information in this document, more information concerning investment funds can be found at This is where you can find for all investment funds an information memorandum, a (semi) annual report concerning both the funds and the manager, the composition, returns, price development and the monthly factsheet, among other things. These have been drawn up to provide you with more insight into the nature and risks of investments in these funds as well as the value development. The value of investments may fluctuate. Results achieved in the past offer no guarantee for the future. We would like to point out that the value of investments can increase, but also decrease. Investment choices The employer has the option within the pension scheme to offer no, limited or broad investment choices. If the employer decides not to offer investment choices to its employees, the invested capital is always invested in accordance with the Neutral investment profile. If the employer opts for limited investment choices for its employees, the employee will be able to choose between the following investment profiles: Defensive, Neutral or Offensive. Investment is performed in accordance with the Neutral investment profile if the employee has not (yet) made a choice. Investment in accordance with an investment profile is referred to as Profile Investment. Within the Neutral and Offensive investment profiles, the employee may choose between two life cycles that focus on the purchase on the retirement date of a: fixed pension: the amount of the pension is guaranteed during the benefit period; variable pension: the capital remains invested as from the retirement date, which means that the amount of the pension is not fixed during the benefit period. If the employee does not make a choice, the capital is invested according to a life cycle focusing on the purchase of a fixed pension on retirement date. Within the Defensive investment profile, investment always takes place in a life cycle aimed at the purchase of a fixed pension on the retirement date. The employee can also opt for Free Investment instead of Profile Investment if the employer offers its employees broad investment choices. In case of Free Investment, the employee is able to invest in one or more funds from the range of investment funds as he sees fit. List of investment choices Employer choices None Limited Broad Employee choices Neutral Life Cycle fixed pension (default) and variable pension Defensive Life Cycle Neutral Life Cycle fixed pension (default) and variable pension Offensive Life Cycle fixed pension and variable pension Defensive Life Cycle Neutral Life Cycle fixed pension (default) and variable pension Offensive Life Cycle fixed pension and variable pension 3

4 Profile investment In case of Profile investment, investment is carried out in accordance with the life cycle principle. In this connection, the investments of the employee are adjusted automatically as the retirement age approaches. The employee has to use the capital on his retirement age to purchase a fixed pension and/or a variable pension. Fixed pension The amount of the pension is fixed as from the retirement date if the employee opts for a fixed pension on the retirement date. This is taken into account within the fixed pension life cycle by coordinating the investments further in line with the fixed pension to be purchased as the retirement age approaches. If the employee is farther from his retirement age, we opt for investments in a mixed fund (a combination of commercial and fixed-income securities). During this period, the focus lies on realising returns and the investment risk is higher. As the employee comes closer to his retirement date, we opt for less risk by increasingly investing in bonds. This way we ensure that the employee s risk is limited and that he nevertheless has a chance of an attractive return. In case of a fixed pension, the current interest rate has a major influence on the amount of the pension because the entire investment capital is used to purchase pension when reaching retirement age. That is why we choose to invest just before the retirement date in bonds with long maturities that are in line with the pension to be purchased as much as possible. This ensures that the investment capital fluctuates along with changing interest rates. This allows us to limit any fluctuations in the pension the employee is able to purchase on his retirement date. This gives an employee more certainty about the pension he will eventually obtain. Variable pension The amount of the pension is not fixed if the employee opts for a variable pension on the retirement date. The capital continues to be invested after the retirement date. A pension benefit is withdrawn from the investment capital available every month. The benefit is redetermined annually on the basis of the investment capital available at that time and the applicable rate. This means that the pension benefits fluctuate annually. The employee therefore has a chance of a higher pension than in case of a fixed pension, but it may also be lower. Account is taken of continued investment after the retirement date in case of the variable pension life cycle. If the employee is farther from his retirement age, we opt for investments in a mixed fund (a combination of marketable and fixed-income securities). During this period, the focus lies on realising returns and the investment risk is higher. The fact that the investment capital does not have to be used in full to purchase a pension when reaching the retirement age means that the investments when reaching the retirement age do not have to be fully in line with the pension to be purchased. This makes it possible to invest for longer in investments that yield a return. Life Cycle funds The life cycles are composed of the following funds: Fund name Risk indicator ASR Pensioen Mixfonds Defensief 4 ASR Pensioen Mixfonds Neutraal 4 ASR Pensioen Mixfonds Offensief 5 ASR Pensioen Bedrijfsobligatiefonds 3 ASR Pensioen Staatsobligatiefonds ASR Pensioen Staatsobligatiefonds Depending on the investment profile, investment in the life cycle concerns 100% investment in the related ASR Pensioen Mixfonds for up to 20 years (Defensive investment profile), 16 years (Neutral investment profile) or 12 years (Offensive investment profile) prior to the target retirement age. The ratio changes thereafter and investments are made increasingly in ASR Pensioen Bedrijfsobligatiefonds and ASR Pensioen Staatsobligatiefondsen. 4

5 ASR Pensioen Mixfondsen ASR Pensioen Mixfondsen invest in marketable securities and fixed-income securities. Marketable securities: a broad range of shares in listed companies with worldwide spread and/or companies active within a certain region, namely Europe, the United States, the Pacific Rim (excluding Japan) and emerging countries. Fixed-income securities: high-quality bonds issued by companies and governments within the Eurozone, highinterest bonds issued by worldwide companies with a lower credit rating ( high-yield bonds ) and government bonds issued by governments of emerging markets ( emerging markets debts ). Breakdown of strategic investment policies within the mixed funds: Marketable securities Fixed-income securities ASR Pensioen Mixfonds Defensief 65% 35% ASR Pensioen Mixfonds Neutraal 75% 25% ASR Pensioen Mixfonds Offensief 85% 15% ASR Pensioen Mixfondsen are managed by a specialist investment team within a.s.r. that assesses the markets that are tracked in a critical manner. An active tactical investment policy is applied for the mixed funds. This involves responding to market developments and, depending on the vision on the markets, using the bandwidth to generate extra yield. Also, a.s.r. s sustainability policy is a strict factor. For example, producers of controversial weapons and producers allowing child labour are excluded. 5

6 Underlying funds and distribution ASR Pensioen Mixfondsen ASR Pensioen Mixfonds Defensief Asset allocation Underlying fund Category Asset mix Marketable 65% ASR Amerika Aandelen Basisfonds Shares United States 27.73% ASR ESG IndexPlus Institutioneel Europa Aandelenfonds Shares Europe 27.87% Northern Trust Emerging Markets Custom ESG Shares Emerging Countries 4.65% BNP Paribas Easy MSCI Pacific ex Japan ex Controversial Weapons Shares Pacific Rim excluding Japan 4.75% Fixedincome 35% ASR ESG IndexPlus Institutioneel Staatsobligatie Fonds Fixed-income Government Bonds 9.19% ASR ESG IndexPlus Institutioneel Bedrijfsobligatie Fonds Fixed-income Corporate bonds 17.31% ishares Global High Yield Corp Bond Fixed-income Highinterest Bonds 4.25% ishares J.P. Morgan $ EM Bond ASR Pensioen Mixfonds Neutraal Asset allocation Underlying fund Fixed-income Emerging Countries Category 4.25% Asset mix Marketable 75% ASR Amerika Aandelen Basisfonds Shares United States 32.00% ASR ESG IndexPlus Institutioneel Europa Aandelenfonds Shares Europe 32.16% Northern Trust Emerging Markets Custom ESG Shares Emerging Countries 5.36% BNP Paribas Easy MSCI Pacific ex Japan ex Controversial Weapons Shares Pacific Rim excluding Japan 5.48% Fixedincome 25% ASR ESG IndexPlus Institutioneel Staatsobligatie Fonds Fixed-income Government Bonds 5.20% ASR ESG IndexPlus Institutioneel Bedrijfsobligatie Fonds Fixed-income Corporate bonds 9.80% ishares Global High Yield Corp Bond Fixed-income Highinterest Bonds 5.00% ishares J.P. Morgan $ EM Bond Fixed-income Emerging Countries 5.00% 6

7 ASR Pensioen Mixfonds Offensief Asset allocation Underlying fund Category Asset mix Marketable 85% ASR Amerika Aandelen Basisfonds Shares United States 36.27% ASR ESG IndexPlus Institutioneel Europa Aandelenfonds Shares Europe 36.45% Northern Trust Emerging Markets Custom ESG Shares Emerging Countries 6.07% BNP Paribas Easy MSCI Pacific ex Japan ex Controversial Weapons Shares Pacific Rim excluding Japan 6.21% Fixedincome 15% ASR ESG IndexPlus Institutioneel Staatsobligatie Fonds Fixed-income Government Bonds 2.25% ASR ESG IndexPlus Institutioneel Bedrijfsobligatie Fonds Fixed-income Corporate bonds 4.25% ishares Global High Yield Corp Bond Fixed-income Highinterest Bonds 4.25% ishares J.P. Morgan $ EM Bond Fixed-income Emerging Countries 4.25% The underlying funds referred to in this overview apply at the moment of compilation of this document. The current fund composition of the mix funds can be found at The asset allocation within ASR Pensioen Mixfondsen is a guideline. Fund managers are always given a certain margin in the investment policy, so that it is possible to deviate from the percentage within such predefined margin. ASR Pensioen Bedrijfsobligatiefonds ASR Pensioen Bedrijfsobligatiefonds mainly invests in corporate bonds and other non-government bonds (credits) issued by debtors considered to be of good quality, also referred to as investment grade. Corporate bonds offer an additional investment possibility within fixed-come investments. Investors demand additional compensation on top of the government interest in view of the higher risk when compared to government bonds. This risk premium is referred to as spread. The higher interest on corporate bonds therefore offers additional return. The debtor risk (the risk that the issuer goes bankrupt) means that a spread over multiple bonds via a fund is essential. ASR Pensioen Staatsobligatiefondsen ASR Pensioen Staatsobligatiefondsen are an essential component of life cycle investment. Investing in ASR Pensioen Staatsobligatiefondsen is intended to match the maturity of the bonds in the portfolio as closely as possible to the pension to be purchased. This means that the employee is less dependent on interest rate fluctuations on the date of having to purchase pension. This decreases the interest rate risk relating to the pension to be purchased. The portfolio of these funds consists of a basket of government bonds designed to match the average duration of the fund s investments as closely as possible to the duration of the employee s date of mandatory purchase of a pension. This is redetermined on an annual basis. ASR Pensioen Staatsobligatiefondsen mainly invests in government bonds that are part of the European Monetary Union. This mainly concerns long-term government bonds with an AAA start rating. Investments in corporate bonds are permitted up to 5% of the fund s assets. This fund has virtually no currency risk. Positions in currencies other than the euro are permitted up to 5% of the fund s assets. 7

8 Life Cycle structure The default investment profile is the Neutral investment profile. Employees have to make a choice concerning the continuation of the life cycle 16 years before the target retirement age. Employees may choose between a life cycle that focuses on purchasing a fixed pension or a pension that focuses on purchasing a (partially) variable pension. Depending on the options selected by the employer, employees may choose to invest according to a different investment profile: - Defensive investment profile (only the fixed pension life cycle) - Offensive investment profile; employees have to make a choice concerning the continuation of the life cycle 16 years before the target retirement age within the context of this investment profile. Employees may choose between a life cycle that focuses on purchasing a fixed pension or a pension that focuses on purchasing a (partially) variable pension. 100,00% 90,00% moment of choice fixed \ variable 16 years before the target retirement age Percentage marketable securities 80,00% 70,00% 60,00% 50,00% 40,00% 30,00% 20,00% Defensive fixed pension Neutral fixed pension Offensive fixed pension Neutral variable pension Offensive variable pension 10,00% 0,00% You can see the exact course of the various life cycles in the tables and graphs on the next pages. 8

9 Defensive Life Cycle (fixed pension) Mixfonds Defensief Marketable securities Fixed-income securities Corporate bond fund Government bond fund Government bond fund 15+ > age % 65.00% 35.00% 0.00% 0.00% 0.00% 20 years 95.39% 62.00% 33.39% 0.00% 2.77% 1.84% 19 years 90.77% 59.00% 31.77% 0.00% 5.54% 3.69% 18 years 86.16% 56.00% 30.16% 0.00% 8.31% 5.53% 17 years 81.54% 53.00% 28.54% 0.00% 11.08% 7.38% 16 years 76.93% 50.00% 26.93% 0.00% 13.85% 9.22% 15 years 72.31% 47.00% 25.31% 0.00% 16.61% 11.08% 14 years 67.70% 44.00% 23.70% 0.28% 19.21% 12.81% 13 years 63.08% 41.00% 22.08% 1.08% 21.50% 14.34% 12 years 58.47% 38.00% 20.47% 1.88% 23.79% 15.86% 11 years 53.85% 35.00% 18.85% 2.68% 26.08% 17.39% 10 years 49.24% 32.00% 17.24% 3.48% 28.37% 18.91% 9 years 44.62% 29.00% 15.62% 4.28% 30.66% 20.44% 8 years 40.01% 26.00% 14.01% 5.08% 32.95% 21.96% 7 years 35.39% 23.00% 12.39% 5.87% 35.24% 23.50% 6 years 30.78% 20.00% 10.78% 6.67% 37.53% 25.02% 5 years 26.16% 17.00% 9.16% 7.47% 39.82% 26.55% 4 years 21.55% 14.00% 7.55% 8.27% 42.11% 28.07% 3 years 16.93% 11.00% 5.93% 9.07% 44.40% 29.60% 2 years 12.32% 8.00% 4.32% 9.87% 46.69% 31.12% 1 years 7.69% 5.00% 2.69% 10.67% 48.98% 32.66% 9

10 Defensive Life Cycle (fixed pension); composition investment funds Defensive Life Cycle (fixed pension); composition investment categories

11 Life Cycle Neutral (= default life cycle) Mixfonds Neutraal Marketable securities Fixed-income securities Corporate bond fund Government bond fund Government bond fund 15+ Until fixed/variable pension decision moment > age ,00% 75,00% 25,00% 0,00% 0,00% 0,00% Fixed pension 16 years 94,58% 70,94% 23,64% 1,63% 1,70% 2,09% 15 years 89,17% 66,87% 22,30% 3,26% 3,41% 4,16% 14 years 83,75% 62,81% 20,94% 3,79% 5,61% 6,85% 13 years 78,33% 58,75% 19,58% 4,32% 7,80% 9,55% 12 years 72,92% 54,69% 18,23% 4,85% 10,00% 12,23% 11 years 67,50% 50,62% 16,88% 5,39% 12,20% 14,91% 10 years 62,08% 46,56% 15,52% 5,92% 14,40% 17,60% 9 years 56,67% 42,50% 14,17% 6,45% 16,60% 20,28% 8 years 51,25% 38,44% 12,81% 6,98% 18,80% 22,97% 7 years 45,83% 34,37% 11,46% 7,51% 21,00% 25,66% 6 years 40,41% 30,31% 10,10% 8,04% 23,20% 28,35% 5 years 35,00% 26,25% 8,75% 8,57% 25,39% 31,04% 4 years 29,58% 22,19% 7,39% 9,10% 27,59% 33,73% 3 years 24,16% 18,12% 6,04% 9,63% 29,79% 36,42% 2 years 18,75% 14,06% 4,69% 10,16% 31,99% 39,10% 1 years 13,33% 10,00% 3,33% 10,69% 34,19% 41,79% Variable pension 16 years 96,88% 72,66% 24,22% 1,41% 0,77% 0,94% 15 years 93,75% 70,31% 23,44% 2,81% 1,55% 1,89% 14 years 90,63% 67,97% 22,66% 3,12% 2,82% 3,43% 13 years 87,50% 65,63% 21,87% 3,43% 4,08% 4,99% 12 years 84,38% 63,28% 21,10% 3,73% 5,35% 6,54% 11 years 81,25% 60,94% 20,31% 4,04% 6,62% 8,09% 10 years 78,13% 58,59% 19,54% 4,34% 7,89% 9,64% 9 years 75,00% 56,25% 18,75% 4,65% 9,16% 11,19% 8 years 71,88% 53,91% 17,97% 4,96% 10,43% 12,73% 7 years 68,75% 51,56% 17,19% 5,26% 11,69% 14,30% 6 years 65,63% 49,22% 16,41% 5,57% 12,96% 15,84% 5 years 62,50% 46,88% 15,62% 5,88% 14,23% 17,39% 4 years 59,38% 44,53% 14,85% 6,18% 15,50% 18,94% 3 years 56,25% 42,19% 14,06% 6,49% 16,77% 20,49% 2 years 53,13% 39,84% 13,29% 6,79% 18,04% 22,04% 1 years 50,00% 37,50% 12,50% 7,10% 19,31% 23,59% 11

12 Neutral Life Cycle fixed pension; composition investment funds Neutral Life Cycle fixed pension; composition investment categories

13 Neutral Life Cycle variable pension; composition investment funds Neutral Life Cycle variable pension; composition investment categories

14 Offensive Life Cycle Mixfonds Offensief Marketable securities Fixed-income securities Corporate bond fund Government bond fund Government bond fund 15+ Until fixed/variable pension decision moment > age ,00% 85,00% 15,00% 0,00% 0,00% 0,00% Fixed pension 16 years 100,00% 85,00% 15,00% 0,00% 0,00% 0,00% 15 years 100,00% 85,00% 15,00% 0,00% 0,00% 0,00% 14 years 100,00% 85,00% 15,00% 0,00% 0,00% 0,00% 13 years 100,00% 85,00% 15,00% 0,00% 0,00% 0,00% 12 years 93,14% 79,17% 13,97% 3,04% 1,15% 2,67% 11 years 86,27% 73,33% 12,94% 5,83% 2,37% 5,53% 10 years 79,41% 67,50% 11,91% 8,63% 3,59% 8,37% 9 years 72,55% 61,67% 10,88% 8,92% 5,56% 12,97% 8 years 65,69% 55,83% 9,86% 9,21% 7,53% 17,57% 7 years 58,82% 50,00% 8,82% 9,50% 9,50% 22,18% 6 years 51,96% 44,17% 7,79% 9,79% 11,47% 26,78% 5 years 45,10% 38,33% 6,77% 10,08% 13,45% 31,37% 4 years 38,24% 32,50% 5,74% 10,38% 15,42% 35,96% 3 years 31,37% 26,67% 4,70% 10,67% 17,39% 40,57% 2 years 24,51% 20,83% 3,68% 10,96% 19,36% 45,17% 1 years 17,65% 15,00% 2,65% 11,25% 21,33% 49,77% Variable pension 16 years 100,00% 85,00% 15,00% 0,00% 0,00% 0,00% 15 years 100,00% 85,00% 15,00% 0,00% 0,00% 0,00% 14 years 100,00% 85,00% 15,00% 0,00% 0,00% 0,00% 13 years 100,00% 85,00% 15,00% 0,00% 0,00% 0,00% 12 years 95,34% 81,04% 14,30% 2,95% 0,51% 1,20% 11 years 90,69% 77,08% 13,61% 5,65% 1,10% 2,56% 10 years 86,03% 73,13% 12,90% 8,34% 1,69% 3,94% 9 years 81,37% 69,17% 12,20% 8,54% 3,03% 7,06% 8 years 76,72% 65,21% 11,51% 8,74% 4,36% 10,18% 7 years 72,06% 61,25% 10,81% 8,94% 5,70% 13,30% 6 years 67,40% 57,29% 10,11% 9,14% 7,04% 16,42% 5 years 62,75% 53,33% 9,42% 9,33% 8,38% 19,54% 4 years 58,09% 49,38% 8,71% 9,53% 9,71% 22,67% 3 years 53,43% 45,42% 8,01% 9,73% 11,05% 25,79% 2 years 48,77% 41,46% 7,31% 9,93% 12,39% 28,91% 1 years 44,12% 37,50% 6,62% 10,13% 13,73% 32,02% 14

15 Offensive Life Cycle fixed pension; composition investment funds Offensive Life Cycle fixed pension; composition investment categories

16 Offensive Life Cycle variable pension; composition investment funds Offensive Life Cycle variable pension; composition investment categories

17 Free investment The employee can also opt for Free Investment instead of Profile Investment if the employer opted for broad investment choices. In case of Free Investment, the employee is able to invest in one or more funds from the range of investment funds as he sees fit. Free investment fund range The employee can choose from a range of funds consisting of the life cycle funds and additionally selected funds that are managed actively and managed passively. Fund name Life Cycle Funds ISIN Code Risk indicator (EBI) ASR Pensioen Mixfonds Defensief 4 ASR Pensioen Mixfonds Neutraal 4 ASR Pensioen Mixfonds Offensief 5 ASR Pensioen Bedrijfsobligatiefonds 3 ASR Pensioen Staatsobligatiefonds ASR Pensioen Staatsobligatiefonds Actively managed funds ASR Fonds Aandelenfonds LU ASR Vastgoed Fonds (= ASR Property Fund N.V.) NL ASR Fonds Europafonds LU ASR Fonds Obligatiefonds LU ASR Fonds Liquiditeitenfonds LU ASR SRI Futurevision LU ASR SRI Meerwaarde Aandelenfonds LU ASR SRI Mixfond LU ASR SRI Obligatiefonds LU BNP Paribas OBAM N.V. NL Passively managed funds BNP Paribas Easy MSCI World ex Controversial Weapons LU BNP Paribas Easy Markit iboxx EUR Liquid Corporates* LU BNP Paribas Easy JPMorgan Government Bond Index (GBI) EMU* LU * These investment funds are only available within a.s.r. Werknemers Pensioen. 17

18 Investment fund costs Operating costs The operating costs provide an insight into the costs of an investment fund and consist of a management fee, a service fee and any other costs. The operating costs are settled in the share price of the fund and are determined by the fund manager periodically. The Operating Costs Factor (OCF) as known at the moment of compilation of this document can be found on the next page. Management fee The fund manager charges costs for the management of the fund s asset. On the basis of its investment policy, a fund can make underlying investments in other funds, which also charge costs. Service fee This concerns, for example, start-up costs, costs related to supervisory authorities, fees for audits, custody fees, and fees relating to communications incurred by or on behalf of the fund. Entry and exit fees Entry and exit fees are costs the fund manager charges for the balance of buying or selling units in the fund. These costs are factored into the share price, expressed as a percentage. The amount of the entry and exit fees is determined by the fund manager. The entry and exit fees as known at the moment of publication of this document can be found on the next page. Notes: If more fund units have been bought on a particular day than sold, an entry fee applies in the form of a surcharge on the price for that day. If more fund units have been sold on a particular day than bought, an exit fee applies in the form of a rebate on the price for that day. 18

19 Overview investment fund costs Fund name ISIN Code Share class Life Cycle funds OCF (%) Entry 1) Exit 1) ASR Pensioen Mixfonds Defensief n/a 0.29 n/a n/a ASR Pensioen Mixfonds Neutraal n/a 0.29 n/a n/a ASR Pensioen Mixfonds Offensief n/a 0.29 n/a n/a ASR Pensioen Bedrijfsobligatiefonds * n/a ASR Pensioen Staatsobligatiefonds * n/a ASR Pensioen Staatsobligatiefonds 15+ * n/a Actively managed funds ASR Fonds Aandelenfonds LU Banking 0.53 n/a n/a ASR Vastgoed Fonds (= ASR Property Fund N.V.) NL n/a 0.65 n/a n/a ASR Fonds Europafonds LU Banking 0.78 n/a n/a ASR Fonds Obligatiefonds LU Banking 0.23 n/a n/a ASR Fonds Liquiditeitenfonds LU Banking 0.14 n/a n/a ASR SRI Futurevision 2) LU Classic 0.99 n/a n/a ASR SRI Meerwaarde Aandelenfonds 2) LU Classic 1.39 n/a n/a ASR SRI Mixfonds 2) LU Classic 0.72 n/a n/a ASR SRI Obligatiefonds 2) LU Classic 0.76 n/a n/a BNP Paribas OBAM N.V. NL n/a Passively managed funds BNP Paribas Easy MSCI World ex Controversial Weapons LU Track Privilege H EUR-CAP 0.25 n/a 3) n/a 3) BNP Paribas Easy Markit iboxx EUR Liquid Corporates LU Track I EUR-CAP 0.15 n/a 3) n/a 3) BNP Paribas Easy JPMorgan Government Bond Index (GBI) EMU LU Track I EUR-CAP 0.15 n/a 3) n/a 3) *operational no later than end of ) This concerns the maximum mark-downs and mark-ups 2) The management fee of the SRI funds will be reduced to 0% on 1 January This means that in the end the OCF is reduced by the management fee. The statutory calculation method (53-week average) means that it will take more than 1 year before the effect of the reduction of the management fee on the OCF becomes fully visible. 3) An anti-dilution levy may be charged by the fund for the funds that are managed actively. This charge is intended to cover transaction costs in case of large inflow and outflow in particular in order to ensure that all investors in a fund are treated fairly and in order to protect the Intrinsic Value of the relevant fund. The related maximum mark-downs and mark-ups can be found in the Essential Investment Information of the relevant fund The costs stated in this overview are based on the data applicable at the time of publishing this document. You will be able to find the current costs in the monthly fact sheet of the relevant fund at 19

20 Asset Management The ASR Funds are managed by ASR Vermogensbeheer N.V. (hereinafter referred to as AVB ). AVB is a down-toearth Dutch asset manager with a strong commitment to sustainable investing. Clients of AVB include pension funds, insurers, educational institutions, charitable organisations and asset management funds. AVB works daily with these clients to generate a responsible return, a return that helps achieve their objectives. For more information, go to www. asrvermogensbeheer.nl. AVB is a wholly owned subsidiary of ASR Nederland N.V. AVB, which was incorporated on 8 June 2007, has its registered office in Utrecht, the Netherlands. AVB is registered in the Trade Register of the Utrecht Chamber of Commerce under number AVB has been granted a licence by the Netherlands Authority for the Financial Markets (AFM) to manage collective investment schemes as referred to in Article 2:65, Section 1(a) of the Dutch Financial Supervision Act. In addition, the AFM has authorised AVB to perform the following activities or provide the following services based on Article 2:67a, Section 2(a), (b), and (d) of the Dutch Financial Supervision Act: to engage in individual portfolio management; to recommend, in the pursuit of a profession or business, one or more financial instruments; to receive and forward, in the pursuit of a profession or business, client orders with regard to financial instruments. A number of the underlying Profielbeleggen and Vrijbeleggen investment funds are managed by professional external asset managers. AVB fulfils a monitoring role in relation to these funds. AVB continuously seeks to put together the best possible selection of funds for the Profielbeleggen and Vrijbeleggen investment portfolios. AVB can, at its discretion, remove or replace funds of external asset managers from the suite of funds for pricing, performance or other reasons. AVB can also, at its discretion, change any outsourcing arrangements made regarding the management of the invested funds in respect of the ASR funds under its management. Both AVB and these professional external asset managers have been awarded an ISAE (International Standards for Assurance Engagements) 3402 type II certificate, confirming that the asset managers are in control of processes and quality aspects _