Annual Report 2013 TRANSLATION. The Social Workers' and Social, Pedagogues' Pension Fund

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1 The Social Workers' and Social, Pedagogues' Pension Fund TRANSLATION Annual Report 2013 Municipality of Gentofte, Denmark. Central Business Reg. No,

2 The Social Workers' and Social Pedagogues' Pension Fund Contents Management Review 2 Management Statement 9 - The Independent Auditor's Reports, 10 Income Statement 11 Balance Sheet 12 Capital 14 Notes ^ 15 Municipality of Gentofte, Denmark. Central Business Reg. No

3 2 Annual Report 2013 Management Review 1 The Pension Fund carries out pension fund activities. The Pension Fund accepts Social workers and social pedagogues, as well as residential institution assistants, educator assistants, lead housekeepers, workshop assistants, practical care providers and sign language interpreters, as members; they are entitled and obliged to membership of the Pension Fund through their collective labour market agreement or contract of employment. The Pension Fund has organised its activities in the form of investment activities in affiliated companies. However, the results obtained by the Pension Fund Group as a whole decides a member's pension entitle ment. The key figures in this report are thus given at Group level, unless otherwise specified. Profit for the year under review The Group's 2013 profit was DKK mill. The Board proposes to carry the profit forward to next year. Members' contributions and pension payments are increasing, which had also been expected. The Pension Fund continues to grow, since members' contributions are 2.5 times higher than pension payments. The Pension Fund expected 2013 to be characterised by continued relatively low growth and a certain amount of uncertainty in the markets. Where 2012 was charcterised by unrest in the financial markets caused by the euro crisis and uncertainty about global growth, more positive winds were blowing in the global investment market in An expansive US monetary policy contributed very much to stimulating the American and the global econ omy. In addition, the US economy has benefited from the extraction of shale gas, which has led to a de cline in energy prices in the US to the benefit of the manufacturing industry. All in all, this has had a positive effect on employment and growth, both in the US and in the rest of the western world, which was reflected particularly in the share prices, which went up strongly in How ever, there were major regional differences betwqen the different,markets. Where the western world is gradually putting the financial crisis and the subsequent challenges behind it, the emerging market coun tries are hit by stagnant growth, which has led to a decline in share prices in these markets. The germinating growth and declining uncertainty about the euro led to an increase in bond interest rates in secure markets, such as Denmark and Germany, while interest rates fell in Southern Europe, which pre viously had the highest level of uncertainty. Increasing bond interest rates led to a loss on interest hedg ing, which reduces the overall return. Interest levels remain low, so in 2013 the Pension Fund also invested in new types of investment as a sup plement to the traditional investments in government bonds. One of the effects of this is investments in offshore wind farms. ' ' The yield on the Pension Fund's investment portfolio in the year under review was 9.3 %. Because of losses on interest hedging, the total yield before pension yield tax on the Pension Fund's assets (Nl) was 4.2 %. ' This yield is satisfactory. In June 2012, the pension industry concluded an agreement with the Ministry of Business and Growth on a modified capitalisation interest graph; this freed up reserves, bu,t the agreement also meant that the account interest rate may not exceed 2 % until the end of The Pension Fund's interest rate after tax was thus 2 % in The profit for the year is deemed to be satisfactory and the Pension Fund remains well-consolidated. The Social Workers' and Social Pedagogues' Pension Fund

4 Annual Report Pension Fund Group The enterprises affiliated with the Pension Fund as at 31 December 2013 appear from the Group chart. The Pension Fund's real property company This company has the purpose of owning and running real property so as to obtain a return on the in vested capital. The companies' result for 2013 was a loss of DKK 68.0 mill., which amount was affected by an impairment charge on a few, large industrial properties. Socialradgivernes og Socialpsedagogernes Ejendomsaktieselskab (social workers' and social pedagogues', property company) participates in partnerships with other PKA-affiliated property companies. These part nerships do not publish independent annual reports, as specified in the Danish Financial Statements Act. The partnerships are integrated on a pro rata basis in the financial statements of the partners. Anhqlt Havvindm0llepark P/S This partnership's activity is ownership of a partnership share of the offshore wind farm Anholt Havvindm0llepark I/S In 2013, the partnership paid the last installment towards the construction of the offshore wind farm; the construction has been completed and the wind farm is fully operational. \ The company's result for 2013 was a profit of DKK 50.3 mill., primarily as a result of appreciation of the value of the wind farm. Investment in OWP Butendiek Activities in OWP Butendiek K/S consist of ownership of a share of the wind farm OWP Butendiek GmbH & Co. KG The company's result for 2013 was a loss of DKK 7,9 mill., which is in line with expectations. In 2013, the company paid all rates towards the construction of the offshore wind farm, and at the end of 2013, the capital for the park has been invested and fully paid up. The construction of the wind farm is ongoing and will continue in 2014 as planned. The wind farm is ex pected to be commissioned in 2015, when the company is expected to start generating a profit. Butendiek Finans ApS provides loan funding for the offshore wind farm. The result for 2013 was a profit of DKK 0.1 mill., which is in accordance with expectations. The result for 2013 of Komplementar ApS was DKK 0.0 mill., which is also in accordance with expecta tions. The Social Workers' and Social Pedagogues' Pension Fund

5 4 Annual Report 2013 Investments and social responsibility The Pension Fund has adopted ethical guidelines for responsible investments. These guidelines are in accordance with the principles of the UN's Global Compact, As an addendum to the UN's Global Compact, the Pension Fund has adopted a policy on investments in weapons and tobacco production; according to this policy, the Pension Fund does not invest in companies involved in controversial weapons or the pro duction of tobacco. The Board's statement to the General Meeting explains the development of the work with the guidelines for responsible investments and active ownership. These reports are available on the Pension Fund's website. Active ownership is defined as meaning that, in case of disagreement between the Pension Fund's investments and the guidelines for responsible investments that have been laid down, the Pension Fund will respond actively towards infringements and seek to bring such infringements to an end. For this purpose, the Pension Fund works with a screening and commitment associate; this gives the Pension Fund an extra dimension and extra clout, when it comes to complying with its guidelines for responsible investments. The Pension Fund's associate also work with and add to the Pension Fund's guidelines by promoting best practice standards for companies in which the Pension Fund has invested. The Pension Fund's website contains a more detailed statement of compliance with the guidelines and of active ownership. As a con sequence of the Pension Fund's guidelines for responsible investments, companies that infringe against these guidelines will be requested to introduce improvements through constructive dialogue. As an ex treme consequence, companies that infringe against the Pension Fund's guidelines for responsible in vestments will be excluded from the Pension Fund's investment universe. On its website, the Pension Fund publishes an updated list of excluded companies. PKA holds a meeting each month on the Pension Fund's guidelines for responsible investments, where companies, current issues, etc., are discussed. Further to PKA's meetings, the Pension Fund's guidelines for responsible investments are also discussed at the Pension Fund's Board meetings, where the overall framework for responsible investments is laid down. With the Pension Fund's guidelines for responsible investments, the Pension Fund helps focus on and support the social responsibility of investors and companies, which induces companies to increase their use of best practice standards for good corporate management, environmental protection and social standards. The Pension Fund has special focus on climate challenges. This focus has resulted in investments in Anholt offshore wind farm and Butendiek offshore wind farm. In addition, the Pension Fund has invested in the world's largest re-user of car tyres and in a subcontractor to the wind turbine industry. Furthermore, the Pension Fund has invested in foreign infrastructure funds, which invest in companies in charge of such activities as waste management, solar panel systems and hydro-power stations. Further to the Pen sion Fund's focus on climate challenges, the Pension Fund is a member of Carbon Disclosure Project (CDP) and the Institutional Investors Group on Climate Change (IIGCC). CDP motives companies to pub lish their environmental footprint and to make measures to reduce it. IIGCC gives investors a platform for cooperation on promoting public policies, investment practice and company behaviour in regard to longterm risks and opportunities related to climate change. The Pension Fund's ambition is to double its green investments by As described, the Pension Fund complies with the guidelines of the UN's Global Compact, including princi ples 1 and 2, which deal with respect for human rights, cf. the 10 principles of the UN's Global Compact. If the Pension Fund becomes aware of a company that systematically infringes human rights as defined in The Universal Declaration of Human Rights', the "Pension Fund will seek a dialogue with the company with the purpose of bringing the infringement to an end. If the,dialogue is not successful, the Pension Fund will as a last resort transport the company to the Pension Fund's negative list. At present, the Pen sion Fund has six companies on its negative list, because of infringement of the Pension Fund's guidelines for human rights. As a responsible investor with a dedicated approach to social responsibility, the Pension Fund will con tinue to use its policy for responsible investments as a platform to agitate for and promote the develop ment of investor and company focus on social responsibility. In 2014, the Pension Fund's goal is to strengthen its work with responsible investments by working on a continuous basis with specially selected areas of relevance to the Pension Fund. Yield The total yield in 2013 was 4.2 %. The Social Workers' and Social Pedagogues' Pension Fund

6 Annual Report The Pension Fund's interest hedging had a negative impact on the yield. Interest hedging is to be seen as protection against falling interest rates, so the Pension Fund's yield increases, when interest rates drop, while the opposite applies, when interest rates go up. Cooperation on investments Based on an agreement, the Pension Fund cooperates with other pension funds administered by PKA A/S on effective and rational management of its investments, so as to obtain the highest possible return and the lowest possible costs. Because of this cooperation, the cash demand deposits of the pension funds have been placed on coowned deposit accounts. The share of deposits and returns of the individual pension fund is managed through individual inter-company accounts, which are adjusted on a daily basis when the pension funds withdraw or deposit money on their co-owned demand deposit accounts. The interest yield on these de mand deposit accounts is distributed through interest added to the inter-company accounts. This cooperation also means that the investments selected by PKA are basically allocated to the individual pension funds in PKA on the basis of the size of the total investment portfolio of each pension fund. Con sequently, the composition of investments within the individual classes of assets is very much the same for all the pension funds. To the extent the yield/risk profile should be different among the different pension funds in PKA, accord ing to their individually adopted investment strategies, this is achieved via differences in the allocation of risk-prone shares, i.e. primarily shares and credit bonds. Through the cooperation in PKA, a number of investments are made through funds, investment trusts and investment communities in which the pension funds of PKA each own a certain share. In recent years, a number of investments have been converted to become trusts administered by Nykredit. 1 Derivative financial instruments y The Pension Fund uses derivate financial instruments largely for investment and hedging purposes. Administration The Pension Fund and the affiliated companies are administered by PKA A/S. PKA A/S has outsourced some of its administrative tasks to Forca A/S. The Pension Fund has no employees other than the Management and the Appointed Actuary. The Management and the Appointed Actuary are not paid by the Pension Fund. Progress report on compliance with the goal regarding the underrepresented gender at man agement level The Financial Services Act requires that financial companies must set a target for gender representation on the board of directors and prepare a policy on equal representation in the management of the Pension Fund. The rules of setting a target for gender representation on the board of directors are based on the board members elected by the general meeting; however, in the Pension Fund, the majority of board members are appointed by social partners concluding labour market agreements. That is why it will not be correct to adopt a target for the board members elected by the general meeting; consequently, the board has adopted a target for the gender composition of the board of directors as a whole. The board has decided that the target for men on the board of directors is to be at least 25 %, while the target for women on the board is to be at least 40 %. At the end of the year under review, the split on the board of directors was 56 % men and 44 % women on the board". \ The targets have thus been met. No policy has been adopted for equal representation in the management layers below the executive man agement of the Pension Fund. In 2013, the Pension Fund had only two employees, the managing director and the actuary in charge. There was thus only one employee in the management level below the execu tive management and it makes no sense to set a target for one employee. The full administration of the Pension Fund is carried out by PKA A/S. In 2013, PKA A/S had a gender split in the management layers below the executive management of 42 % men and 58 % women. The Social Workers' and Social Pedagogues' Pension Fund

7 6 Annual Report 2013 Audit Committee In accordance with legislation, the Pension Fund has established an Audit Committee, which focuses on monitoring pension fund financial reporting, internal inspection and risk management systems, as well as monitoring the external auditors including the question of their independence. The Audit Committee must have one member, who is independent of the pension fund concerned and who has qualifications in ac counting and/or audit. The Audit Committee is appointed by the full Board of Directors. At its general meeting; the Pension Fund elected Holger Dock as an independent member of the Board of Directors of the Pension Fund. \ At its general meeting, the Pension Fund elected Holger Dock as the independent member of the Board of the Pension Fund. Holger Dock has a master's degree in actuary science; from he was the Managing Director of AP Pension, a member-owned life and pension insurance company. In , Holger Dock was presi dent of the Danish Insurance & Pension Association. Given his background, Holger Dock meets the re quirements of being independent of the Pension Fund and of having qualifications in accounting or audit. Risks and solvency associated with the business model of the Pension Fund In connection with its work on risk and solvency, the Board has identified the major risks associated with the business model: Life assurance risks Interest risk Market risks Outsourcing risk As regards life assurance risks, the biometricrisks, which comprise life expectancy improvements and changes to the number of anticipatory pension recipients, constitute the most significant risks. Based on the Danish FSA's life expectancy regimen, etc., the Pension Fund has adjusted its assumptions on life expectancy of its members. The Pension Fund hedges interest risks on guaranteed, deferred pensions based oh the interest risk framework adopted by the Board* The consequence of interest hedging is that a significant part of the interest risk between liabilities and assets has been eliminated. A significant part of the assets for interest cover are interest swaps, where the Pension Fund pays a variable interest rate and receives a fixed inter est rate. These instruments have the same characteristic as the guaranteed, deferred pensions in the sense that they increase in value if the interest rate goes down and vice versa. Market risks are defined as the risk that the market value of assets and liabilities will change as a result of changes to market conditions. The most significant market risks exist in shares, foreign exchange and tangible property, as well as in investments i alternative sources of yields. Investments in alternative sources of yields are based on achieving a risk premium by taking different types of risks in the markets - typically, with a short-term, 1-3 year horizon and with the focus on the relative return of different asr sets. In its investment strategy,, the Board has laid down the risk framework for the different classes of assets. J The Pension Fund uses outsourcing, which gives rise to a focus on the associated risks. There is a risk of making loss if agreements or controls are inadequate. The Pension Fund has concluded an outsourcing agreement with PKA A/S on full administration. The Board has laid down policies and guidelines for out sourcing significant fields of activity, determining the rules for additional outsourcing from PKA A/S to a third party. This ensures satisfactory follow-up in regard to the various sub-suppliers, such as Forca A/S. The primary risk management model of the Pension Fund is translated into a number of'pension Protec tion Limits' (PPL). PPL assembles all the Pension Fund's significant risks in three different scenarios; the result provides the frameworks for investment, bonus and capital management. The individual solvency requirement of the Pension Fund', end-2013: DKK mill. The individual'solvency requirement of the Pension Fund, end-2012: DKK mill. Capital Equity rose in 2013 by DKK mill, to DKK 3,148.6 mill. The base capital now amounts to DKK 3,447.9 mill, against DKK mill, in The capital requirement at the end of 2013 was DKK mill, against DKK mill, at the end of \ The Social Workers' and Social Pedagogues' Pension Fund

8 Annual Report Uniform protection of policyholders As part of the preparation for Solvency II, the Danish FSA introduced a standard model in 2013 with effect from 2014 for calculation of the individual solvency requirements of the Pension Fund. However, the Pen sion Fund is using a partial, internal model to calculate life expectancy risk; the model is an industry model developed under the auspices of F&P. Early implementation of the Solvency 11 capital requirement was carried out on the basis of a wish to pro vide uniform protection of policyholders; the first reporting to the FSA of the new capital requirement will be made as at 31 March The Pension Fund has a capital plan and an emergency plan based on the standard model of the FSA. In the capital plan, the solvency ratio in 2016 is deemed to be adequate, based on a simple projection of significant Balance Sheet items. On the basis of the future solvency ratio and the sensitivity calculations underlying this estimate, the future solvency situation of the Pension Fund is deemed to be reassuring. Bonus policy The Pension Fund bonus policy is framework-based and seeks to allow a return that will ensure mainte nance of the purchasing power of the pensions. This does not mean that a decision has been made to adjust pensions each year to protect purchasing power. The intention is to protect pension purchasing power in the long run. The bonus policy is also based on the assumption that maintenance of purchasing power requires a rea sonable level of the pension to be adjusted. Pensions primarily based on a high level of interest rates and/or assumptions of shorter life expectancy will not necessarily require protection of purchasing power, given the present interest conditions and current assumptions on life expectancy. The Pension Fund equity is owned by the members. The principles for distribution of the year's profit be tween pension provisions and equity are thus not nearly as significant in,a pension fund as in a life assur ance enterprise. The full result obtained by a pension fund always accrues to its members. Superannuation provisions Superannuation provisions increased by DKK 2,148.1 mill, in 2013 to DKK 30,251.6 mill. Group insurance The Pension Fund has taken out group insurance for its members of the Pension Fund with PKA+ Pension Forsikringsselskab A/S. Uncertainty of recognition and measurement ^ When the Annual Report is prepared, a number of estimates and assessments of future aspects are made; these have an influence on the accounting value of assets and commitments. The most significant areas concern pension obligations and the valuation of unlisted, alternative invest ments and properties. Management finds that the assumptions made are responsible, but associated with uncertainty. Sensitiv ity information regarding a number of assumptions made can be seen in note 18. Expectations regarding the future In spite of germinating optimism about economic growth, especially in the US, there are still a number of non-clarified matters that influence the global economy, particularly since a number of central banks are expected to gradually withdraw the lenient monetary policy that has been favourable to share markets. In Europe, there have been improvements, but economic reforms are still required and the high level of unemployment must be reduced. Furthermore, the emerging markets have to get back on the growth track by means of economic reforms. All in all, 2014 is expected to become an interesting year with in creasing growth, although there are still some economic challenges. The Pension Fund is robust and is well-equipped to master these challenges. Events after the Balance Sheet date No events after the Balance Sheet date have any significant influence on the financial standing of the Pen sion Fund or the Group. The Social Workers' and Social Pedagogues' Pension Fund

9 8 Annual Report 2013 \ Other management/board positions The members of Management hold the following other management/board positions: r ' ' Managing Director Peter Damgaard Jensen Managing Director of PKA A/S Managing Director of the five pension funds administered by PKA A/S Managing Director of the property subsidiaries of the five pension funds Director of Danish Micro Finance Partners Management Aps Chairman of the Board of A/S Kj0benhavns Ejendomsselskab Chairman of the Board of PKA+ Pension A/S Chairman of the Board of PKA Alternative Investment Partners A/S Chairman of the Board of PKA Alternative Investments Aps Vice-chairman of the Board of Forca A/S Vice-chairman, of the Board of Maj Invest Holding A/S Vice-chairman of the Board of Fondsmaeglerselskabet Maj Invest A/S Board member of Axcel Industriinvestor A/S Board member of Axcel Management A/S The members of the Board of Directors hold the following other management/board positions Vice-chairman Benny Arne Andersen Board member of PKA A/S Board member lb Terp Board member of HOFOR Vand Holding A/S Board member Majbrit Beran Berlau Board member of Fonden Fristaden Christiania Board member Holger Dock Board member of the Office Staff Pension Fund Board member of the Medical Secretaries'Pension Fund Board member and Manager of European Retail Holding A/S and its subsidiary Board member Birgitte Olsen Tausen Board member of the State Registered Nurses' Pension Fund Vice-chairman of International Woodland Company A/S with subsidiaries The Social Workers' and Social Pedagogues' Pension Fund

10 Annual Report Management Statement We have today presented the Annual Report for The Social Workers' and Social Pedagogues' Pension Fund for the 1 January -.31 December 2013 financial year. The Annual Report is submitted in accordance with the Danish Financial Business Act. We find that the consolidated accounts and financial statements give a true and fair view of the Group's and the Pension Fund's assets, liabilities and financial position as at 31 December 2013, as well as the result of the Group's and the Pension Fund's activities in the 1 January - 31 December 2013 financial year. We consider that the Management Review gives a true and fair view of developments in the Group's and the Pension Fund's activities and financial standing, the result for the year and the Group's and Pension Fund's financial position, as well as describing significant risks and uncertainty factors faced by the Group and the Pension Fund. We recommend that the Annual Report be adopted by the General Meeting. Hellerup, 10 March 2014 Management: Peter Damgaard Jensen Managing Director Hellerup, 10 March 2014 Board of Directors: Anne Vestergaard Chairman Benny Arne Andersen Vice-chairman Poul-Erik Svendsen lb Terp Maibrit Beran Berlau Kaj Skov Frederiksen Ella Susanne Grove Andersen Holger Dock Birgitte Olsen Tausen The Social Workers' and Social Pedagogues' Pension Fund

11 10 Annual Report 2013 The Independent Auditor's Reports To the members of the Social Workers' and Social Pedagogues' Pension Fund Reports regarding the Consolidated Accounts and the Financial Statements We have audited the Consolidated Accounts and Financial Statements of The Social Workers' and Social Pedagogues' Pension Fund for the 1 January - 31 December 2013 financial year, comprising Accounting Policies, Income Statement, Total Income Statement, Balance Sheet, Capital and Notes for the Group and the Pension Fund, respectively. The Consolidated Accounts and Financial Statements are*presented in ac cordance with the Danish Financial Business Act. Management's responsibility for the Consolidated Accounts and Financial Statements Management is responsible for preparing and presenting Consolidated Accounts and Financial Statements that give a true and fair view in accordance with the Danish Financial Business Act. Furthermore, Man agement is responsible for the internal controls which Management deems to be necessary for the prepa ration of Consolidated Accounts and Financial Statements without material misstatements regardless of whether such misstatements are the result of fraud or error. The auditor's responsibility Our responsibility is to express an opinion about the Consolidated Accounts and the Financial Statements on the basis of our audit. We have conducted our audit in accordance with international auditing stand ards and additional requirements laid down in Danish legislation. These standards require that we live up to ethical requirements and that we plan and perform the audit to ensure adequate assurance that the Consolidated Accounts and the Financial Statements are free of material misstatements. An audit includes action taken to obtain audit proof of the amounts and information contained in the Con solidated Accounts and the Financial Statements. The chosen actions depend on the auditor's assess ment, including an assessment of the risk of material misstatements in the Consolidated Accounts and the Financial Statements, regardless of whether such misstatements are the result of fraud or error. In this risk assessment, the auditor considers internal controls that are relevant to the Company's prepara tion and presentation of Consolidated Accounts and Financial Statements that give a true and fair view. The purpose is to design acidit actions which are appropriate in the circumstances, but not with the pur pose of expressing an opinion about the efficiency of the Company's internal controls. Furthermore, an audit also includes assessing the suitability of the accounting policies used by Management and whether the accounting estimates made are reasonable, in addition to an overall assessment of the presentation of the Consolidated Accounts and the Financial Statements. We believe that the audit proof we have obtained is adequate and suitable as a basis for our opinion. The audit has not resulted in any qualifications. Opinion In our opinion, the Consolidated Accounts and Financial Statements give a true and fair view of the Group's and the Pension Fund's assets, liabilities arid financial position as at 31 December 2013, as well as the result of the Group's and Pension Fund's activities in the 1 January - 31 December 2013 financial year in accordance with the Danish Financial Business Act. Statement regarding the Management Review In accordance with the Danish Financial Business Act, we have read the Management Review. We have not taken any action over and above the audit of the Consolidated Accounts and Financial Statements. Against this background it is our view that the information contained in the Management Review is in accordance with the Consolidated Accounts and Financial Statements. Copenhagen, 10 March 2014 Deloitte Statsautoriseret Revisipnspartnerselskab (state-authorized audit partnership) RSM plus A/S Statsautoriserede revisorer (state-authorized public accountants) (signed) (signed) (signed) (signed) Lone M0ller Olsen state-authorized public accountant Jacques Peronard state-authorized public accountant Kim Larsen state-authorized public accountant Jan Stender state-authorized public accountant The Social Workers' and Social Pedagogues' Pension Fund

12 Annual Report Income Statement All amounts in DKK mill. Note Pension Fund Consolidated Gross member contributions 3 2, , , ,925.5 Total member contributions, own account 2, , , ,925.5 Income from affiliated companies Income from associated companies Income from investment properties Interest income and dividend, etc. Price adjustments Interest costs Administration costs in connection with investment activities , , , , Total return on investment 1, , , ,713.0 Pension return tax Return on investment after pension return tax 1, , , ,146.2 Pension payments Change to compensation provisions Total pension payments, own account Change to pension provisions, own acc , ,176.8 Change to collective bonus potential Change to special bonus provisions -1, , , , Total bonus -1, , , ,750.7 Administration costs Pension-related operating costs, own acc Transferred return on investment TECHNICAL PENSION RESULT Investment return on equity PROFIT BEFORE TAX Pension return tax, equity PROFIT FOR THE YEAR Other total income TOTAL INCOME FOR THE YEAR Realised profit 7 Profit for the year is transferred to equity. The Social Workers' and Social Pedagogues' Pension Fund

13 12 Annual Report 2013 Balance Sheet ASSETS All amounts in DKK mill. Note Pension 2013 Fund 2012 Consolidated Investment properties , ,230.5 Capital investment in affiliated companies 14 1, Loans to affiliated companies Capital investment in associated companies Loans to associated companies Total investment in affiliated and associated companies 1, , Capital investment 3, , , ,895.1 Mutual trust investment 8, , , ,150.9 Bonds 14, , , ,165.8 Secured loans Other loans 1,188: , Deposits with credit institutes Derivative financial instruments 6, , , ,694.7 Total other financial investment assets 9 33, , , ,329.5 TOTAL INVESTMENT ASSETS 35, , , ,743.6 Receivables related to direct pension business with pension savers Receivables from affiliated companies Receivables from associated companies x Other receivables TOTAL RECEIVABLES Cash in hand and at bank 65.4 > OTHER ASSETS, TOTAL Interest receivable Other prepayments and accruals TOTAL PREPAYMENTS AND ACCRUALS > TOTAL ASSETS 36, , , ,673.3 Guarantees 10 The Social Workers' and Social Pedagogues' Pension Fund

14 Annual Report Balance Sheet LIABILITIES All amounts in DKK mill. Note Pension Fund Consolidated Profit carried forward 3, , , ,000.7 TOTAL EQUITY 3, , , ,000.7 Guaranteed payments Bonus potential on future member contributions Bonus potential on deferred pensions 7, , , , , , , , , , , ,626.3 Total pension provisions 11 25, , , ,086.5 Provisions for compensation Collective bonus potential 12 4, , , ,770.6 Special bonus provisions TOTAL PROVISIONS FOR PENSION AGREEMENTS AND INVESTMENT 30, , , ,103.5 Defered pension return tax Other provisions t TOTAL PROVISIONS FOR COMMITMENTS Debt in connection with direct insurance Debt concerning financial derivatives , , , ,913.0 Pension return tax payable Other debt ly TOTAL DEBT 2, , , ,561.4 PREPAYMENTS AND ACCRUALS TOTAL LIABILITIES 36, , , ,673.3 Accounting policies 1 - Financial highlights and key ratios for the last five years 2 Contingencies 13 Affiliated and associated parties 14 Risk and risk management 15 Specification of investment assets and return at current value 16 Share holding divided into industries and regions 17 Sensitivity information 18 The Social Workers' and Social Pedagogues' Pension Fund

15 14 \ Annual Report 2013 Capital All amounts in DKK mill. Pension Fund Consolidated Equity Equity as at 1 January Transferred from profit distribution Other total income 3, , , , Total equity 3, , , ,000,7 Capital requirements and capital base Pension Fund Consolidated Capital base: Equity Special bonus provisions 3, , , , Capital base 3, , , ,239.6 Capital requirement Excess capital base 2, , , ,428.6 \ The Social Workers' and Social Pedagogues' Pension Fund

16 Annual Report Notes Alle bel0b i mio. kr. '. J- Note 1 Accounting Policies The Annual Report for the Group and the Pension Fund has been prepared in accordance with the provi sions of the Danish Financial Business Act and the executive accounting order from the Danish Financial Supervisory Authority on financial reporting from insurance companies and pension funds. The accounting policies are unchanged from The Annual Report is presented in millions of Danish kroner with one decimal. Each figure is rounded off separately. Consequently, variations may exist between the totals and the sum of the underlying figures. Changes to accounting estimates In the valuation of investment properties, the measurement of residential properties that are in uniform, stable operation has been changed from the CDF method to the first-year-return method. This change has no major significance to the amount of the valuation. _ 4 Principles regarding the distribution of profits and/or losses In accordance with the executive order on the contribution principle, the Pension Fund has notified the Danish Financial Supervisory Authority of its principle for distributing the result of the year under review. The main principle is that the part of the profit obtained in the year under review and allocated to equity and special bonus provisions consists of a yield corresponding to the return key figure before pension re turn tax plus a risk return rate of 0.1 % of the average pension provisions plus collective bonus potential. Payments to and from the equity capital are deducted from the share of the profit of the year that goes to equity. 1 If the result obtain is not enough to grant equity and special bonus provisions this risk return, the remain ing return claim is transferred to the following years and may be transferred to equity and special bonus provisions, once a positive obtained result allows this. Any amounts paid otit of equity or special bonus allocations form part of the remaining return requirement. Consolidated Accounts The Consolidated Accounts comprise the Pension Fund and affiliated companies, where the Pension Fund has a decisive influence. The Consolidated Accounts are made by combining (consolidating) accounting items with a uniform content in the Pension Fund and the affiliated companies. In consolidation, intra-group income and costs are eliminated together with intra-group share holdings and outstandings. 1 Intra-Group services are charged on market terms or cost-covering terms. Intra-Group trading in securities and other investment assets is charged at market value. Translation of currencies Transactions in foreign currencies are translated at the exchange rate of the transaction date. Balance Sheet items in foreign currencies are translated at the closing exchange rate of the Balance Sheet date. All currency gains and losses are included in the Income Statement under exchange rate regulation. General principles for recognition and measurement Assets are recognised in the Balance Sheet if future gains are likely to accrue to the company and the value of the asset can be measured reliably. Commitments are recognised in the Balance Sheet if future gains are likely to be paid by the company and the commitment can be measured reliably. The Income Statement recognises all income as it is earned, while costs are recognised by the amounts that concern the financial year under review. Purchase and sale of financial instruments are recognised on the transaction date and such recognition ends when the right to receive/pay cash flows from the financial asset or liability has expired, or if it has been assigned. Purchase or sales transactions which had not yet been carried out on the Balance Sheet date are recognised in the Income Statement in the form of their loss or gain. In the first recognition, financial instruments are measured at current value. Measurement after first rec ognition is made as described under each accounting item below. The Social Workers' and Social Pedagogues' Pension Fund

17 16 Annual Report 2013 Income Statement Gross members' contributions Gross members' contribution in the Pension Fund consists of members' contributions due for January - November as well as expected members' contributions for December. Members'contributions have been reduced by labour market contributions. Pension payments < Pension payments consist of processed and paid pensions. Administration The Pension Fund pays a fixed annual price (rate) per member to PKA A/S for the agreed administrative services; this amount includes salaries and fees to Management and Board, as well as audit costs. In addition, the Pension Fund and the affiliated companies pay a fixed fraction of a percent of the net asset current value to cover portfolio management. The rate and the fraction of a percent are determined on market terms. The costs of administering securities are recognised as administration costs in connection with investment activities. The costs of property administration are deducted from income from investment property. Return on investment Income from affiliated companies consists of the Pension Fund's share of the affiliated companies' operat ing profit after tax. ' Income from associated companies consists of the Pension Fund's share of the associated companies' op erating profit after tax. Income from investment properties'consists of the result of property operation before adjustment of prop erty values. The costs of property administration are deducted from the result. Interest and dividend, etc., include the interest earned and the dividend received, etc., in the year under review.. Price adjustments consist of realised and unrealised gains on investment assets, including value regulation of investment properties. Transferred return on investment Transferred return on investment has been calculated on the basis of the pro rata share of the result ob tained that goes to equity and is included in the equity investment return item. Pension return tax Pension return tax is recognised in the Income Statement by an amount calculated on the basis of the taxable return in the year under review. The pension return tax that rests on the return that will only be included in the Pension Fund tax basis in a subsequent financial year is recognised as deferred pension return tax. Pension return tax is divided between equity and clients. Equity's share of the pension return tax is calcu lated on the basis of equity's share of the result obtained. Balance Sheet Assets Investment properties Investment properties are measured at their value on the Balance Sheet date by using the DCF method, or in the alternative the first-year-return method as regards residential properties in uniform, stable opera tion. The measurement takes account of current interest and market conditions and the location, age and state of maintenance of the property, including expected future maintenance costs. The return requirement has been set on the basis of the expectation that, given the required sales efforts, the properties could be sold within a reasonable time period. The Social Workers' and Social Pedagogues' Pension Fund

18 Annual Report Construction projects are measured at cost during the construction period. Minor properties are measured and recognised at the latest public assessment value. ' Value adjustments of investment properties are recognized under Price adjustments via the Income Statement. ^Capital participation Listed capital participation is measured at the value of stock exchange closing prices on the Balance Sheet date. Unlisted capital participation is measured at current value based on an individual assessment of the com panies with a view to determining the price which such shares are expected to fetch. Measurement is based on the key ratios and valuation methods normally used when measuring companies. Units in mutual trusts Units in mutual trusts are measured at the value of the stock exchange closing prices on the Balance Sheet date. Bonds Fixed-interest bonds, convertible bonds and indexed bonds plus index-related adjustments are measured at the value of the stock exchange closing prices on the Balance Sheet date. The current value of drawn bonds is based on the present value of the bonds, which is close to the nominal value of the bonds. Pledged loans Mortgage bonds are measured at a calculated current vale based on the effective interest rhte of the claim. Other loans Subordinated loan capital is recognised as a calculated current value based on information about the sol vency of the company. Provisions are made to losses if this is warranted by the said information. Repurchase/reversal Securities sold as part of a sell and buy-back transaction stay on the Balance Sheet under the various main items, e.g. "bonds" that carry interest and are subject to security price adjustment. The received amount is recognized and carries interest as debt to the other party to the transaction. Securities acquired as part of a sell and buy-back transaction are recognized as accounts receivable by the other party, while the re turn is recognised under interest. Derivative financial instruments Derivative financial instruments used for interest risk hedging and other purposes are measured at current value. Instruments with a positive current value are entered as assets, while instruments with a negative current value are entered as liabilities. Capital participation in affiliated companies Capital participation in affiliated companies is measured at intrinsic value (the equity method). Using this method, the operating results of affiliated companies are recognised in the Pension Fund Income State ment. The Pension Fund's profit and equity are thus identical to those of the Group. The accounting results from affiliated companies result from using recognition and measurement methods identical to the principles used in the Pension Fund. Capital participation in associated companies Capital participation in associated companies is recognised at the Pension Fund ownership share of the companies' intrinsic accounting value according to the last known accounts. The companies' intrinsic value results from using measurement methods identical to the methods used in the Pension Fund. All regula tions are recognised in income from associated companies. Associated companies are defined as companies that are not affiliated companies, but where the Group's companies have shares representing more than 20 % of the voting rights, and where considerable influ ence is exercised over companies' operational and financial management through representation on the boards of companies. Other items under assets Accounts receivable are recognised at face value minus write-downs to cover expected losses. The Social Workers'and Social Pedagogues' Pension Fund

19 18 Annual Report 2013 Liabilities Equity The Pension Fund's equity belongs to the members jointly. Provision for pension agreements and investment contracts Provisions for pension agreements and investment contracts are measured by the Pension Fund Actuary in charge. Special bonus provisions (member capital) Special bonus provisions form part of the capital base on an equal footing with equity, but over time they accrue to the insured and form part of the pension-related provisions. Superannuation and compensation provisions in the Pension Fund Superannuation provisions are divided into guaranteed payments, bonus potential of future members' con tributions, and bonus potential on deferred pensions, i ) These are calculated on the basis of a maturity-dependent capitalisation rate published by the Danish Fi nancial Supervisory Authority. The capitalisation interest graph is published daily on the FSA website. The assumptions regarding the best estimate of mortality are based on the FSA benchmark for current mortality, which is adapted to the Pension Fund's specific situation as regards the observed mortality of the policy holders. In addition, the FSA benchmark for expected life expectancy i/nprovements is integrated. The FSA benchmark is updated annually and the Pension Fund carries out an annual analysis of any devia tions from the benchmark for current mortality. The assumptions regarding best estimate of disablement are based observed disablement in recent years. A risk supplement is calculated and integrated as a deduction from the best estimate of disablement. Provisions for compensations are measured from the technical basis that has been reported to the Danish FSA and consists of provisions towards covering unpaid, due pension payments. The capitalisation interest graph and the assumptions on mortality are the preconditions that have the highest impact on measurement of provisions. The capitalisation interest graph is published by the FSA and the assumptions on mortality are determined on the basis of the life expectancy analyses carried out in accordance with the requirements of the FSA. Collective bonus potential consists of members' share of the results obtained by bonus-qualifying pension schemes. The amount has been set aside collectively and has thus not been assigned to each member at this point. Other items under liabilities Debt is measured at amortised cost, which normally corresponds to the face value. Key ratios and sensitivity information Key ratios and sensitivity information are prepared in accordance with the rules of the Danish FSA's execu tive accounting order on financial reports covering insurance companies and pension funds. 6 The Social Workers' and Social Pedagogues' Pension Fund i

20 Annual Report Note 2 Financial highlights and key ratios for the last five years Pension Fund Members' contribution 1,752 1,818 1,821 1,926 2,027 Pension payments Return on investment 858 2,939 2,439 3,713 1,320 Total pension-related operating costs Technical result Profit for the year Total provisions for pension agreements 17,716 21,181 24,175 28,103 30,252 Total equity 2,134 2,405 2,653 3,001 3,149 Total assets 20,556 24,510 35,771 35,6i3 36,350 Consolidated Members' contribution 1,752 1,818 1,821 1,926 2,027 Pension payments Return on investment 858 2,939 2,439 3,713 1,320 Total pension-related operating costs Technical result Profit for the year Total provisions for pension agreements 17,716 21,181 24,175 28,103 30,252 Total equity. 2,134 2,405 2,653 3,001 3,149 Total assets 20,567 24,523 35,786 35,673 36,455 Key ratios Return before pension return tax % Cost percentage on members' contribution % Cost on provisions % Costs per member kr Cost result % Risk result % 0.28, Bonus rate % , Members' capital ratio % Equity ratio % Surplus cover ratio % Solvency cover % Return on equity before tax % Return on equity after tax % Return on members' funds after costs, before tax % Return on special bonus provisions type - B, before tax % The Social Workers' and Social Pedagogues' Pension Fund

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