Rotman ICPM / Netspar / Maastricht University Discussion Forum – October 2007 Responding to a changing world Jeroen Tielman / Cordares

Page 2Cordares – Responding to a changing world Agenda Cordares: all round pension provider –Organisation USPs as a pension provider Adapt to a changing world –External barriers –Internal barriers Business innovation at work

Page 3Cordares – Responding to a changing world All round pension provider Founded in 1952; based in Amsterdam Serving one million people –Mainly serving participants in industry sector funds –Also offering solutions to company pension funds –New solutions to self employed –Insurance services via intermediaries to employers and individuals Managing more than 26 billion euros –Fiduciary management –Over 25 mandates –Financial risk management key –New alternative asset classes, e.g. life settlements Employing 850 professionals Ranks 4th after ABP, PGGM and Mn-Services

Page 4Cordares – Responding to a changing world Organisational overview Executive Board Adri van der Wurff Pension Services Harald de Valck Asset Management Jan van Bakel Real Estate Geert de Nekker Pension & Employee Benefits Meindert Weerman Services (IT) Ryan Tewari Insurance Group Pieter Paul Backhuijs Commerce Strategy, & Innovation Jeroen Tielman Finance & Control Henk Lanting HRM Jos Vreeswijk Corporate Communication & public relations Franck Erkens

Page 5Cordares – Responding to a changing world USPs as a pension provider Stakeholder value <> shareholder value Member of the “Pension family” –Owned by pension funds From “show me” to “prove me” Provide indexation – 14.9% (’02-’06) Low cost – CEM benchmark Risk-return track record – CEM/ WM benchmarks Operational excellence: SAS Type I & II Risk & Audit Services Department Brand awareness “Cordares” label

Page 6Cordares – Responding to a changing world Adapt to a changing world Address issues related to growth and innovation –External New pension law and regulation Implementation of European Pension Directive Foreign competition –Internal Client first principle Broaden focus to new client groups Transparency Consultant proof Need for business innovation

Page 7Cordares – Responding to a changing world Business Innovation At Work 1.Alignment sales coordination to institutions, employers and individuals Marketing & Corporate Communication 2.Financial Risk Management Fiduciary (asset) management approach Defined Riks / Target capital / “OPen Pensioen” Pension Balance Sheet solutions, incl. guarantees 3.Alternative asset classes Life settlements / infrastructure / indirect real estate 4.Pension delivery services (including IT) Pension portals for pension boards, participants, employers 5.Internationalisation, e.g. Italy

Page 8Cordares – Responding to a changing world Routemap for innovation CLIENTS current new PRODUCTS

Page 9Cordares – Responding to a changing world Routemap for innovation CLIENTS current new PRODUCTS 1.Sales coordination 1

Page 10Cordares – Responding to a changing world Routemap for innovation CLIENTS current new PRODUCTS 1.Sales coordination 2.Financial Risk Management 2 1

Page 11Cordares – Responding to a changing world Routemap for innovation CLIENTS current new PRODUCTS 1.Sales coordination 2.Financial Risk Management 3.Alternative asset classes 2 3 1

Page 12Cordares – Responding to a changing world Routemap for innovation CLIENTS current new PRODUCTS 1.Sales coordination 2.Financial Risk Management 3.Alternative asset classes 4.Pension delivery services

Page 13Cordares – Responding to a changing world Routemap for innovation CLIENTS current new PRODUCTS 1.Sales coordination 2.Financial Risk Management 3.Alternative asset classes 4.Pension delivery services 5.International, e.g. Italy

Page 14Cordares – Responding to a changing world Respond to a changing world!