FRR 2016 ANNUAL REPORT04

EUR 36.004 billion

The FRR s assets at 31/12/2016

4.97% 2016 performance net of charges

* Since the entry into force of the 2010 pensions reform, the FRR s financial model has changed substantially: the FRR no longer receives new investments (EUR 1.5 to 2 billion a year up to 2010); the FRR pays EUR 2.1 billion every year to the CADES.

Key figures

4.2% Annualised performance

of assets since June 2004

5.4% Annualised performance

of assets since December 2010*

The FRR s net annual performance

Changes in the value of the FRR s net assets at 31 December 2016 (EUR billion)

20 %

15 %

10 %

5%

0%

-5%

-10%

-15%

-20%

-25%

-30%

20052004 2nd semester

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

2.93

12.35 11.10

4.85

-24.93

14.95

4.19

10.51 8.75

3.08 4.97

0.37

5.03

12/2004 12/2005 12/2006 12/2007 12/2008 12/2009 12/2010 12/2011 12/2012 12/2013 12/2014 12/2015 12/2016

Assets under management Cumulated Endowments

16

20

24

28

32

36

40

19.6

36.0