FRR 2016 ANNUAL REPORT22

Performance Seeking Portfolio 51.1%

Liability Hedging Portfolio 48.9%

Developed market equities

56.94%

Liability Cash Flow Matching and cash

46.49%

Portefeuille FRR EUR 36 billion

US Investment Grade corporate bonds 18.66%

Euro Investment Grade corporate bonds 34.66%

Developed market equities hedged with options 8.23%

Emerging market equities 11.18%

High Yield euro corporate bonds 1.60%

High Yield US corporate bondss 4.63 %

Other Non-listed assets 2.69%

Private debt 3.36%

Emerging market government bondss 11.36 %

Performance Seeking Portfolio EUR 18.4 billion

Liability Hedging Portfolio EUR 17.6 billion

The FRR s portfolio at 31 December 2016

Source: Internal data.

The implementation of the strategic allocation for 2016 brought no significant changes.