Page 86 - BES2016_ING

Individual Pension System 2016 Progress Report

2016 Returns of State Contribution Funds and Benchmarks

State Contribution Benchmark of State Contribution

13

12

11

10

9

Return (%) 8

7

6

5

4

3

2

1

0

-1

-2

G.29

31.01.2016
29.02.2016
31.03.2016
30.04.2016
31.05.2016
30.06.2016
31.07.2016
31.08.2016
30.09.2016
31.10.2016
30.11.2016
31.12.2016
The above chart provides 2016 sector returns of State Contribution funds generated from daily net asset values. As
of December 31, from the date of public offering the weighted return generated from daily net asset values of State
Contribution funds is 23% and 2016 return is 9.5%.

Return (%)2016 Benchmark Returns of State Contribution Funds with a Designation of
“Alternative” and “Participation” in Their Titles (Interest-Free)

Sector Benchmark Return of Interet - State Contribution Funds
Sector Return of Interest - State Contribution Funds
9
8
7
6
5
4
3
2
1
0
-1
G.30

31.01.2016
29.02.2016
31.03.2016
30.04.2016
31.05.2016
30.06.2016
31.07.2016
31.08.2016
30.09.2016
31.10.2016
30.11.2016
31.12.2016
The above chart provides only 2016 sector returns of interest-free State Contribution funds generated from daily
net asset values as well as weighted returns of 9 State Contribution funds with a designation of “Alternative” and
“Participation” in their titles (Interest-Free) and shows 2016 sector benchmark returns of interest-free State Contribution
funds generated from benchmark returns of the same 9 funds with weighted net assets.

Pension Mutual Funds and State Contribution Funds 84