1. New York, 23 June 2011Pan European Pension Funds, Now A RealityBelgian Economic Mission

3. H.E. Steven Vanackere, Deputy Prime Minister and Minister of Foreign Affairs and Institutional ReformsSpeakers Philip Neyt, Chairman Belgian Pension Fund Association Convergence in European Pension Markets Jean Paul Servais, Chairman Financial Services and Markets Authority (FSMA) The Framework of Belgium’s New Dedicated Pan European Pension Vehicle Leonardo Sforza, Head Research Europe and EU Affairs, Aon Hewitt From Legislative Change to Business Practice: What Companies Can Gain HenkBecquaert, Member of the Board of Directors FSMA Thierry Verkest, Executive Director, Belgium and Luxembourg, Aon Hewitt Case Studies

4. 3 Opening Remarks Bob Kelly Chairman and CEO BNY Mellon

5. 4 Opening Remarks H.E. Steven Vanackere Deputy Prime Minister and Minister of Foreign Affairs and Institutional Reforms

6. 5 Convergence in European Pension Markets What are the main drivers to merge pension funds into a single Pan European Pension Fund? Philip Neyt, Chairman Belgian Pension Fund Association

7. PRESSURE ON EU PENSION SYSTEMS EU Citizens’ feelings about future pensions (Eurobarometer 2010) Pension will not change Lower pension benefits 27% 27% 73% 26% 20% Pension will change Save more Retire later 6

8. PRESSURE ON EU PENSION SYSTEMS EU Citizens’ feelings about future pensions (Eurobarometer 2010) Pension wil be adequate 53% 47% Fairly or very worried of pension income 7

9. PRESSURE ON EU PENSION SYSTEMS Remedies ADEQUACY OF STATE PENSIONS= average state pension compared to average wage AFFORDABILITY AND SUSTAINABILITY OF STATE PENSION= difference life expectancy and average exit age from labor market OCCUPATIONAL PENSIONS: CLOSING THE GAP?= Assets/Liabilities ratio Need of occupationalpensions EU = 42% EU = 17 Yrs Work longer, Later/flexible Retirement Annual Growth Rate (Liabilities-Assets) 2000-2010: 3% More gripon pension (funding) risk (f.ex.Pan-European pension fund ….) 8

10. Pension risk at the corporate agenda “Since 2009 pensions belong to the top 10 concerns of CFO’s” (CFO.com) “Deficit in US States’ employee retirement funds grows to$ 1.3 trillion of 11.000 $ for each American” (Pew Center, 4/2011) “FTSE 350 companies face a pension deficit of £177 bn or 78% of their earnings” (Hymans & Robertson, 3/2010) “One third of FTSE100 companies can now not pay off deficits in any realistic timeframe from discretionary cash flow” (KPMG, 2010) “A pension promise can be easy to make but expensive to keep. The immediate cash cost is only part of the problem; the longer-term calculation also involves the value of future pension promises. (The Economist, 4/2011)” 9

11. Multinational Pension Asset Pooling Multinational Pension Fund Pooling Company MNC UK Pension Plans Company MNC GermanPension Plans Company MNC FrenchPension Plans Company MNC GermanPension Fund Company MNC FrenchPension Fund Company MNC UK Pension Fund PooledAssetVehicle Single Pension Fund Entity Manager A Manager B Manager C Investments 10

13. Pooling of “know how” (deeper expertise)

14. Leaner admin and fewer providers and interfaces

16. Tax optimization

17. Lower regulatory burden (single supervisor)

18. Solidarity between subsidiaries or ring-fencing

19. Better cost transparency and lower operating costs11

20. 12 The Framework of Belgium’s New Dedicated Pan European Pension Vehicle Jean Paul Servais, Chairman Financial Services and Markets Authority (FSMA)

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22. 14 From Legislative Change to Business Practice: What Companies Can Gain Leonardo Sforza, Head Research Europe and EU Affairs, Aon Hewitt

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24. 16 Case Studies HenkBecquaert, Member of the Board of Directors FSMA Thierry Verkest, Executive Director, Belgium and Luxembourg, Aon Hewitt

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