Stichting Bedrijfspensioenfonds voor de Landbouw is transparant over haar beleggingen. Stichting Bedrijfspensioenfonds voor de Landbouw (BPL) geeft

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1 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

2 Tabel 1 Overzicht asset mix op 30 juni 2013 Beleggingscategorie Aandelen Obligaties (staat) Obligaties (niet staat) Direct Vastgoed Alternatives Liquiditeiten Percentage vermogen 26,30% 32,13% 21,47% 16,93% 2,86% 0,31% 2

3 Tabel 2 Directe beleggingen Europese aandelen op 30 juni G Energy AG 3i Group PLC A P Moller - Maersk A/S ABB Ltd Admiral Group PLC Aegon NV Allianz SE Anglo American PLC ArcelorMittal Arseus NV Ashtead Group PLC Assicurazioni Generali SpA AstraZeneca PLC Atkins (Ws) Plc Atrium European Real Estate Lt Aviva PLC AXA SA Balfour Beatty PLC Banco Bilbao Vizcaya Argentari Banco Santander SA Barclays PLC Barco NV BASF SE Bayer AG Belgacom SA BG Group PLC BHP Billiton PLC BNP Paribas Bouygues SA BP PLC British American Tobacco PLC British Land Co PLC Enel SpA ENI SpA EON SE Erste Group Bank AG Fenner PLC Firstgroup PLC Fortum OYJ France Telecom SA Fresenius Medical Care AG & Co Galliford Try PLC Gategroup Holding AG GDF Suez GlaxoSmithKline PLC Glencore Xstrata Plc Groupe Danone SA Groupe FNAC-RTS HeidelbergCement AG Hill & Smith Holdings PLC HSBC Holdings PLC Huhtamaki OYJ Imperial Tobacco Group PLC Implenia AG Indra Sistemas SA ING Groep NV Ingenico Intesa Sanpaolo SpA Julius Baer Group Ltd Jyske Bank A/S Kazakhmys PLC Kcom Group PLC Kering Koninklijke Ahold NV Novartis AG OPAP SA Opera Software ASA ProSafe SE Prudential PLC Prysmian SpA PZ Cussons PLC Reckitt Benckiser Group PLC Reed Elsevier PLC Renault SA Rieter Holding AG Rio Tinto PLC Roche Holding AG Royal Dutch Shell PLC Royal Dutch Shell PLC RWE AG Ryanair Holdings PLC Sanofi Siemens AG Societe Generale Solvay SA Sorin SpA Stagecoach Group Plc Standard Chartered PLC STMicroelectronics NV Sweco AB Swedbank AB Swiss Re Ltd Tecan Group AG Telefonaktiebolaget LM Ericsso Telefonica SA Tesco PLC 3

4 Carnival PLC Centrica PLC Cie de Saint-Gobain Ciments Francais SA CompuGroup Medical AG Construcciones y Auxiliar de F CTS Eventim AG Daimler AG Danske Bank A/S DCC PLC Delhaize Group SA Deutsche Post AG Diageo PLC Dignity PLC (GB00B4JZFN18) DnB ASA Domino Printing Sciences PLC Draegerwerk AG & Co KGaA Duerr AG Dunelm Group PLC Koninklijke DSM NV Koninklijke KPN NV Koninklijke Philips NV Land Securities Group PLC Lanxess AG Legal & General Group PLC Man Group PLC Marks & Spencer Group PLC Mediaset SpA Mediobanca SpA Mekonomen AB Metka SA Metso OYJ Muenchener Rueckversicherungs National Grid PLC Nestle SA Nobia AB Nokia OYJ Nordea Bank AB TGS Nopec Geophysical Co ASA TNT Express NV Tom Tailor Holding AG TomTom NV Total SA Unibail-Rodamco SE UniCredit SpA Unilever PLC Unit4 NV Vallourec SA Vivendi SA Vodafone Group PLC Voestalpine AG Wienerberger AG Wirecard AG Wolters Kluwer NV Zurich Insurance Group AG Tabel 3 Top 5 posities directe beleggingen Europese aandelen op 30 juni 2013 Positie Percentage binnen beleggingscategorie Percentage van het vermogen Royal Dutch Shell PLC Nestle SA Novartis SA BP PLC HSBC Holdings PLC 3,81% 2,95% 2,92% 2,87% 2,67% 0,41% 0,32% 0,32% 0,31% 0,29% 4

5 Tabel 4 Directe beleggingen aandelen Verenigde Staten op 30 juni M Co Abbott Laboratories Abercrombie & Fitch Co ACE Ltd Aflac Inc Airgas Inc Alcoa Inc Alleghany Corp Allegheny Technologies Inc Alliant Energy Corp Allstate Corp Altria Group Inc Amdocs Ltd Ameren Corp American Electric Power Co Inc American Express Co American International Group Inc AMERICAN WATER WORKS CO INC Ameriprise Financial Inc AmerisourceBergen Corp Amgen Inc Analog Devices Inc Annaly Capital Management Inc 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 Duke Energy Corp Ecolab Inc Eli Lilly & Co Emerson Electric Co Entergy Corp Everest Re Group Ltd Exelon Corp Exxon Mobil Corp Federal Realty Investment Trus FedEx Corp Fifth Street Finance Corp FirstEnergy Corp Ford Motor Co Forest Laboratories Inc Foster Wheeler AG Franklin Resources Inc Freeport-McMoRan Copper & Gold GameStop Corp Gannett Co Inc Gap Inc General Electric Co General Mills Inc General Motors Co Genuine Parts Co Gilead Sciences Inc Google Inc H&R Block Inc Halliburton Co Hartford Financial Services GRP HCC Insurance Holdings Inc HCP Inc Herbalife Ltd NextEra Energy Inc NiSource Inc Noble Corp Norfolk Southern Corp Northeast Utilities Occidental Petroleum Corp OGE Energy Corp Omnicom Group Inc Oracle Corp PartnerRe Ltd Paychex Inc 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 RenaissanceRe Holdings Ltd Republic Services Inc 5

6 Automatic Data Processing Inc AutoZone Inc Avnet Inc Axis Capital Holdings Ltd Baker Hughes Inc Bank of America Corp Bank of New York Mellon Corp Baxter International Inc BB&T Corp Becton Dickinson and Co Bed Bath & Beyond Inc Berkshire Hathaway Inc Best Buy Co Inc Bristol-Myers Squibb Co Brown-Forman Corp Campbell Soup Co Capital One Financial Corp Capitol Federal Financial Inc Cardinal Health Inc Carnival Corp Centerpoint Energy Inc CenturyLink Inc Chubb Corp Church & Dwight Co Inc Cincinnati Financial Corp Cisco Systems Inc Citigroup Inc Clorox Co Coach Inc Coca-Cola Co Colgate-Palmolive Co Comcast Corp ConAgra Foods Inc ConocoPhillips Hershey Co Hewlett-Packard Co Home Depot Inc Hormel Foods Corp Intel Corp International Business Machine Invesco Ltd ITT Educational Services Inc 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 Loews Corp Lorillard Inc Lowe s Cos Inc M&T Bank Corp Main Street Capital Corp Manpower Group Inc Marathon Oil Corp Marathon Petroleum Corp Marsh & McLennan Cos Inc Mastercard Inc Mattel Inc McCormick & Co Inc / MD McDonald s Corp McGraw Hill Financial Inc McKesson Corp Reynolds American Inc Safeway Inc SCANA Corp Schlumberger Ltd Sempra Energy Sherwin-Williams Co 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 Time Warner Inc TJX Cos Inc Torchmark Corp Travelers Cos Inc Triangle Capital Corp Tyco International Ltd 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 Viacom Inc Visa Inc Walt Disney Co 6

7 Consolidated Edison Inc Corning Inc Costco Wholesale Corp CR Bard Inc CVS Caremark Corp Dell Inc Delta Air Lines Inc Diamond Offshore Drilling Inc Dominion Resources Inc / VA Dow Chemical Co Dr Pepper Snapple Group Inc DTE Energy Co Medtronic Inc Merck & Co Inc MetLife Inc Microsoft Corp Molson Coors Brewing Co Mondelez International Inc Monster Beverage Corp Mosaic Co/The National Oilwell Varco Inc New York Community Ban Corp Inc Newfield Exploration Co Newmont Mining Corp WellPoint Inc Western Digital Corp Western Union Co Weyerhaeuser Co Wisconsin Energy Corp WR Berkley Corp Xcel Energy Inc Yahoo! Inc Yum! Brands Inc Zimmer Holdings Inc Tabel 5 Top 5 posities directe beleggingen aandelen Verenigde Staten op 30 juni 2013 Positie Percentage binnen beleggingscategorie Percentage van het vermogen Exxon Mobil Corp Johnson & Johnson Microsoft Corp Pfizer Inc AT&T Inc 3,11% 2,70% 2,59% 2,11% 1,88% 0,24% 0,21% 0,20% 0,17% 0,15% 7

8 Tabel 6 Directe beleggingen aandelen Overig Wereld op 30 juni 2013 Aimia Inc Amcor Ltd/Australia Asahi Breweries Ltd Ascendad Real Estate Investment Trust Astellas Pharma Inc ASX Ltd Australia & New Zealand Bankin Bank of Montreal BCE Inc Bell Aliant Inc Benesse Holdings Inc Canadian Imperial Bank of Comm Canadian National Railway Co Canadian Tire Corp-Class A Carsales.com Ltd CFS Retail Property Trust Group Ci Financial Corp Clp Holdings Ltd Coca-Cola Amatil Ltd Comfortdelgro Corp Ltd Commonwealth Bank of Australia Crown Ltd CSL Ltd Eisai Co Ltd Enbridge Inc FamilyMart Co Ltd Fortis Inc/Canada GPT Group Hang Seng Bank Ltd Hankyu Hanshin Holdings Inc Hongkong Electric Holdings Ltd IGM Financial Inc Insurance Australia Group Ltd Intact Financial Corp Itochu Techno-Solutions Corp Kaken Pharmaceutical Co Ltd Kao Corp Kyowa Exeo Corp Lawson Inc M1 Ltd/Singapore Manitoba Telecom Services Inc Metro Inc MTR Corporation Nippon Telegraph & Telephone C Nissin Foods Holdings Co Ltd Nitori Co Ltd NTT DoCoMo Inc Ono Pharmaceutical Co Ltd Oracle Corp Japan Oriental Land Co Ltd Pembina Pipeline Corp Ramsay Health Care Ltd Rogers Communications Inc Ryohin Keikaku Co Ltd Sankyo Co Ltd Santen Pharmaceutical Co Ltd Secom Co Ltd Shaw Communications Inc Shimano Inc Shionogi & Co Ltd Shoppers Drug Mart Corp Singapore Post Ltd Singapore Press Holdings Ltd Singapore Telecommunications L Sonic Healthcare Ltd Starhub Ltd Takeda Pharmaceutical Co Ltd Tatts Group Ltd Television Broadcasts Ltd Telstra Corp Ltd TELUS Corp Thomson Reuters Corp Tim Hortons Inc TonenGeneral Sekiyu KK Transcanada Corp Vermilion Energy Inc VTech Holdings Ltd Wesfarmers Ltd West Japan Railway Co Westfield Group Westpac Banking Corp Woolworths Ltd 8

9 Tabel 7 Top 5 posities directe beleggingen aandelen Overig Wereld op 30 juni 2013 Positie Percentage binnen beleggingscategorie Percentage van het vermogen Woolworths Ltd CSL Ltd Westfield Group NTT DoCoMo Inc Wesfarmers Ltd 2,89% 2,88% 2,72% 2,70% 1,68% 0,03% 0,03% 0,03% 0,03% 0,03% Tabel 8 Directe beleggingen staatsobligaties op 30 juni 2013 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 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 Bank Nederlandse Gemeenten 2,625% 01/09/2020 Bank Nederlandse Gemeenten 2,875% 15/01/2015 Bank Nederlandse Gemeenten 2.50% 15/11/2017 Bank Nederlandse Gemeenten 3,75% 14/01/2020 Bank Nederlandse Gemeenten 3,875% 04/11/2019 European Investment Bank 2,625% 15/03/2018 European Investment Bank 2.500% 15/10/2018 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 3.625% 14/03/2042 European Investment Bank 3.625% 15/01/2021 European Investment Bank 4% 15/04/2030 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 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 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 9

10 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 3,25% 28/09/2016 Belgium Kingdom 3,5% 28/03/2015 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 4,25% 28/09/2014 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 1.500% 15/02/2023 Bundesrepub. Deutschland 1.500% 15/02/2023 Bundesrepublik Deutschland 1.750% 04/07/2022 Bundesrepublik Deutschland 1.750% 04/07/2022 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 2.50% 04/01/2021 Bundesrepublik Deutschland 3% 04/07/2020 Bundesrepublik Deutschland 3,25% 04/01/2020 Bundesrepublik Deutschland 3,25% 04/07/2015 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) 2.750% 25/10/2027 France (Govt Of) 2.750% 25/10/2027 France (Govt Of) 2.750% 25/10/2027 France (Govt Of) 2.750% 25/10/2027 France (Govt Of) 3.000% 25/04/2022 France (Govt Of) 3.000% 25/04/2022 France (Govt Of) 3.000% 25/04/2022 France (Govt Of) 3.000% 25/04/2022 France Government Bond OAT 3% 25/10/2015 France Government Bond OAT 3% 25/10/2015 France Government Bond OAT 3,25% 25/04/2016 France Government Bond OAT 3,25% 25/04/2016 France Government Bond OAT 3,5% 25/04/2015 France Government Bond OAT 3,5% 25/04/2015 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 3,5% 25/04/2026 France Government Bond OAT 3,5% 25/04/2026 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 3,75% 25/04/2021 France Government Bond OAT 4% 25/04/2014 France Government Bond OAT 4% 25/04/2014 France Government Bond OAT 4% 25/04/2014 France Government Bond OAT 4% 25/04/2018 France Government Bond OAT 4% 25/04/2055 France Government Bond OAT 4% 25/04/2060 Italy Buoni Poliennali Del Tesoro 4.75% 01/09/2021 Italy Buoni Poliennali Del Tesoro 5% 01/03/2025 Italy Buoni Poliennali Del Tesoro 5% 01/08/2039 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 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 Kingdom of Spain 5.850% 31/01/2022 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 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 Luxembourg Government 2.250% 21/03/2022 Nederlandse Waterschapsbank NV 2.250% 17/01/2017 Nederlandse Waterschapsbank NV 3,375% 01/02/2017 Nederlandse Waterschapsbank NV 3,375% 19/01/2016 Nederlandse Waterschapsbank NV 3.500% 14/01/2021 Nederlandse Waterschapsbank NV 4,25% 16/09/2014 Nederlandse Waterschapsbank NV 4,25% 21/11/2013 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/

11 Bundesrepublik Deutschland 3,25% 04/07/2042 Bundesrepublik Deutschland 3,5% 04/01/2016 Bundesrepublik Deutschland 3,75% 04/01/2015 Bundesrepublik Deutschland 3,75% 04/01/2017 Bundesrepublik Deutschland 3,75% 04/01/2019 Bundesrepublik Deutschland 3.250% 04/07/2021 Bundesrepublik Deutschland 4% 04/01/2018 Bundesrepublik Deutschland 4% 04/01/2037 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% 04/07/2028 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 6,25% 04/01/2024 Bundesrepublik Deutschland 6,25% 04/01/2030 Bundesrepublik Deutschland 6,5% 04/07/2027 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 4,5% 04/09/2013 Caisse Nationale des Autoroutes 6.000% 26/10/2015 Council of Europe 3% 13/07/2020 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 Erste Abwicklungsanstalt 1.250% 06/03/2015 France Government Bond OAT 4% 25/10/2014 France Government Bond OAT 4% 25/10/2014 France Government Bond OAT 4% 25/10/2014 France Government Bond OAT 4% 25/10/2038 France Government Bond OAT 4% 25/10/2038 France Government Bond OAT 4% 25/10/2038 France Government Bond OAT 4,25% 25/04/2019 France Government Bond OAT 4,25% 25/10/2018 France Government Bond OAT 4,25% 25/10/2018 France Government Bond OAT 4,25% 25/10/2018 France Government Bond OAT 4,25% 25/10/2023 France Government Bond OAT 4,25% 25/10/2023 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% 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 5,75% 25/10/2032 France Government Bond OAT 6% 25/10/2025 France Government Bond OAT 6% 25/10/2025 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 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% 18/10/2020 Ireland Government Bond 5,4% 13/03/2025 Ireland Government Bond 5,9% 18/10/2019 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 Norway Government Bond 3.750% 25/05/2021 Norway Government Bond 4,25% 19/05/2017 Norway Government Bond 4,5% 22/05/2019 Norway Government Bond 5% 15/05/2015 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 Oseo Sa 2.000% 25/07/2017 Republic of Poland 3.375% 09/07/2024 Republic of Poland 4,5% 18/01/2022 Republika Slovenija 2.750% 17/03/2015 Republika Slovenija 4.375% 02/04/2014 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 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 4,6% 30/07/2019 Spain Government Bond 4,85% 31/10/2020 Spain Government Bond 4.250% 31/10/2016 Spain Government Bond 5,5% 30/07/

12 Eurofima 4% 27/10/2021 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 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 Spain Government Bond 5.500% 30/04/2021 Sweden Government Bond 3,75% 12/08/2017 Sweden Government Bond 4,5% 12/08/2015 Sweden Government Bond 6,75% 05/05/2014 Tabel 9 Top 5 posities directe beleggingen staatsobligaties op 30 juni 2013 Positie Percentage binnen beleggingscategorie Percentage van het vermogen Netherlands Government Bond 4% 15/01/2037 Netherlands Government Bond 5,5% 15/01/2028 Bundesrepublik Deutschland 4% 04/01/2037 Netherlands Government Bond 3,75% 15/01/2042 France Government Bond OAT 4,75% 25/04/2035 4,86% 3,61% 3,22% 3,14% 2,81% 1,36% 1,01% 0,90% 0,88% 0,79% Tabel 10 Directe beleggingen niet-staatsobligaties op 30 juni 2013 Security ABB Finance BV 2.625% 26/03/2019 Abbey National Treasury Serv PLC 3,625% 05/10/2017 ABN Amro Bank NV 2.75% 29/10/2013 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 ADP 2.750% 05/06/2028 Alliander NV Var 29/11/2049 Allianz Finance II BV Var 08/07/2041 Allianz Finance II BV Var Perp Allianz Se 3.000% 13/03/2028 Almelo, Gemeente /18 America Movil SAB de CV 3,75% 28/06/2017 Amgen Inc 4.375% 05/12/2018 Anglo American Capital 2.750% 07/06/2019 Anglo American Capital PLC 4,375% 02/12/2016 Anheuser-Busch Inbev NV 1.250% 24/03/2017 Security Anheuser-Busch InBev NV 8,625% 30/01/2017 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 02/10/2023 Axa SA Var 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 Bacardi Ltd 7,75% 09/04/2014 Banco Bilbao Vizcaya ARG 3.500% 05/12/2017 Banco Bilbao Vizcaya Argent SA 2,5% 07/10/2013 Banco Bilbao Vizcaya Argent SA 4.250% 30/03/

13 Security Banco Espirito Santo SA 3,375% 17/02/2015 Banco Espirito Santo SA 5,625% 05/06/2014 Banco Pastor SA 3,875% 20/09/2013 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 Mortgage 4% 05/07/2013 Bankia SA 3.625% 05/10/2016 Bankia Sa 4.000% 28/02/2014 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 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 2.125% 13/01/2015 BMW Finance NV 3,875% 18/01/2017 BMW US Capital Llc 1.250% 20/07/2016 BNP Paribas 2.875% 26/09/2023 BNP Paribas 2.875% 27/11/2017 BNP Paribas Home Loan SA 3.750% 11/01/2021 Borne, Gemeente /19 Borne, Gemeente /18 Bouygues SA 3.64% 29/10/2019 BP Capital Markets Plc 2.994% 18/02/2019 British Telecommunications PLC 6,5% 07/07/2015 Brunssum, Gemeente /15 Brussels Air Holding nv/ 3.250% 01/07/2020 Caffil % 18/05/2016 Caisse Francaise De Financemen 4,875% 03/07/2017 Caisse Refinance L Habit SA 3,5% 25/04/2017 Security Caisse Refinance L Habit SA 5% 08/04/2019 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 CEZ As 5,75% 26/05/2015 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 Credit Agricole Bond 3.875% 12/01/2021 Credit Agricole Bonds 2.625% 28/01/2014 Credit Suisse Guernsey 2.125% 18/01/2017 Daimler AG 2.375% 08/03/2023 Daimler AG 4,625% 02/09/2014 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 Depfa ACS Bank 3,875% 15/07/2013 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 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 Douwsma - Van Tienen /27 Duren-Houkes, H. van /39 Edam-Volendam, Gemeente /17 13

14 Security Edam-Volendam, Gemeente /15 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 4.00% 12/11/2025 Electricite de France SA 6,25% 25/01/2021 Elia System Operator SA/NV 5,625% 22/04/2016 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 3.50% 29/01/2018 Eni SpA 4,125% 16/09/2019 Epe, Gemeente /17 Esb Finance Limited 6.250% 11/09/2017 Fce Bank Plc 2.875% 03/10/2017 Fortis Bk SA/NV 4,5% 30/05/2014 Fortum Oyi 2.250% 06/09/2022 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 GCE Bonds 2% 30/09/2013 GDF Suez 1.500% 20/07/2017 GDF Suez 2.250% 01/06/2018 GDF Suez 3.125% 21/01/2020 GE Capital European Funding 4,25% 01/03/2017 GE Capital European Funding 4,75% 30/07/2014 GE Capital European Funding 5,25% 18/05/2015 GE Capital European Funding 5,375% 16/01/2018 Gemeente Doetichem 7.68% 18/12/2017 Glaxosmithkline Capital PLC 4% 16/06/2025 Glaxosmithkline Capital PLC 5,625% 13/12/2017 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 Security Heathrow Funding Ltd 4.375% 25/01/2017 Heineken NV 4.625% 10/10/2016 Hella KGaA Hueck & Co 2.375% 24/01/2020 Heythuysen, Gemeente /19 Hof van Twente (vmlg Ambtdelden) /18 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 3.500% 01/02/2021 IBM Corp 1.375% 19/11/2019 IM Cedulas 6-M1 - Fondo de Tituliz 3,5% 02/12/2015 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 Intesa Sanpaolo SpA 3,25% 28/04/2017 Intesa Sanpaolo SpA 3,375% 19/01/2015 Intesa Sanpaolo Spa 3.250% 28/04/2017 Intesa Sanpaolo Spa 5.000% 28/02/2017 Intesa Sanpaolo SpA Var 02/03/2020 Investor AB 4,875% 18/11/2021 IPIC Gmnt Ltd 4.875% 14/05/2016 Jansen-Planjer, A.V /15 JP Morgan Chase & Co Var 12/11/2019 JPMorgan Chase & Co 2.750% 01/02/2023 Kommunalkredit Austria AG 4,5% 10/09/2013 Koninklijke KPN NV 4.500% 04/10/2021 Koninklijke KPN NV 6,25% 04/02/2014 La Caja de Ahor Pens Barcelona 3,875% 17/02/2025 Land Nordrhein-Westfalen 1.250% 13/03/2020 Lehman Brothers Holdings 4,250 09/16 Lichtenvoorde, Gemeente /14 Regions 14

15 Security Lichtenvoorde, Gemeente /13 Lichtenvoorde, Gemeente /18 Linde AG 1.750% 17/09/2020 Linde AG 2.000% 18/04/2023 Lloyds TSB Bank PLC 3.500% 11/01/2017 Lloyds TSB Bank PLC 6,25% 15/04/2014 Luxottica Group Spa 4.000% 10/11/2015 LVMH Moet Hennessy Louis 1.250% 04/11/2019 Maasdriel, Gemeente /18 Meerssen, Gemeente /17 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 2.625% 02/05/2033 Middelburg, Gemeente /13 Middelharnis, Gemeente /17 Monte Dei Paschi Siena SpA 2,5% 23/09/2013 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 Nestle Finance Intl Ltd 1.750% 12/09/2022 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 NorthernRock AssetManagement PLC 4,125% 27/03/2017 Novartis Finance SA 4,25% 15/06/2016 Nunspeet, Gemeente /18 NV Bank Nederlandse Gemeenten /17 OMV AG 3.500% 27/09/2027 Ons Middelbaar Onderwijs /13 Optus Finance Pty Ltd 3,5% 15/09/2020 Orange SA 3.000% 15/06/2022 Orange SA 4,75% 21/02/2017 Pernod-Ricard SA 4,875% 18/03/2016 Pfizer Inc 4,75% 03/06/2016 Security 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 Rabobank Nederland NV /17 Rabobank Nederland NV /24 Rabobank Nederland NV /25 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 Rijnwaarden, Gemeente /13 Rio Tinto Finance PLC 2.000% 11/05/2020 Roche Finance Europe B.V % 25/06/2018 Royal Bank of Scotland PLC 4.125% 15/01/2018 Ruurlo, Gemeente /17 RWE AG Var Perp Sabmiller PLC 4,5% 20/01/2015 Sanofi 1.000% 14/11/2017 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 Siemens Financieringsmat 2.875% 10/03/2028 Siemens Financieringsmij NV 5,125% 20/02/2017 Sint Michielsgestel, Gemeente /19 Snam SpA 2.375% 30/06/2017 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 1.875% 21/03/2017 Standard Chartered PLC 3.625% 23/11/

16 Security Standard Chartered PLC 4.125% 18/01/2019 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 Telecom Italia SpA 4.750% 25/05/2018 Telecom Italia SpA 5,25% 17/03/2055 Telefonica Emisiones SAU 4.750% 07/02/2017 Telefonica Emisiones SAU 4.797% 21/02/2018 Telefonica Emisiones SAU 4.967% 03/02/2016 Telefonica Emisiones SAU 5,496% 01/04/2016 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 3.750% 16/05/2022 Tennet Holding BV Var 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 SA 3,125% 16/09/2022 Toyota Motor Credit Corp 2.375% 01/02/2023 TPSA Eurofinance France SA 6% 22/05/2014 Tubbergen, Gemeente /19 Security UBS AG London 3.000% 06/06/2016 UBS AG/London 4% 08/04/2022 Unicredit SpA 3.625% 21/08/2013 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 Vale SA 4,375% 24/03/2018 Van Wijnen Project Edam BV 6,100% 01/02/2014 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 Financial Services AG 3,375% 28/07/2014 Volkswagen International Fin NV 1.875% 15/05/2017 Volkswagen International Fin NV 3,5% 02/02/2015 Volkswagen Leasing GMBH 2.750% 13/07/2015 Voto-Votorantim Ltd 5,25% 28/04/2017 Weert, Gemeente /13 Weert, Gemeente /18 Wells Fargo & Ccompany 2.250% 02/05/2023 Wisch, Gemeente /16 Zederik, Gemeente /13 Zuid-Laren, Gemeente /14 16

17 Tabel 11 Top 5 posities directe beleggingen niet-staatsobligaties op 30 juni 2013 Positie Industrie Groep Percentage binnen beleggingscategorie Percentage van het vermogen Caisse Refinance L Habit SA 3,5% 25/04/2017 Hypothekenbank Frankfurt AG 3,875% 21/11/2016 Bankia SA 3.625% 05/10/2016 Banco Santander SA 4.375% 16/03/2015 Bank of Ireland Mortgage 4% 05/07/2013 1,73% 1,49% 1,43% 1,42% 1,29% 0,20% 0,17% 0,17% 0,16% 0,15% 17

18 Opsomming Externe managers en fondsbeleggingen 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 ge nteresseerden. 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 financiºle 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. 18