Members’ Council Chairman The Members’ Council Chairman Lion Goudsmit has had to resign for health reasons. The Members’ Council appointed Dick Swier as its new Chairman effective April 22. Financial position Shell Asset Management Company (SAMCo), the organisation responsible for managing the Pension Fund’s assets, informed the Members’ Council about the financial position of the Pension Fund, which remained nearly unchanged. The long-term recovery plan has been submitted to De Nederlandsche Bank. DNB must now first assess this plan. Expectations are, that this will take place before 1st July. Annual Report The Annual Report is currently being produced. Its publication is expected in June, followed by Facts and Figures. As in previous years, the Annual Report and Facts and Figures will report on responsible investment. It has been agreed with the Members Council that more communication should be devoted to this. Indexation label With effect from April 1, 2009 the Netherlands Authority for the Financial Markets (AFM) was to have supervised the correct usage of the indexation label (toeslagenlabel) by pension funds. The indexation label is a kind of 'quality indicator' for the indexing of pension schemes. However, the AFM has announced that a model letter concerning the recovery plan can be used this year instead of the indexation label. It is expected that this model letter will be made available shortly. Communication Furthermore, the Members’ Council discussed communications by the Pension Fund about its long term recovery plan with the manager. The Pension Fund was drawing up a second newsletter to be sent to participants, former participants and pension beneficiaries. This second letter states how the Pension Fund believes it can restore the funding ratio over the coming years. This newsletter has now been sent out. The date for the next meeting between the Members’ Council and the Manager has not yet been set. | 
