Achmea Investment Management. 26 May 2016 Jacob de Wit Leiden

Achmea Investment Management 26 May 2016 Jacob de Wit Leiden

Key messages Strategic choice of Achmea for Retirement Services with Achmea IM as Asset Manager Centralisation of asset management activities within Achmea Improving quality, service and innovation Delivering synergy, scale and efficiency Achmea IM has a strong base to build on Managing pension fund assets for over 60 years and responsible for more then 100 bn of client assets Diversified client base with strong customer satisfaction The 5th largest Institutional Asset Manager in the Dutch market Focus on markets with volume or strong growth potential using Fiduciary and Asset Management skills We expect strong growth in General Pension Fund (APF ) assets and pillar 3/4 Retail investments away from traditional schemes Our fiduciary heritage with advice, liability driven investments and manager selection expertise is now used across all client groups Complemented by our Euro Government, Investment Grade Credit and Factor investing capabilities Our core capabilities are key to the Retirement Services strategy of Achmea Achmea IM has a strong track record Excellent record with 93% of pension clients outperforming over a 5 year period Solid returns for internally managed portfolios at the heart of our strategy Appointed external managers delivering outperformance over longer periods at asset class level 2

Contents Why have we launched Achmea IM? Overview Achmea IM Market approach Track record Outlook 3

Achmea IM plays a key role in the Retirement Services strategy of Achmea Trends Strategy Launch Achmea IM Defined Benefit to Defined Contribution Build up of personal pension assets due to shortfall Decrease in tax exemptions fuelling individual savings and investments Inflow into General Pension Funds (APF) from liquidating or subscale Funds All accelerated by low interest rates Strategic choice of Achmea for Retirement Services Launch of Achmea Investment Management (Achmea IM) Centraal Beheer General Pension Fund for 2nd pillar Centraal Beheer for 3 rd and 4 th pillar Centralisation of asset management activities within Achmea Improving quality, service and innovation Delivering synergy, scale and efficiency 4

Contents Why Achmea IM has been launched? Overview Achmea IM Market approach Track record Outlook 5

Achmea Investment Management has a strong base to build on > 100 BILLION ASSETS UNDER MANAGEMENT OUR CUSTOMERS RATE US ABOVE DUTCH AVERAGE 7.4 FOR OUR SERVICES ON SCALE 1-10 60 YEARS EXPERIENCE IN ASSET MANAGEMENT FOR PENSIONS TOP 5 LARGEST INVESTMENT MANAGER OF PENSION ASSETS IN THE NETHERLANDS THE MANAGER BEHIND THE MOST SOCIALLY RESPONSIBLE PENSION FUND 2014 TEAM OF OVER 200 DEDICATED PROFESSIONALS DIVERSE PORTFOLIO OF LONG- TERM RELATIONSHIPS WITH MORE THAN 30 LARGE INSTITUTIONAL CUSTOMERS ACCESS TO WORLDWIDE INVESTMENT PROFESSIONALS 93% OF PENSION CLIENTS OUTPERFORMING OVER A 5 YEAR PERIOD

bn Diversified client base with strong growth over the last 5 years 120 100 AUM by client type 1 AUM by Asset Class 1 101 6 11 % Alternatives 80 60 51 57 61 10 75 13 81 16 30 25 % Equities 20% 2% 10% 36% 64 % Fixed Income 40 20 0 51 57 51 63 64 65 dec 2011 dec 2012 dec 2013 dec 2014 dec 2015 apr feb 2016 Internally Managed 5% 28% Pension funds Achmea Own Risk Retail 5 th largest institutional asset manager in the Dutch market 2 7 th largest asset manager by total assets 3 Fixed Income largest asset class due to liability matching requirements Assets are managed internally (48%) and externally (52%) 1 Achmea IM Assets under Management april 2016, 2 Source IPE 400 survey, 3 Source: Dutchinvestor Total Institutional Managed Assets 2014 7

Our strategy is to focus on markets with volume and or strong growth potential 65 bn 1 NEW 30 bn 6 bn Pension funds Centraal Beheer APF Achmea Own Risk Retail Occupational Funds 861 Company Funds 279 155 Life 141 Insurers/PPI 117 Savings 359 Investments Market size 2014 ( bln) 2 We expect market growth in Pensions via the APF and Retail distribution. Our ambition is to grow in these market segments 1 Achmea IM Assets under Management april 2016, 2 Sources: CBS, DNB, Achmea 9

Our Fiduciary and Asset Management expertise is now used across all client groups 65 bn 1 NEW 30 bn 6 bn Pension funds Centraal Beheer APF Achmea Own Risk Retail Fiduciary Management LDI solutions Euro Government Bonds, Credits, Factor Investing Manager Selection Core capabilities 1 Achmea IM Assets under Management april 2016 10

Achmea IM has a strong track record Pension Clients Outperforming 1 Year 88 % 3 Years 93 % 5 Years 93 % Excellent record with 93% of pension clients outperforming over a 5 year period 1 Figures as of December 2015. Outperformance is calculated gross of management fees. Figures are based on current pension clients and are equally weighted. 2 Figures for 2014 and earlier periods are based on auditor verified GIPS composites. The figures for 2015 are based on GIPS composites of 2014. The compositions of the GIPS composites of 2015 have yet to be approved by the GIPS committee. Changes in the GIPS composites 2015 are to be verified by the auditor Note: Past performance is not an indicator for future results or performance Performance key products Excess return for internally managed assets 2 1 yr 3 yr 5 yr Euro Government Bonds -0,15% -0,03% 0,34% Investment Grade Credit 0,18% 0,30% 0,44% LDI Solutions -0,14% 0,42% Solid returns for internally managed portfolios at the heart of our strategy Excess return for externally managed assets 2 1 yr 3 yr 5 yr Equities 2,78% 1,72% 1,60% Fixed Income 0,53% 0,25% 0,10% Alternatives 7,56% 4,37% 3,34% Real Estate 4,72% 4,66% 1,82% External managers delivering outperformance over longer periods 12

Assets Under Management to move between client types Assets under Management by client type 2016 Expected in 2020 6% 11% 30% 64% Pension Funds Achmea Own Risk CB APF Retail 24% 52% Pension Funds Achmea Own Risk CB APF Retail 13% Expected moves from pension funds and own account into CB APF and Retail savings 14

Key messages Strategic choice of Achmea for Retirement Services with Achmea IM as Asset Manager Centralisation of asset management activities within Achmea Improving quality, service and innovation Delivering synergy, scale and efficiency Achmea IM has a strong base to build on Managing pension fund assets for over 60 years and responsible for more then 100 bn of client assets Diversified client base with strong customer satisfaction The 5th largest Institutional Asset Manager in the Dutch market Focus on markets with volume or strong growth potential using Fiduciary and Asset Management skills We expect strong growth in General Pension Fund (APF ) assets and pillar 3/4 Retail investments away from traditional schemes Our fiduciary heritage with advice, liability driven investments and manager selection expertise is now used across all client groups Complemented by our Euro Government, Investment Grade Credit and Factor investing capabilities Our core capabilities are key to the Retirement Services strategy of Achmea Achmea IM has a strong track record Excellent record with 93% of pension clients outperforming over a 5 year period Solid returns for internally managed portfolios at the heart of our strategy Appointed external managers delivering outperformance over longer periods at asset class level 15

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