AnnuAl RepoRt 2015 SuMMARY

Contents1

OGEO FUNDTwo main branches, a sturdy common trunk – The offer of OGEO FUND � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 1Growth and fructification – Key figures for 2015 � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 2

2 OGEO FUND´s turn to speakEight harvests on – A word from the Chairman � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 4 Healthy roots to resist market turbulence – The interview of the Executive Committee � � � � � � � � � � � � � � � � � � � � 6

3 Highlights of 2015Breeding ground for expertise – 2015 events and survey � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 8

4 The strengths of OGEO FUNDA solid and advantageous branch – The institutional open-end investment company (SICAV) “ Ogesip Invest " 12Growth stake – The Financial Committee � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 14Strengthening the real estate roots – A ´bricks and mortar´ real estate portfolio� � � � � � � � � � � � � � � � � � � � � � � � � 16A controlled biodiversity – Governance � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 18

5 OrganisationA robust rootedness – The operational bodies � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 20Harvesting the fruits of labour – Seven sponsoring organisations � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 22The culture of excellence – RBC Investor & Treasury Services � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 23

6 Investment policyMarkers of fructification – Statement of Investment Principles (SIP) � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 24

To consult the Internet site of OGEO FUND, go to: www.ogeofund.be/en

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1ST PILLAR (STATUTORY PENSIONS) SINCE JULY 2007

Multi-employer Organisation for Financing Pensions (OFP)

Pensions for agents of the Public Centres for Social welfare,

municipal and provincial authorities

Pensions for statutory staff or those who have had a mixed career:

statutory and contract positions)

2ND PILLAR (SUPPLEMENTARY OR EXTRA-STATUTORY PENSIONS) SINCE APRIL 2008 Multi-employer Organisation for Financing Pensions (OFP)

Pensions for contractual staff Public administrations and public / semi-public bodies (e�g�: joint local authorities)

Pensions for salaried staff of the private sector

STRENGTH • Payment of a monthly income or a lump sum at retirement age�

Two main branches, a sturdy common trunk

The strong points for a bountiful harvest• Governance, transparency and absolute controls• Growing assets and overfunding• Access to the best professionals• Financial Committee introduced at our own initiative• Absence of shareholders• Participation of the sponsoring organisations in the investment policy via the General Council• Economies of scale• Yield fully redistributed to the sponsoring organisations, minus management fees• No entry or exit fees• Ogesip Invest, our own institutional open-end investment company (SICAV) • Double actuarial monitoring• Centre of expertise in pensions• A ´bricks and mortar´ real estate strategy

OGEO FUND

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1Growth and fructification

1 Classification as at 31/12/2014 - awaiting official classification from PensioPlus (formerly BAPI - Belgian Association of Pension Institutions) as at 31/12/2015�

2 Overfunding: at the end of 2015, OGEO FUND´s assets were worth 1�017 billion euros compared to liabilities of 397 million euros, i�e� an overfunding of 156 %�

3 The Belgian Institutions for Occupational Retirement Provision (IRP) obtained for the year 2015 a weighted average return on investment of 4�48% according to the financial survey of PensioPlus�

5th LARGEST OFP IN

BELGIUM1

1.125BILLION EUROS ASSETS UNDER MANAGEMENT

620MILLION EUROS OVERFUNDING24,183

CURRENT OR FUTURE PENSION BENEFICIARIES WITHIN 7 SPONSORING

ORGANISATIONS

5.08 % FINANCIAL

YIELD3

49.5MILLION EUROS

PROFIT

8 YEARS OF

EXISTENCE

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OGEO FUND

HIGH OVERFUNDING

In millions of euros

20151125

20141085

2013968

2012934

2010669

2009633

2011794

2009 2010 2011 2012 2013 2014 2015

222243

279

493 515

573620

ASSETS UNDER MANAGEMENT INCREASING CONSTANTLYIn millions of euros

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OGEO FUND´s turn to speak2

A WORD FROM ANDRÉ GILLES, CHAIRMAN OF THE BOARD OF DIRECTORS OF OGEO FUND

1 On 31/12/2015, OGEO FUND´s assets amount to 1 billion 17 million euros compared to liabilities of 397 million euros, i�e� an overfunding of 156 %�

Back when we carried OGEO FUND to the baptismal fount, all of us on the Board of Directors shared a common conviction: that of pursuing an approach which would ensure that pensions would continue to be paid for all of our pension beneficiaries� That was on 13 July 2007� OGEO FUND saw the light of day in the legal form of an Organisation for Financing Pensions (OFP)�

Eight years later, this conviction is stronger than ever� Thanks to the sound management of OGEO FUND, year after year we harvest the fruits of our investments�

Eight harvests on, we can affirm that our choices were the right ones� Today, OGEO FUND demonstrates that it has attained full maturity: number one multi-employer Organisation for Financing Pensions (1st pillar) and fifth largest OFP in Belgium, OGEO FUND handles the complete management of pension annuities for more than 4,000 beneficiaries�

Eight harvests on, with more than one billion euros in assets under management and an overfunding established at 620 million euros1, both constantly growing,

OGEO FUND demonstrates the sound fundamentals that permit it to look to the future with confidence� Unlike the banks, insurers and other institutions, OGEO FUND doesn’t have any shareholders to remunerate�

The principle of full redistribution of the yields, minus the management fees, remains unchanged� As for the option taken to invest in ´brick and mortar´ real estate instead of ´paper´ real estate, with reliable partners and long-term leases: it has quite simply proven to be the right one�

Eight harvests on, we harbour the same conviction that the perpetuity of our institution will only be assured if we continue to meet the highest requirements with regard to governance and internal control� It is by basing ourselves on a team of experts in the financial, legal and actuarial domains, both internal and external, that we will be able continue to offer top-quality services at reduced cost to our sponsoring organisations�

Over the past eight years, major public and semi-public institutions have joined the founding members, confirming the relevance and

Eight harvests on

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OGEO FUND´S TURN TO SPEAK

2015 : OGEO FUND IN A NUTSHELL

A financial yield of 5�08 %�

The institutional open-end investment company (SICAV) " Ogesip Invest "�

New ´brick and mortar´ real estate projects�

A governance going beyond the legal requirements�

A centre of expertise in pensions�

With more than one billion euros of assets under management and

an overfunding established at 620 million euros, OGEO FUND

demonstrates the sound fundamentals that enable

it to look to the future with confidence.

professionalism of the OGEO FUND model� And I firmly believe that it isn´t over: others will still be joining us, convinced by the seriousness, rigor and results of OGEO FUND�

Thanks to its prudential, rigorous and well-adapted framework, the OGEO FUND team prolongs on a daily basis the investment policy defined by the General Council, after examination by the Board of Directors and at the recommendation of the Financial Committee� Our directors ensure that the Executive Committee puts into place the defined policy and monitors the decisions taken by the Board of Directors and the General Council� The sponsoring organisations transparently participate in the investment policy via the General Council, which notably has the most extensive powers to accomplish or ratify acts that are in the interest of OGEO FUND�

Eight harvests on, OGEO FUND is perpetuating its vocation as a centre of expertise in pensions� By setting up round tables and sectoral meetings, by consolidating the information collected year after year in our opinion polls and by supporting specific research, OGEO FUND contributes to improving the knowledge of the pensions problematic and, moreover, strengthens its mastery of the subject�

For me, this eighth harvest is the occasion to salute the work of our teams, both internal and external, for the quality of their services� It is thanks to their unremitting efforts, their mastery of the sector´s fundamentals, their constant personal investment at the service of OGEO FUND that the performances of the OFP have been able to meet the expectations of our seven sponsoring organisations�

Finally, I wish to thank our sponsoring organisations that put their trust in us� A trust that we honour and which commits us to striving for excellence in pursuing the fundamental mission they have entrusted to us�

André Gilles Chairman of the Board of Directors

of OGEO FUND

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Healthy roots to resist market turbulence2

A WORD FROM STÉPHANE MOREAU, MANAGING DIRECTOR AND EMMANUEL LEJEUNE, MEMBER OF THE EXECUTIVE COMMITTEE OF OGEO FUND.

The Executive Committee looks back on a 2015 that confirmed the vigour of OGEO FUND and the validity of the implemented investment strategy�

What is your view of 2015, the first full financial year of your institutional open-end investment company (SICAV) " Ogesip Invest “?

2015 was a complex one for all Organisations for Financing Pensions and for all of the institutional open-end investment companies, reflecting a bumpy year on the stock exchange� American monetary policy and agitation in the Chinese economy weighed down the stock markets for a good part of 2015� This macroeconomic situation generated performances which, to put it mildly, were uneven between the various asset classes�

Nevertheless, we can feel a certain satisfaction at OGEO FUND: for 2015, our institutional open-end investment company (SICAV) “ Ogesip Invest " was able to post a performance in line with the risk profile that we attributed to it at the time of its creation�

Our real estate portfolio - in hard assets, not "paper" fixed-capital real estate investment trusts (SICAFI) -, generates an average net return of 5%, acting perfectly as a float in our portfolio of investments� A satisfactory yield that encourages us to pursue our ´brick and mortar´ investment policy and to maintain our requirements on our real estate portfolio� The key words on the subject remain ´quality and location of the assets´, ´long-term leases´ and ´ high-quality tenants´�

On the balance sheet of the 2015 financial year, OGEO FUND attained a yield 5�08 % higher than the weighted average return on investment of the Institutions for Occupational Retirement Provision (IRP), which is 4�48% in 2015 (according to the financial survey of PensioPlus)�

Beyond this good annual performance in a difficult context, we wish to highlight the great stability of the performances of OGEO FUND� A stability made possible notably by our policy of diversification and by our ´brick and mortar´ investment choices�

At the end of 2015, OGEO FUND presents a positive balance sheet, with growing assets under management, reaching 1�125 billion euros and 620 million euros of assets in overfunding (which are also evolving)�

Your SIP (Statement of Investment Principles) defines your investment policy and your long-term objectives. Nevertheless, it is regularly adjusted.

With regard to investment policy, the SIP of OGEO FUND reflects our long-term vision� This is adapted - assiduously and much more regularly than what is legally required (i�e� at least every three years) - as a function of macroeconomic variations� The SIP of OGEO FUND perfectly embodies the chosen principles, i�e� diversification and prudence�

Our SIP integrates the strategic apportionment of assets in view of the nature and duration of the pension obligations, but also the determination of the methods for evaluating investment risks, the risk management techniques� The minimum and maximum limits imposed for each class of assets are scrupulously respected�

The terms " good governance " and " Control " recur like a refrain in all of your publications, in all of your public statements, to the point of virtually becoming an obsession…

OGEO FUND is characterised by a governance that goes beyond what is legally prescribed� It´s a choice we made when we created our Organisation for Financing Pensions: we wanted to operate within a certain framework, based on rigorous controls, both internal and external, and absolute transparency� A framework that enables us to guarantee to our sponsoring organisations, and to more than 4,000 direct beneficiaries, an optimal management of their pension annuities�

We have set up a double actuarial monitoring: IIServices handles the calculations, the Nexyan firm performs the audit missions� This double actuarial monitoring permits OGEO FUND to propose to its sponsoring organisations financing plans whose technical hypotheses

The investment policy of OGEO FUND perfectly embodies the chosen principles of diversification and prudence.

Emmanuel Lejeune Member of the Executive Committee of OGEO FUND

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OGEO FUND´S TURN TO SPEAK

Healthy roots to resist market turbulence

OGEO FUND adopted a good governance guide, which is a tool provided to the directors, managers and employees of

OGEO FUND in order to optimise the management of the OFP and introduce greater transparency, thus facilitating the control.

Stéphane Moreau Managing Director

of OGEO FUND

(mortality tables, indexation, calculation of the technical provisions, etc�) have all been rigorously verified�

With regard to auditing of the accounts, we opted to carry out a semi-annual control� The first is presented in December, while the final report is issued during the second quarter of N+1 on financial year N� OGEO FUND can also count on a Financial Committee whose members include several experts, whose task is to contribute relevant clarifications to the Executive Committee and to the Board of Directors� It is this Financial Committee that does the work of pre-selecting the asset managers before issuing an opinion intended for the Executive Committee and the Board of Directors�

In addition, OGEO FUND has adopted a good governance guide, which is a tool provided to the directors, managers and employees of OGEO FUND in order to optimise the management of the OFP and introduce greater transparency, thus facilitating the control�

This governance is reflected in the stability of OGEO FUND’s results, year after year, following the clear line that has characterised OGEO FUND since its creation: that of offering top-quality services at reduced cost to its sponsoring organisations� Furthermore, we don’t have any shareholders to remunerate�

How does OGEO FUND participate in deepening the knowledge and social debates on pensions in Belgium?

In 2015, OGEO FUND commissioned, for the second consecutive year, the IPSOS market research firm to conduct an opinion survey on pensions in Belgium� Beyond the comparison with the results of the study performed in 2014, the OGEO FUND survey also included specific questions relating to proposals of the Federal Government on pension reform�

With a view to presenting the results of this opinion survey, we organised a round table as well as an institutional seminar composed of high-level experts from the academic and business worlds and

which was attended by Pensions Minister Daniel Bacquelaine� These days of exchanges could highlight the expectations of the Belgians about the future of their pensions and address the possible reforms recommended by the Government�

Once again this year, a new opinion survey will be conducted on the opinions of Belgians concerning the pension reforms in progress�

THE YEAR 2015IN A NUTSHELL

1�125 billion € of assets under management and 620 million € in overfunding, both growing�

A governance going beyond the legal requirements�

A ´hard´ real estate strategy, disconnected from the fixed-capital real estate investment

trust (SICAFI) market�

Constant monitoring�

No shareholders to remunerate�

A yield of 5�08 % in 2015

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Highlights of 2015

3Breeding ground for expertise

OGEO FUND OPINION SURVEY

For the second consecutive year, OGEO FUND commissioned the IPSOS market research firm to conduct an opinion survey on pensions in Belgium� This survey was conducted amongst a representative sample of 1,065 members of the population, aged between 25 and 70�

Beyond the comparison with the results of the study performed in 2014, the OGEO FUND survey also included specific questions relating to the Federal Government’s proposals on pension reform�

Here are a few key results from the 2015 opinion survey:

Leaving for retirement • The main factor that might prompt the non-

retirees to take their retirement later than foreseen would be - just as in 2014 – the

possibility of combining part-time work and retirement without a tax penalty (59%)�

• Only 17% of the non-retirees feel they have enough information about their pension (versus 22% in 2014)� Moreover, there are only 27% who think that their pension will be adequate to maintain a satisfactory standard of living (versus 32% in 2014)�

The future of pensions• 8 Belgians in 10 believe that it should be a

priority of the public authorities to ensure an adequate financing of pensions�

• 78% of those surveyed say they favour a harmonisation of the public/private/independent pension systems� An opinion shared more by the employees of the private sector (85% versus 80% in 2014) than by those of the public sector (55% versus 58% in 2014)�

In keeping with its proactive approach, each year OGEO FUND does its part to deepen the knowledge and social debates on pensions in Belgium. Various events and studies commissioned by OGEO FUND studded the year 2015, confirming its mission as a breeding ground for expertise embraced by the 5th largest OFP in Belgium.

Raising the legal retirement age1 Integration of the Difficulty of the work factor in the calculation of pensions

14%

25%

28%

33%

27%

49%

18%

6%

TOTALLY AGREE

RATHER AGREE

RATHER DON'T AGREE

DON'T AGREE AT ALL

1 Raising the legal retirement age (currently 65): 66 in 2025 and 67 in 2030�

7%

23%

Departure for retirement envisaged after age 65

34%

44%

Departure for retirement envisaged at age 65

43%

49%

Departure for retirement envisaged before age 65

39%

45%

Supplementary pension plan contracted with the employer

2014 2015

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HIGHLIGHTS OF 2015

A WIDELY-NOTED STUDY

The press release on the results of the OGEO FUND opinion survey, conducted in 2015 by IPSOS, generated 18 publications in Belgium and 7 in the international press (including France and China)� OGEO FUND isn´t content with merely sounding the alarm but, as the 5th

largest Organisation for Financing Pensions (OFP) in Belgium, wishes to associate itself with a constructive approach that is essential for the future financing of pensions�

Round table of experts

The results of the exclusive opinion survey commissioned by OGEO FUND and conducted by IPSOS on pensions in Belgium were presented on 16 October 2015, in collaboration with the Bank Degroof Petercam, during a round table entitled " The Belgians and their pensions in light of the reforms in progress "� The round table was held in the presence of Pensions Minister Daniel Bacquelaine, and was composed of a panel of high-level experts from the academic and business worlds�

1/ Daniel Bacquelaine, Federal Pensions Minister, introduced the seminar�

2/ Roland de Turck, Vice-President of IPSOS Belgium, presented the survey results�

3/ Jean Hindriks, Catholic University of Louvain, Member of the Academic Pensions Council�

4/ Bruno Colmant, Vlerick Management School, Solvay Business School, member of the Central Economic Council and the Royal Academy of Belgium�

5/ Ralf Jacob, Head of the Social Protection Unit and the Social Activation System, DG Employment, European Commission�

6/ André Gilles, Chairman of the Board of Directors of OGEO FUND, presented the conclusions�

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3

5

2

4

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Would you like to have the full conclusions of this opinion survey? Go to: www.ogeofund.be/en/ipsos2015

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On 30 October 2015, OGEO FUND organised an institutional seminar entitled “ Pension reform: the stakes and the impacts ”� This seminar was held at the Circle of Wallonia in Namur� Besides presenting the key results of the OGEO FUND opinion survey conducted by IPSOS on pensions in Belgium, OGEO FUND was honoured to receive a panel of experts�

The experts were able to discuss all of the decisions already adopted by the Belgian Government as well as other reforms that are still in the pipeline in order to guarantee the continuity of the pension system in Belgium�

Institutional seminar of OGEO FUND

OGEO FUND IN THE INTERNATIONAL FINANCIAL MEDIA

The source of institutional asset management intelligence MandateWire, a subsidiary of the Financial Times, devoted a long article to OGEO FUND entitled “ Belgian pension fund uses ´bricks and mortar´ to fend off market volatility ” written by Lea Huhlata� Two OGEO FUND personalities were interviewed in the article: Jean van Caloen, Independent Director of the institutional open-end investment company (SICAV) " Ogesip Invest " and Emmanuel Lejeune, Member of the Executive Committee of OGEO FUND� A nice piece of international recognition�

1/ Daniel Bacquelaine, Federal Pensions Minister, introduced the seminar�

2/ Anne Thiry, Managing Partner Actuary at Nexyan and appointed actuary of OGEO FUND, contributed the vision of the National Pensions Committee, of which she is Vice-Chairwoman�

3/ Florence Delogne, Deputy Cabinet Director of the Pensions Minister, explained the government´s position on the subject�

4/ Pierre Devolder, Professor at the Catholic University of Louvain and member of the Pension Reform Commission, offered a scientific perspective on the evolution of pensions�

5/ The Executive Committee, represented by Emmanuel Lejeune, recalled the specific features of the OGEO FUND model�

6/ André Gilles, Chairman of the Board of Directors of OGEO FUND, closed the discussions�

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321

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HIGHLIGHTS OF 2015

OGEO FUND at the “ Salon des Mandataires "

OGEO FUND participated in the “ Salon des Mandataires ” (local authority agents´ fair) on Thursday 12 and Friday 13 February 2015� A must-attend event for the Local Authorities, the “ Salon des Mandataires ” was for OGEO FUND the occasion to attend the meeting of all those who participate in the management of the Municipalities, the Provinces, the Public Centres for Social Welfare (CPAS) and the Intermunicipal Structures of the Walloon Region� The“ Salon des Mandataires ” was also an opportunity for OGEO FUND to disseminate to visitors the results of its opinion survey conducted by IPSOS on the subject of the general opinions of the Belgians on pension reform�

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The strengths of OGEO FUND4

" Ogesip Invest 1 " posts a result of 3�88 % for 2015, slightly below the average performance of Belgian pension funds� However, the institutional open-end investment company (SICAV) of OGEO FUND is performing in line with the definition of the prudent risk profile of " Ogesip Invest 1 ", which can be easily explained: " Ogesip Invest 1 " does not invest in listed real estate - while the sector performed very well in 2015 (18%) - and has imposed on itself a sizeable bond share, i�e� a more defensive profile than the average of the Belgian pension funds� As for the ´bricks and mortar´ real estate portfolio, the insurance products and the private equity investments of the OFP, they are housed outside of the institutional open-end investment company (SICAV) and directly managed by OGEO FUND� It is recalled that OGEO FUND earned a return of 5�08 % over the year 20151�

SUBSTANTIAL FUNDS ENTRUSTED TO LEADING FINANCIAL PLAYERS

The open-end investment company " Ogesip Invest " brings together the listed assets of the various sponsoring organisations of OGEO FUND� These assets are housed in the first sub-fund of the open-end investment company,

a sub-fund that today is worth more than 700 million euros, i�e� nearly 65% of the total assets of OGEO FUND�

These assets are managed by 4 certified institutional managers, who individually concluded discretionary asset management contracts with the open-end investment company�

Jean van Caloen, Independent Director of the open-end investment company " Ogesip Invest ”, explains the benchmarking put into place: " These managers are placed in permanent competition with one another on an objective basis. They are also compared to a standard reference established on the basis of a composite index, i.e. an ideal situation, with professional managers constantly evaluated not only with one another but also against the market. “

The custodian of the open-end investment company " Ogesip Invest " is RBC Investor & Treasury Services, a subsidiary of Royal Bank of Canada� RBC Investor & Treasury Services is classified amongst the Top 10 world-wide of asset services providers� RBC Investor & Treasury Services handles the reporting, the calculation of the NAV (net asset value) and the administrative tasks linked to the life of the open-end investment company�

In 2015, the first sub-fund “ Ogesip Invest 1 ” of the institutional open-end investment company (SICAV) under Belgian law “ Ogesip Invest ” experienced its first complete financial year, reaching full cruising speed after its launch in April 2014. Meeting with Jean van Caloen, Independent Director of the open-end investment company “ Ogesip Invest ”.

1 For 2015 the Institutions for Occupational Retirement Provision (IRP) achieved a weighted average return on investment of 4�48%, according to the financial survey of PensioPlus (formerly BAPI - Belgian Association of Pension Institutions)�

A solid and advantageous branch

Thanks to the reporting done by RBC Investor & Treasury Services,

OGEO FUND always has the valuation of the assets of each

sponsoring organisation.

Creating the structure of the open-end investment

company has been beneficial for both OGEO FUND and its

asset managers.

Jean van CaloenIndependent Director

of the open-end investment company " Ogesip Invest ”

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Thanks to the net asset value calculated by RBC Investor & Treasury Services, OGEO FUND always has the valuation of the assets of each sponsoring organisation (in terms of the number of shares of the open-end investment company " Ogesip Invest ”)�

PRIVILEGED SPONSORING ORGANISATIONS

Each sponsoring organisation possesses within the institutional open-end investment company (SICAV) the same portfolio profile and the same apportionment amongst the four managers selected by OGEO FUND� With an identical performance whatever the amount invested, " Ogesip Invest " makes it possible to treat all of the sponsoring organisations equally� Moreover, the management method was simplified, going from over twenty discretionary mandates down to four�

The pooling of the assets made it possible to strengthen OGEO FUND’s negotiating power and, as a direct consequence, the institutional open-end investment company (SICAV) " Ogesip Invest " could cut its management costs and obtain better conditions from its managers� " This was a win-win situation: instead of managing several small portfolios, the asset managers each manage just a single portfolio within the institutional open-end investment company (SICAV), " Jean van Caloen continues.

“ OGESIP INVEST "  IN A NUTSHELL

Institutional open-end investment company (SICAV) under Belgian law�

Unique and regularly calculated Net Asset Value (NAV)�

Reinforced monitoring of the investment policy�

Better and faster reporting�

Identical performance�

The funds are apportioned amongst our four asset managers

as a function of the history, performances and the envisaged plan.

Here, too, the rule of healthy diversification of both the risk and the

managers prevails.

Stéphane MoreauManaging Director of

OGEO FUND

12 13

4 Growth stake

OGEO FUND created a Financial Committee whose task is to contribute an outside perspective on the situation of the financial markets, in a sound governance approach that voluntarily goes beyond what is legally required�

The main mission of this Financial Committee is to contribute relevant clarifications to the Board of Directors by neutrally and independently assessing the key financial indicators, the quality of the portfolios and the investment strategy in relation to OGEO FUND’s SIP (Statement of Investment Principles)� It is also this Financial Committee that pre-selects the asset managers before submitting an opinion to the Executive Committee and the Board of Directors�

The Financial Committee is an essential consultative body within OGEO FUND. Created in a perspective of proactive governance

optimisation, this Financial Committee composed of leading financial experts makes it possible to stimulate reflection and the

strategic choices of the OFP’s decision-making bodies.

THE FINANCIAL COMMITTEE IN A NUTSHELL

The members of the Financial Committee of OGEO FUND :

Patrice Beaupain, Chief Financial Officer of Integrale CCA

Michel Mikolajczak, Former Member of the Executive Committee of BNP Paribas Fortis

France

Claude Tellings, General Manager of the AIDE

The Executive Committee of OGEO FUND

Michel Mikolajczak, member of the Financial Committee of OGEO FUND:" The Financial Committee is composed of at least four members, at least three of whom are independent experts, plus a member of the Executive Committee. All of the members of the Board of Directors are invited to participate in the Financial Committee meetings. In addition, " outsiders " are invited by the Executive Committee to participate in one or another meeting, guests such as Guy Quaden, Honorary Governor of the National Bank of Belgium. Through its diversified composition, the Financial Committee ensures that it possesses all the competencies and experiences which are necessary to fulfil its missions. " 

14 15

THE STRENGTHS OF OGEO FUND

A WORD FROM GUY QUADEN, EXTERNAL CONSULTANT OF THE FINANCIAL COMMITTEE

Professor Guy Quaden is Honorary Governor of the National Bank of Belgium. For several years now he has been contributing his experience and expertise on financial markets to the OGEO FUND Financial Committee�

What is your role as External Consultant within the OGEO FUND Financial Committee?

My role is to inform and provide clarifications on the macroeconomic evolution - and, more specifically, on the evolution of the markets - to the Financial Committee, which itself in turn addresses recommendations to the Board of Directors.

2015 was a pretty rocky year on the financial markets. How do you see the past financial year? What should we expect in 2016?

Three great uncertainties have weighed - and continue to weigh - upon the international financial context.

Firstly: the normalisation of American monetary policy. Since 2008, the FED (Central Bank of the United States) has conducted an extremely accommodating monetary policy, but it can’t go on indefinitely. In 2015, the FED announced that it intended to normalise its policy by raising its leading rates. The first uncertainty concerns how quickly this normalisation is going to take place. The manoeuvre is complicated because the American authorities also have to take account of the external consequences of their decisions.

Secondly: the deceleration of the Chinese economy, which has become the second largest in the world, also contributes its share of uncertainties. This slowdown was foreseeable: the

Chinese model, until now primarily based on exportation, is progressively giving way to a model more oriented on internal consumption demand. The question is knowing whether the landing will occur slowly or more suddenly.

Thirdly: the evolution of savings in the Euro zone. If a certain degree of growth returned in 2015, it remains modest - some would even say mediocre - compared to the past, before the 2008 crisis. Very low - too low - inflation is also a concern for the central bank. Will activity progressively accelerate? Or do additional stimulants have to be conceived and implemented with respect to monetary and/or budgetary policy?

The answers given to these different questions vary from one moment to the next, depending on the optimism or pessimism of the operators, which explains the high degree of volatility of the markets in 2015 and which will probably continue in 2016.

Do these uncertainties have a direct impact on Organisations for Financing Pensions like OGEO FUND?

For several years now, and probably for a certain while yet, at any rate in Europe, the financial context has been characterised by a historically very low level of the interest rates on fixed-income securities, in particular on government bonds, which traditionally constitute the principal investment of the OFP. The low rates on public securities – they have fallen below 1% for 10-year borrowings of the Belgian State - complicate the management of OFPs. The latter must envisage other additional forms of investments, more remunerative but subject to properly evaluating, limiting and controlling the risks that relate to them. And that´s the role of the Financial Committee.

GUY QUADEN, EXPRESS PORTRAIT

GUY QUADEN has a Ph.D. in Economics. He was Professor

of Economic Policy at the University of Liège and was

the Governor of the National Bank of Belgium (BNB) between

1999 and 2011. During the same period he sat

on the Board of Governors of the European Central Bank

(ECB). Today enjoying a well-deserved retirement,

he also lends his expertise to OGEO FUND as an External Consultant of the Financial

Committee.

14 15

Strengthening the real estate roots4

'BRICK AND MORTAR' REAL ESTATE PORTFOLIO

OGEO FUND has a large ´brick and mortar´ real estate portfolio within its overall portfolio (with a maximum ceiling set at 25 %)�

This sets OGEO FUND apart from most of the other Belgian pension funds, which privilege ´paper´ real estate investments done via investments funds� A carefully-weighed choice in favour of bricks and mortar which protects OGEO FUND from the fluctuations of the market�

The real estate projects OGEO FUND invests in post an average net yield of 5 %� A constant yield made possible by a rigorous selection of both projects and tenants� OGEO FUND focuses on the acquisition of office buildings occupied by high-quality tenants who make long-term commitments, with indexed rents�

The real estate projects form the object of an SPV (Special Purpose Vehicle), permitting absolute transparency and control of each investment�

To successfully implement these real estate projects, OGEO FUND relies on a dedicated internal team and works with external experts who ensure meticulous monitoring of the projects� In this respect Integrale CCA is a major partner in the real estate investments: 10 real estate partnerships have already been conducted together� PwC, the Approved Commissioner of OGEO FUND, is associated with the real estate steps in order to guarantee that the projects correspond to the overall strategy�

The New Tide project in Rotterdam (Netherlands) is a perfect example of the ´hard´ real estate policy conducted by OGEO FUND�

Patrice Beaupain, member of the Financial Committee of OGEO FUND and Chief Financial Officer of Integrale CCA, describes the project:

" Initiated in 2015 and concluded in 2016 in partnership with Integrale, this project neatly exemplifies all the fundamentals of our real estate strategy: an SPV, under Belgian law, held 60 % by OGEO FUND and 40 % by Integrale; but also a high-quality building, in the process of being renovated, offering 16,444 m2 of rental surface, perfectly located, linked to the Rotterdam´s ring road network as well as to the bus and metro lines. This real estate investment posts a net return of around 6%. The tenant of the New Tide in Rotterdam is a leading institutional player: the Dutch National Police, which assumed a long-term commitment. "

The New Tide project in Rotterdam incorporates all of the fundamentals of our

real estate strategy: a project housed in an SPV, a high-

quality building and tenant, a long-term lease as well as an

appreciable net yield.

Patrice Beaupain

member of the Financial Committee of OGEO FUND and Chief Financial

Officer of Integrale CCA

16 17

THE STRENGTHS OF OGEO FUND

The key words with regard to real estate remain “quality and location of the assets”, “long-term leases” and “high-quality tenants”. Stéphane Moreau Managing Director of OGEO FUND

NEW TIDE

The NEW TIDE in Rotterdam is a building constructed in 1987 that is being totally renovated� Deployed around a central atrium, its open structure allows the occupants to fully benefit from natural light� Each wing of the building receives 6 floors of offices accessible via the central lifts� Each level can be easily individualised and proposed to different tenants�

This open-office structure allows the tenant to implement new concepts of nomad & flexible working� The building is equipped with structured floors permitting flexible, invisible connectivity�

The New Tide in Rotterdam is ideally located: near the ring road of Rotterdam, tram and metro stations�

NEW TIDE IN ROTTERDAM• Prins Alexander area• Offices: 16,444 m2

• Parking places: 300• Tenant: Dutch National Police• Term of the lease: longer than 10 years

IN A NUTSHELLA HIGH-QUALITY

REAL ESTATE STRATEGY

´Bricks and mortar´ real estate investments�

An average net return of 5 %�

The real estate projects are housed in an SPV�

Supporting specialists: PwC, Linklaters, Baker & McKenzie…

Would you like further information on OGEO FUND’s real estate strategy? Consult the presentation brochure via the following link: www.ogeofund.be/en/brochure

16 17

A controlled biodiversity4A REINFORCED GOVERNANCE

The decision germinated upon a reinforced and fully assumed policy of governance: to set up a double actuarial monitoring within OGEO FUND, calling on two separate service providers: IIServices for the missions of actuarial calculation, and Anne Thiry from the Nexyan firm for the missions of actuarial monitoring� So far, OGEO FUND remains one of the only Organisations for Financing Pensions to have separated these tasks���

History of the creation of IIServices: in March 2008, in partnership with Integrale CCA, OGEO FUND created this service company whose activity is notably dedicated to Institutions for Occupational Retirement Provision (IRP)� The activities of IIServices include actuarial calculations, financial reporting, internal audit, accounting, etc�

The internal audit examines, amongst other things, the respect of policies, the risk management as well as the reliability of the financial and operational information�

The missions of the Approved Commissioner were entrusted to the firm PwC, one of the world´s four major auditing and consultancy firms�

Internally, the Compliance Officer and the Financial Committee also contribute their expertise to the global governance of OGEO FUND�

Both the internal audit and the external monitoring of OGEO FUND are stringent controls, ongoing and multi-faceted, that ensure the execution of the financing plans� These plans make it possible to preserve and strengthen the technical provisions that will guarantee the payment of the pensions promised to the pension beneficiaries by the sponsoring organisations� This is a voluntarily strict method of governance that goes beyond the legal requirements imposed by Belgian law on Organisations for Financing Pensions�

Anne Thiry Appointed actuary

(Nexyan firm)

Isabelle Rasmont Approved Commissioner

(PWC)

EXTERNAL CONTROLS

IIServices Technical actuary

Internal audit

Financial Committee

Compliance Officer

INTERNAL CONTROLS

We submit an opinion on the security of the operations, on the

technical provisions as well as on profitability, before filing the

accounts with the Supervisory Authority. We draft the report

on the technical provisions and incorporate the results of our

analyses into a report submitted to the Board of Directors of

OGEO FUND.

Anne Thiry Managing Partner Actuary

Nexyan

THE GUARANTORS OF GOVERNANCE IN A NUTSHELL

18 19

THE STRENGTHS OF OGEO FUND

PWC AS APPROVED COMMISSIONER

It is the auditing firm PwC that officiates as Approved Commissioner to, notably, audit the reliability of the information coming from the sponsoring organisations of OGEO FUND�

Isabelle Rasmont, Partner in the PwC firm, is a company auditor certified by the Financial Services and Markets Authority (FSMA) and the National Bank of Belgium:

" Our task as Approved Commissioner is to examine the annual accounts of OGEO FUND as well as the annual report prepared by the Board of Directors. Within the framework of our mission, we also verify that OGEO FUND possesses an administrative and accounting organisation as well as an internal control system that are appropriate for the nature and scope of its activities.

Finally, we collaborate on the supervision exercised by the FSMA, in accordance with what is provided by article 108 of the Act of 27 October 2006 on the supervision of Institutions for Occupational Retirement Provision (IRP). "

DOUBLE ACTUARIAL FUNCTION

In order to strengthen its governance and to propose to its sponsoring organisations financing plans whose methods and technical hypotheses (mortality tables, indexation, calculation of technical provisions, etc�) have all been rigorously verified, OGEO FUND took the initiative of splitting up the positions of technical and appointed actuary�

IIServices is the technical actuary and Anne Thiry, from the Nexyan firm (new name of Esofac), is the appointed actuary of OGEO FUND�

IIServices, entrusted with drawing up the descriptive technical note of the outsourced commitments of each sponsoring organisation, establishes the calculation of the technical provisions and drafts the financing plan of the sponsoring organisation which will make it possible to establish projections of the commitments with a 15-year perspective� IIServices also provides the operations for calculating the required technical provisions, the solvency margin, the average term of the commitments, coherence tests, and this for each sponsoring organisation�

Anne Thiry, as appointed actuary, monitors the technical aspects, validates and verifies the calculation methods as well as the adequacy of the hypotheses used in light of the available statistics� The appointed actuary submits, in complete independence, an expert´s opinion on what was calculated and proposed�

Anne Thiry, Managing Partner Actuary of Nexyan, is the appointed actuary of OGEO FUND:

" We submit an opinion on the security of the operations, on the technical provisions as well as on the profitability, before filing the accounts with the Supervisory Authority. We draft the report on the technical provisions and incorporate the results of our analyses into a report submitted to the Board of Directors of OGEO FUND.”

THE COMPLIANCE OFFICER, ONE OF THE ESSENTIAL LINKS OF GOVERNANCE

The Compliance Officer is another fundamental link in the chain of supervision of OGEO FUND� He is the one who, in complete independence, evaluates the compliance of the procedures, the instructions and the organisations with the rules on integrity for the activities of OGEO FUND: the rules provided directly in the statutory and regulatory provisions applicable to the sector of the IRP (Institutions for Occupational Retirement Provision), but also the rules contained in OGEO FUND´s integrity policy� The Compliance Officer informs the Board of Directors about the main identified compliance risks, the measures taken to improve the supervision and the advancement of the works being performed within the framework of his mission�

Our task as Approved Commissioner includes examining the annual accounts of OGEO FUND as well as the annual report prepared by the Board of Directors. In addition, we collaborate on the supervision exercised by the FSMA, in conformity with what is provided in article 108 of the Act of 27 October 2006 on the supervision of the Institutions for Occupational Retirement Provisions. Isabelle Rasmont Partner PwC

18 19

Organisation5A robust rootednessTHE GENERAL COUNCIL THE BASIS OF CONFIDENCE

The General Council constitutes the basis of the organisation of OGEO FUND� This Council is composed of representatives from each of the sponsoring organisations that has entrusted the management of its pension system to OGEO FUND� It is convened by the Board of Directors at least once a year and otherwise as often as necessary� It is the General Council which, as a sovereign decision-making body, holds the power to accomplish or ratify acts that are essential for the proper functioning and good management of OGEO FUND�

It is the General Council that bears the responsibility for approving the annual accounts and reports, and which grants discharge to the Directors as well as to the Approved Commissioner� The management agreement with the sponsoring organisations and the financing plan are also under the responsibility of the General Council, as is the responsibility to appoint - and dismiss - Directors and Approved Commissioner�

Other prerogatives of this Council: amendments of the articles of association, the investment policy, the reception - and exclusion - of sponsoring organisations��� All missions naturally allocated to the General Council and which make it the true decision-making body of OGEO FUND�

THE BOARD OF DIRECTORS THE MANAGEMENT EXPERTISE

The Board of Directors defines the general policy of OGEO FUND� It has the power to perform all of the acts necessary and useful for achieving the purpose of the OFP, with the exception of those reserved by the law or the articles of association to the General Council�

The vocation of the Board of Directors is to define the investment policy, a mission that it accomplishes on the basis of the recommendations of the Financial Committee� The Board of Directors entrusts to the Executive Committee the implementation of this policy and the monitoring of the decisions it has taken�

Concerned to ensure rigour and transparency, the Board of Directors constantly strives to improve its governance: a work which resulted in 2011 in the adoption of a good governance guide� A veritable charter of good governance intended to remain alive and dynamic, this guide evolves over time and constitutes the object of an annual revision�

The Board of Directors also has a general mission of supervision over the other operational bodies of the organisation� It therefore verifies that the institution effectively possesses the following elements:

• An adequate internal control system and an internal audit function;

• An adequate compliance function;• An activities continuity policy;• A subcontracting policy�

The Board of Directors meets at least four times a year�

The General Council is OGEO FUND's sovereign

decision-making body, within which are accomplish or ratified

the acts that are essential to its proper functioning.

André Gilles Chairman of the Board of Directors

of OGEO FUND

20 21

ORGANISATION

THE OPERATIONAL BODIESIN A NUTSHELL

The OGEO FUND is managed by three operational bodies:

the General Council

the Board of Directors

the Executive Committee

The Board of Directors defines the general policy of

OGEO FUND. A policy deeply imbued with the principles of

good governance, recommending in all circumstances a

transparency that permits optimal monitoring of all of the

operations conducted.

François-Xavier de Donnea Independent Director of OGEO FUND

André GillesChairman

Chantal Dupont Director

Dominique DrionVice-Chairman

Alain Decerf Director

Stéphane Moreau Managing Director

Claude Parmentier Director

François-Xavier de Donnea

Independent Director

THE EXECUTIVE COMMITTEE DAY-TO-DAY EFFICIENCY

The Executive Committee assumes the effective management of OGEO FUND under the supervision of the Board of Directors�

The Executive Committee has a number of operational tasks: collection of the contributions to the pension systems and payment of the pension benefits of the sponsoring organisations, implementation of the investment policy, elaboration and monitoring of the internal control measures, preparation of the annual accounts and report - without forgetting the provision of information to the Supervisory Authority, the FSMA�

The Executive Committee meets regularly, and at least once a month� It functions collegially� The Board of Directors sets for it annual objectives that are both quantitative and qualitative�

The Executive Committee implements the decisions adopted in the Board of Directors and handles all aspects of the day-to-day management of OGEO FUND�

The members of the Executive Committee:

• Stéphane Moreau, Chairman  ;• Emmanuel Lejeune, Member�

The Board of Directors

20 21

4,183 pension beneficiaries, for 7 sponsoring organisations, which will harvest the fruits of their labourSince 2007, OGEO FUND assures the financing and the payment of the pension annuities for more than 4,000 current or future pension beneficiaries, coming from seven sponsoring organisations� These beneficiaries count on OGEO FUND to harvest the fruits of a lifetime of labour�

Number one Multi-employer Organisation for Financing Pensions (OFP) (1st pillar) and fifth largest OFP in Belgium (according to PensioPlus1), OGEO FUND assures the administrative, financial and accounting management of the pension commitments of its annuity beneficiaries�

With more than one billion euros in assets under management, OGEO FUND permits each of its seven sponsoring organisations, from the smallest to the largest, to benefit from an optimised service and yield, with reduced management costs�

5 Harvesting the fruits of labour

Inter-communal cooperative company Gestionnaire des Réseaux de Distribution (GRD) de Gaz et d´Electricité LIEGE ZONE 2

Intercommunale d´Incendie de Liège et Environs - Regional Fire Service

Compagnie Intercommunale Liégeoise des Eaux

Provincial deputies

City and CPAS of Seraing-Agents and Personnel Association Intercommunale

pour le Démergement et l’Epuration of the municipalities of the Province of Liège

1 Classification as at 31/12/2014 - awaiting official classification from PensioPlus (formerly BAPI - Belgian Association of Pension Institutions) as at 31/12/2015�

22 23

The culture of excellence

ORGANISATION

Today, nearly 65 % of the invested assets of OGEO FUND are housed within the institutional open-end investment company (SICAV) “ Ogesip Invest "� RBC Investor & Treasury Services is its custodian and administrative agent� As such, the subsidiary of the Royal Bank of Canada constitutes an essential link in the profitability and constant monitoring of the institutional open-end investment company (SICAV) belonging to OGEO FUND�

RBC Investor & Treasury Services ensures the reporting, the calculation of the net asset value and the administrative tasks inherent to the life of the institutional open-end investment company (SICAV) " Ogesip Invest ”� Thanks to RBC Investor & Treasury Services, each month OGEO FUND has a clear and

precise vision of the net asset value for each sponsoring organisation�

With regard to reporting, a first report is published on the fifth working day of each month, which permits just-in-time insight into the evolution of the values of each sponsoring organisation, but also of the performance of each of the four asset managers: clear, rapid and effective reporting�

RBC INVESTOR & TREASURY SERVICES, LEADING GLOBAL PLAYER

RBC Investor & Treasury Services is a subsidiary of the Royal Bank of Canada: a leading player which has been classified as the world´s number one custodian six years in a row, with the highest credit rating in the sector and more than 3 trillion USD of administered assets�

RBC Investor & Treasury Services is a specialised provider of asset management, custodian bank, payment and cash-flow services intended for financial and institutional investors all over the world� The RBC subsidiary operates from offices in 18 countries spread across North America, Europe, Asia and Australia and its vocation is to develop services that will make it possible to preserve the assets of its clients, optimise their liquid assets and manage the risks in numerous jurisdictions, with an emphasis on the management of operational risks�

FOUR HAND-PICKED ASSET MANAGERSThe open-end investment company " Ogesip Invest " brings together the listed assets of the 7 sponsoring organisations of OGEO FUND�

These assets are housed in the first sub-fund of the open-end investment company, which today is worth more than 700 million euros�

These managers, who were given different types of discretionary management mandates, are constantly benchmarked in order to objectivise their performances, to ensure a healthy competitive spirit between them and to guarantee to the sponsoring organisations the best possible performance� Moreover, one of the asset managers was replaced in 2015�

The assets of " Ogesip Invest " are currently entrusted to:• Bank Degroof-Petercam• BNP Paribas Investment Partners• Candriam (formerly Dexia Asset

Management)• KBC Asset Management�

RBC INVESTOR & TREASURY SERVICES

IN A NUTSHELL

Subsidiary of the Royal Bank of Canada�

World´s number one custodian according to Global Investor ISF�

Custodian and fund administrator of the institutional open-end investment company (SICAV)

" Ogesip Invest ”�

We are happy to be performing for the second consecutive

year the missions of custodian and fund administrator for

'Ogesip Invest'. Our expertise in monitoring and reporting enables

us to contribute to the perfect functioning of the institutional open-end investment company

(SICAV) of OGEO FUND.

Marc Vermeiren

Managing Director RBC Investor & Treasury Services

22 23

6 Investment policy

OGEO FUND manages the long-term financing of pensions and therefore defines an allocation of assets that is adapted to its mission� In the definition of the investment policy, the attitude regarding risk plays an important role� The management of a pension funds does not have as its object to support the best performance vis-à-vis a benchmark but to guarantee the interest of the pension beneficiaries, current or future�

In order to limit the risks as much as possible, the investments of assets are governed by the double principle of prudence and diversification� A diversification that is materialised by allocations spread over several different asset classes defined in the SIP (Statement of Investment Principles)�

For each of its asset classes, minimum and maximum limits were established in order to be able to shift rapidly from one class to another as a function of the evolution of the markets�

To define the SIP, OGEO FUND set up a Financial Committee composed of recognised experts from the world of finance in order to identify the best strategy in light of the macroeconomic evolution and the market trends� The investment policy is set by the Board of Directors of OGEO FUND on the advice of the Financial Committee� The Financial Committee thus possesses only a power of information and advice vis-à-vis the Board of Directors�

The SIP of OGEO FUND is reviewed at least every three years in order to adjust its adequacy vis-à-vis the market conditions and the nature of OGEO FUND´s own mission� The SIP can be revised at any time, upon decision of the Board of Directors, as a function of economic fluctuations� The last statement on the principles of the investment policy of OGEO FUND was ratified by the General Council on 19 June 2015�

THE INSTITUTIONAL OPEN-END INVESTMENT COMPANY (SICAV) OF OGEO FUND “ OGESIP INVEST " FOR LISTED ASSETS

In 2014, OGEO FUND set up the institutional open-end investment company (SICAV) under Belgian law " Ogesip Invest ”, notably in order to better manage the allocation of assets� This institutional open-end investment company (SICAV), which experienced its first complete financial year in 2015, brings together all of the listed assets of the sponsoring organisations of OGEO FUND� The establishment of this open-end investment company permits greater monitoring, optimal diversification and better cost control� This strategy made it possible to generate a net return of 3�88 % for 2015� The real estate portfolio, the insurance products and the investments in Private Equity benefit from direct management by OGEO FUND, and thus are not managed within Ogesip Invest�

The investment policy of OGEO FUND is defined in the SIP (Statement of Investment Principles), a text that spells out the general principles and

guides all of the investment decisions of the OFP.

The General Council is composed of representatives

from each sponsoring organisation. It has the

power to accomplish or ratify acts that are essential

for the functioning of OGEO FUND. For example,

the General Council ratifies the SIP of OGEO FUND.

This document condenses the foundations of the

investment policy, which notably strives to ensure

the yield necessary to pay the pensions of our

beneficiaries.

Sandrine Brands, Secretary General pro tempore and

Director of the Administration of LIEGE ZONE 2 IILE-SRI (LIEGE ZONE 2 Intercommunale d´Incendie de Liège et Environs – Regional Fire Service),

member of the General Council of OGEO FUND�

Markers of fructification

24 25

INVESTMENT POLICY

THE INVESTMENT POLICY OF OGEO FUND IN A NUTSHELL

SIP RATIFIED BY THE GENERAL COUNCIL OF 19/06/2015

LIMITS OF STRATEGIC ALLOCATIONS PER CLASS OF ASSETS:

Government bonds

25.0 %

Corporate bonds

20.0 %

Emerging market andhigh-yield bonds

5.0 %

Shares

22.5 %

EMTN (Euro Medium Term Notes)

2.5 %

Real estate

20.0 %

Insurance products

5.0 %

min max

0%

0%

0%

0%

0%

0%

0%

10%

25%

5%

35%

15%

40%

55%

INSURANCE PRODUCTS

REAL ESTATE

EMTN (EURO MEDIUM TERM NOTES)

SHARES

EMERGING MARKET AND HIGH-YIELD BONDS

CORPORATE BONDS

GOVERNMENT BONDS

24 25

OGEO FUND OFPApproved as an Institution

for Occupational Retirement Provision (IRP) on 9/08/2005

Identification number: 50570

Registered Office:Boulevard Piercot 46

B-4000 Liège

Tel�: +32 4 222 01 15Fax: +32 4 222 08 21

info@ogeofund�bewww�ogeofund�be