the state registered nurses' and medical secretaries ... · the state registered nurses'...

Annual Report 2016

The State Registered Nurses' and MedicalSecretaries Pension Fund

Approved at the Annual General Meeting of the Pension Fund on 71 April 2017

Chairman of the Meeting

Tuborg Boulevard 3, DK-7900 Hcllorup - Central Business Reg. No. 71 97 lb 11

The State Registered Nurses' and Medical Secretaries' Pension Fund

Contents

Management Review 2Management Statement 10The independent auditor's report 11Incomo statement 13Balanco Sheet 14Capital 16Notes 17

Tubor!) Boulevard 3, DK 2900 Hellerup Ccntrol Business Reg. rs'o. 71 97 15 11

2 Annual Report 2016

Management Review

The Pension Fund carries out pension fund activities. The Pension Fund Eicccpts registered nurses, radiog¬raphers and medical secretaries as members; they are entitled and obliged to membership of the PensionFund through their collcctive labour market agreement or contract of employment.

Furthermore, as from 2016, persons who do not have an employer pension schemc, but are members oftrade union organisations attached to the Pension Fund, are also admitted as members.

The Pension Fund has organised its activities in the form of investment activities in affiliated companies.However, the results obtained by the Pension Fund Group as a whole decide a member's pension entitle¬ment. The key figures in this report are thus given at Group level, unless otherwise specified.

Profit for the yearThe Group's profit in 2016 amounted to DKK 1,370.3 mill. The Board of Directors proposes to carry theprofit forward to next year.

Members' contributions and pension payments are increasing, which had also been expected. The PensionFund continues to grow, since members' contributions are 1.4 times higher than pension payments.

The total return before the pension return tax on the Pension Fund's assets was 9.1%.

The profit for the year is deemed to be satisfactory and the Pension Fund remains well-consolidated.

The year under review

The economyThe Pension Fund expected 2015 to be characterised by moderately increasing growth in both the US andEurope. Interest rates were expected to go up because of increasing energy prices, thus leading to higherinflation.

2016 was charcterised by two major events. In June, the Brits decided that the UK will leave the EU follow¬ing negotiations of terms; in November, Donald Trump was elcctcd President of the US. Until now, none ofthese events have had noticeable financial consequences and in the US, contrary to expectations, stockpriccs went up after Trump was elected.

Apart from these factors, the year under review presented moderate growth and falling unemployment inboth the US and Europe. Inflation went up, primarily as a result of increasing raw material prices. Increas¬ing raw material prices also contributed towards stabilising the cconornic development of emerging marketcountries.

Both the Fed in the US and the European Central Rank continued their lenient monetary policy. In 2016,short-term interest rates were at around zero. At the end of 2016, however, the Fed increased its interestrates and the European Central Bank Is reducing its purchase of bonds from March 201,7, Both of thesedevelopments are to be seen in the light of increasing inflation and moderate growth.

The global stock markets rose by 8.7% in 2016. All in all, risk-prone assets generated good returns In2016, while interest developments remained largely unchanged,

Account interest rateThe Pension Fund's account interest rate In 2016 was set at 4.8% before tax. The account interest ratehas been increased to 5.0% before tax In 2017 and is expected to be minimum 5% in the coming fiveyears.

Private savingsIn 2016, It bccarnc possible for members to place private savings with the Pension Fund. Such savingsare a flexible supplement to members' employer pension schemes and offer payment-guaranteed savingsin the form of a lump -sum retirement amount, an instalment pension or a life-long retirement pension.

In August 2016, some of the members who had private savings with PKA+ Pension moved these savingsto the Pension Fund.

In 2016, it also became possible for persons who have no employer pension scheme, but are members oftrade unions affiliated with the Pension Fund to establish a pension scheme with I he Pension Fund.


Annual Report 2016 3

Pension Fund GroupThe enterprises affiliated with (100% owned by) the Pension Fund as at 31 December 2016 appear fromthe Group chart.

The Pension Fund's property companies, limited companiesThese companies have the purpose of owning and running real properly so as to obtain a long-term returnon the Invested capital.

The companies' result for 2016 was a profit of DKK 371.0 mill., which amount was Influenced by apprecia¬tion of the value of the properties concerned.

The State Registered Nurses' and Medical Sccrctarics' property company pic participates In partnershipswith other PKA-afflllated property companies. These partnerships do not publish independent annual re¬ports, as specified In the Danish Financial Statements Act. The partnerships are integrated on a pro ratabasis in the financial statements of the partners.

Anhott Offshore Wind FarmThe company's activity is ownership of 10.3% of Anholt Havvindm0llcpark 1/S.

The company's result for 2016 was a profit of DKK X?8.8 mill., which is in line with expectations.

OWP ButendiekThe activity In the two OWP Butendiek K/S companies is ownership of a total of 11.1% of a German off¬shore wind farm, OWP Butendiek GmbH & Co. KG. These companies are expccted to be sold before theend of the first quarter of 20.17. A sales agreement has been signed and awaits the approval of the compe¬tition authorities. The value of the companies has been recognised at the expected sales price.

The companies' result for 2016 was a profit of DKK 270.6 mill.

Code Wind ilThe company's activity is ownership of 24.8% of Gode Wind II Joint HoldCo P/S, which together withother Investors owns 50% of OpCo German OHG, a German offshore wind farm.

I he company's result for 2016 was a profit of DKK 128.1 mill, establishment of the wind farm was com¬pleted in 2016,

Thn State Registered Nurses' and Medical Becretariei;' Pension Fund


PKA - State Registered Nurses and Medical Secretar/es OWP Butendiek Komplementar ApSIn connection with the expected sale of the two OWP Butendiek K/S companies, the former PKA - StateRegistered Nurses and Medical Secretaries GP ApS was renamed PKA - State Registered Nurses and Med¬ical Secretaries OWP Butendiek Komplementar ApS, functioning only as the general partner (komplemen¬tar) for the two limited partnerships OWP Butentiek K/S. The company forms pait of the expected trans¬action. The result for 2016 was a profit of DKK 0.1 mill.

PKA - State Registered Nurses and Medical Secretaries GP ApSThis company was established in connection with the segregation of the two OWP Butendiek K/S compa¬nies and functions as the general partner for the Pension Fund's other Investments via limited partner¬ships in the offshore wind farms. The result for 20J.6 was DKK 0.0 mill.

Investments and social responsibilityThe Pension Fund's guidelines for responsible investments are in line with the principles of the UN GlobalCompact. As an addition to the UN Global Compact, the Pension Fund has adopted a policy of not investingin controversial weapons, coalmines or tobacco.

The Board's report to the General Meeting explains the development of the work on these guidelines andactive ownership. The report is available on the Pension Fund's website. Active ownership is exercised byongoing dialogue with the companies In which Investments have been made and by ensuring that theycomply with the Pension Fund's guidelines. If a company does not live up to the guidelines, the PensionFund enters into a constructive dialogue with the company to bring such infringement to an end. If thecompany continued to infringe the guidelines and there arc no prospects of lasting improvements on thepari of the company, the company concerned will be excluded from the Pension Fund's investment uni¬verse. The Pension Fund publishes an updated list of excluded companies on its website.

The Pension Fund's active ownership is pursued in cooperation with an international screening and com¬mitment partner, which gives the Pension Fund extra clout when enforcing Its guidelines. Further to thePension Fund's guidelines, the partner also works to promote best practice through long-term dialoguewith the companies in which the Pension Fund has Invested. The Pension Fund's website contains moredetailed statements regarding compliance with the guidelines and regarding activc ownership.

In 2015, the UN adopted seventeen sustainability goals intended to fight poverty and ensure a sustainabledevelopment towards 2030. The Pension Fund focuscs on ensuring that its investments and active owner¬ship contribute In particular to fulfilling six of the goals: clean drinking water (goal 6), sustainable energy(goal 7), decent jobs and economic growth (goal 8), industry, innovation and infrastructure (goal 9), sus¬tainable cities and communities (goal 11), as well as climate action (goal 13). The Pension Fund carries outongoing review to determine which sustainability goals should be supported by the Pension Fund's invest¬ments.

In 2016, the Pension Fund together with the other pension funds in the PKA cooperation invested approx.DKK 3 billion in Burbo Bank Extension, a British offshore wind farm project designed to generate electricityfor over 230,000 households. In addition, the pension funds are Investing DKK 1.3 billion in a biomasspower plant, which fires sustainable biomass. This power plant will generate electricity for approx. 600,000households.

On the basis of financial and climate-related considerations, the Pension Fund took its first step in 2015towards reducing its exposure i C02-intcnsivc companies. These are typically mining, utility and energycompanies. The Pension Fund enters into a dialogue with these companies with the purpose of makingthem reduce their coal business and convert to more climatc-friendly sources of energy. The companieshave to submit a business strategy, which phases out their coal activities, while taking account of regula¬tions in the energy sector and the increased political focus on the environment. If a company is not able todo so, the Pension Fund will sell its shares in the company and exclude it. So far, 40 companies have beenexcluded by the Pension Fund.

The Pension Fund's ambition is not to sell Its shares, but to influence the companies to make them go in asustainable direction. Active ownership has proven its worth and moved the companies conccrned in asustainable direction. Until now, ten companies have prepared strategies to reduce their coal activities, sothe Pension Fund has kept its shares in these companies.

In 2016, the strategy from the coal sector was applied also to the oil scctor, where the Pension Fund ex¬cluded two companies; more than 50 per cent of the business of these two companies consists of the ex¬traction of oil sand, 'I he Pension Fund expects to exclude additional companies in the oil sector in 2017,

The state Registered Nurses' and Medical Secretaries' Pension Fund

Annual Report 2016

Iti 2016, the Pension Fund launched a new climate strategy for its Danish property portfolio, based on fi¬nancial and climate-relatcd consideralions. The strategy is intended to contribute towards green conver¬sion and protect the value of the property as well as the return generated for the Pension Fund's membersUp to 2020, the Pension Fund will reduce its average C02 emission by 40 per cent per square metre. Thismeans that the property portfolio will move from an average energy mark C to an energy mark B in 2020.

Furthermore, the Pension Fund received a sustainability certificate for two properties in 2016. One officcproperty took part in a pilot trial under the DGBN: scheme, which intends to improve the sustainability ofexisting properties. The property received a gold certificate, which is the second-highest achievable mark.At the same time, the Health House in the town of Vejle received a gold certificate under the LEEDscheme2. In addition, the Pension Fund built Denmark's first rental properties with the so-called "swan"label, which is the Nordic Eco-label mark. This means that all materials must live up to strict require¬ments concerning substances which could be hazardous to the environment or to health. The propertyhas low energy consumption, a healthy indoor climate and a focus on sustainability throughout the ser¬vice life of the building - from erection and operation to the recycling of materials. The Pension Fund willcontinue its work to ensure that new properties are cither certified at the high end of the scale or receivea "swan" label.

In 2016, the Pension Fund together with the other pension funds in the PKA cooperation invested DKK200 mill, in a new Danish farm fund, which is intended to Improve production, distribution and sale offood items in Asia, Africa and Latin America. The fund invests in projects in which the technology andknowledge from Danish farm and food enterprises can enhance the efficiency and productivity of fooditems in developing countries to meet the needs of growing populations. The fund contributes towardscreating jobs and growth in developing countries, and because of the Pension Fund's active ownership,work is carried out on an ongoing basis to ensure thai job creation occurs on decent working conditionsand at decent wages.

ReturnThe total return in 2016 was 9.1%, corresponding to DKK 9,196.1 mill.

All asset classes generated a positive return in 2016. Shares, infrastructure and mortgage bonds gener¬ated double-digit returns, while the return on properties. Investment grade bonds and the absolute returnwere lower, but still very satisfactory.

Cooperation on investments and cash flowThe Pension Fund's assets are managed by PKA A/S and, based on an agreement, the Pension Fund coop¬erates with other pension funds administered by PKA A/5 on effective and rational management of its in¬vestments and cash flow, so as to obtain the highest possible return and the lowest possible costs.

Derivative financial instrumentsThe Pension Fund makes wide use of derivate financial instruments for investment and hedging purposes.

AdministrationThe Pension Fund and the affiliated companies are administered by PKA A/S. PKA A/S has outsourcedsome of its administrative tasks to Forca A/S and others.

The Management and significant fixed-salary risk-takers are partially employed and paid by the PensionFund. The Appointed Actuary is employed, but not paid, by the Pension Fund.

Progress report on compliance with the goal regarding the under rep resented gender at man¬agement levelThe Financial Services Act requires that financial companies must set a target for gender representationon the board of directors and prepare a policy on equal representation in the management if one genderIs underrepresented on the Board. Such underrepresentation exists If either gender has less than 40% ofthe Board members.

The rules of setting a target for gender representation on the board of directors are based on the boardmembers elected by the general meeting; however, in the Pension Fund, the majority of board members

1German suslainabilily certificatiou scheme adapted lo Danish conditions; an assessmenl is made oflhc cnvironmenlal,financial social and functional qualities of a properly, clc.2American suslainabilily certificatiou scheme adapted lo Danish conditions; an assessment is made of the environmen¬tal financial social and functional qualities of a property, etc.

The State Keg I stored Nurses' and Medical becreUirles' Pension Fund

Annual Report 2016

are appointed by social partners concluding labour market agreements. That is why it will not be correct toadopt a target for the board members elected by the general meeting; consequently, the board has adopt¬ed a target for the gender composition of the board of directors as a whole.

The board has decided that the target for men on the board of directors is to be at least 25 %, while thetarget for women on the board is to be at least 40 %. At the end of the year under review, the split on theboard of directors was ^5 % men and 64 % women on the board.

The targets have thus been met.

No policy has been adopted regarding equal representation in the management layers below the executivemanagement of the Pension Fund. The Pension Fund is fully administered by PKA A/S. In 2Q1G, PKA A/Shad a gender distribution in the management layers below the executive management of 57% men and43% women; against this background, no policy for equal gender representation in the other managementlayers of PKA A/S has been prepared.

Audit CommitteeIn accordance with legislation, the Pension Fund must establish an Audit Committee. The chairman mustbe independent and at least one member must have qualifications in accounting or auditing.

The chairman of the Audit Committee is Birgitte Tausen, who meets the requirements both for Independ¬ence and for qualifications in accounting or auditing. The other members of the Audit Committee are BentHansen and Crete Christensen.

Risks and solvency associated with the Pension Fund's business modelSeen in a risk perspective, the Pension Fund's business model is simple, since It rests on a labour-market-agreement-based, collective, solidarity-based labour market pension scheme. In which outsourcIng is used to a considerable extent. The most significant risks are market risks, insurance risks and out¬sourcing.

Market risksThe Pension Fund offers an average interest rate product. New members are admitted at a base interestrate of 0 per cent, just as the Pension Fund still has a number of members with interest rates varyingfrom 1.75 to ^1.25 per cent. This involves interest risk exposure, which is hedged on an ongoing basis.

The Pension Fund wishes to deliver robust pensions to its members. This Is ensured through a long-terminvestment strategy, whose aim Is to achieve high, stable returns in a responsible way; as a minimum,these Investments must be able to meet the return requirement from the expected pensions. Long-termlow returns on investment assets or major financial losses constitute a risk when it comes to deliveringrobust pensions. This exposure is the Pension Fund's market risk. This risk Is mitigated by spreading in¬vestments to cover a wide range of different asset classes.

Investments are made collectively for members. Any losses on investments must also be covered collec¬tively; however, the Pension Fund's share of bonus potentials ensures that any losses on the financialmarkets are not charged to members' deposits In individual years, but that instead members receive theaccount interest announced at any given time on their deposits.

Risk-taking Is a precondition for achieving an adequate return that will guarantee robust pensions. In thisconnection, the Board of Directors has a major task In deciding on the Pension Fund's risk appetite in theform of a chosen investment strategy.

The Pension Fund's risk appetite is decided on the basis of two goals. The Pension Fund protects themembers' pensions (PBG) and the Pension Fund complies with all applicable solvency rules. In Its riskmanagement policy, the Board of Directors decides the safety levels for the PBG limits which give therisk-related framework for the Pension Fund in relation to the expected pensions. Furthermore, in specialcases, the solvency cover may provide the framework for the risk-taking of the Pension Fund.

The Pension Fund has a capital plan and an emergency plan based on the risk management model (PBG)and the solvency capital requirement {SCPv). In the capital plan, the financial situation in the PensionFund's strategic planning period is deemed to be reassuring,

Insurance risksThe Pension Fund provides life-long pensions, so In risk terms the Pension Fund is exposed to changes inlife expectancy among its members.

The Sidle Registered Nurses' and Medical Secretarieii' Pension Fund


The Pension hund is a solidarity-based scheme with disablement cover without any required health Infor¬mation upon admission, as long as the member is in one of the job groups that arc comprised. In riskterms, the Pension Fund is exposed to the development in the number of anticipatory pension recipientsamong its members.

The Pension Fund monitors developments In its Insurance risks closely and makes provisions in accord¬ance with the life expectancy benchmark laid down by the Danish hSA.

OutsourcingThe Pension Fund uses outsourcing to a considerable extent. Direct outsourcing goes to PKA A/S, whichIn turn has outsourced much of operations on to Forca A/S. The admlnisLratlon of real property Invest¬ments has been outsourccd to DEAS A/S.

Risk is managed in the form of inspections and service delivery agreements.

Solvency IIThe Solvency II rules came into force on 1 January 20.1.6; in this connection, new accounting rules havebeen issued, which ensure a high degree of consistency between calculations for solvency purposes andcalculations for accounting purposes. One of the effects of the transition to the new accounting rules is thatmember behaviour may be included In superannuation provisions and that a discounting graph calculatedby the European supervisory authority ElOPA Is to be used. Relating to this, the Pension Fund has appliedfor permission to use an addendum to the graph, the so-called Volatility Adjustment addendum and hasreceived such permission.

CapitalEquity increased In 2016 by DKK 1,370.3 mill, to DKK 20,679.6 mill. The capital base is now DKK 21,493.0mill, against DKK 19,9/3.5 mill, in 2015.

The SCR solvency requirement has been calculated using the standard model. As at 1 January 2016, SCRamounted to DKK 4,711.4 mill,, while the amount at the end of 2016 was DKK 4,744.2 mill.

New official accounting orderThe Danish FSA has issued a new accounting order applicable from 20:1.6. The changes introduced will onlyinfluence the Pension Fund to a limited extent.

Bonus policyThe Pension Fund bonus policy Is framework-based and seeks to allow a return that will ensure the highestpossible maintenance of the purchasing power of the pensions.

This does not mean that a decision has been made to adjust pensions each year to protect purchasingpower. The Intention is to protect pension purchasing power in the long run.

The bonus policy is also based on the assumption that maintenance of purchasing power requires a rea¬sonable level of the pension to be adjusted. Pensions primarily based on a high level of interest ratesand/or assumptions of shorter life expectancy will not ncccssarily require protection of purchasing power,given the present Interest conditions and current assumptions on life expectancy.

The Pension Fund equity Is owned by the members. The principles for distribution of the year's profit be¬tween pension provisions and equity are thus not nearly as significant in a pension fund as in a life assur¬ance enterprise. The full result obtained by a pension fund always accrues to Its members.

Superannuation provisionsSuperannuation provisions Increased in 2016 by DKK 7,388.0 mill, to DKK 88,677.3 mill.

Uncertainty of recognition and measurementWhen the Annual Report is prepared, a number of estimates and assessments of future aspects are-made; these have an influence on the accounting value of assets and commitments.

The most significant areas concern pension obligations and the valuation of unlisted, alternative Invest¬ments and properties.

Management finds that the assumptions made arc responsible, but associated with uncertainty. Sensitivi¬ty Informalion regarding a number of assumptions made can be seen In note 18.

Expectations regarding the future

The State Registered Nurses' and Medical Secrptaries' Pension Fund

Annual Report 2016

In both tlic US and Europe, growth and inflation are expected to grow moderately, while unemploymentwill decline. Rising inflation will result in minor tightening initiatives in monetary policy In both the US andEurope.

Politically, however, a number of events may give rise to unrest on the financial markets.

Firstly, it is still uncertain what the policy of the new American administration is going to be. This Is true inregard to foreign policy, trade policy and economic policy alike. If, for example, trade sanctions against:Mexico and China are implemented, global growth will decline. A major financial policy expansion will prob¬ably lead to increased inflation, resulting in additional interest rate increases in addition to those alreadycxpccted in the American bond markets. The biggest impact will be on short-term Interest rates, whilelong-term interest rates will be less impacted.

Secondly, elections will be held in France, the Netherlands and Germany. At first, the election in France Inthe spring attracts most attention, focusing on the possibility of the right-wing party Front National winningthe presidential election. In ail the mentioned countries, however, more nationalistic parties may increasein size; in addition to Brexit, this may challenge the coherence of the EU.

The Pension Fund is robust and well-equipped when it comes to tackling these challenges.

Events after the Balance Sheet dateNo events after the Balance Sheet date have any significant influence on the financial standing of the Pen¬sion Fund or the Group.

The Stole Registered Nurses' and Medical secretaries' Pension Fund


Other management/board positions

The members of Management hold the following other management/board positions:

Managing Director Peter Damgaard JensenManaging Director of PKA A/SManaging Director of three pension funds administered by PKAManaging Director of the pension funds' limited real property companiesBoard Chairman of PKA+ Pension Forsikringsseiskab A/SBoard Chairman of A/S Kj0benhavns EjendomsselskabBoard Chairman of I'orstcedernes FjendomsaktleselskabBoard Chairman of PKA AIP A/SBoard Chairman of Poppelstykket 12 A/SBoard Chairman of PKA Skejby Komplementar ApSBoard Chairman of PKA Skejby P/SVice-chairman of Forca A/SBoard member of Forsikrlngsorganisalionernes Fa?llessekretarlat r.M.BA

The members of the Board of Directors hold the following other management/board positions:

Chairman of the Board Bent HansenBoard Chairman of Pensionskassernes Administration A/SBoard member of the Fund behind the display of sculptures at the Bay of AarhusBoard member of the fund Aarhus 2017Board member of Grenaa Havn A/S

Vice-chairman of the Board Grete ChristensenVice-chairman of Pensionskassernes Administration A/SBoard Chairman of Forbrugsforcningcn af 1886Board Chairman of SygepIejerskernes Fritidsboliger A/SBoard Chairman of A/S KnudemosenVice-chairrnanof Hotel Koldingfjord A/SBoard member of Lan og Spar Bank A/S

Board member Mogens Eduard JespersenBoard member Pensionskassernes Administration A/SManagement of MJ Autoservice Holding ApSBoard member Cemtec Fbnden

Board member Dorte SteenbergBoard member of Sygeplejerskernes Fritidsboliger A/S

Board member Jette Sogaard NissenBoard member of Pensionskassernes Administration A/S

Other members of the Board of Directors have no further other management/board positions.

The State Registered Nurses' and Medical SecreUirles' Pension Fund


Management Statement

We have today presented the Annual Report for The State Registered Nurses' and Medical Secretaries'Pension Fund for the 1 January - 31 December 2G1G financial year.

The Annual Report is submitted in accordancc with the Danish Financial Business Act.

We find that the consolidated accounts and financial statements give a true and fair view of the Group'sand the Pension Fund's assets, liabilities and financial position as at 31 December 2016, as well as theresult of the Group's and the Pension Fund's activities in the I January - 31 December 2016 financialyear.

We consider that the Management Review gives a true and fair view of developments in the Group's andthe Pension Fund's activities and financial standing, the result for the year and the Group's and PensionFund's financial position, as well as describing significant risks and uncertainty factors faced by the Groupand the Pension Fund.

We recommend that the Annual Report be adopted by the General Meeting.

Hellerup, 23 March 2017

Management:

Peter Damgaard JensenManaging Director

Hellerup, 23 March 2017

Board of Directors:

Bent HansenChairman

Grete ChristensenVice-chairman

Henrik Thorup Gamst Mogens Eduard JespersenNathali Schaap Degn

Dorte Steenberg Jacob Paludan Truelsen Jette Swgaard Nissen

Birgitte Wildt-AndersenLone Kjcergaard Rirgilte Olsen Tausen

The State Regliitered Nurses' and Medical Secretaries' Pension Fund


The independent auditor's report

To the members of the Slate Registered Nurses' and Medical Secretaries' Pension Fund

OpinionWe have audited the Consolidated Accounts and hinancial Statements of the State Registered Nurses' andMedical Secretaries' Pension Fund for the 1 January - 31 December 2016 financial year, comprising In¬come Statement and Total Income Statement, Balance Sheet, Equity Statement and Notes, including Ac¬counting Policies, for the Group as well as the Pension Fund. The Consolidated Accounts and FinancialStatements are prepared in accordance with the Danish Financial Business Act.

In our opinion, the Consolidated Accounts and Financial Statements give a fair view of the Group's and thePension Fund's assets, liabilities and financial position as at 31 December 2016, as well as of the result ofthe Group's and Pension Fund's activities and the Group's cash flows in the 1 January - 31 December 2016financial year In accordance with the Danish Financial Business Act.

Basis for our opinionWe have carried out our audit in accordance with international auditing standards and additional require¬ments in Denmark. Our responsibility in accordance with these standards and requirements is described inmore detail in the audit report section entitled The auditor's responsibility for the audit of the ConsolidatedAccounts and Financial Statements'. We are independent of the Group In accordance with internationalethical rules for auditors (lESBA's Ethical Rules) and comply with the additional requirements made inDenmark, Just as we have met our ethical obligations as specified in these rules and requirements. In ouropinion, the audit proof we have obtained is adequate and suitable as a basis for our opinion.

Management's responsibility for the Consolidated Accounts and Financial StatementsManagement is responsible for preparing and presenting Consolidated Accounts and Financial Statementsthat give a true and fair view in accordance with the Danish Financial Business Act. Furthermore, Man¬agement is responsible for the internal controls which Management deems to be necessary for the prepa¬ration of Consolidated Accounts and Financial Statements without material misstatements regardless ofwhether such misstatements are the result of fraud or error.

When preparing the Consolidated Accounts and Financial Statements, Management is responsible forassessing the ability of the Group and the Pension Fund to continue operations, just as Management isobliged to give information about relevant matters in relation to continued operation and to prepare theConsolidated Accounts and Financial Statements on the basis of a going concern principle of accounting,unless Management intends either to liquidate the Pension Fund or discontinue operations, or has noother realistic alternative thereto.

The auditor's responsibility for the audit of the Consolidated Accounts and Financial StatementsOur aim is to achieve a high degree of certainty that the Consolidated Accounts and Financial Statementsas a whole are free of material misstatements, regardless of whether such misstatements are the result offraud or error, and to prepare an audit report with our opinion. A high degree of certainty means just that,but involves no guarantee that an audit carried out in accordance with international auditing standards andthe additional requirements in Denmark will always discover material misstatements if such exist. Mis¬statements may arise as a result of fraud or error and may be considered significant if it is reasonably tobe expected that, individually or jointly, they will have an influence on financial decisions made by users ofthe accounts on the basis of the Consolidated Accounts and the Financial Statements.

As part of an audit carried out in accordance with international audit standards and the additional require¬ments In Denmark, we make professional assessments and maintain a professional scepticism during ouraudit. In addition:

¦ We identify and assess the risk of material misstatements in the Consolidated Accounts and FinancialStatements, regardless of whether such misstatements are the result of fraud or error, and we planand carry out audit action as a reaction to these risks and achieve audit proof which is adequate andsuitable to form the basis of our opinion. The risk of not discovering material misstatements caused byfraud is higher than if material misstatements are the result of error, since fraud may come from con¬spiracy, forgery, deliberate omissions, misguidance or disregard for internal controls.

•We obtain an understanding of the internal controls that are relevant to the audit, so as to be able tocarry out audit action, which is suitable in the circumstanccs, but not in order to be able to offer anopinion about the efficiency or effectiveness of the Group's and the company's internal controls.

•We decide whether the accounting policies applied by Management are suitable, and whether the ac¬counting estimates and associated information prepared by Management are reasonable.

•We conclude whether Management's preparation of the Consolidated Accounts and Financial State¬ments on the basis of a going concern accounting principle is suitable and whether, on the basis of the

The SLciLe Registered Nurses' and Medical Secretaries' Pension Fund

IP- Annual Report 2016

audit proof obtainGd, there is any significant unceitainty associated with events or matters which maycreate substantial doubts about the Group's and the Pension Fund's ability to continue operations. Ifwe find thai significant uncertainty exists, our audit report must give information about this in theConsolidated Accounts or Financial Statements or, if such information is not adequate, we must modifyour opinion. Our opinions are based on the audit proof obtained up to the date of our audit report.However, future events or matter may mean that the Group and Pension Fund will no longer be able tocontinue operations.

•We assess the overall presentation, structure and contents of the Consolidated Accounts and FinancialStatements, including the Notes, and whether the Consolidated Accounts and Financial Statements re¬flect the underlying transactions and events in such a way that a fair view is given thereof.

•We obtain adequate, suitable audit proof in regard to the financial information in the companies or thebusiness activities of the Group, so as to be able to give an opinion about the Consolidated Accounts.We are responsible for managing, supervising and performing the Group audit, We have sole responsi¬bility for our audit opinion.

We communicate with the executive management, for example about the planned scope and timing of theaudit, as well as about significant observations during our audit, including any significant deficiencies inregard to internal controls which we may identify during our audit.

We also make a statement to the executive management specifying that we have complied with relevantethical requirements concerning Independence and we inform the executive management about all rela¬tions and other matters which may reasonably be thought to influence our independence and, where rele¬vant, we inform about any precautions taken.

Statement regarding the Management ReviewManagement is responsible for the Management Review.

Our opinion about the Consolidated Accounts and Financial Statements does not cover the ManagementReview and we express no opinion with any certainty on the Management Review.

When we carry out our audit of the Consolidated Accounts and Financial Statements, It is our responsibilityto read the Management Review and, in this connection, to consider whether the Management Review issignificantly inconsistent with the Consolidated Accounts or Financial Statements or seems to contain ma¬terial misstatements given the knowledge we have obtained In our audit or in any other way.

Furthermore, our responsibility Includes considering whether the Management Review contains the re ¬quired information as specified in the Danish Financial Business Act.

Based on our work, we find that the Management Review is in accordance with the Consolidated Accountsand Financial Statements and has been prepared In accordance with the requirements of the Danish Finan¬cial Business Act. We have found no material misstatements In the Management Review.

The solvency cover key figureManagement is responsible for the solvency cover key figure specified In note 2 of the Consolidated Ac¬counts and Financial Statements.

As stated in note the solvency cover key figure Is exempted from audit requirements. Consequently,our opinion on the Consolidated Accounts and Financial Statements does not cover the solvency coverkey figure and we express no kind of opinion with any certainty on this key figure.

In connection with our audit of the Consolidated Accounts and Financial Statements, It Is our responsibil¬ity to consider whether the solvency cover key figure is significantly inconsistent with the ConsolidatedAccounts and Financial Statements, or seems to contain material misstatements given the knowledge wehave obtained in our audit or in any other way..

If, on this basis, we find that the solvency cover key figure contains material misstatements, we mustreport this. We have nothing to report in this connection.

Copenhagen, 23 March 2017

DeloitteState-authorised Public Accountants, PartnershipCentral Business Reg. No. 33 96 35 56

Lars KronowJacques PeronardState-authorised Public AccountantState-authorised Public Accountant

The State Registered Nurses' and Mndical SecreUirles' Pension Fund


Income statementAll amounts in DKK mill.Pension FundConsolidated

Note 2016 2015 2016 2015

Gross number contributionsReinsurance premiums

3 3,747.80.0

3,296.7-0.5

3,747.80.0

3,296.7-0.5

Total member contributions, ownaccount 3,747.8 3,296.2 3,747.8 3,296.2

Income from affiliated companiesIncome from associated companiesIncome from investment propertiesInterest Income and dividend, etc.Price adjustmentsInterest costsAdrrmistration costs in connection withinvestment activities

4

880.34.203.3

83.22.830.41,592.1

-77.9

-333.5

384.82,706.0

77.13,117.0

-4,005.8-230.4

-236.2

4,269.2281.2

2,844.72,215.0

-79.6

-352.8

2,682.1250.6

3,111.0-3,762.3

-229.2

-239.9

Total return on Investment 9,177.8 1,812.4 9,177.8 1,812.4

Pension return tax -1,388.8 -222.4 -1,388.8 -222.4

Pension payments -2,594.6 -2,436.7 -2,594.6 -2,436.7

Total pension payments, own account -2,594.6 -2,436.7 -2,594.6 -2,436.7

Change to pension provisions, ownacc. 5 -7,388.0 -2,010.2 -7,388.0 -2,010.2

Change to profit margin 0.0 0.0

Change to surplus capital -149.2 -98.1 -149.2 -98.1

Administration costs -50.3 -55.0 -50.3 -55.0

Pension-related operating costs, ownacc. 6 -50,3 -55.0 -50.3 -55.0

Transferred return on Investment -1,354.7 -286.0 -1,354.7 -286.0

TECHNICAL PENSION RESULT 0.0 0.0 0.0 0.0

Investment return on equity 1,594.7 320.1 1,594.7 320.1

PROFIT BEFORE TAX 1,594.7 320.1 1,594.7 320.1

Pension return tax, equity -240.0 -34.1 -240.0 -34.1

PROFIT FOR THE YEAR 1,354.7 286.0 1,354.7 286.0

Capital rrovements (reassessment) inassociated companiesDivided into insurance and investmentcontractsPension return tax on other total income

96.1

-77.7-2.0

96.1

-77.7-2.8

OTHER TOTAL INCOME 15.6 0.0 15.6 0.0

TOTAL INCOME FOR THE YEAR 1,370.3 286.0 1,370.3 286.0

Realised profit 7

Profit for the year is transferred to equity.

The State Rngistered Nurses' and Medical Secretaries' Pension Fund


Balance Sheet

ASSETSAll amounts in DKK trill.

NotePension Fund

2016 2015Consolidated

2016 2015

Investment properties 8 2,854.3 2,803.2 8,521.0 8,018.8

Capital Investment in affiliated conpanics 15Capital investment in associated companie 15Loans to associated coirpanies

7,336.747,313.0

1,807.3

6,519.135,318.0

596.347,370.12,626.6

35,290.81,306.1

Total investment in affiliated andassociated companies 56,457.0 42,433.4 49,996.7 36,596.9

Capital investmentMutual trust investtrentBondsSecured loansOther loansDeposits with credit institutesDenvative financial instruments

14,466.06,347.9

22,776.90.4

12,726.71,127.18,395.1

12,708.76,902.9

26,069.71.1

16,120.13,087.56,239.9

16,364.76,347.9

22,776.90.4

12,726.71,127.18,395.1

14,349.96,902.9

26,069.71.1

16,120.13,087.56,239.9

Total other financial investmentassets 9 65,840.2 71,129.9 67,738.8 72,771.1

TOTAL INVESTMENT ASSETS 125,151.4 116,366.5 126,256.5 117,386.9

Receivables related to direct pensionbusiness with pension savers 30.1 16.7 30.1 16.7

Receivables from affiliated companies 993.5 886.4

Receivables from associated companiesOther receivables

92.635.3

85.6442.8

92.653.7

85.6478.4

TOTAL RECEIVABLES 1,151.5 1,431.5 176.4 580.7

Deferred tax assetsDeferred corporate tax assets 18.0

255.0186.7 27.8

255.0200.4

OTHER ASSETS, TOTAL 18.0 441.7 27.8 455.4

Interest receivableOther prepayments and accruals

461.1213.0

495.5197.0

450.3213.0

485.5197.0

TOTAL PREPAYMENTS AND ACCRUALS 674.1 692.5 663.3 682.4

TOTAL ASSETS 126,995.0 118,932.2 127,124.1 119,105.4

Guarantees10

Contingent asset11

"1 he State Roqistered Nurses' and Medical Sccrctarir^' Pension Fund


Balance Sheet

LIABILITIESAll amounts in Dl<K mill. Pension Fund Consolidated

Note 2016 2015 2016 2015

ReservesProfit carried forward

15.620,664,0 19,309.3

15.620,664.0 19,309.3

TOTAL EQUITY 20,679.6 19,309.3 20,679.6 19,309.3

Surplus capital 12 813.4 664.2 813.4 664.2

TOTAL SUBORDINATE LOAN CAPITAL 813.4 664.2 813.4 664.2

Pension provisions 13Profit margin on pension provisions

88,677.30.0

81,289.30.0

88,677.30.0

81,289.30.0

TOTAL PROVISIONS FOR PENSIONAGREEMENTS AND INVESTMENT 88,677.3 81,289.3 88,677.3 81,289.3

Defcrcd pension return taxProvisions for taxes

194.919.2 19.5

194.930.3 30.0

TOTAL PROVISIONS FOR COMMITMENTS 214.1 19.5 225.3 30.0

Debt concerning financial derivatives 9 10,654.3 8,378.0 10,654.3 8,378.0Debt to credit institutes 4,904.3 8,627.8 4,904.3 8,627.8Debt to affiliated companies 6.6 0.0

Pension return tax payable 932.9 527.8 932.9 527.8Other debt 87.4 104.3 211.8 267.0

TOTAL DEBT 16,585.5 17,637.9 16,703.4 17,800.6

PREPAYMENTS AND ACCRUALS 25.1 12.0 25.1 12.0

TOTAL LIABILITIES 126,995.0 118.932.2 127,124.1 119,105.4

Accounting policies1

Financial highlights and key ratios forthe last five years2

Contingencies14

Affiliated and associated parties15

Risk and risk management16

Specification of assets and theirreturn17

Sensitivity information18

Thp State Registered Nurses' ond Mcdir.al Secretaries' Pension Fund


CapitalAll amounts in DKK mill.

Pension FundConsolidatedEquity 2016 2015 2016 2015

Equity as at 1 January 19,309.3 19,023.3 19,309.3 19,023.3Transferred from profit dlstiibiition 1,354.7 286.0 1,354.7 286.0Other total income 15.6 0.0 15.6 0.0

Total equity 20,679.6 19,309.3 20,679.6 19,309.3

Pension Fund ConsolidatedCapital base 2016 2015 2016 2015

Fquity 20,679.6 19,309.3 20,679.6 19,309.3Surplus capital 813,4 664.2 813.4 664.2

Total capital base 21,493.0 19,973.5 21,493.0 19,973.5

The SLdle RegisLered Nurses' and Medical Socrofaries' Pension Fund

Annual Report 2016 1/

NotesAll amounts in DKK mill.

Note 1Accounting Policies

The Annual Report for the Group and the Pension Fund has been prepared in accordance with the provi¬sions of the Danish Financial Business Act and the cxccutivc accounting order from the Danish FinancialSupervisory Authority on financial reporting from insurance companies and pension funds.

The executive order on the financial statements of pension funds and life assurance companies has beenchanged with effect from 2016. These changes relate to the implementation of the Solvency II rules. Thishas led to changes of the accounting policies applied:

•Pension provisions are calculated as the current value of the best estimate of expected paymentflows. A discounting interest graph calculated by EIOPA, the European supervisory authority, isapplied together with member behaviour in regard to repurchase and premium-free policies.

•The State Registered Nurses' and Medical Secretaries' Pension has successfully applied for per¬mission to use a discounting interest graph with a VA supplement. This permission has been inforce from early-2016.

•The items Pension Provisions; Collective Bonus Potential and Provisions for Compensations aregathered in one item, "Pension Provisions", which consists of the elements Guaranteed Payments,Individual Bonus Potential, Collective Bonus Potential and Risk Margin.

¦ The risk margin corresponds to the amount which the Pension Fund expects to have to pay an¬other insurance enterprise for taking over the risk of settling the holdings. In connection with theopening balance, the risk margin amounted to DKK 780,562,382 and was covered by Individualbonus potential.

•Special bonus provisions are renamed "Surplus capital" (in the following called Surplus Capital)and the amount is recognised under "Subordinate Loan Capital".

•The return margin on pension provisions In 2016 was 0.

The effects on the items of the financial statements from the change of accounting policies as from 1January 2015 arc as ollows:

DKK mill. Equity Surpluscapital

Pensionprovisions

Provisionsfor compen¬

sations

Collectivebonus

potential

Financial Statements31.12.2015 19,309.3 664.2 79,504.2 45.9 1,739.2

Change to valueadjustment -1,018.9 1,018.9

Changc of model forpayable bonus 86.3 -86.3

Regrouping of Items 2,717.6 -45,9 -2,671.8

Opening balance01.01.2016

19,309.3 664.2 81,289.3

With reference to Sect. 84 (2) of the cxccutivc order on financial statements it has not been found to bepossible in practice to changc the comparable figures, note information and five-year overviews, so as tomake them In line with the new method, as regards the period before 2016, which is why they are notdirectly comparable with 2016.

The Annual Report contains an Income Statement for the period 1 January - 31 December 2016 and aBalance Sheet as at 31.12.2016, based on the new accounting principles. In addition, comparable figuresfor the corresponding period last year have been Included, using the previous accounting principles.

I he Annual Report is presented in millions of Danish kroner with one decimal. Fach figure is rounded offseparately. Consequently, variations may exist between the totals and the sum of the underlying figures.

The State Registered Nurses' and Medical Sccrotaties' Pension Fund


Principles regarding the distribution of profits and/or lossesIn accordancc v/ith the cxccLitivc order on the contribution principle, the Pension Fund has notified theDanish Financial Supervisory Authority of its principle for distributing the result of the year under review.

The main principle In 2016 is that the part: of the profit obtained In the year under review and allocated toequity and surplus capital consists of a yield corresponding to the investment return before pension returntax plus a risk return rate of 0.0% of the average pension provisions. Payments to and from equity arcdeducted from the share of the profit for the year that goes to equity. As from 2016, the principles forallocating a risk return will change, as will the principles for repaying any amounts defrayed from equityand surplus capital. Losses concerning the individual contribution groups covered, which losses are coveredby equity and surplus capital, may be retrieved in the subsequent financial year, if possible, from the Indi¬vidual and collective bonus potential of cach group. The shares transferred from individual and collectivebonus potentials in the subsequent financial year are reported to the Danish FSA.

Consolidated AccountsThe Consolidated Accounts comprise the Pension Fund and affiliated companies, where the Pension Fundhas a controlling Influence. The Consolidated Accounts are made by combining (consolidating) accountingitems with a uniform contcnt in the Pension Fund and the affiliated companies.

In consolidation, intra-Group income and costs are eliminated together with Intra-Group share holdingsand outstandings.

Intra-Group scrviccs arc chargcd on market terms or cost-covering terms. Intra-Group trading in securitiesand other investment assets is charged at market value.

Translation of currenciesTransactions in foreign currencies are translated at the exchange rate of the transaction date. BalanceSheet items in foreign currencies are translated at the closing exchange rate of the Balance Sheet date.

All currency gains and losses are Included In the Income Statement under exchange rate regulation.

General principles for recognition and measurementAssets are recognised in the Balance Sheet if future gains are likely to accrue to the company and thevalue of the asset can be measured reliably. Commitments are recognised In the Balance Sheet if futuregains are likely to be paid by the company and the commitment can be measured reliably.

The Income Statement recognises all income as it is earned, while costs are recognised by the amountsthat concern the financial year under review.

Purchase and sale of financial Instruments are recognised on the transaction date and such recognitionends when the right to receive/pay cash flows from the financial asset or liability has expired, or If it hasbeen assigned. Purchase or sales transactions which had not yet been carried out on the Balancc Sheetdate are recognised in the Income Statement in the form of their loss or gain.

In the first recognition, financial instruments are measured at current value. Measurement after firstrecognition is made as described under cach accounting item below.

Income Statement

Gross members' contributionsGross members' contribution in the Pension Fund consists of members' contributions due for January -November as well as expected members' contributions for December. Members' contributions have beenreduced by labour market contributions.

Pension paymentsPension payments consist of processed and paid pensions.

A dministrationThe Pension Fund pays a fixed annual price (rate) per member to PKA A/S for the agreed administrativeservices; this amount Includes salaries and fees to Management and Board.

In addition, the Pension Fund and the affiliated companies pay a fixed fraction of a percent of the net assetcurrent value to cover portfolio management.

The rate and the fraction of a percent are determined on market terms.

The State Roglstnrcd Nurses' anil Medical Secrfitarins' Pension Fund


The costs of administering securities arc rccognised as administration costs in connection with investmentactivities.

The costs of property administration are deducted from incomc from investment property.

Return on investmentIncome from affiliated companies consists of the Pension Fund's share of the affiliated companies' operat¬ing profit after tax.

Income from associated companies consists of the Pension Fund's share of the associated companies' op¬erating profit after tax.

Income from investment properties consists of the result of property operation before adjustment of prop¬erty values. The costs of property administration are deducted from the result.

Interest and dividend, etc., include the interest earned and the dividend received, etc., in the year underreview.

Price adjustments consist of realised and unrealised gains on investment assets, including value regulationof investment properties.

Transferred return on investmentTransferred return on investment has been calculated on the basis of the pro rata share of the result ob¬tained that goes to equity and Is Included in the equity investment return item.

Pension return taxPension return tax is recognised in the Income Statement by an amount calculated on the basis of thetaxable return In the year under review. The pension return tax that rests on the return that will only beincluded in the Pension Fund tax basis in a subsequent financial year is rccognised as deferred pensionreturn tax.

Pension return tax is divided between equity and clients. Equity's share of the pension return tax is calcu¬lated on the basis of equity's share of the result obtained.

The? Stato Registered Nurses' and Medical Secretancs' Pension Fund


Balance Sheet

Assets

Investment propertiesInvestmGiit properties arc measured at their value on the Balance Sheet date by using the DCF method, orin the alternative the first-year-return method as regards residential properties in uniform, stable opera¬tion. The measurement takes account of current interest and market conditions and the location, age andstate of maintenance of the property, including expected future maintenance costs. The return requirementhas been set on the basis of the expectation that, given the required sales efforts, the properties could besold within a reasonable time period.

Construction projects are measured at cost during the construction period.

Minor properties are measured and recognised at the latest public assessment value.

Value adjustments of investment properties arc recognized under Price adjustments via the IncomeStatement,

Capital participationListed capital participation is measured at the value of stock exchange closing prices on the Balance Sheetdate.

Unlisted capital participation is measured at current value based on an individual assessment of the com¬panies with a view to determining the price which such shares are expected to fetch. Measurement isbased on the key ratios and valuation methods normally used when measuring companies.

Units in mutual trustsUnits in mutual trusts are measured at the value of the stock exchange closing prices on the Balance Sheetdate.

BondsFixed-interest bonds, convertible bonds and indexed bonds plus index-related adjustments are measuredat the value of the stock exchange closing prices on the Balance Sheet date. The currcnt value of drawnbonds is based on the present value of the bonds, which is close to the nominal value of the bonds.

Secured loansMortgage bonds are measured at a calculatcd currcnt vale based on the effective interest rate of the claim.

Other loansSubordinated loan capital is recogniscd as a calculated current value based on information about the sol¬vency of the company. Provisions are made to losses if this is warranted by the said information.

Repurchase/ reversalSecurities sold as part of a sell and buy-back transaction stay on the Balance Sheet under the various mainitems, e.g. "bonds" that carry interest and are subject to security price adjustment. The received amountis recognized and carries interest as debt to the other party to the transaction. Securities acquired as partof a purchase and scll-back transaction are recognized as accounts rcccivablc by the other party, while thereturn is recognised under interest.

Derivative financial instrumentsDerivative financial instruments used for interest risk hedging and other purposes arc measured at currentvalue. Instruments with a positive current value are entered as assets, while instruments with a negativecurrcnt value are entered as liabilities.

Capital participation in affiliated companiesCapital participation in affiliated companies is measured at Intrinsic value (the equity method). Using thismethod, the operating results of affiliated companies are recognised in the Pension Fund Income State¬ment. The Pension Fund's profit and equity are thus identical to those of the Group.

The accounting results from affiliated companies result from using recognition and measurement methodsidentical to the principles used in the Pension Fund,

Capital participation in associated companiesCapital participation in associated companies is recognised at the Pension Fund ownership share of thecompanies' Intrinsic accounting value according to the last known accounts. The companies' intrinsic value

Tfie State Registered Nurses' and Medical Secretaries' Perisiori Fund


results from using meosurcmcnt methods identical to the methods used in the Pension Fund. All regula¬tions are recognised in income from associated companies.

Associated companies are defined as companies that are not affiliated companies, but whore the Group'scompanies have shares representing more than 20 % of the voting rights, and where considerable influ¬ence is exercised over companies' operational and financial management through representation on theboards of companies.

Associated companies with a negative intrinsic accounting value are measured at zero and any receivablesfrom such companies are Impaired by the parent company's share of the negative Intrinsic value to theextent the amount is deemed to be irrecoverable. If the negative intrinsic accounting value exceeds theamount rcccivablc, the remaining amount is recognised under provisions for commitments to the extentthe parent company has a legal or actual commitment to cover the obligations of the company concerned.

Other items under assetsAccounts receivable are recognised at face value minus write-downs to cover expected losses.

Liabilities

EquityThe Pension Fund's equity belongs to the members jointly.

Provision for pension agreements and investment contractsProvisions for pension agreements and investment contracts are measured by the Pension Fund Actuary incharge.

The pension provisions consist of the following elements: Guaranteed Payments, Individual Bonus Poten¬tial, Collective Bonus Potential and Risk Margin.

The provision element entitled Guaranteed Payments is measured in that, for each insurance policy, themarket value of the expected, guaranteed payment flows is calculated. The market value is calculated bydiscounting individual payments using the interest rate calculated by EIOPA, the European supervisoryauthority, plus a Volatility Adjustment supplement and minus the pension return tax. Guaranteed Pay¬ments contain an estimated amount to cover future insurance payments stemming from insurance eventswhich occurred during the financial year, but whore no claim had yet been filed on the date of the BalanceSheet.

Individual Bonus Potential contains the value of obligations to grant a bonus on the basis of the amountdeposited under the individual insurance policy qualifying for the bonus.

Collective Bonus Potential contains the share of the insurance holding of realised results which has beenset aside as a collective provision for the insurance policies qualifying for the bonus.

The Risk Margin contains the amount which the Pension Fund must expect to have to pay to another insur¬ance company to take over the risk of settling the holding. As far as possible, the Risk Margin is obtainedprimarily from the Individual Bonus Potential and subsequently form the Collective Bonus Potential - oralternatively from the capital base. The Risk Margin is calculated in accordance with the Solvency II rules.

The assumptions regarding the best estimate of mortality arc based on the FSA benchmark for currentmortality, which is adapted to the Pension Fund's specific situation as regards the observed mortality of thepolicy holders. In addition, the FSA benchmark for expected life expectancy improvements is integrated.The FSA benchmark is updated annually and the Pension Fund carries out an annual analysis of any devia¬tions from the benchmark for current mortality.

The assumptions regarding best estimate of disablement are based observed disablement in recent yearsThe discounting interest graph and the assumptions on mortality are the assumptions which have thehighest effect on the measurement of provisions made.

Collective bonus potential consists of members'share of the results obtained by bonus-qualifying pensionschemes. The amount has been set aside collectively and has thus not been assigned to each member atthis point.

Profit marginThe profit margin shows the present value of profit not yet earned by the Pension Fund on insurance poli¬cies which are to be recognised in the Income Statement over time. The profit margin is segregated from

The Stale Registered Nurses'and Medical Socrotaries' Pension Fund


the pension provisions.

Surplus capitalSurplus capital forms part of the bnse cspital on equal terms with equity capital, but over time it accruesto tlie insured and thus forms part of the provision made for insurance contracts,

Other items under liabilitiesDebt is measured at amortised cost, which normally corresponds to the face value.

Key ratios and sensitivity informationKey ratios and sensitivity information arc prepared in accordance with the rules of the Danish FSA's execu¬tive accounting order on financial reports covering insurance companies and pension funds.

The Slate Regisleretl Nurses' and Medical Socrctarics' Pension Fund


Note 2Financial highlights and key ratios for the last five years

Pension Fund2012 2013 2014 2015 2016Members' contribution 3,000 3,079 3,211 3,297 3,748Pension payments * -2,116 -2,302 -4,106 -2,437 -2,595

Return on Investment 10,613 3,707 10,079 1,812 9,178Total pension-related operating costs -59 -60 -59 -55 -50

Result of re-Insurance 0 0 0 -1 0Technical result 1,064 917 2 0 0Profit for the year 2,752 957 .1,626 286 1,370

Total provisions for pension agreements * 70,70S 73,632 79,805 81,289 88,677

Total equity 16,865 17,822 19,023 19,309 20,680Total assets 99,660 98,938 109,189 118,932 126,995

Consolidated 2012 2013 2014 2015 2016Members' contribution 3,000 3,079 3,211 3,297 3,748Pension payments 54 -2,116 -2,302 -4,106 -2,437 -2,595

Retum on investrrcnt .10,613 3,707 10,079 1,812 9,178Total pension-related operating costs -59 -60 -59 -55 -50

Result of re-Insurance 0 0 0 -1 0Technical result 1,064 917 2 0 0Profit for the year 2,752 957 1,626 286 1,370Total provisions for pension agreetrertts * 70,705 73,632 79,805 81,289 88,677Total equity 16,865 17,822 19,023 19,309 20,680Total assets 99,914 99,171 109,335 119,105 127,124

Key ratios 2012 2013 2014 2015 2016Return related to average interestproducts * % 13.7 4.3 11.0 1.9 9.1

Cost on provisions * % 0.1 0.1 0.1 0,1 0.1

Costs per member kr. 538 535 512 442 392Return on equity after tax % 17.8 5.5 8.8 1.5 6.9

Return on surplus capital, to whichreturn as equity is allocated % 14.2 4.7 U.5 2.3 7.4

Solvency cover * '*'¦* % 791 869 765 770 453

The ministerial order on financial staternents was changed as from 2016. With reference to Sect.81 (2) of the ministerial order, It has not been found lo be practically possible to changc the five-year overview, so as to trake the figures for the period before 2016 in line with the new method.Consequently, the figures for 2012-2015 arc not directly comparable with 2016.

** The key figure called solvency cover is exempted from the audit requirement, cf. ministerial orderno. 937 of 27 July 2015 on financial reporting of insurance companies and transverse pension funds,so no audit has been performed.

The State Registered Nurses'and Medical Secretaries' Pension fund


Note 3 Pension Fund ConsolidatedGross member contributions 2016 2015 2016 2015

Direct Insurance with bonus schemeMeirber contributions 3,242.5 3,105.2 3,242.5 3,105.2Merrfoer single prermm-s 381.9 74.6 381.9 74.6Group sc he ires 123.4 116.9 123.4 116.9

Total gross member contributions 3,747.8 3,296.7 3,747.8 3,296.7

All contributions are direct insurance with abonus right.

Pension agreementsTaken out as part of an employee plan 3,320.8 3,179.8 3,320.8 3,179.8Taken out by private individuals 303.6 303.6Group schetres 123.4 116.9 123.4 116.9

Premiums divided into countries:Denmark 3,719.8 3,271.4 3,719.8 3,271.4Other EU countries 13.1 11.7 13.1 11.7Other countries 14,9 13.5 14.9 13.5

Calculation of number of policy holdersTaken out as part of an employee plan 119,593 117,593 119,593 117,593Taken out by private individuals 3,831 3,831Group schcn^cs 79,835 78,957 79,835 78,957

The Pension Fund's toal number of insured members has been calculated incl. msrrtierships from whichonly spouse and children pensions are paid.

Note 4 Pension Fund ConsolidatedPrice adjustments 2016 2015 2016 2015

Investrt^nt properties 180.8 44.1 356.9 168.6Capital lnvestn"ent 357.7 644.3 807.1 762.8Investirent fund shares 649.9 988.4 649.9 988.4Bonds 247.3 -429.1 247.3 -429.1Secured loans 0.0 -0.1 0.0 -0.1

Other loans 110.7 702.8 .110.7 702.8Derivative financial instruments 85.9 -5,981.0 83.3 -5,980.5Cash in hand and at bank -40.2 24.8 -40.2 24.8

Total price adjustments 1,592.1 -4,005.8 2,215.0 -3,762.3

Note 5 Pension Fund ConsolidatedChange to pension provisions, own acc. 2016 2015 2016 2015

Individual bonus potential 8,156.6 8,156.6Guaranteed payments -4,276.0 -508.6 -4,276.0 -508.6

Bonus potential on future member contributions 491.3 491.3Bonus potential on deferred pensions 1,994.0 1,994.0Risk margin 25.1 25.1Conpensation provisions -4.4 -4.4

Collective bonus potential 3,482.2 38.0 3,482.2 38.0

Total change to pension prov., own acc. 7,388.0 2,010.2 7,388.0 2,010.2

The Stale Registered Murses' and Medical SecreUities" Pension Fund

Annual Report 2016 2b

Note 6 Pension Fund ConsolidatedPension-related operating costs, own acc. 2016 2015 2016 2015

Board fees (amounts in thousands of DKK)Bent Hansen 204.5 200.5 204.5 200.5

Crete Christensen * 143.2 140.4 143.2 140,4Soile Kathrine MSkiaho Friis (resigned 31.12.2016 52.5 51.5 52.5 51.5

Henrik Thorup Gamst 52.5 51.5 52.5 51.5Jette Sisgaard Nissen 52.5 51.5 52.5 51.5Doite Steenberg * 52.5 51,5 52.5 51.5Jacob Paludan Truelsen 52.5 51.5 52.5 51.5

Dirgitte Olscn Tausen 122.6 120.2 122.6 120.2Blrgitte Wildt-Andersen 52.5 51.5 52.5 51.5Mogens Eduard Jespersen 52.5 51.5 52.5 51.5Lone KjEergaard 122.6 120.2 122.6 120.2

Total Board fees 960.4 941.6 960.4 941.6

+ the fee has been paid to the designated trade union organisation.

Salaries and fees

Management and significant fixed-pay risk-takers partially work for and are paid by the Pension Fund.The actuan/ in charge works for, but is not paid by, the Pension l-und.

CEO Peter Datrgaard Jensen rcceivcd total remunerations for all his functions from the admnistrationcompany, PKA A/S, in the amount of DKK 4,091,000.

Detailed information about salaries in the administrative community PKA can be read at pka.dk.

Pension FundConsolidated2016201520162015

Salaries (amounts in DKK thousands)Salaries 2,«88.5 2,766.9 2,888.5 2,766.9

Pension contributions 575.5 547.6 575.5 547,6

Payroll tax, etc. 471.1 404.4 471.1 404.4

Total salaries 3,935.1 3,718.9 3,935.1 3,718.9

Management has received a fixed salary only, DKK 311,600.

Other significant risk-takers, 6 persons, have received fixed salaries only, totalling DKK 3,120,100.

The average number of full-tin-c equivalent employees in 2016 was 1,7.

Auditor (amounts in thousands of DKK)Most of the auditor's work cotrprises all of the pension funds administered by PKA A/S

The Pension Fund's share of audit costs incl. VAT is:

Pension FundConsolidated2016201520162015

DelollieStatutory audit of the Financial Statement 801.2 795.1 1,146.6 1,162.4Other assurance engagements 93.0 1:1,6.9 93.0 116.9

Total auditor costs 894.2 912.0 1,239.6 1,279.2

The State Registered Nurses' and Medical S cere wirier.' Pension Fund


Note 7 Pension Fund ConsolidatedRealised profit 2016 2015 2016 2015

Realised Interest 8,334,6 949,6 8,334.6 949.6Realised risk 425,2 407,1 425.2 407.1Realised cost 290,5 265,9 290.5 265,9Market value adjustment 337,3 1,603.1 337.3 1,603.1

Total realised profit 9,387.6 3,225.6 9,387.6 3,225.6

which Is divided into:Crediting of bonus 2,944.6 2,558.2 2,944,6 2,558.2Pension return tax 1,138.8 186.6 1,138.8 186.6Return for surplus capital 55.0 12.0 55.0 12.0Pension return tax concerning surpluscapital 9.9 1.7 9.9 1.7

Transferred to equity 1,514.1 395.0 1,514.1 395.0Pension return tax on return on equity 242,8 34.1 242.8 34.1Change in collective bonus potential 3,482,2 38.0 3,482.2 38.0

Total distribution 9,387.6 3,225.6 9,387.6 3,225.6

Movements on equity:From realised profit 1,514.1 395.0 1,514.1 395,0Transferred to provisions -143.9 -109.0 -143.9 -109.0

Profit for the year 1,370.3 286.0 1,370.3 286.0

Missing return on equity 0.0 0.0 0.0 0.0

The principles for distribution of the realised profit and for calculation of risk supplement are describedunder accounting policies,

Note 8 Pension Fund ConsolidatedInvestment properties 2016 2015 2016 2015

Current value as at 1 January 2,803.2 2,892.5 8,018.8 7,638.3Additions of the year under review 32,6 26,7 307.7 452.9Divestmants of the year under review -162.3 -160,2 -162.3 -241.1

Value adjustment for the year at current value 180,8 44,1 356.9 168.7

Total current value 2,854.3 2,803.2 8,521.0 8,018.8

Weighted average return percentage that formspart of determining current value:Properties for residential tenancies 4,0 4,2 4.3 4,3

Properties for business leases 5.4 5.4 5.3 5.3

Properties leased to public authorities on long-term contracts 5,7 4,5 5.8 5.0

The Pension Fund's valuation of investemant properties has been based on external validation of yieldrequirements.

The stale Registered Nurses'and Medical Secrelaties' Pension Fund


Note 9Other financial investment assets

The Pension Fund's investment policy takes account of a number of social, environmental and ethicalaspects. The Pension Fund does not invest in coirpanies that deliberately and consistently infringe onnational laws or rules laid down by International organisations and adopted by Denmark. Furtherrrore,the Pension Fund does not invest in coirpanies that iranufacture weapons or tobacco.

Go to www.pka.dk for a continually updated list of the companies in which the Pension Fund has madecapital investmsnts..

The net assets of the Pension Fund are adminestered by PKA A/S,

Financial instruments {Pension Fund and Consolidated)

BookFinancial c/enVaivVes 20/6 Yrs to expiry Principal value

Options 1-10 2,313.1 912.4Swaptlons 1-10 28,707.2 -1,242.5

Swaps 0-1 24,855,8 35,9Swaps 1-10 62,862.5 160.3Swaps " +10 185,694.4 2,122.4Forward currency transactions 0-1 56,207.8 -4,282.7

Forward currency transactions 1-10 1,303.1 38.0Inflation swaps 1-10 3,733.0 17.0Inflation swaps r +10 1,658.5 -20.1

BookFinancial derivatives 2015 Yrs to expiry Principal value

Options 1-10 5,558.9 792.0Swaptlons 1-10 23,294.6 -503.3

Swaps 0-1 21,940.0 -274.9Swaps 1-10 60,783.8 568.1Swaps r +10 194,067.9 802.3Forward currency transactions 0-1 34,228.4 -1,022.0Porward currency transactions 1-10 12,237.6 -2,500.3

Derivative financial instruments arc linked to significant conditions in regard to the development ofinterest rates, share prices and exchange rates.

Other financial instrutrents, such as bonds, capital investment, etc., are not linked to any special,significant conditions or terms that could influence future cash flows.

The book value of financial derivaties in the Balance Sheet is gross. The sum of all contracts withpositive value is recognised in assets under the item "Financial derivatives".The sum of all contractswith negative value is recognised in liabilities under the item "Debt relating to financial derivatives".

Note 10Guarantees

As guarantee for compliance with commitmentsin hedging interest and share price risks, thePension Fund has deposited bonds at a netvalue of

Pension Fund20162015

Consolidated

5,118,2 3,241.9

2016

5,118.2

2015

3,241,9

Guarantees for repurchase agreement 5,062.7 8,637,0 5,062.7 8,637.0

The suite Regiblered Nurses'and Medical Secretaries' Pension Fund

2X Annual Report 2016

Note 11Contingent asset

In 2014, Danish VAT procedures were changed; certain services lo pension funds are no longersubject to VAT.

In February 7016, the Pension Fund subnitted an application for repayment of wrongfully collectedVAT for the period 1 February to 2004 up to and Including 2015 to the Danish tax authorities;processing of the application is still outstanding. It is still unclcar to which extent the Pension Fundwill achieve any such repayment, so the size of the expected receivable is uncertain,

Note 12 Pension Fund ConsolidatedSurplus capital 2016 2015 2016 2015

Surplus capital, start of year 664,2 566,0 664,2 566,0Payments received 102,3 92,9 102,3 92,9Disbursements -8,2 -6,8 -8,2 -6,8

Share of realised result after PAL tax 55,0 12,0 55,0 12,0

Total surplus capital 813,4 664,2 813,4 664,2

Note 13 Pension Fund ConsolidatedPension provisions 2016 2015 2016 2015

Pension provisions, start of year 81.289,3 77.527,6 81.289,3 77.527,6Profit margin, start of year 0,0 0,0

Total pension provisions, start of year 81.289,3 77.527,6 81.289,3 77.527,6Collective bonus potential, start of year -2.671,8 -2.671,8Accumulated value adj., start of year -9.017,0 -11.552,7 -9.017,0 -11.552,7

Retrospective provisions, start of year 69.600,5 65.974,9 69.600,5 65.974,9Gross contribution 3.747,8 3.296,7 3.747,8 3.296,7Interest added 3.125,3 2.962,6 3.125,3 2.962,6Pension payments -2.[)94,G -2.436,7 -2.594,6 -2.436,7Cost supplement after addition of cost bonus -61,3 -61,8 -61,3 -61,8

Risk gain after addition of risk bonus -75,0 -261,0 75,0 -261,0Pension choice bonus 143,9 109,0 143,9 109,0Transferred to/from nxunbers' capital -94,1 -86,1 -94,1 -86,1Other 51,1 57,1 51,1 57,1

Retrospective provisions, end of year 73.843,6 69.554,7 73.843,6 69.554,7Accumulated value adjustment, end of year 8.679,7 9.949,6 8.679,7 9.949,6Collective bonus potential, end of year 6.154,0 6.154,0

Total pension provisions, end of year 88.677,3 79.504,2 88.677,3 79.504,2Transferred from collective bonuspotential, end of year 1.739,2 1.739,2Transferred from provisions forconpensation, end of year 45,9 45,9Profit margin, end of year 0,0 0,0

Total pension provisions 88.677,3 81.289,3 88.677,3 81.289,3

The pension fund's insurance Is comprised by the contribution principle. However, the pension fund hasadopted other principles for the distribution of profits obtained than what is stated in the ContributionOrder (Order No. 1643 of 14 December 2016). The provisions of the Order are used to the extent theydo not violate the principles of the pension fund. In practice, this n"cans that the pension fund doesnot use a group division as stated in Seel. 3 of I he Order.

fhe SlaLe Registered Nurses' btid Medical Secretaries' Pension Fund


Note 13 continued

Breakdown of provisions into original baseinterest of holdings not comprised by thecontribution principle;

Guaranteedpayments

Individualbonus-

potential

Collectivebonus-

potential Total

Pension provisions as at 1 January 2016Calculation interest rate 0.01%Calculation Interest rate 1.75%Calculation interest rate 2.75%Calculation interest rate 4.25%

6,154,51,235.14,968.8

33,001.7.

25,829.44,978.51,228.0

441.4

1,353.2261.5223.2833.8

33,337,26,475.16,420.0

34,276.4

All groups 45,359.7 32,477.3 2,671.8 80,508.7

Risk margin, all groups 780.6

Total pension provisions 81,289.3

Pension provisions as at 31 Dcccn-bor 2016Calculation interest rate 0.01%Calculation interest rate 1.75%Calculation interest rate 2.75%Calculation interest rate 4.7,5%

5.811.6562. J.

4.033.730,676.3

31,068.96,874.32,381.8

309.0

3, J 26.3630.5526.9

1,870.3

40,006.88,066.96,942.3

32,855.6

All groups 41,083.7 40,633.9 6,154.0 87,871.6

Risk margin, all groufjs 805.7

Total pension provisions 88.677.3

Return percentage of bonus ratio forinsurance holdings not comprised by thecontribution principle:

2016

Returnpercentage

2015

Returnpercentage

2016

Bonusratio

2015

Bonusratio

Calculation interest rate 0.01%Calculation interest rate 1.75%Calculation interest rate 2.75%Calculation Interest rate 4.25%

9.1%9.1%9.1%9.1%

1.9%1.9%1.9%1.9%

91.7%99.7%46.3%9.8%

77.1%76.9%25.0%5.9%

Return on customer funds after costsbefore tax divided into products:

Average Interest rate9.0%

The State Registered Nurses' and Medical Sectelciries* Pension Fund

30Annual Report 2016

Note 14Contingencies

As security for Insurance-taker provisions, thefollowing assets have been registered:

InvGstrrcnt propertyCapital participation in affiliated companiesCapital participation in associated companiesLoans to associated companiesCapital participationUnit trust sharesBondsSecured loansOther loansDeposits with credit institutesDerivative financial InstrumentsReceivable from affiliated companiesCash in hand and at bankReceivablG interest

Total as security for provisions

Investment assets for take-over afterfinancial year

Investment pledges after deduction ofamounts already deposited:

Unlisted sharesForests and farmsPropertiesInfrastructure

Pension Fund20162015

Consolidated20162015

2,854.3 1,258.0 2,854.3 1,258.07,336.7 6,519.1 7,336.7 6,519.1

44,675.9 35,311.1 44,6/5.9 35,311.11,807.3 596.3 1,807.3 596.3

14,466.0 2,236.6 14,466.0 2,236.63,511.8 6,902.9 3,511.8 6,902.9

12,678.8 14,323.7 12,678.8 14,323.70.4 1.1 0.4 1.1

8,911.1 16,120.1 8,911.1 16,120.11,127.1 3,087.5 1,127.1 3,087.5

0.0 1,887.5 0.0 1,887,50.0 884.7 0.0 884,7

18.0 152.4 18.0 152,4119.2 340.2 119.2 340,2

97,506.6 89,621.2 97,506.6 89,621.2

19.9 425.6 19.9 425.6

5,130.4 6,193.0 5,130,4 6,193.095.9 9.3 95.9 9.3

558.6 204.0 558.6 204.01,246.5 702.7 1,246.5 702.'/

7,031.4 7,109.0 7,031.4 7,109.0

The Pension Fund participates in various partnerships together with pension funds attached to PKA.The Pension funds are jointly and severally liable for the comm'trrcnts of these partnerships.

Some of the Group's real properties are subject to a VAT adjustment obligation. However, acommercial decision to change the use of these properties is required for this obligation to become areality.

Anholt havvindm0llcparkThe Pension Fund has guaranteed to DONG Gnergy Wind Power A/S and co-owners of AnholtHavvindinollepark I/S that, within a specific framework, PKA - Sygeplejersker og La^esekretcererAnholt Havvlndmollepark K/S will pay its pro rata share of comniitmsnts under the ownershipagreetrent concerning Anholt Havvindmollepark 1/S and the agreement with DONG Energy Wind PowerA/S to operate Anholt Ha wind ma Hep ark.

Godc Wind UThe Pension Fund has pledged a capital contribution to PKA Sygeplejersker og L^cgesekretcerer CodeWind II K/S of FUR 158.8 mill.; payment is on demand if requested by the company's general partner,

Via PKA - Sygeplejersker og I esgesekretserer Code Wind 11 Kys, the Pension Fund participates with anumber of other institutional investors in a consortium Investing in the wind farm Godc Wind II.Towards Dong Energy Wind Power A/S, the Pension Fund has guaranteed for its pro rata share ofcertain commitments in the establishment and ownership of Gode Wind 11.

The guarantee is limited to the Pension Fund's indirect investment pledge: the remaining commitmenton the Balance Sheet date was FUR 15.3 mill. The Pension Fund has guaranteed for certaincommitments resting on GOde Wind II Joint HoldCo P/S towards Gode Wind II Joint FinCo ApS. On theBalance Sheet date, this guarantee concerned commitments of approx. FUR 143.5 mill.



Note 14 continued

Bur bo Bank ExtensionVia PKA Burbo Extension Holding ApS, the Pension Fund participates together with other Danishinvestors in an investor consortium, which invested in the Burbo Bank Extension offshore wind farm inthe UK. The Pension Fund has guaranteed for its pro rata share of certain commitments regarding theerection and ownership of Burbo Bank Extension towards a number of parties, including MHI VestasOffshore Wind UK Ltd, which supplies the wind turbines, and towards the other Danish investorpartners and DONG Energy Wind Power A/S, as well as the project companies of these companies.These guarantee corrmitmants are limited to the Pension Fund's indirect Investment pledge; therenviinlng commitment on Lhe balance sheet date was GBP 144.9 mill.

Teeside Renewable Energy PlantVia PKA TeesREP Floldmg ApS, the Pension Fund invests in the biorrwss power plant Teeside RenewableEnergy Plant in the UK together with other Danish pension funds and Macquaric Capital. The PensionFund has guaranteed for its pro rata share of certain commitments regarding the erection andownership of Teeside Renewable Energy Plant towards Nordea Bank Denmark, as part of the totalfunding of the investment. The guarantee commitment is United to the Pension Fund's indirectinvestment pledge; the retraining commitirent as at the balance sheet date was GBP 49.9 mill.

Note 15Affiliated and associated parties, etc.

The Pension Fund hasinvested capital in the Com- Com-following affiliated Owner- pany panycomapnies:ActivityDomiciled in ship Profit Equity

Sygeplejerskernes ogLasg ese kre t cere me sEje n dorrea kt ic se Is ka b

EjendomsaktieselskabetDronnlngegarden

PKA - Sygeplejersker ogLcegesekreta2rer An ho ItHavvindmollepark K/S

PKA - Sygeplejersker OWPBUT EN DIE K K'SPKA - I eegesekretaerer OWPBUTENDIEK K^SPKA - Sygeplejersker ogLa^jesckretcerer Gode Wind11 K/S

PKA - Sygeplejersker ogLazgesekret^rer OWPBUTENDIEK KomplementarApS

PKA - Sygeplejersker ogLcegesekretcerer GP ApS

Investrrent in land and^ ^ £u. -- on/r,Gentofte100.0%339.74,220.6buildings

Invostmontjn the propertyc h100.0„A3l3343.7Dronmngegarden

Investment in wind farmsGentofte100.0%128.81,273.4

Investment in wind farmsGentofte100.0%235.2262.4

Investment in wind farmsGentofte100.0%35.439.6

Investment in wind farmsGentofte100.0%128. .11,196.5

General partnerGentofte100.0%0.10.3

General partnerGentofte100.0%0.00.1

Tile Slate Registered Nurses' and Medical Sprretaries' Pension Fund


Note 15 continued

The Pension Fund hasInvested capital In thefollowing associatedcompanies: Activity Domiciled in

Owner¬ship

Com¬

panyProfit

Com¬panyEquity

Gentofte 49.2% 13.9 241.0

Gentofte 19.2% 28.6 678.6

Kolding 90.9% 0.3 23.0

Gentofte 55.4% -28.0 809.1

Gentofte 49.5% 0.2 5.0

Gentofte 24.8% 2.2 6.0

Gentofte 50.0% - -

Gentofte 50.0% - -

Copenhagen 52.0% 4.3 2.9

Frederiksberg 20.0% 6G.7 303.3

Frederiksberg 20.0% 0.0 0.1

Gentofte 40.0% 0.0 4.9

Gentofte 40.0% 0.0 0.0

Aalborg 20.0% 0.1 123.4

Aalborg 20.0% 0.0 0.0

Gentofte 25.4% 0.0 0.0

Frederiksberg 24.8% -1.2 1 44.7

Gentofte 54.1% -478.6 , -269.0

Copenhagen 49.4% 2.0 2,180.2

Copenhagen 50.4% -137.9 3,9:17,4

Copenhagen 50.3% -493.3 3,878.9

Copenhagen 49.9% - -

Copenhagen 49.4% 53.1 1,635.3

Copenhagen 50.0% -159.9 1,941.1

PKA A/S

PKA+PensionForsikringsselskab A/SHotel Koldlngfjord A/SA/S KjubenhavnsEjendomsselslob **Butendiek FinCo ApSGodc Wind 11 Joint FinCo ApSPKA Burbo Extension I loldingApS

PKA TeesREP Holding ApS

PKA AIP A/S *:t

Margrcthcholrrcn P/S

Ko mplc mc n t a rs c Iska betMargretheholm ApS

PKA Skejby P/S

PKA Skejby Ko tnp lenient a rApS

P/S PKAE tjendorre

Kompierrentarselskabet PKAAE ApS

OPP HoldCo ApS

Poppelstykket 12 A/S

Investeringsselskabet af 24.februar 20.15 A/S ^

En^crging Market CorporateDebt; I *

Errerging Local CurrencyDebt II * **

ErY-erging Local CurrencyDebt III * **

Errerging Local CurrencyDebt IV *Europeciskc High Yield 1 *Nordarrerikansk l-ligh YieldI * **

Afirrinlstrative assignrrentsin relation to pension fundactivities etc.

Lifeinsurance activity

Hotel operation

Investment In land andbuildingsInvestment In wind farmsInvestment in wind farms

Investment in wind farms

Investment in bioirasspower plant

Investment consulting

Investment in land andbuildings

General partner

Investmant in land andbuildings

General partner


General partner


Invest ire nt in land andbuildings

Reuse of tyres

Emerging markets corporatedebt

Emerging markets local debt



European high yield

Northamerican high yield

The Slate Registered Nurses' and Medical Secretaries' Pension Rinri

Annual Report 201633

Note 15 continued

The Pension Fund holdsshares in the followingassociated companies; Activity Domicile

Owner¬ship

share Result Equity

Nordamerikansk High YieldII * North American high yield Copenhagen 4g.6% -36.2 3,189.8

Nordamcrikcinsk High YieldIII * * * North American high yield Copenhagen 50.9% - -

Mortgage Backed Sccurites1 * American house loans Copenhagen 49.3% 3^.2 2,828.3

Global Equities T * ** Global listed shares Copenhagen 50.5% 1,001.5 11,935.5

Low Risk Equities I * ** Global listed shares withdefensive tilt Copenhagen 50.8% 1,073.2 8,750.0

Low Risk Equities II * Global listed shares withdefensive tilt Copenhagen 50.6% 646.2 4,211.1

Global Large Cap MarketNeutral Equity * **

Market-neutral global listedshares

Copenhagen 50.3% -163.0 4,617.4

Global SMID Cap MarketNeutral Equity + **

Market-neutral global listedshares

Copenhagen 50.4% 11.8 3,978.8

Alternative Risk Prernia **Long/short derivatives Inshares, bonds, raw irateliaIsand currency

Copenhagen 50.9% -312.2 3,188.9

Tactical Trend * **Trend-following In futureswithin shares, bonds, rawmaterials and currencies

Copenhagen 50.9% - -

PKA Globalc Aktier Global listed shares Copenhagen 42.4% 228.9 2,212.8Black Rock Frontier Marketsex GCC Fund B

Global Frontier Markets listed Sanshares Francisco

51.8% -102.1 706.3

Yderst Catastrophe Fund ** Disater insurance Beirmda 51.5% -183.9 1,151.5

IL5 - C02 SegregatedPortfolio ** Dlsater insurance

CaymanIsland

51.6% 88, .1 1,040.3

M&G Independent EuropeanLoan Fund ** European leveraged loans Dublin 50.1% -4.2 1,661.5

* Section of the Investing Pro capital trust

** Companies in which the Pension Fund has a significant, but not controlling. Influence,

The Group also has capitalparticipation in thefollowing associatedcompanies: Activity Domiciled in

Owner¬ship

Com¬panyProfit

Com¬panyEquity

GOde Wind II Joint HoldCoP/S Investment In wind farms Gentofte 2^.8% 340.5 230,4

Code Wind II Joint 1 loldCo GPApS General partner Gentofte 24.8% 0.0 0.2

The State Registorori Nurses' and Medical Secrelciriei' Pension Fund

Annual Report 2016

Note 16Risk information

A number of risks are associated with the pension fund's business rrxidel,

In connection with its work on risk and solvency, the Board of Directors has identified the major risksassociated with the business rradel:

•Life assurance risks•Market rsik, including interest risk•Outsourcing risk

As regards life assurance risks, the blometric risks, which coirprise life expectancy improvemants andchanges to the number of anticipatory pension recipients, constitute the most significant risks. Basedon the Danish FSA's life expectancy regimen, etc., the Pension Fund has adjusted its assumptions onlife expectancy of its members.

Market risks are defined as the risk that the market value of assets and liabilities will change as aresult of changes to market conditions. The most signficant nwket risks exist in Interest rates,shares, foreign exchange and tangible property, as well as in investment in alternative sources ofyield. The Pension Fund manages these risks by ensuring the necessary diversification of investn-cnts.Investments in alternative sources of yields are based on achieving a risk prenium by taking differenttypes of risks in the market - in the short term 1-3 year horizon and with the focus on the relativereturn of different assets, but also in the longer term, In its investment strategy, the Board has laiddown the risk framework for the different classes of assets.

The pension fund hedges against interest risks on guaranteed, deferred pensions based on the Board'sadopted interest risk framework. The consequence of interest hedging is that a significant part of theinterest risk between liabilities and assets has been eliminated. A significant part of the assets forinterest cover arc Interest swaps, where the Pension Fund pays a variable interest rate and receives afixed interest rate. These instruments have the same characteristic as the guaranteed, deferredpensions in the sense that they Increase In value if the interest rate goes down and vice versa.

The Pension bund uses outsourcing, which gives rise to a focus on the associated risks. There is a riskof making a loss if agreements or controls are inadequate. The Pension Fund has concluded anoutsourcing agrcerrcnt with PKA A/S on full administration. The Board has laid down policies andguidelines for outsourcing significant fields of activity, deterrn'ning the rules for additional outsourcingfrom PKA A/S to a third party. This ensures satisfactory follow-up in regard to the varioussubsuppliers, such as Forca A/S.

The Stdte Registered Nurses' and Moriical Secrelariesi' Pension Fund


Note 17Specification of assets and their return

Accounting value Return in %p.a. before taxPrlnx) Ultimo

Land and buildings 11,109.1 11,435.2 6.4

Listed capital Investments 17,449.2 16,405.3 9.8Unlisted capital invest n-cnts 32,273.7 32,728.8 9.7

Total capital investments 49,722.9 49,134.1 9.3Government- and moitqaqe credit bonds 24,960,6 21,496.7 2.5

Indcxlinked bonds 43.3 35.7 1.3

Credit bonds and emerqinq marked bonds 15,039.0 20,023.6 10.5Loans etc. 1.1 0.4 0.0

Total bonds and loans 40,043.9 41,556.5 6.2Affiliated companies 0.0 0.0 0.0

Other financial investment assets 10,402.6 8,051.1 0.4

Derivative financial instruments for hedging thenet change of assets and liabilities -2,138.1 5,422.0

Return in % is weighted in time based on the current return.

Note 18Sensitivity information

Event Impact oncapital base

Interest increase 0.7-1,0 % points -582.7

Interest drop 0.7-1.0 % points 614.8Share price drop 12 % -1,333.3

Real property price drop 8 % -137.0

Exchange rate risk (VaR 99 %) -182.6Loss on counterparts 8 %. -503.2

The State Registered Wurscs'and Medical Secretaries' Pension Fund

Arsrappoft 2016

Pensionskassen for Sygeplejersker ogLcegesekreteerer

Godkendt p3 pensionskasscns generalforsamling, den 77. aprll 2017

Dlrlgent

Tuborg Boulevard 3, 2900 Hellerup - CVR nr. 71 97 35 11

Pensionskassen for Sygeplejersker og Laegesekretserer

Indholdsfortegnelse

Ledelsesberclnlng

LcdelsespStegning

Den UEifha^nglge revlsors revlSionspatcgningII

Resultat- og totallndkomstopg^relse - J3

Balance^

Kapltalforhold^

Noteri7

Tuboi<i Boulevard 3, 29Q0 Hollorup - CVR nr. 71 97 15 II

2 Arsrapport 2016

Ledelsesberetning

Penstonskassen driver pcnsionskassevlrksomhed. Som medlemmer optager perislonskassen sygeplcjer-skcr, radiografcr og l«gesekret»rer, der er bcrcttigct ogTorpllglet III medlemskab af pcnslonskassen gen-nem kollektiv overenskomst eller ansEcttclscsaftale.

Endvidere optages fra 2016 ogsa personer, der ikke har en arbejdsglverordning men er medlem af de fag-llge organlsalloner, der cr tilknyttet pensionskassen.

Pensionskassen har organlseret sin vlrksomhed med investeringsaktlviteter I tilknyttede virksomheder. Peter Imldlertld den samlede pensionskassekoncerns resultater, der har betydnlng for medlemmets pension.Hovcdtallene I denne beretning er derfor preesenteret pS koncernbasls medmindrc andet fremgar speclfikt.

Arets resultatKoncernens resullat for 2016 blev et overskud pa 1.370,3 mio. kr. Overskuddet fores I is af bestyrelsen6verf0rt til neeste ar.

Medlemsbldrag og penslonsydclscr cr som forventefstlgende. Pensionskassen er i fortsat v^kst, Idet mod-lemsbidragene er 1,4 gange pensionsydelserne.

Det samlede afkast f0r pensionsafkastskal af penslonskasscns aktlver blev 9,1 %

Arets resultat vurderes at vcerc tilfredsstlllende, og pensionskassen cr stadig velkonsollderet.

Aret der glk•,

PkonomiPensionskassen forventede, at 2016 vllle vare pr£eget af moderat stlgende vaekst I bade USA og Izuropa.Der var forventning otn rentestlgnlng, som f0lge af stlgende energlprlser og dermcd 0get Inflation.

2016 var prEeget af to store begivenheder; i juni besluttede brlterne at Storbrltannien skal forlade tU efterncermere forhandllng af vllkar, og 1 november blev Donald Trump valgt til USA's nceste president. Indtilvidere liar Ingen af begivenhederne haft maerkbare 0konomiske konsekvenser, og I USA steg aktiemarke-derne stlk imod forventning efter valget af Trump.

Ellers bed 2016 p,^ fortsat moderat v»l<st og faldende arbejdslnshed I bSde USA og Europa. Inflationensteg primeert som f»lge af stlgende ravarepiiser. Stlgende ravarepriscr bidrog ogsa til at stabllisere den0konomlske udvlkllng I emerging markets lande.

De amcrikanske og europEeiske centralbanker fortsatte deres lempelige pengepolltlk i 2016 med en kortrente omkring nul.-1 slutningen af 2016 satte den amerikanske centralbank dog renten op, og den europce-Iske centralbank reducerer opkobene af obligationer fra marts 2017. Beggc dele skal ses I lyset af den stl¬gende inflation og moderate vcekst.

De globale aktiemarkeder steg med 8,7 % i 2016. 1 det liele taget gav mere risikofyldte aktlver gode af-kast I 2016, mens renteudvikllngen I store trtek var uforandret.

KontorentePcnslonskassens kontorente har I lubet af 2016 vasret fastsat til 4,8 % far skat. Kontorenten cr hoevet til5,0 % f0r skat I 2017, og det er forventningen, at kontorenten vii vfere minimum S % I de kommendefem ar.

Privat opsparingI 2016 har medlemmeme fact mulighed for al oprette en privat opsparing I pensionskassen. Opsparlngencr et fleksibelt supplement til medlemmemes arbejdsglverordning, og tllbydcr udbctalingsslkret opspa¬ring i alderssum, ratepenslon og livsvarig alderspenslon.

I august 2016 flk cn del af de medlemmer, der havdc cn privat opsparing i PKA-h Pension, flyttet denneIII pensionskassen.

I 2016 blev det ogsa mullgt far personer, der ikke har en arbejdsgiverordning men cr rnediem af de fag-llge organisatloner, der er tilknyttet pensionskassen, at oprette cn ordning I pensionskassen.

Pen^ionskyssfin for sygeplejersker og Lsegesekret.-prer

Arsrapport 2016 3

PeiisionskassekoncernenPenslonskasscns tilknyttede (100 % ejede) vlrksomheder pr. 31. december ?016 fremgar af koncernover-sigten,

Pensionskassens ejendomsaktieselskaberSelskaberne har til formal at eje og drive fast ejendom med hcnblik pa at opna langslgtel forrentning afden investcrcdc kapital.

Selskabemes resultafc for 2016 udgor et overskud p3 371,0 mio. kr., dcr er pavlrket af en opskrlvnlng afejendomme.

Sygcplcjcrskcrnes og Lcegesekretsrernes Ejendomsaklleselskab deltager I interesscntskabcr saminen medandre ejendomsaktieselskaber tllknyttet PKA, Interessentskabcmc offentllgg^r fkke selvslcendlge Srsrap-porter under henvlsning til bestcmmclscme I Srsregnskabsloven. InteresscntskabcniG indarbejdes pro rata1 Interessenterncs arsregnskaber.

Anhott Havvindm0lfeparkSelskabcts aktivitet er ejerskab af 10,3% af Anholt Havvindm0llepark l/S.

Sclskabets resultat for 2016 udgar ot overskud pa 128,8 mlo. kr., hvllket er 1 overensstcmmelse med for-ventnlngerne.

OWP ButendlekAktlvlteten I de to OWP Butendlek K/S'er er ejerskab af tllsammcn 11,1 % af en tysk havvlndmollepark,OWP Butendlek GmbH & Co. KG. Selskaberne forventes solgt Inden udgangen af ffJrste kvartal 2017. Derer underskrevet salgsaftalo, som afventer godkendelse af konkurrcncemyndlghederne, Selskaberne erVcerdiansat til forventet salgspris..

Selskabernes resultat for 201G udgpr et overskud pa 270,6 mio. kr,

Code Wind IISelskabets aktivitet cr ejerskab af 24,8 % af Gode Wind II Joint HoldCo P/S, som sammen med iwrigeinvestorer ejer 50 % af en tysk havvinclm0llepark OpCo German OHG.

Selskabets resultat for 2016 udg0r et overskud pS 128,1 mlo. kr. Opferelsen af parken er fuldfurt I 201.6.

Pciisiofiskiissen lor Sygeplejersker og La^gGsekreiafrer

1 Arsrappoit 2016

PKA - Sygeplejersker og Lzegesekreteerer OWP ButendieU Kamplementar ApSDct tidligore PKA - Sygeplejersker og Lasgesekrelcerer GP ApS cr i forbindelse med det forventede salg afde to OWP Butendlek K/S' er omd0bt til PKA - Sygeplejersker 09 Lagesekretcerer OWP Butendiek Kom-plementar ApS og fungerer udelukkende som komplementar for de to OWP Butentiek K/S'er. Selskabetindgar i den forventede handel. Resultatet for 2016 er et overskud pa 0,1 mlo. kr.

PKA - Sygeplejersker og Leegesekretcerer GP ApSSelskabet er stiftet I forbindelse med udsklllelse af de to OWP Butendlek K/S'er og fungerer som komple¬mentar for pensionskassens dvrige investerlnger via kommanditselskaber t havvlndm0llcparkeme. Resul-tatel; for 2016 er 0,0 mlo. kr.

Investeringer og SamfundsansvarPensionskassens retnlngsllnjer for ansvarlige investeringer folger princippeme I FN's Global Compact. Somct tilkeg til FN's Global Compact bar penslonskassen vedtaget en politik for, at der Ikke Investeres I kontro-verslelle vahen, kulmlner eller tobak.

I bcstyrclscns bcretnlng til generalforsamllngen er der redegjoit for udvikllngen I arbejdet med retningslin-jerne 09 aktlvt ejerskab. Beretningcn cr tilg^ngelig pi pensionskassens hjetnmeslde. Det aktlve ejerskabudpvcs ved l0bende at vcere i dialog med de selskaber, der cr tnvesteret I og sikre, at de overholder pensi¬onskassens retnlngsllnjer. Lever selskabet Ikke op til rctningsllnjerne, gar pensionskassen 1 konstruktiv di¬alog med selskabet for at bringe overtreedelsen til opfw. Forts^tter selskabet med at overtrade retnlngs-linjerne, og cr der Ikke udsigt III varlg forbedrlng hos selskabet, vil selskabet bllve ekskluderet fra pensi¬onskassens investerlngsunivers. Pensionskasscn offentliggar p3 sin hjemmesidc den aktucllc listc overekskluderede selskaber.

Pensionskassens aktivc ejerskab varetages I samarbejde med en international screenings- og engage-mentspartner, der giver penslonskassen ekstra gennemslagskraft i h^ndh^velsen af retnlngsllnjerne. I for-l^ngelse af pensionskassens retnlngsllnjer arbejder sarnarbejdspartneren ligclcdcs for at fremme best-practices genncm langsigtede dlaloger med de selskaber, som pensionskassen bar Investeret I. Pi pensi¬onskassens hjemmeside flndes desuden uddybende redeg^relser for overholdelse af retnlngsllnjerne og delaktlve ejerskab.

I 2015 vedtog FN sytten ba^redygtlghedsmal, der skal bekeempe fattlgdom og sikre bcercdygtig udvlkllngfrem mod ir 2030. Pensionskassen bar fokus p§, at investeringer og det aktlve ejerskab saerligt bidragcr tilopfyldelsen af seks af mSlene; rent drikkevand (mal 6), b^redygtlg energi (tnal 7), ansta^ndlge Jobs og0konomlsk vcckst (mal »), industrl, innovation og Infrastmktur (mal 9), beeredygtlge byer 09 lokalsamfund(itiSl 11) samt klimalndsats (m§l 13). Pensionskassen reviderer l0bende, hvilke bceredygtighcdsmll inve-steringerne skal underst^ttc.

1 2016 investerede pensionskassen sammen mod dc 0vrige penslonskasser I PKA-samarbejdet ca, 3 mla.kr. I den engelske havvindm^llepark, Burbo Bank Extension, der vll produccre strsm til flere end 230.000husstande. Derudover Investerer penslonskasserne 1,3 mia. kr. i et biomassekraftvaerk, der fyrcs med b^-redygtlg biomasse. Kraftvrcrkct vil producere strem til ca. 600.000 husstande.

I 2015 tog pensionskassen pa baggrund af flnansicllc og klirnamsesslge overvejelser sit f0rste skrift rnod atreducere eksponeringen i C02-intonsivc selskaber. Typlsk er der tale om mine-, forsynlngs- og energlsel-skaber. Pensionskasscn gar i dialog med selskaberne, hvor malet or, at de reducerer deres kulforretning ogomstiller til mere klimavenllge energikildcr. Sclskaberne skal fremlcegge en forretnlngsstrategi, der udfaserderes kulaktivileter, tager h0jde for reguleringer af energlsektorcn og det 0gede polltlske klimafokus. Erselskabet ikke I stand til det, sS s^lger pensionskasscn sin cjerandel og ekskluderer selskabet. Forelwbigcr 40 selskaber ekskluderet.

Pensionskassens ambition er Ikke at Sedge sine ejerandele, men derlmod pSvltke selskabemc i en ba^re-dygtig retnlng. Del aktive ejerskab liar vist sin VcercJI og rykket selskabcrnc i en bceredygtlg retnlng. Indtilvldere bar 10 selskaber lagt strategler for reduktion af kulaktiviteter, og pensionskassen bar derfor bcboldtsine ejerandele I selskaberne.

Strategien fra kulscktoren blev 1 2016 fort vldere til olicscktoren, bvor pensionskassen ekskluderede 7 sel¬skaber, hvor udvlndlng af oliesand udg0r over 50 procent af forretningen. Pensionskassen forventer, at derkoijimer yderllgere eksklusioncr i oliesektoren I 2017.

I 2016 lanccrede pensionskasscn ud fra finansielle og klimamzessige overvejelser en ny klimastrategi forden danske ejendomsportcffllje. Strategien skal bidrage til den gr0nne omstilllng og sikre ejendommenesVccrdl og afkast til medlemmerne. Frem mod 207.0 vll pensionskassen reducere den gcnncmsnitlige c;02-

Penslcnskassen for Sygeplejersker oy LiegetiekreUerer

Ai srapport 2016 5

udledning med AO procent pr. kvadratmeter. Det svarer til, at ejendomsporlefoljen glr fra en gennemsnit-lig energlma?rl<nlng C til enercjltncerkning B 1 2020.

Derudover flk penslonskassen I 2016 bcercdygtighedscertiflcerel to ejendomme. En kontorejendom varmed i et pilolforsag fra DGBN^ordnlngen, derskal laftc arbejdet med bceredygtighed for ckslstcrcndcejendomme. Pjendommen mudtog guld, som cr den njcsthejeste karaktcr. Samtidlg blev SundhedshusetI Vcjle gLfld-oeitlficeret fra LECD-ordnlngen^ Derudover byggede penslonskassen Danmarks fsrste svane-msrkcde lejebollger, hvor alle materialer lever op til skrappc krav til mrljs- og sundhedsskadcligc stoffer.Ejendommen har et lavt energiforbrug, sundt Indekllma og fokus pa b«rodygtlghed 1 hele ejendommenslevetid - fra opf0relse og drift til genan vend else af materialer. Penslonskassen vll fortsat arbejde for, atnye ejendomme enten bllver certlficeret i den h0je ende af skalaen eller svancmccrket-

I 2016 investerede penslonskassen sammen med de evn'ge penslonskasser i PKA-samarbejdet 200 mto.kr. I en ny dansk landbrugsfond, der forbedrer produktion, distribution og salg af fadevarer 1 Aslen, Afrlkaog l.atinamerika. Fonden Investercr i projekter, hvor leknologi og viden fra danske landbrugs- og f0dcva-revlrksomheder kan l0fte effektlvlteten og produktlonen af f0devarer I udvlkllngslandene til de voksendebcfolknlnger. Fonden hldragcr til at skabe jobs og veekst I udvlkllngslandene, og qua penslonskassens ak-llve ejerskab arbejdes der labendc for, at jobskabelsen sker pa ordentlige l0n- og arbejdsvllkar.

AfkastDet samlede afkast I 2016 blev pa 9,1 %, svarende til 9.196,1 mlo. kr.

Samtlige afkastklasser gav positive afkast i 2016. Aktler, Infrastruktur og krcditobllgatloner bldrog medtoclfrede afkast, mens afkastct pa ejendomme, investment grade obllgalioner og absolut afkast var la-vere, men meget tllfredsstlllende.

Samarbejde oni investennger og likviderPenslonskassens formuc forvaltes af PKA A/S og penslonskassen samarbejder cftcr indgaet aftale med an-dre penslonskasser adrnlnlstrcrct af PKA A/S cm effektiv og rationel styrlng af Investeringer og llkvider forat opna st0rst muligt afkast og rninlmoring af omkostninger.

Af/edte finansielle InstrumenterPenslonskassen anvender I veesentllgt omfang afledte finansielle Instrumenter til investerings- og afdaek-nlngsformal.

AdministrationPenslonskassen og de tllknytlede virksomheder admlnlstreres af PKA A/S. PKA A/S har outsourcet en del afsine administrative opgaver blandt andet til Forca A/S.

Direktionen og vcesentlige rlslkolagere med fast l0n er delvlst ansat og afl^nnet af penslonskassen. Denansvarsbavende aktuar er ansat men Ikke aflwnnet af penslonskassen.

Status for opfyldelse af m3ltal for det undeirepi adsenterede k0n I ledelsenDer er i lov oin finanslel vlrksomhed krav om, at finansielle virksomheder skal opstllle maltal for dentonsmcessige representation I bestyrelsen samt udarbejde en polltik for llyerepr^sentatlon i ledelsen afselskabet, hvls der er en underrepraBsentatlon af det ene k0n I bestyrelsen. Der er underrepraesentatlon,hvls det ene k0n er reprcesenteret med mlndre end 40 % I bestyrelsen.

Regleme om maltal for k0nsiepr«sentatlon 1 bestyrelsen tager udgangspunkt I de generalforsamlings-valgte mcdlemmer af bestyrelsen, men I penslonskassen udpeges et flertal af bestyrelsesmedlemrnerneaf overenskomstparterne. Det bllver pS den baggrund ikke retvisende at vedtage maltal for de general-forsamllngsvalgte medlemrner af bestyrelsen. Bestyrelsen har derfor fastsat et maltal for den k0nsm«s-sige sammenscctning af den samlede bestyrelse.

Bestyrelsen har besluttet, at maltallct for maand I bestyrelsen skal vasrc mindst 25 % og maltallet forkyinder i beslyrelscn skal vasre mindst 40 %. Ved arets udgang var den l^nsmcesslge andel I bestyrelsensadan, at der var 36 % mafnd i bestyrelsen og 64 % kvlnder I bestyrelsen.

De opstillede maltal er saledes opfyldt.

1 'I'ysk baircdygtighcclsccrlilicevingsordning lilpijsscl dtrnskc vilkflv, der bl.a. bedmmer ejendommens miljomajssigc-,flkoimmiske-, socialc og funktiouelle kvtililofer.7 Amerikausk bjeredygtighedsceilificciingsoidning, derbl.a, bedemmcr ejeudonunens iniljomicssigo,^kononiiske-,socialc og funkdonellc kvalilcfor,

Penslonskassen for Sygpplejersker og Losgosekrer^rer

6 Arsrapport 201G

Der er ikke vedtagel en polltik for llgereprccsentation i ledelscslagene under direktionen I penslonskassen.Pcnsionskassen totaladminlstrcrcs af PKA A/S. PKA A/S havde I 2016 en k0nsma^sslg fordeling i ledclsesla-gene under direktionen pa 57 % meend og 43 % kvinder, og der er pa den baggrund ikke udarbejdet enpolitik for ksnsmtcssig ligcrcptcesentation i de 0vrige ledelseslag I PKA A/S,

RevisfonsudvalgI hcnhold til lovgivningen skal penslonskassen etablere et revisionsudvalg, Formanden skal vecrc uaf-hcengig og mlndst et medlem skal have kvalifikationer indenfor regnskabsv^sen ell^r revision.

Formanden for revisionsudvalget er Birgilte Tausen; som opfylder kravene om bade uafheengighed ogkvalifikationer inden for regnskabsveesen eller revision. De 0vrige medlemmer af revisionsudvalget erBent Hansen og Grete Christensen.

Risici og solvens forbundet med pensionskassens forretnlngsmodelPensionskassens forretnlngsmodel er I et risikoperspektiv slmpel, da den bygger pa en overenskomstba-seret, kollektlv og solldarisk arbejdsmarkedspensionsordning, hvor der anvendes outsourcing I veesentiigtomfang. De vzescntiigste risici knytter sig til markedsrislcl, forsikrlngsmcessige risici og outsourcing.

MarkedsrisiciPenslonskassen udbyder et gennemsnitsrenteprodukt. Nye inedlemmer optages til cn gmndlagsrente pS0 pet., ligesom penslonskassen stadig har cn del medlemmer med renter pa rnellem 1,75-4,25 pet. Dettemedf0rer en eksponering mod renterislko, som labende afdeekkes.

Penslonskassen ©nsker at levere robuste pensioner til sine medlemmer. Dette slkres ved en langslgtetinvesteringsstrategl, hvor mSlet er at opna h0je, stabile afkast pa en ansvarllg made, der som minimumkan honorere afkastkravet fra dc foivcntede pensioner. Et vedvarende lavt afkast pa investeringsakti-vcrnc eller store flnansleile tab er en rlslko mod at kunne levere robuste pensioner. Den eksponering erpensionskassens markedsrlslko. Rlsikoen afdeekkes ved at sprcde investeringerne I en raskke forskelllgeaktivklasser.

Der Investeres kollektivt for medlcmmerne. Eventuelle tab p§ Investeringerne skal deckkes af koilektlvet,men pensionskassens andel af bonuspotentlaler slkrer, at eventuelle tab pa dc flnansleile markeder Ikkeovervceltes til medlemmernes depoter i de enkelte ar, men at medlemmerne I stedet fSr tilskrevet den tilenhver tid udmeldte kontorente.

Rislkotagnfngen er en foruds^tning for at opna et tllstrskkellgt afkast til at sikre robuste pensioner. Detor I den sammenhceng en va?sentlig opgave for bestyrelsen at fa fastlagt den onskede risikoappetlt I formaf den valgte Investeringsstrategl.

Pensionskassens risikoappetlt er fastsat ud fra to mal. Penslonskassen beskytter medlemmernes pensio¬ner (PBG), og penslonskassen overholder gasldende solvensregler. Bestyrelsen fastsEetter 1 sin rislkosty-rlngspolitik slkkcrhcdsniveauerne for PBG-gr^nserne, der giver de risikom<esslge rammer for pcnsions¬kassen I forhold til de forventede pensioner. I tilleeg kan solvensoverdseknlngen i s^rllge tllfa:lde scetterammerne for pensionskassens rlsikotagning.

Penslonskassen har en kapltalplan og en n0dplan baseret pa rlslkostyrlngsmodellen (PBG) saint solvens-kapitalkravet (SCR). I kapitalplanen sk0nnes den flnansleile situation I pensionskassens strategiske plan-Imgnlngsperlodc at v«rc betryggende,

Forsikrlngsmsessige risiciPcnsionskassen giver llvsvarige pensioner, og er saledes risikom-essigt eksponeret mod cendrlnger til denforventede levealder blandt medlemmerne.

Penslonskassen er en solldarisk ordning mod invaliditetsdcekning uden krav om helbredsoplysnlnger vedoptagelse, sa lecngc mcdlcmmet eromfattet af en af de omfattede faggrupper. Penslonskassen cr rislko-massslgt eksponeret mod udvlkllngen I f0itldsponsioncrlngcn af medlemmerne.

Penslonskassen overvager udviklingen I de forsikringsmcessige risici ta?t, og hensffitter 1 henhold til Fl-nanstilsynets levetldsbenchmark.

Penslonskassen for Sygeplejerskcr og LKgesekretcerer

Arerappoit 2016 7

OutsourcingPenslonskassen anvender outsourcing i vêsentligt omfang. Det er direkte outsourcing til PKA A/S, derigcn har vidcrcoutsourcet en stor del af drlften til Forca A/S. Administration aP ejendomsinvesteringer eroutsourcet til DEAS A/S.

Risikoen styres I form af kontrollcr og serviceieveranceaftaler.

Solvens IIPr. 1. januar ^0,16 tradte Solvens 11 rcglcrne I krart, og der er 1 dcnnc forblndelse udstedt nye regnskabs-rcglcr, som sikrer en haj grad af konsistens mellem opg^relser til solvensformal og opgwrelser til regn-skabsmsssige formal. Overgangcn til nye regnskabsregler indebcerer blandt andet, at medlemsadfccrdskal indrcgnes i penslonshensceltelserne, og at der skal anvendes en diskonteringsrentekurve Opgjort afden europîskc tilsynsmyndighcd EIOPA, Penslonskassen har anssgt og opnaet tllladelse til at anvende ettillceg til kuruen, det sikaldte VA-tlll<Eg.

KapltalfoHioldEgcnkapitalen er I 2016 forget med 1.370,3 rnio. kr. til 20.6'/g/6 mlo. kr. Kapitalgrundlaget udg<ar heref-ler 21.493,0 mio. kr. mod J9.973,5 mio. kr. i 2015.

Solvcnskravct SCR er opgjort efter standardmodellen. Pr. 1. januar 2016 erSCR opgjort til 4.711,4 mlo.kr. og udg0r ultimo 2016 4.744,2 mlo. kr.

Ny regnsl<absbekeiidtg0rel5eFlnanstllsynet har udstedt ny regnskabsbekendtg0relse gteldende fra 2016. /tndringernc pavlrker kun I be-granset omfang pcnsionskassen.

BonuspolitikPensionskassens bonuspolitik er rammebascrct og skal tilstr^be, at der cr cn stabil udvlkllng over tid imedlemmernes pensioner sa penslonerne s§ vldt mullgt bevarer deres kubekraft.

Herved er der Ikke taget stilling til, at der skal ske en regulering hvert ar, der sikrer kwbekraften. Det, dertilstrecbes er, at udviklingon af penslonerne slkres pS sigt.

Llgeledes er det et udgangspunkt for bonuspolllikken, at krav om udvlkling af penslonerne forudscetter etrlmeligt niveau af pensionen, der skal reguleres. Salcdcs vil pensioner, der prim«it cr baseret pa en h0jrente og/eller forudsEetnlnger om kortere levealder, Ikke nodvendlqvis skulle reguleres med de nuvaerenderenteforhold og aktucllc forudssetninger om levealder.

Egenkapitalen I pensionskassen ejes af medlemmerne. Prlnclpperne for fordeling af Irets resultat mellempcnsionshenscettelserne og egenkapitalen er derfor ikke af neer samme betydning I cn pensionskasse som Ien livsforslkringsvlrksomhed. Resultatet I en pensionskasse tllgSr I sin helhed altid medlemmerne.

Henssettelser til pensionsaftalerHens^ttelserne til penslonsaftaler er I 2016 fomget med 7.388,0 mlo. kr. til 88.677,3 mlo. kr.

Usikkerhed ved indregning og molingVed udarbejdelsen af Srsrapporten foreLages en rakke skfln og vurderlnger om fremtidlge forhold, somhar indflydelse pa den regnskabsmccssige veerdi af aktlver og forpllgtelser.

De Vcesentligste omrlder omfatter de pensionsmaesslge forpllgtelser samt vêrdianscettelse af unoteredealternative Invcsterlnger og ejendommc.

Ledelsen vurderer, at dc anvendte forudsastninger er forsvarlige men forbundet med en vis usikkerhed.Fplsomhedsoplysnlnger for en reekke af de anvendte forudseetnlnger frerngar af note 1ft,

Forventningor til fremtidonI savel USA som Europa forventes veeksten og Inflatlonen fortsat at stlge moderal, samtldig med at ar-bejdslosheden vil falde. Stlgende Inflation vll give anledning III mlndre stramninger af pengepolltikken ibade USA og Europa.

Politisk er der dog en raskkc begivenheder, der lean give anledning til uro pa dc finansielle markeder.

Pensionskassen for Sygepiejersker og Lo:gesckret®|-nr

8 Arsrapport 7016

For det farste er del endnu usikkert, hvilken politik den ny amerikanskc rcgering vil f0rc. Det gcelder forbade udenrigs- og handelspolitlkken, samt den 0knnomlske politik. Gennefnf0res eksempeMs handels-sanktloner mod Mexico og Klna, vil det medfore en lavere global vEekst. Cn st0rre finanspolltlsk ekspansionvll formcntlig mcdf0rc 0gct Inflation, og dcrmed yderllgere rentestlgninger udover dem der I ojebllkket erforventet I de amerlkanske obllgatlonsmarkeder. Del vil have st0rsl pavlrknlng pa koitc renter, mens delange renter vil pavirkes mindre.

For det andet er der valg I Frankrlg, Holland og Tyskland. I f0rste omgang er det valget I Frankiig I forSret,dor tiltrcckker sig opmcerksomhed i forhold til det h0jreorienterede parti Front Natlonales mullgheder for atvlnde prasildentposten. I alle de nsevnte lande er der dog mullghed for valg af mere natlonallstlskc partler,som, KtlllaBg til Brexit, kan udfordrc EU's sammenh^ngskraft.

Penslonskassen er robust og star godt rustet i forhold til dissc udfordrlngcr.

Haendelser efter balancedagenDor har ikkc vserot begivenheder cftor statusdagen, som har vasentllg Indflydelse pa penslonskassens ogkoncernens okonomt'ske forhold.

Penslonska^en for Sygeplejersker oy Lceyesekrelcerer

Arsrapport 2016

Ledelseshverv

DireUtionens ledelseshverv erf0lgende:

Admlnistrerende direkt0i' Peter Damgaard JensenAdm. Dlrckt0r I PKA A/SAdm. Direkt0r I tre penslonskasser, der er admlnlstreret af PKAAdm. Dircktsr i pcnsionskassernes cjcndomsaktlcsclskaberBestyrelsesformand i PI<A+ Pension Forsikringsselskdb A/SBcstyrelsesformand i A/S Kjsbcnhavns EJendomsselskabBestyrclscsformand i Forstedernos EjendomsaktieselskabBestyrelsesformand I PKA AIR A/SBestyrelscsformand I Poppelstykket J2 A/SBestyrelsesformand I PKA Skejby Komplementar ApSBcstyrelsesformand I PKA Skejby P/SNasstformand I Forca A/SBestyrelscsmcdlcm i Forsikringsorganisationcrncs Fcellessekretarlat F.M.B.A.

Bestyrelsens ledelseshverv er f0lgende:

Bestyrelsesformand Bent HansenBestyrelsesformand I penslonskassernes Administration A/SBestyrelsesmedlem i Fonden bag udstllllng af skulpturcr ved AarhusbugtenBestyrelsesmedlem I Fonden Aarhus 2017Bestyrelsesmedlem i Grenaa Havn A/S

Ncestformand Grete ChrlstensenNeestformand i Pcnsionskassernes Administration A/SBestyrelsesformand I Korbrugsforenlngen af 1886Bestyrelsesformand i Sygcplejcrskernes Fritidsboliger A/SBestyrelsesformand I A/S KnudemosenNeestformand I Hotel Koldingfjord A/SBestyrelsesmedlem I I.an og Spar Bank A/S

Bestyrelsesmedlem Mogens Eduard JespersenBestyrelsesmedlem Penslonskassernes Administration A/SDlrektlon MJ Autoservice Holding ApSBestyrelsesmedlem Cemtec Fonden

Bestyrelsesmedlem Dorte SteenbergBestyrelsesmedlem I Sygeplejerskernes Fritidsboliger A/S

Bestyrelsesmedlem Jette S0gaard NlssenBestyrelsesmedlem 1 Penslonskassernes Administration A/S

0vrige medlernmer af bestyrelsen bar ingen yderligeie ledelseshverv.

Pensionskar.sen for Sygeplejerskur oy LceyesekreUercr

10 Arsrapport 2016

LedelsespStegning

VI har dags dato behandlet og godkcndt arsrappotten for regnskabsSret 1. januar - 31. dcccmber 2016 forPenslonskassen for Sygcplcjersker og Lcegesekretcerer.

Arsrapporten aflazgges i ovGrcnsstemmf:lr.e med lov orn finanslet virksomhed.

DeL er vores opfatfelse, at koncernrcgnskabet og irsregnskabet giver et retvisende biliede af koncernensog penslonskassens aktlvcr og passiverog fltiansielle stilling pr. 31. dcccmbcr 2016 og resultatet af kon¬cernens og penslonskassens aktlvlteter for regnskabs^ret 1. januar -31. december 2016'.

Ledelsesberetningen indeholder efter vores opfattclsc ct rctvlscndc billede for udvlkllngen I koncerncns ogpensionskassens aktlvlteter og 0konomiskc forhold, arets resullater og koncernens og penslonskassens fl-nansielie stilling samt en beskrlvelse af Vcesentlige risicl og usikkerhedsfaktorer, som koncernen henholds-vis penslonskassen stir over for.

Arsrapporten indstilles III generalforsamlingens godkendclsc.

Hcllciup, den 23. marts 2017

Direkti

llellerup, don 23. marts 201.7

Dorte Steenbcig

Henrik Thorup Gamst F-d(<i^i_iejipers6T^_ IMathali Schaap Degn(4mA

Jette Ssgaard Nissen

Birgltte Olsen Tausen

C.

Penslonskassen for Sygepiej^rsker og Lrrgesekretaerer

Arsrapport 2016 II

Den uafhsengige revisors revisionsp^tegning

Til medlemmerne i Pensionskassen for Sygeplejersker og Lcegesekretferer

KonklusionVi har revidcrct koncernregnskabct og arsregnskabct for Pensionskassen for Sygcplejersker og Leegcsckre-Lcerer for regnskabsSret 1. januar - 31. dcccmber 2016, der omfatter resultatopg^relse og totallndkomst-opgorclse, balance, egenkapitalopgerelse og noter, herunder anvendt regnskabspraksls, for sSvel koncer-nen sorn pensionskassen. Konccrnregnskabet og arsregnskabet udarbejdes after lov om flnansiel vlrksom-hed.

Det er vores opfattelse, at konccrnregnskabet og arsregnskabet giver et retvlsende blllede af koncernensog pensionskassens aktlver, passiver og finansicile stilling pr. 3.1. december 2016 samt af resultatet afkoncernens og pensionskassens aktlvlteter samt koncernens pengestr^inme for regnskabsaret 1. januar -31. december 2016 i overensstemmclsc med lov om flnansiel vlrksomhed.

Grundlag for konklusionVI har udf0rt vores revision 1 overcnsstemmelse mcd internationdle standardcr om revision og de yderli-gere krav, der er gceldende I Danmark. Vores ansvar Ifylge dtsse standarder og krav er na^rmere beskreveti revlslonspategningens afsnit 'Revisors ansvar for revisionen af koncernregnskabct og arsregnskabet'. VIer uafh^ngige af koncernen I overensstrmmRlse med intcrnatlonale etiske regler for revfsorer (lESBA'sEtiske regler) og de yderllgere krav, der er gaaldende I Danmark, llgesom vi har opfyldt vores etiske for-pligtelser I henhold til disse regler og krav. Dct or vores opfattelse, at det opnaede revisionsbevis er III-sbcekkellgt og egnel som grundlag for vores konklusion,

Ledelsens ansvar for koncernregnskabet og ArsregnskabetLedelsen har ansvaret for udarbejdelsen af et koncemregnskab og et Srsregnskab, der giver et retvisendeblllede 1 overcnsstcmmclse mcd lov om finanslel vlrksomhed. Ledelsen har endvidere ansvaret for denInterne kontrol, som ledelsen anser for n0dvendlg for at udarbejde eL koncemregnskab og et Srsregnskabuden Vccsentlig fej I information, uanset om denne skyldes besvigclscr oiler fejl.

Vcd udarbejdelsen af konccrnregnskabet og arsregnskabet er ledelsen ansvarlig for at vurdere koncer¬nens og pensionskassens evne til at fortssette driften, at opl^se om forhold vedr0rende fortsat drift, hvordette er relevant, samt at udarbejde koncernregnskabct og arsregnskabet pa grundlag af regnskabsprin-cippet om fortsat drift, medmlndre ledelsen enten har til henslgt at likvidere pensionskassen, indstilledriften eller Ikke har andet reaiistisk alternatlv end at gsre dette.

Revisors ansvar for revisionen af koncernregnskabct og SrsregnskabetVores rricil er at opna hdj grad af sikkerhed for, om koncernregnskabct og arsregnskabet som'hdhed eruden vcesentlig fejlinformatlon, uanset om dette skyldes besvlgelser eller fejl, og at afglve en revlslonspa-Legnlng med en konklusion. Hoj grad af sikkerhed er et h0jt niveau af sikkerhed, men er ikke en garantifor, at en revision, der udfflres I overcnsstemmelse med Internationale standarder om revision og de yder-ligere krav, der er ga?ldende I Danmark, altid vll afdeekke vassentllg fejlinformatlon, nSrsSdan findes. Fejl-informationer kan opsta som f0lge af besvlgelser eller fejl og kan betragtes som v^scntlige, hvis det medrimelighed kan forventes, at do enkeltvis cilcr samlet har indflydelse pa de 0konomlske beslutnlnger, somregnskabsbrugerne tr»ffer pa grundlag af konccrnregnskabet og arsregnskabet.

Som led I en revision, der udfores I overensstemmelse med Internationale standarder om revision og deyderllgere krav, der er go^ldcnde I Danmark, foretager vi faglige vurdcringcr og opretholder professionelskepsis under revisionen. Herudover:

•Idcntifir.nrer og vurderer vi rlsikoen for v«sentllg fejlinformatlon I koncernregnskabet og Srsregnskabet,uansel om denne skyldes besvlgelser eller fejl, udformer og udf0rer revisionshandlingcr som rcaktion padissc risici samt opnar revisionsbevis, der cr tilstrffikkellgt og egnet til at danne grundlag for voreskonklusion, Rlsikoen for Ikke at ojxlage v^senlllg fejlinformatlon forarsaget af besvlgelser er h0jerc endved Vcesentlig fejlinformation forarsaget af fejl, idet besvlgelser kan opfatte sammensvaergelser, doku-mentfalsk, bevidste udoladplser, vildledning eller tllsldesaettelse af Intern kontrol.

¦ OpnSr vl forstaelse af den Interne kontrol med relevans for revisionen for at kunne udformc rcvlsions-handlinger, der er passende cfter omst<endighcdcrnc, men ikke for at kunne udtrykke en konklusion omeffcktivitcten af koncernens og sclskabets interne kontrol,

•Tager vi stilling til, om den regnskabspraksls, som er anvendt af ledelsen, er passende, samt om deregnskabsniccssigc sk0n og tilknyttede oplysningcr, som ledelse har udarbejdet er rlmellge.

•Konkluderer vl, om ledelsens udarbejdelse af koncernregnskabet og arsregnskabet pa grundlag af regn-skabsprinclppet om fortsat drift er passende, samt om der pa grundlag af det opnaede revisionsbevis erveesentlig usikkerhed forbundet med beglvenheder eller forhold, der kan skabe betydelig tvivl om kon¬cernens og pensionskassens evne til at fortsa^tte driften. Hvis vi konkluderer, at der er cn vcesentlig

Pensionskassen for Sygeplejersker oy Lceyesekreteerer

12 Arsrapport 2016

uslkkerhed. skal vl i vorcs rcvisionspategnlng gare opmicerksom p§ oplysnlnger herom I koncemregn-skabct og arsrcgnskabet eller, hvis sadanne oplysnlnger Ikke er tllstrcckkcligc, modlflcere vorcs konklu-sion. Vores konklusloner er baseret pa det revlsionsbevis, dcr cr opnaet frem III datocn for vores revisi-onspategning. Premtldlge beglvenheder ellcr forhold kan dog medf0re, at koncernen og penslonskassenikke Iffingere kan fortScCtte driftcn.

0Tager vl stilling til den samlede presentation, stmktur og Indhold af koncernregnskabet og 3rsregnska-bet, bcrimdcr noteoplysnlngeme, samt om koncernregnskabet og arsregnskabet afspejler dc underllg-gende transaktloner og begivenheder p§ eti sSdan made, at der gives et retvlsendc billcde beraf.

- Opnar vl tilstr<ekkellgt og egnet revlsionsbevis for de flnanslelle oplysnlnger I virksomhederne eller for-retnlngsaktlviteterne I koncernen til brug for al udtrykkc en konklusion om koncernregnskabet. VI eransvarllge for at ledc, fflre tllsyn og udf0rc koncernrevislonen. VI er eneansvarlige for vores revlsions-konklusion.

VI kommunikerer med den 0verstc ledelse om bl.a. det planlagte ornfang og den tidsmecssige placerlng afrevislonen samt belydelige rcvisionsmasslge observationer, herunder eventuelle betydelige mangier i In¬tern kontrol, som vi identificerer under revisionen,

VI afglver ogsa en udtalelse til den 0verste ledelse orn, at vi bar opfyldt relevante etlske krav vedrflrendeuafhecngighed, og oplyser den om alle relationer og andre forhold; der med rlmellgbed kan tcenkes at pa-virke vores nafliEengighed og, hvor dette er relevant, tllh0rende sikkerhedsforanstaltninger.

Udtalelse om ledelsesberotningonLedelsen er ansvaiiig for ledelsesberetningen.

Vores konklusion om koncernregnskabet og Srsrcgnskabet ornfalter ikke ledelsesberetningen, og vi udtryk-ker ingen form for konklusion med sikkerhed om ledelsesberetningen.

1tilknytning til vores revision af koncernregnskabet og arsrcgnskabet er det vores ansvar at Irese ledelses¬beretningen og i'den forblndelse overveje, om Icdclsesbfiretnlngen cr v^scntligt Inkonsistent mod kon-cernregnskaheb'eller Srsregnskabct eller vores vldei\ opnaet ved revisionen eller pa anden m§de synes atIndeholde Vcesentlig fcjlinformation.-

Vores ansvar er derudovcr at overveje, om ledelsesberetningen Indeholder krasvede oplysnlnger i benboldtil lov om finansiel virksombed.

Baseret pa det udf0rte arbejdc cr det vores opfaLtelse, at ledelseslieretnlngen er i overensstemmelse medkoncernregnskabet og arsrcgnskabet og er udarbejdet i overensstemmelse med kravene I lov om finansielvirksombed. VI bar ikke fundet vassentlig fcjlinformation I ledelsesberetningen.

N0gletallet solvensdcokning,oLedelsen er ansvarlig for n0glelallet solvensd^kning, der fremgar af note 2.1 kftncernrcgnskabet og ars¬regnskabet.

Som anf0rt I note 2 er n0gletallet solvensd^knlng undtaget fra kravet om revision. Vores konklusion omkoncernregnskabet og Srsregnskabet omfattcr derfor Ikke nogletallet solvensdaekning, og vi udtrykkeringen form for konklusion med sikkerhed om dette n0gletal.

I tilknytning til vores revision af koncernregnskabet og arsrcgnskabet er del vores ansvar, at overveje,om nogletallet solvensdceknlng cr veesentllgl Inkonsistent med koncernregnskabet og Srsregnskabet ellervores Viden opnSet ved revisionen eller pa anden mSde synes at Indeholde Vcesentlig fejlinformatlon.

Hvis vi p§ dette grundlag konkluderer, at dcr cr vcesentlig fejlinformatlon I nogletallet solvensd<ekning,skal vl rappoitere herom. Vi bar intct at rapportere i den forblndelse.

K0benhavn, den 23. marts 2017

DeloitteStatsautoriacrct RevisionspartnersclskabCVR-nr. 33 9^ 35 56

V Lars Kronowslatsautoriseret revlsor

eronc/rdUtoriseret revlsor

PensioilSKOSSCn for SygeplejerskPr og L-rgpsekretcerer

Arsrapport 2016 13

Rosultat- og tot;almdkomstopcj0relseAllc bel0b I irio. kr.PensionskassenKoncemen

Note 2016201520162015

Buittomedleirsbidrag3Afg iv n e g e nforsikri n gsp ra^mler

Medlemsbldrag f.e.r., i alt

rnclLa<)ter fra tllknyttede virksornhedcrIndtccgter fra assoclerede vlrksomhederIndteegter af investcringsejendotmieRenteindt<egter og udbyttcr m,v.Kursreguleringer4RenteudglfterAdmlnistrationsomkostninger I forblndelsemed invcsteringsvirksomhed

Investeringsafkast; f alt

Pensionsafkastskat

Udbetalte ydelser

Penslonsyderser f.e.r.^ i alt

/Endring i pcnsionshensa3ttefser f.e.r.I alt5

/Endring i fortjenstmargen

/Endring i overskudskapital

Ad inin ist t a t io nsorrkos t n ing e r

Penslonsm^sslge drlftsomkostnlngei'f.e.r. i alt6

Overf0rt investerlngsatlost

PENSIONSTEKN1SK RESULTAT

Egenkapltalens investetingsaflosl

RESULTAT F0RSKAT

Pensionsafkastskat for egenkapital

ARETS RESULTAT

Kapitalbevcegclscr (onivurdering) Iassociercdc viiteomhederl lcraf fordolt til forsikrlngs- oginvesteiingskontrakterPensionsafkastskat af anden totallndkomst

ANDEN TOTALINDKOMST

ARETS TOTALINDKOMST

Realiseret resultat7

Arcts resultat overf^res til egenkapitalnn.

3.747,8 3.296,7 3.747,8 3.296,70,0 -0,5 0,0 -0,5

3.747,8 3.296,2 ' 3.747,8 3.296,2

800,3 384,84.203,3 2.706,0 4.269,2 2.682,1

83,2 77,1 281,2 250,62.830,4 3.117,0 2.844,7 3.111,01.592,1 -4.005,8 2.215,0 -3.762,3

-77,9 -230,4 -79,6 -229,2

-333,5 -236,2 -352,8 -239,9

9.177,8 1.812,4 9.177,8 1.812,4

-1.388,8 -222,4 -1.388,8 -222,4

-7.594,6 -2.436,7 -2.594,6 -2.436,7

-2.594,6 -2.436,7 -2.594,6 -2.436,7

••7.388,0 -2.010,2 -7.388,0 -2.010,2

0,0 0,0

-149,2 -98,1 -149,2 -98,1

-50,3 -55,0 -50,3 -55,0

-50,3 -55,0 -50,3 -55,0

-1.354,7 -286,0 -1.354,7 -286,0

0,0 0,0 0,0 0,0

1.594,7 320,1 1.594,7 320,1

1.594,7 320,1 1.594,7 320,1

-240,0 -34,1 -240,0 -34,1

1.354,7: —

286,0 1.354,7 286,0

96,1 96,1

-77,7 -77,7-2,8 -2,8

15,6 0,0 15,6 0,0

1.370,3 286,0 1.370,3 286,0

PHtisiotiskasson for Sygeplojcrskor og Lsegp^pkretjerer

14 Arsrapport 2016

Balance

AK7TVERAlle beleb I mo. kr. Pensionskassen KoncGrnen

Note 2016 2015 2016 2015

Investerlngsejendomme 8 2.854/3 2.803,2 8.521,0 8.018,8

Kapitalandele i tilknyttede virksotra-icdcr 15 7.336,7 6,519,135.290,8Kcipitalondclc i associerede viti<somhcdcr lb 47.313,0 35.318,0 47.370,1

Udlan tli associerede vlrksomheder 1,807,3 596,3 2.626,6 1.306,1

Investeringer 1 tilknyttede ogassocierede vlrksomheder, 1 alt 56.457,0 42.433,4 49.996,7 36.596,9

Kapitalandele 14.466,0 12.708,7 16,364,7 14,349,9

Investeringsforenlngsandelo 6.347,9 6.902,9 6,347,9 6,902,9Obligationer 22.776,9 26.069,7 22,776,9 26.069,7Pantesikrede udlan 0,4 1,1 0,4 1,1Andre udlan 12.726,7 J6.120)l 12,726,7 16,120,1

Indian i kred It Inst It utter 1.327,1 3.087,5 1.127,1 3,087,5Aflcdtc flnanslelle instrumcntcr 8.395,1 6.239,9 8.395,1 6.239,9

Andre finansielle investeringsalctiver.i alt 9 65.840,2 71.129,9 67.738,8 72.771,1

INVESTERINGSAICTTVERI ALT 125.151,4 116.366,5 126.256,5 117.386,9

Tllgodehavender hos penslonstagerc 30,1 16,7 30,1 16,7

Tllciodehavender hos tilknyttedevlrksomheder 993,5 886,4Tilgodehavender hos associeredevlrksomheder 92rG 85,6 92,6 85,6Andre tllgodehavender 35,3 442,8 53,7 478,4

TILGODEHAVENDER, 1 ALT 1.151,5 1.431,5 176,4 580,7

Udskudtc skattealdlver 255,0 255,0Llkvidc beholdnlnger 18,0 186,7 27,8 200,4

ANDRE AKT1VER, I ALT 18,0 441,7 27,8 455,4

Tllgodehavende renter 461,1 495,5 450,3 485,5Andrepeiiodeafgr^snlngsposter 213,0 197,0 213,0 197,0

PERIODEAFGR^NSNINGSPOSTER, I ALT 674,1 692,5 663,3 682,4

AKTIVER i ALT 126.995,0 118.932,2 127.124,1 119.105,4

SikUerhodsstlllelse

Eventualaktlv/

1011

»

Pensionskassen for Sygeplajersker ckj Lcegesckrnta^rer

Arsrapport 2016 lb

Balance

PASSIVERAlle bel0b I irio. kr.PensionskassenKoncernen

Note 2016201520162015

RcserverOvGrf0rt overskud

15,620,664,0 19.309,3

15,620.664,0 19.309,3

EGENKAPCTAL, I ALT 20.679,6 19.309,3 20.679,6 19.309,3Overskiidskapital 12 813,4 664,2 813,4 664,2ANSVARLIG LANEKAPITAL 1 ALT 813,4 664,2 813,4 664,2

PensionshenscEttelser 13Fvitienstrrorgen pa penslonshensaettelscr

88.677,30,0

81.289,30,0

88.677,30,0

81.7.89,30,0

HENS/ETTELSERTIL PENSIONSAFTALEROG IIWESTERINGSKONTRAKTER, I ALT 88.677,3 81.289,3 88.677,3 81.289,3UdskiidLe skatteforpligtelserAndre hcnsecttelser

194,919,2 19,5

194,930,3 30,0

HENSATTE FORPLIGTELSER, I ALT 214,1 19,5 225,3 30,0

Goild anglende afledtc finansielleinstrumenter * 9Gasld til kred it Inst it utterG®ld til tilknyttede virksomhederAktuelle skattcforpfigtclscrAnden gêld

10.654,34.904,3

6,6932,9

87,4

8.378,08.627,8

0,0• 527,8

104,3

10.654,34.904,3

932,9211,8

8.378,08.627,8

527,8267,0

G/ELD, I ALT 16.585/5 17.637,9 16.703,4 17.800,6

PERIODEAFGR/ENSNINGSPOSTER 25,1 12,0 25,1 12,0

PASSIVER I ALT 126.995,0 118.932,2 127.124,1 119.105,4

Anvendt regnsknbspraksisl

FernSrsoversigt over houed- ognogletal2

Eventualforpllgtelser14

Ncertstênde paiter m.v.15

Rislkooplysninger36

Specifikation af aktiver og dissesafkast17

Falsomhodsoplysninger18

Pftisionskdssen for Sv{jeplejersker og Lêgcsckreleerer

16 Arsrapport 2016

KapitalforholdAlle belab I mio. kr.

PensionskassenKoncernenEgenkapital2016201520162015

Egcnkapital pr. 1. Januar 19.309,3 19.023,3 19.309,3 19.023,3Ovcif0rt fra disponering af arcts rcsultat 1.354,7 286,0 1.354,7 286,0Andcn Cotalindkomst 15,6 0,0 15,6 0,0

Egenkapital 1 all 20.679,6 19.309,3 20.679,6 19.309,3

Pensionskassen KoncernenKapltalgrtmdfag 2016 2015 2016 2015

Eqenkapital 20.679,6 19.309,3 20.679,6 19.309,3Overskudskapital 813,4 664,2 813,4 664,2

Kapitalgrundlag 21.493,0 19.973,5 21.493,0 19.973,5

Pensionskassen for Sygcplcjcrskpr og La?gesekreta?i er

Arsrapport 2016 1/

NoterA lie bel0b I mlo. kr.

Note 1Anvendt regnskabspralcsis

Arsrapporten for konccrncn og pcnsionskassen er udarbejdet I overenssternrnelse med best-emmnlserne ILov om finanslel virksomhed og FlnansCilsyncts Rcgnskabsbekendtgprelse om flnanslelle rapporter for for-slkrlngsselskaber og tv^rgaende penslonskasser.

Regnskabsbckcndtgorelsen for penslonskasser og livsselskabcr cr cendrct fra og med 2016. /Endringernerelaterer sig til Implementeringen af Solvens II-reglerne. Del har medf0rt fislgende tendringer I regn-skabspraksls:

¦ Ponslonshenscetlelser opgwres til nutidsvsrdi af bcdste sk0n af de forventede betallngsstremme.Der anvendes en diskonterlngsrentekurve opgjort af den europeeiske tilsynsmyndighed EIOPA ogmedlemsadferd i forhold til genksb og frlpollce Indregnes,

•Penslonskassen for Sygcplcjorsker og La:gesekretcerer bar ansagt og flk gudkendelse til at brugeen diskonterlngsrentekurve med VA-tlllceg. Godkcndelsc harvceret goildcndc fra prlmo 2016.

•Posterne Penslonshenscettelser^ Kollektlvt bonuspotentiale og Erstatningshcnscettclsc sarnies I enpost "Pensionshcnsicttelser", som bestar af elementerne Garanterede ydeiser; Indlviduelt bonus¬potentiale, Kollektivt bonuspotentiale og Rlsikomargen.

•Risikomargen svarer til det belfib, snm pensionskasscn forventcligt vil skulle bctale en anden for-sikrlngsvirksomhed for, at denne vll overtage risikoen for at afviklc bcstandon. Risikomargen ud-gjorde I forblnddsc med abningsbalancen 780.562.382 kr, og blev dsekket af Indlviduelt bonus¬potentiale,

•Sa:rllge bonushenscetlelser omd0bes til "Overskudskapital" (herefter Overskudskapital) og mod-tages under "Ansvarllg lanekapltal".

•Fortjeristmargen pa pcnsionshensa^ttelser er 0 I 2016.

De bel0bsm«ssigc cffcktcr pa rognskabets poster I forbindelse med a^ndrlngen af anvendt regnskabs-jraksis pr. 1. lanuar 2016 er:

Mlo. kr. Egenkapltal Overskuds¬kapital

Penslons-hensaettelser

Erstatnlngs-henseettelser

Kollektlvtbonus¬

potentialeArsregnskabet31.12.2015 19.309,3 664,2 79.504,2 45,9 1.739,2

/tfndring i vcerdi-reciulerlnq -1.018,9 1.018,9

Modela;ndring vedr.skyldlq bonus 86,3 -86,3

Omgruppering afposter 2.717,6 -45,9 -2.671,8

Abnlngsbalance01.01.2016 19.309,3 664,2 81.289,3

Med henvlsnlng til regnskabsbekendtgorelsens g 84 stk. 2 er det ikke fundet praktisk muligt at o^ndresammenlignlngstal, notcoplysninger og femarsoverslgter, saledes at de bliver I overensstemmelse medden nye metode, for perioden f^r 2016, hvorfor dc ikkc cr dlrcktc sammcnlignellge med 2016.

Arsrapportcn indcholdcr rosultatopgorelse for perioden 1. januar • 31. december 2016 og balance pr.31.12.2016 efter de nye regnskabsprlncipper. Derudover er mcdtagct sammenlignlngstal for den tllsva-rende pcriodc sidstc ar efter hldtidige regnskabsprlncipper.

Arsrapporten prcesenteres i mlllloner kroner med en decimal. Hveit tal afrunder. hver for sig. Dcr kan dcr-for forekomme afvigeiser mellem de anferte totaler og summen af de underllggende tal.

Pension!;l<a35en for Sygcplejerskcr og LaigGSokrefceter

Arsrappoit 2016

Principper for fordeling af over- og underskudPensionskassen har I overensstcmmclse mcd bekendtgerelse cm kontributionsprlficlppet anmcldl prfndpfor fordeling af arcts rcaliserede reaullat til Finanstilsynct

Hovedprlncippet I 2016 er, at den del af Srets realiserede resultat, der tilfalder egenkapitalen og over-skudskapltal, beslSr af en forrentnlng svarende til investerlngsafkastet far PAL-skat tlllagt tislkoforrentningpS 0,0 % af de gennemsnltllge penslonshen^cettelser. Betallnger til og fra egenkapitalen fraglr I egenkapi--talens andel af det rcaliserede resultat. Fra og mcd 2016 eendres prlnclpperne for tildcling af rlslkoforrcnt-ning, ligcsom prlnclpperne for tllbagcbctaling af eventuelle udlceg fra egenkapitalen og overskudskapltaleendres. Tab vedrorende de enkelte konlrlbutlonsgruppcr, der d^kkes af egenkapitalen og overskudskapl¬tal kan hentes I det efterr0lgende regnskabsar fra de enkelte gruppers individuelle og kollektlve bonuspo-tentlaler, hvls det er muligt. Andelene der overferes fra de individuelle og kollektlve bonuspotentlaler I dotefterf0lgende regnskabr-Sr anmeldes til Flnanstllsynet

KoncernregnskabetKonccrnrcgnskabet omfatter pensiqnskassen og tilknyltede vlrksomheder, hvor der udoves bestemmendeIndflydelse. Koncernregnskabet udarbejdes ved sammenlcegnlng (konsolidering) af pcnslonr.kassens og detllknyttede virksomheders regnskabsposter mcd ensartet Indliold.

Ved konsolidering forotages eliminerlng af koncernlntcrne indt^gter og omkostningcr samt koncernlntcrncaktiebcsiddciser og mellemva^rendcr.

Koncerninterne ydelser afregnes pa markedsbaserede vllkSr eller pa omkostningsdffikkende basis. Kon-cerninterne handler med vEcrdipaplrpr og andre Investeringsaktiver afregnes til markedsvKrdier.

Oinregning af valutaTransaktloner i udenlandsk valuta omregnes til transaktionsdagens valutakurs. Balanccposter i udenlandskvaluta omrcgncs til balancedagens lukkekurs.

Alle valutagevinster og -tab Indregnes I resultatopg^relsen under valutakursregulerlng.

Gen ere He principper for indregnlng og molingAktlver Indregnes i balancen, nar det er sandsynligt, at fremtidlgc fordele vil tilfalde vlrksomhcdcn, ogaktlvcts vsrdl kan males palideligt. Forpllgtelser indregnes i balancen, nar det er sandsynligt, at fremtl-dlge ekonomiskc fordele vil fraga virksomheden, og forpllgteisen kan males pSlldellgt.

1 resuitatopgorelsen indregnes alle IndtEegter i takt med, at de Indtjenes, og alle omkostnlnger indregnesmed de bel0bf der vedr0rer regnskabsaret.

l<0b og salg af flnansieile Instrumenter indregnes pa afvikllngsdagen, og Indregningen oph0rerf nar retfentil at modtage/afglve pengestromme fra det flnansielle aktiv eller passlv er udlpbct, eller hvls det er over-draget. Kebs- eller salgstransaktloner, som pa balancedagen endnu ikkc cr afviklet, Indgar I resultatop-gerelsen med deres tab eller avance.

Ved farste indregnlng m§les flnansielle Instrumenter til dagsvccrdi. Maling efter f0rste Indregning skersom beskrevet for hver enkelt rcgnskahspost nedenfor.

Resultatopg^relsen

BruttomedlemsbidragBruttomedlemsbldrag I penslonskassen omfatter forfaldne mcdlcmsbldrag for Januar - novembcrog for-ventede medlemsbidrag for dccember. Medlemsbidrag cr reduceret mcd arbejdsmarkedsbidrag.

Uclbetalte ydelserPcnsionsydelser omfatter ckspederede og udbetalte pensioner.

A dministrationPenslonskassen betaler et Srllgt fast bel0b (tarif) pr. medlem til PKA A/S for de aftalte administrative ydel¬ser, hvori Indgar l0nnitiger og vederlag til dlrektlon og bestyrclse.

Penslonskassen og de tllknyttede vlrksomheder betaler herudover en fast promillesats af formuens dags-va:rdl for portefaljepleje.

Penslonskassen for Sygcplejersker o«j Lcyyesekre^cerer

Arsrapport 2016 19

Tarif og promillesats t?r fastsat pa markedsbaserede vllkar.

Omkostninger ved vas rd i pa pi rad ministration er fndregnet soni adrnlnistratlonsomkostnlnger I forblndelscmed investeringsvirksomhed.

Omkostninger ved ejendomsadmlnistratlon or fradraget I lndta:gter af Investeringsejendomme.

JnvesteringsafkastIndtcegter fra tilknyttcde vlrksomheder Indeholder pcnslonskasscns andcl af dc tllknyttede virksomhedersdriftsresultater efter skat.i

Indtsegter fra associercde virksomhcdcr indeholder penslonskassens andel af associerede virksomhedersdriftsresultater efter skat.

indtcegter af Investeringsejendomme indeholdc?" rcsultat af ejendomsdrlft far regulerlng af ejendomrnenesvasrdi. I rcsultatet fragar omkostninger til ejendomsadministration.

Renter og udbytter med vldere Indeholder regnskabsarets Indtjcnto renter og modtagne udbytter in.v.

Kursregulering Indeholder reallserede og urealiserede gevinster pa Investerlngsaktlver herunder Vterdire-gulering af investeringscjeiidomme.

Overf0rt investerlngsafkastOverr0rl; Investeringsafkast er beregnet pa grundlag af egenkapltalens andel af det reaiiserede rcsultat ogIndregnes i posten Egenkapltalens Investeringsafkast.

PenslonsafkastskatPensionsafkastskat indregnes i lesultatopg^relsen med et belab^ der er beregnet pa grundlag af regnskabs¬arets skattepllgtlge afkast. Pensionsafkastskatten, som hviler pa det afkast, der forst Indregnes I penslons¬kassens skattcgrundlag i et efterfalgende regnskabsar, er indregnet som udskudt pensionsafkastskat.

Penslonsafkastskat fordeles mellem egenkapitalen og mcdlemmerne. Cgcnkapitalens andel af pensionsaf¬kastskat beregnes pa baggrund af egenkapltalens andel af reallseret resultat.

Balancen

Aktiver

InvesteringsejendommeInvesteringsejendomme males til dagsvaerdl balancedagen ved anvendelse af DCT-metoden subsidicertfwrstearsafkast-metoden for boligcjcndomme i ensattet stabil drift. I tnallngen tages hensyn til de aktuellerente- og markedsforhold samt ejendomrnenes bellggenhed, alder og vedligeholdelsesstand, herunder for-ventede fremtidige vedligeholdelsesomkostninger. Forrentningskravet er fastsat ud fra en forventning omat ejendommene vll kunne afheendes med salgsbcstrabelser I en rimclig tidsperiode.

Byggerier miles til kostpris i byggeperioden.

Mindre cjendomme males og indregnes til den seneste offentllge kontantvurdering.

Vcerdireguleiinger pa investeringsejendomme Indregnes I posten Kursreguleringer over resultatopgsrclscn,

KapltalandeleB0rsnoterede kapitalandele males til dagsveerdl baseret pS barsnoterede lukkekurser pa balancedagen.

Unoterede kapitalandele males III dagsvasrdi baseret pa en indivlduel vurdering af virksomhcdcrno, modhenblik pa at fasts^ttc den pris, som kapltalandelene skennes at kunne handles til. MSllngen er baseret pSde nogletal og vajrdlanscelLelsesmetoder, der normalt anvendes i forbindclsc med maling af virksomhcdcr.

In vestenngsforeningsandefeInvesterlngsforenlngsandele males til dagsvasrdi baseret pa b^rsnotcrede lukkekurser pa balancedagen.

Pcnslonskassen for Sygoplnjcrskcr o«3, Leegeiekretajrer

20 Arsrapport 2016

Obllgatlonerrastforrentede obllgatloner, konvertlble obllgatloner og Indeksobllgationer med tlllceg af Indeksreguleringermales til dagsvcerdi baseret pa bprsnoterede lukkekurser pa balancedaqen. Dagsv^rdlen af udtrukne obll¬gatloner bascrcs pa obllgatlonemes nutidsvcerdi, der tllncermelsosvis udg0r obllgatloncrncs nomlnellev<erdi.

Pantsikrede udlSnPantebreve mSles til en beregnef dagsvaerdl baseret pi fordrlngens effektive rente.

Andre udlinoAnsvarllg Indskudskapltal Itidregnes til en bcregnet dagsv^rdl baseret pa oplysnlnger om virksomhedernessolldltet Der hens^ttes til Imsdegaelse af lab, s^fremt oplysnlngerne tllsiger dette.

Repo/reverseV^rdlpaplrer, der er solgt som led I salgs- og tllbagck0bsfoiTetnlnger, beholdes I balancen under den re-spektive hovedpost f.eks. "obllgatloner" som forrentes og kursregulores. Det fiiodtagne bcl0b Indregnes ogforrentes som gajld til modparten. Vaerdlpaplrer eriwervet som led I kobs- og tllbagesalgsforretnlngcr op-fcages som lllgodehavender hos modparten og afkastet Indregnes under renter.

Afledte finansielle InstnimenterAfledte finansielle Instrumenter, anvendt til rcnterlslkoafdceknlng og andre formal, males til dagsvaerdl. In -strumenter med posltlv dagsvecrdi f0res som aktlver og instnimenter med ncgatlv dagsv^rdl f0res sompasslver.

Kapitalandele i tilknyttede virksomhederKapltalandele I tilknyttede vlrksomheder males til Indre veerdl (equlty-metoden). Efter denne metode bliverde tilknyttede vlrksomheders drlftsresultater Indregnet I penslonskassens resultatopg0relse. Penslonskas-sens resultat og egenkapital er herefter Identiske med koncernens.

Kegnskabsresultaternc fra de tilknyttede vlrksomheder fremkommer ved anvendelse af Indregnlngs- ogmSllngsmetoder, derer Identiske med de princlpper, der er anvendt I penslonskassen.

Kapltalandele / associorede vlrksomhederKapltalandele I assoclerede vlrksomheder Indregnes med penslonskassens ejerandel af virksomhedernesregnskabsmccsslge Indre v^rdl if0lge senest kendte regnskab. Virksomhedernes Indre veerdl fremkommerved anvendelse af malingsmetoder, der er Identiske med de metoder, der er anvendt I penslonskassen.Alio regulerlnger Indregnes i indta^gter fra assoclerede vlrksomheder.

Som assoclerede vlrksomheder betragtes vlrksomheder, som ikke er tilknyttede vlrksomheder, men hvorikoncernens vlrksomheder bar andele pa mere end 20 % af stemmerettlghederne, og hvor der iid0ves be-tydellg Indflydelse pS virksomhedernes driftsrna^sslge og finansielle ledelse genncm representation I virk¬somhedernes bestyrelser.

Assoclerede vlrksomheder mod negatlv regnskabsmeessig Indre vferdl males til nul, og et eventuelt tilgo-dehavende hos dlsse vlrksomheder nedskrives med moderselskabets andel af den negative Indre va?rdl( 1det omfang det vurderes uerholdeligt Safremt den regnskabsmeesslge negative indre Vcerdl overstiger tll-godehavendet, Indregnes det restcrcnde bel0b under hensatte forpllgtelser, I det omfang modervirksomhe-den liar on retllg eller faktlsk forpllgtelse til at deekke den pSgtcldende vlrksomheds forpllgtelser.

0vrige poster I aktlverneTilgodehavender optages til palydende v<erdi med fradrag af nedskrlvnlng for forventede tab.

Passlver

EgenkapitalPenslonskassens egenkapital tWwer mcdlemmerne kollektlvt.

Henssettelser tfl pensionsaftaler og InvesteringskontrakterHenseettelser til pensionsaftaler og investeringskontrakter males af penslonskassens ansvarshavende ak-tuar.

Pens I onsh ensaettel seme bestar af elementerne Garanterede ydelser, Indlvlduelt bonuspotentiale, Kollektlvthonnspotentlale og Rlslkomargen.

Penslonskassen for Syijeplejnrskeir og Lcegesekrelasrer

Arsrappott 2016 21

Penstonshensaettelsers element Garanterede ydelser males ved, for hver forsikring, at opg^rc markeds-Vcerdlen af de forventede garanterede betalingsstr0mme. Markedsvccrdlen beregnes ved at diskontere deenkclte betalinger mcd den af den europaslske lllsynsmyndlghed EfOPA opgjorte rente med VA-tlllceg, re-duceret med pensionsafkastskat. Garanterede ydelser tndeholder et sksnnet be!0b III d^kning af fremti-dlge forsfkringsydelser, som stammer fra rorslkringsbegivenheder Indtruffet i regnskabsaret, men somendnu Ikke varanineldt pa balancedagen.

Indivlduelt bonuspolentlale indeholder vaardlen af forpligtelser III at yde bonus pa baggrund af den enkeltebonusberettlgede forslkrlngs depot.

Kollektivt bonuspotenllale indeholder forsikringsbestandens andel af realiserede resultater, som er hensatkollektlvt til de bonusberettlgede forsikringer.

Rlsikomargen Indeholder det bel0b, som penslonskassen forventellgt vll skulle betale en anden forslkrlngs-virksomhed for, at denne vll overtage rislkoen for at afvlkle bestanden. Rlsikomargen indhentes sa vldtmu'ligt af forslkrlngernes Indlviduelle derneest kollektlve bonuspotentiale - eller subsldlaert kapitalgrundla-get. Rlsikomargen opg0res i henhold til Solvens II-reglerne.

Forudsaitningerne om bedste sk0n for dwdellghed er baseret pa Flnanstllsynets benchmark for den aktuellededellghed, der tllpasses pensionskassens speciflkke forhold vedrorende forsikringsbestandens observe-rede d0dellghed. i tiling hertll Indregnes Flnanstllsynets benchmark for forventede levetidsforbediingcr.Flnanstllsynets benchmarks opdateres Srilgt, og pensionskassen gennemf0r€r arllgt en analyse af eventu-elle afvlgelser fra benchmark for den aktuelle dsdellghed.

Forudscetnltigerne om bedsle sk0ri for Invaliditet er baseret pa den observerede Invalldltet I de senere Ir.

Dlskonteringsrentekurven og forudsaatnlngerne on» d0dellghed er de forudsastninger, der har storst effektpa mllingen af hensEettelseme.

Kollektivt bonuspotentiale omfatter medlemmernes andel af de realiserede resultater for bonusberettlgedepensionsordnlnger. Belsbet er hensat kollektivt, og dermed endnu ikke tllskrevet det enkelte medlem.

Fortjens tm a / genFortjenstmargen angiver nutidsvecrdien af pensionskassens endnu ikke Indtjente fortjeneste pa forslkrln-gerne, som forventes Indregnet i resultatopgarelsen med tiden. Fortjenstmargen udskilles af pensions-henscEttelserne.

Overskudskapi talOverskudskapital Indgar I basiskapitalen pa lige fod med egenkapltaien, men tllfalder over tid de forsik-rede og er dermed en del af henscettelsen til forsikrlngskontraktcr.

Ovrige poster i passiverneGceld males til amortiseret kostpris, der sa^dvanllgvls svarer til noinlnel vairdi.

N0gletiil og folsomhcdsoplysningerN0yletal og fwlsomhedsoplysnltiger udarbejdes efter reglerne i Finanstilsynets Regnskabsbekendtgprelseom finansleile rapporter for forslkringsselskaber og tv«rgaende pensionskasser.

Pensionskassen for Sygoplojersker og Lteyesekretcerer

72 Arsi'apport 2016

Note 2Fem^rsoversigt over hoved- og negletal

Pensionskassen20122013201420152Q1&

Medlerrsbldrag 3.000 3.079 3.211 3.297 3,748

Pensionsydelser * -2.116 -2.302 -4.106 -2.437 -2,595

Invcsteringsafkaat 10.613 3.707 10.079 1,812 9,378

PenslonsntcGsslge drift so mkostninger, 1 alt -59 -60 -59 -55 -50

Resultat af genforslkring .0 0 0 -1 0Pensionstcknlsk resultat 1.064 917 2 0 0AreCs resultat 2.752 957 1.626 286 1.370

Hcnssitelser III pensionsaftaler 1 alt !V 70.705 73.632 79.805 81,289 88.677

Egenkapltal, 1 alt 16.865 17.822 19.023 19.309 20.680

Aktlver, 1 alt 99.660 90.938 109.189 118.932 126,995

Koncemen 2012 2013 2014 2015 2016

Medlemsbldrag 3.000 3.079 3.211 3.7.97 3.748

Pensionsydelser -2.116 -2.302 -4,106 -2.437 -2,595

Investeringsafkast 10.613 3,707 10.079 1.812 9.178

Pensionsmcesslge driftsomkostnlnger, 1 alt -59 -60 -59 -55 -50

Resultat af genforsikring 0 0 0 -1 0Penslonsteknisk resultat 1.064 917 2 0 0Arets resultat 2,752 957 1.626 286 1,370

Henscettelser til pensionsaftaler 1 alt * 70.705 73,632 79.805 81.289 88.677

Egenkapltal, i alt 16.865 17.822 19,023 19.309 20,680

Aktiver, 1 alt 99.914 99,171 109,335 119.105 127.124

N0gletal 2012 2013 2014 2015 2016Afkast relaterat tilgennemsnitsrenteprodukter '* % 13,7 4; 3 11,0 1,9 9,1

Omkostnlnger af henseetlelser * % 0,1 0,1 0,1 0,1 0,1

Omkostninger pr. rnedlem kr.- 538 535 512 442 392Cgenkapitalforrentning efter skat % 17,8 5,5 8,8 1,5 6,9

Forrentnlng af overskudskapital, dertildeles afkast som egenkapltal % 14,2 4,7 11,5 2,3 7,4

Solvensdceknlng ÿ ** % 791 1569 765 770 453

* RGgnskab5bekendtg0relsen era?ndret fra og mnd 2016. Med hcnvisning til bekendtg0rclseni; § 84,stk. 2 er dot Ikke fundet praktlsk millgl at aaidro fem<irsoverslgten, salcdes at tallene for pcrioden for2016 bliver I overensstemrrclse nied den nyc rretode, Tallene for 2012-2015 er derfor Ikke dlrektesammcnlignelkje mad 2016.

** NflgietaliRt 55olvensd£cknlng cr undtaget fra kravet urn revision jc0/nf0r bekendtg^relse nr. 93V af27. jull 2015 om finansielle rapporter for forslkrlngssclskaber og tvecrgacnde penslonskasser og dermadIkke revlderct.

PensionskaGsen lor Sygeplejorskcr og L<f;oesekrcticrer

Arsrapport 2016 23

Note 3B mttom ed le ins bid ra g

Direkte forslkrlng med bonusordningMedlcmsbidragMedlernsindskudGruppcordninger

Bruttomedlemsbidrag i alt

Samtllge bidrag cr direkte forsikring rted ret tilbonus.

Pensionskassen Koncernen2016

3.242,5381,9123,4

3.747/8

2015

3.105,2V4,6

116,9

3.296,7

2016

3.242,5381,9

' 123,4

3.747,8

2015

3.105,274,6

116,9

3.296,7

PensionsaftalerTegnct i anscettelsesforholdPrlvattegnedeGruppeordnlnger

3.320,8303,6123,4

"3.179,8

116,9

3.320,8303,6123,4

3.179,8

116,9

Premier forde/t pS landsDan markAndre EU-lande0vrlge lande '

3.719,813,114,9

3.271,411.713,5

3.719,813,114,9

3.271,411,713,5

Opg0ielse afantal forsiltrodeTegnet I anscCttelsesforholdTeg net ptivatGruppcordninger

119.5933.831

79.835

117.593

78.957

119.5933.831

79.835

117.593

78.957

Penslonskassens sarrtedc antal forsikrede iredlerrrrer er opgjort Incl. medlemskaber, hvorfra der kunudbetales asgtefedle- og b0rnepensioner.

Note 4Kursreguloringer

Pensionskassen20162015

Koncernen20162015

Investerlngsejendomm 1 180,8 44,1 356,9 168,6Kapltalandeie 357,7 644,3 807,1 762,8Investerlngsforcningsandele 649,9 988,4 649,9 988,4Obllgatloner 247,3 -429,1 247,3 -429,1Pantesikrede udlln 0,0 "0/1 0,0 -0,1Andre udlan 110,7 702,8 110,7 702,8Afledte finansiellc instrunenter 65,9 -5.981,0 83,3 -5.980,5Ukvide beholdningcr -40,2 24,8 -40,2 24,8

Kursreguleringcr i alt 1.592,1 •4.005,8 2.215f0 -3.762,3

Note 5 Pensionskassen Koncernen/Endring i pensionshenscettefser f.e.r. i alt 2016 2015 2016 2015

Indivlduel bonuspotentlaie 8.156,6 8.156,6Garcinterede ydelser -4.276,0 -508,6 -4.276,0 -508,6Bonuspotcntiale pa fremtldige medlerrebidrag 491,3 491,3Uonuspotentiale pa hvilcndc penslojier 1.994,0 1.994,0ilislkomargen 25,1 25,1tretatnlngshenscfttelsp.r •4,4 -4,4Kollektiv bonuspotentlaie 3.482,2 38,0 3.482,2 38,0

^Endring i pensionshenscettelser f.e.r. I alt 7.388,0 2.010,2 7.388,0 2.010,2

Perision&kassen lor Syfjeplejersker og Uegcsekrqta^rer

Arsrapport 2016

Note 6PensfonskassenKoncernenPensfonsmwssige driftsomkostninger f.e.r. 2016 2015 2016 2015

Honorartll bestyrelsen (bel0b i tuslnde kr.)Bent Hansen 204,5 200,5 204,5 200,5Grctc Christ ens en * 143,2 140,4 143,2 140,4Solle Kathrine Makiaho Friis (udtradt 31.12.2016) 52,5 51,5 52,5 51,5Henrlk Thorup Gan^t 52,5 51,5 52,5 51,5Jette Sygaard F^issen 52,5 51,5 52,5 51,5Doite Steenberg s 52,5 51,5 52,5 51,5Jacob Paludan Ttuelsen 52,5 51,5 52,5 51,5Blrgitte Olsen Tauscn 122,6 120,2 122,6 120,2Birgitte Wlldt-Andersen 52,5 51,5 52,5 51,5Mogens Eduard Jespersen 52,5 51,5 52,5 51,5Lone KJcergaard 122,6 120,2 122,6 120,2

Samlet honorar til bestyrelsen 960,4 941,6 960,4 941,6

* honoraret er udbetalt til den udpegende fagllge organisation.

L0n

Direktionon og Vctsentlige rislkotagere rred fast ten er delvlst ansat 09 aflannet af pcnsionskassen. Denansvarshavende aktuar er ansat rren Ikke aflsnnet af penslonskassen.

Adminlstrerende direkt0r Peter Danyjaard Jensen har mDdtaget et samlet vederlay fur alle sinefunktioner fra administrationsselskabet PI<A A/S pa i alt 4.0911. kr.

Ncprmere oplysnlnger om afisnning i adrrtnistrationsfecllesskabet P1<A kan ses pa pka.dk.

PenslonskassenKoncernen2016201520162015

Lfimnlngcr (belob i tusinde kr.)Lannlnger 2,888,5 2.766,9 2.888,5 2.766,9Pensionsbldrag 575,5 547,6 575,5 547,6L0nsumsafgift m.m. 471,1 404,4 471,1 404,4

Samlede lonninger 3.935,1 3.718,9 3.935,1 3.718,9

Direktionen liar udelukkende nxjdtaget fast ten pa 311,6 t. kr.

0vrige Vcesentllge risikotagere, 6 personer, har udelukkende n"odLaget fast \w\ pa I alt 3.120^11. kr.

Del gennetrenitlige antal heltldsbeskaftkjede I 2016 er 1,7.

Re vis or (bel0b i tuslnde kr.)Revlsors arbejde skeri stoit omfang fables for de af PKA A/S administrerede penslonskasser.

Penslonskassens andel af revlsoromkostnlngerne Inkluslve troms udgsr:

PensionskassenKoncernen2016201520162015

DeloitteLovpligtig revision af arsregnskabet 801,2 795,1 1.146,6 1.162,4Andre erkteringsopgaver med sikkerhed 93,0 116,9 93,0 116,9

Samlede revlsoromkostninger 894,2 912,0 1.239,6 1.279,2

Penslonskassen for SygepleJerskGr oq Laapesektcta:rer

Ai'srapport 201625

Note 7 Pensionskassen KoncernenRealiseret resultat 2016 2015 2016 2015

Renteresultat 8.334,6 919,6 8.334,6 949,6Rtelkoresultat 425,2 407,1 125,2 107,1Otrkostnlngsrcsultat 290,5 265,9 290,5 265,9Markedsvcerdlrcgulcrlng 337,3 1.603,1 337,3 1.603,1

Realiseret resultat i alt 9-387,6 3.225,6 9.387,6 3.225,6

som cr fordelt til:Tllskrh/nlng af bonus 2.944,6 2.558,2 2.944,6 2.558,2Penslonsafkastskat 1,138,8 186,6 1.138,8 186,6Forrentning til overskudskapital 55,0 12,0 55,0 12,0PensionsafkastskaL vedr0rendeovers kudskapital 9,9 1,7 9,9 1,7Overf0rt til egcnkapitalen 1.514,1 395,0 1.514,1 395,0Penslonsafkastskat vedr0rendc cgenkapitalen 242,8 34,1 242,8 34,1llenlagt til kolfektiv bonuspotcntiale 3.482,2 38,0 3.182,2 38,0

Fordelt i alt 9.387,6 3.225,6 9.387,6 3.225,6

BevsgelserpS egenkapitalen:Fra realiseret resultat 1.514,1 395,0 1.514,1 395,0Overfort til hensasttelser -143,9 -109,0 -143,9 -109,0

Arets resultat 1.370,3 286,0 1.370,3 286,0

Manglende egenkapltaffoirentning 0,0 0,0 0,0 0,0

Princlpperne for deling af det reaiiscrcdc resultat samt beregnlng af rlsikotllleeg er beskrcvct i anvcndtregnskabspraksis.

Note 8Investerlngsejendomme

Dagsve^rdl pr. 1. JanuarTilgang i aretAfgang i aretArets v^ixtircgulcrlng til dagsvcerdi

Dagsvsrdi i alt

Vffgtet gennemsnitlig afkaslprocent sotn indgarved fastscettPlse af dagsvardi:Ejendomme til boligudlejningEjendomrre til erhvervsudlejnlngEjendonnre udlejet pa langtldskontrakt tiloffentlige myndigheder

Pensionskassen20162015

5,7

Koncernen.20162015

4,5 5,8

2.803,2 2.892,5 8.018,6 7.638,332,6 26,7 • 307,7 452,9

-162,3 -160,2 -162,3 -241,1180,8 44,1 356,9 168,7

2.854,3 2.803,2 8.521,0 8.018,8

4,0 4,2 4,3 4,35,4 5,4 5,3 5,3

5,0

Pensionskassens v^rdianscGttelse'af lnvesteringspjendorm->3 crskct rred udgangspunld i eksternvalidering af afkastkrav.

Pensionskassen for' Sygeplejersker og Lcegesekretzerer

26 Arsi appoi t 2016

Note 9Andre finansielle investei-Ingsalrtlvei'

I pcnsionskasscns invcsteiingspolitik tages der hensyn til en r^ekke sociale, milj^rrtesslge og etlskeforhold. Pensionskassen investerer ikke I virksomheder, deroverlagt og konselo/ent overtrEcder nationallovglvnlng eller regler fastsat af Internationale organisationer tlltradt aF Danmark. Endvidere investererpensionskassen Ikke I virksomheder, der produccrcr vaben og tobak.

PS www.pka.dk kan ses en Igbende opdateret liste ovcrde virksomheder, som pensionskassen harkapltalandele I.

Penslonskassens formue forvaltes af PKA A/S.

Finansielle fnstrumenter (Pensionskassen og Koncernen)

Bogf0rtAfledte finansielle instrumenter 2016 Ar til udl^b Hovedstol veerdi

Optioner .1-10 2.313,1 912,4Swaptloner 1-10 28.707,2 -1.242,5

Swaps 0-1 24.855,8 35,9Swaps 1-10 62,862,5 160,3Swaps H-10 185.694,4 2.122,4Valutaterrrinsforretninger 0-1 56.207,8 -4.282,7

Valutaterrnnsforretnlnger 1-10 1.303,1 38,0Inflation swaps 1-10 3.733,0 37,0Inflation swaps +10 1.658,5 -20,1

Bogf0rtAfledte finansielle Instrumenter 2015 Artil udlflb Hovedstol v^erdi

Optioner 1-10 5.558,9 792,0Swaptioner 1-10 23.294,6 -503,3

Swaps 0-1 21.940,0 -274,9Swaps 1-10 60.783,8 568,1Swaps •110 194.067,9 802,3Valutatcrmlnsforrctninger 0-1 34.228,4 -1.022,0

Valutatcrminsforretninger 1-10 12.237,6 -2.500,3

For afledte finansiell? instrumenter knytter vecsentlige botingolser slg til udviklingen i renter,aktiekurser og valuta,

For 0vrigc finansicllo instrumenter, sasom obligationer, kapitalandele mv., erderingen speciellev^csentligc betingelser eller vlikar, som influerer pa de fremtldlge betalingsstr0mTe.

Den bogfsrte vcadl af afledte finansielle Instrumenter i balancen yker bruLto. Summen af alle kontraktern^d positiv va^rdi fares 1 aktlverne under postcn "Aflcdtc finansielle instrumenter". SumrrKin af allekontrakter med negatlv v^rdi f0res I passiverne under posten "G&ld angaende aflcdtc finansielleinstrumenter".

Note 10PensionskassenKoncernenSikkerhedsstillelse2016201520162015

Pensionskassen har til sikkerhed for opfyldelsenaf forpllgtelser ved afdsekning af rente- ogaktiekursricisi netto deponeret obligationer III cnVcerdi af 5.118,2 3.241,9 5.118,2 3.241,9

Sikkerhedsstillclse for repo forretninger 5.062,7 8.637,0 5.062,7 8.637,0

Pensionskassen for SygGpleJorslccr og La^gesekretarer

Arsrappoi t 201627

Note 11Evcntualaktlv

I 2014 blev dansk momspraksls c^ndrct, hvorefcer der Ikke skal betales nuims for visse ydclscr tilpcnsionskasser.

Pcnsionskassen har I februar 2016 fndscndt amnodning om tllbacjebetaling af uberettigct opkizcvetmnrrfi til SKAT for perioden 1. februar 2004 til og mad 2015 og afventer sagsbehandling heraf. Det erfortsat uklart I hvilket omfang Penslonskassen vil opna tilbagcbctaling og dermad st^rrelsen af detforvarHede san'Jcdc tilgodehavende.

Note 12Overskudskapltal

Overskudskapllal pririK)IndbetalingerUdbetalingerAndel af realiseret resultat efterpenslonsafkastskat

Overskudskapltal f alt

Penslonskassen Koncernen2016

813,4

2015 2016

664,2 813,4

2015

664,2 566,0 664,2 566,0102,3 92,9 102,3 92,9-8,2 -6,8 -8,2 -6,8

55,0 12,0 55,0 12,0

664,2

Note 13Ponsionshensa^ttelser

Penslonskassen20162015

Koncernen20162015

Pensionshcnsecttelser primo 81.289,3 77.527,6 81.289,3 77.527,6Fortjenstmargen prinw 0,0 0,0

Pcnsionsmassige hens^ttelser 1 alt prlmo 81.2139,3 77.527,6 81.289,3 77.527,6Kollcktiv bonuspotentiale primo -2.671,8 -2.671,8Akkumuleret vcerdirGgulcring primo -9.017,0 -11.552,7 -9.017,0 -11.552,7

Retrospektive henscGttelser primo 69,600,5 65.974,9 69.600,5 65.974,9Bmttobidrag 3.747,8 3.296,7 3.747,8 3.296,7Rentetllskrivning 3.125,3 2.962,6 3.125,3 2.962,6Pensiojisydelser -2.594,6 -2.436,7 -2.594,6 -2.436,7Otrlrastnlngstlilceg efter tilskrlvning afoi"rt<ostnlngsbonus -61,3 -61,8 -61,3 -61,8Risikogevinst efter tilskrivning af risikobonus -75,0 -261,0 -75,0 -261,0Pensiunsvalgsbonus 143,9 109,0 143,9 109,0Overfwrt tl/fra m^dlen-skapital -94,1 -86,1 -94,1 -86,1Andet 51,1 57,1 51,1 57,1Retrospektive henscettelscr ultimo 73.843,6 69.554,7 73.843,6 69.554,7Akkumuleret vcerdiregulering ultimo 8.679,7 9.949,6 8.679,7 9.949,6Kollektiv bonuspotentiale ultimo 6.154,0 6.154,0Penslonstn-rtssige honscCttelser 1 alt ultimo 88.677,3 79.504,2 88.677,3 79.504,2Ovcrftfrt fra kollcktiv bonuspotentiale ultinx) 1.739,2 1.739,2Overfart fra erstatningshensaitelser ultimo 45,9 45,9Fortjenstmargen ultlrro 0,0 0,0

Pensionshenseettelser i alt 88.677,3 81.289,3 88.677,3 81.289,3

Pensionskasscns forslkringer er omfattet af kontrlbutlonsprinclppet. Penslonskassen har imidlertidvedtagct andre principper for fordeling af det reaiiserede resultat end, hvad derf0lger afkontrihutlonsbekendtgwrelscn (BEKnr. 1643 af 14. decerrtier 2016). Bekendtg0relsens bestemmslserfolges I dot omfang, de ikke stridor (mod ponslonskassens principper. I pral<sis vil det sige, atpenslonskassen Ikke anvender cn gruppcopdellng eftcr bckcndtg0rclscns § 3.

Penslonskassen for Sygeplejersker og LtegesekretKrer

2S Arsrapport 2016

Note 13 fortsat

Fordeling af henscettelser p9 oprlndellggrundlags rente for bestande, der ikke eromfattet af kontributioiispriiicippet:

Garanteredeydelser

Tndividueltbonus-

potentiale

Kollektivtbonus-

potentiale I alt

PensionshensEcttelser pr. 1. januar 2016Opg^relsesrente 0,01%Opgarelsesrente 1,75%Opgerelsesrente 2,75%Opg0rGlsesrentG 4,25%

6.154,51.235,14.968,8

33.001,2

25.829,44.978,51.228,0

441,4

1.353,2' 261,5

223,2833,8

33.337,26,475,16.420,0

34,276,4

Alle gmppor 45.359.7 32.477,3 2,671,8 80.508,7

Risikomargen alle gt upper 780,6

Pensionshensa^tefser i alt 81,289,3

Penslonshensafctelser pr. 31. deceirber 2016Opgarelsesrente 0,01%Opgsrolscsrentc 1,75%Opgwrelsesrentc 2,75%Opg0relsesrente 4,25%

5.811.6562,1

4.033.730,676,3

31.068,96.874,32.381,8

309,0

3.126,3630,5526,9

1.870,3

40.006,88.066,96.942,3

32.855,6

Alle grupper 41.083,7 40.633,9 6.154,0 87.871,6

Rlslkornargen alle grupper 805,7

Pensionshensa^telser 1 alt 88.677,3

Afkastprocent og Bonusgrad for deforslkrlngsbestande, der il<ke er omfattetaf kontributionspricippet:

2016Afkast¬procent

2015Afkast¬procent

2016Bonus¬

grad

2015Bonus¬grad

Opgerelsesrente 0,01%Opg0relsesrente 1,75%Opgflrclscsrcnte 2,75%Opgerelsesrente 4,25%

9,1%9,1%9,1%9,1%

1,9%1,9%1,9%1,9%

91,7%99,7%46,3%9,8%

77,1%76,9%25,0%

5,9%

Foirentning af kundemidlerefteromkostningerf0r skat opdelt pS produlct:

Gennemsnltrente.9,0%

Pensionskassen (or Syyeple]er.sker og l-iegesekraliurei

Arsrapport 2016 29

Note 14 Pensionskassen KoncemenEventualforpligtelser 2016 2015 2016 2015

Til sil<kerhed for forslkredes hens^ttelser erregistrcrct f0igende aktiver:

Investcringsejendomire 2.854,3 1,258,0 2.854,3 1.258,0Kapitalandele i tilknyttede virksoirheder 7.336,7 6,519,1 7.336,7 6,519,1Kapltalandele i associercde virksomheder 44.675,9 35.311,1 44.675,9 35.311,1UdlSn til associerede vlrksorrtieder 1.807,3 596,3 1.807,3 596,3Kapitalandele 14.466,0 2.236,6 14,466,0 2.236,6Invcstcringsforenlngsandele 3.511,8 6.902,9 3.511,8 6.902,9Obligationer 12.678,8 11.323,7 12.678,8 11,323,7Panteslkrede udlan 0,4 1,1 0,1 14Andre udlSn 8.911,1 16.120,1 8.911,1 16,120,1Indian i l<reditlnst It utter 1.127,1 3.087,5 1.127,1 3.087,5Afledte flnansielle Instrumenter 0/0 1.887,5 0,0 1.887,5Tilgodchavender hos tilknyttede virksomheder 0,0 884,7 0,0 884,7Likvide beholdnlnger 18,0 152,1 18,0 152,4Tilgodehavende renter 119,2 340,2 119,2 310,2

Til slkkerhed for hensaattelser i alt 97.506,6 89.621,2 97.506,6 89.621,2

Jnvestcringsal<tivcr til overtagelsc ofterregnskabsaret 19,9 425,6 19,9 425,6

Tilsagn om investerlnger fratrukket alleredeindbetalte bel0b:

Unoterede al<tier 5.130,4 6.193,0 5.130,4 6.193,0Skov og landbrug 95,9 9,3 95,9 9,3Ejcndomme 558,6 201,0 558,6 204,0Infrastiuldur 1.246,5 702,7 1.246,5 .702,7

7.031,4 7.109,0 7.031,4 7.109,0

Penslonskasseti deltager I diverse InteressentskabersHmrori rred penslonskasser tilknyttet PKA.Penslonskasserne hcefter solldarisk for interessentskabernes forpllgtelser,

l)er pShvller trorreregulerlngsforpllgtelse pS en del af koncemens ejendomtre. Det kraever dog enkarmterclel beslutning oin eendret anvendelse af de pSgarldende ejendotrrre, fpr forpllgtelsen bliveraktuel.

Anholl ha vvindm0lleporkPensionskassen har overfor Dong Energy Wind Power A/S og medejere af Anholt Havvindrr^llepark I/Sgarcjnteret, at PKA - Sygcplcjcrsker og Lcegesel<retayer Anholt riavvindirtfllGpark K/S Indenfor vlsserammer vll betale sin prorata andcl af forpligteisernG under ejeraftalen vcdiwcnde AnholtIlavvindmallepaik I/S og aftalen rred DONG Energy Wind Power A/S om drift af AnholtHawlndmallepark

Code Wind IfPensionskassen harafglvet Lilsagn om kapltallndskud I PICA - Sygeplejersker og Ltegesekretaerer G^DdeWind II K/S pa 158,8 mlo. EUR, som kan krawes Indbetalt pa anfordrlng af selskabernes komplementar.

Pensionskassen deltager via PKA - Sygeplejersker og Utigesekretcerer Code Wind II K/S sammen meden rcel<ke svrlge Instltutionelle investorer i et Investorkonsortium, der har Investeret i vindn^lleparkenGode Wind II. Pensionskassen har over for Dong Energy Wind Power A/S garanteret sin pro rata andelaf vlsse forpllgtelser vedrflrende opf0relse og ejerskab af Gode Wind 11.

GaranLien er begra?nset til penslonskassens indlrekte Investerlngstilsagn, hvoraf restforpligtelsen pr.statusdagen var 15,3 rrco. EUR, Pensionskassen hat garanteret for vissc forpllgtelser, som pahvilcrGode Wind II Joint HoldCo P/S over for Gpde Wind II Joint FinCo ApS. Garantien vedrflrte pr.statusdagen forpllgtelser pS ca, 143,5 mlo. FUR.

Pensionskassen for Sygcplejcrskor og L»gpsekrotcerer

30 Arsrapport 2016

Note 14 foitsat

Barbo Bank ExtensionPetislonskassen deltager via PKA Rurbo Extension Holding ApS sammen mGd 0vrlgc danske Investorer iet Investorkonsottlum, der har Investeret t havvlndmalleparken Burbo Bank Extension I England.Penslonskasscn har garanteret sin pro rata andel af vissc forpligtelser vedr^rende opf0relse ogejerskab af Burbo Bank Extension overfor en raskkc patter, herunder MHI Vestas Offshore Wind UK I td,som leverer vlndrrxallerne, sant overfor henholdsvis de 0vrige danske investeringspartnere og IX)NGEnergy Wind Power A/S samt dissc sciskabcrs projeldrselskaber. Garantiforpligtclscme er begicenset tilpenslonskassens Indirektc invcstcrlngstllsagn, hvoraf restforpllgtelsen pr. statusdagen var 144;9 mlo.GDP.

Tee side Renewable Energy PlantPenslonskasscn investerer via PICA TeesREP Holding ApS i blorrassekraftvarmevwrket TeesldeRenewable Energy Plant I England samrren med 0vrige danske pensionskasser sart* Macquarie Capital.Pensionskassen har garanteret sin pro rata andel af vlsse forpligtelser vedr0rende opf0rclse ogejerskab af Teeslde Renewable Energy Plant oveifor Nordea Bank Danmark, somet led i den samledeflnanslerlng af Investerlngen. Garantifoipligtelsen er begr£enset til penslonskassens indlrekteInvesterlngstllsagn, hvoraf restforpllgtelsen pr. statusdagen var 49,9 rrio. GBP.

Note 15NeertstSende parterm.v.

Pensionskassen liarkapitalandele 1 fylgende Ejer-Egen-tliknyttede vlrksomheder; AlctivitetHjemsted andel Resultat kapltal

339,7 4.220,6

31,3 313,7

128,8 1.273,4

235,2 262,4

35,4 39,6

128,1 1.196,5

0,1 0,3

0,0 0,1

Sygeplejerskemes ogL«g esekret cere me sEjendoirealctieselskab

EjendomsaktieselskabctDronningegarden

PKA - Sygeplejersker ogLa^gesekret^rer AnholtHavvlndn^llcpark K/S

PKA - Sygeplejersker OWPBUTENDIEK IVSPKA - l.^gesekretEerer OWPBUTENDIEK KjSPKA - Sygeplejersker ogLaxiesektet$rer Gode Wind11 K/S

PKA - Sygeplejersker ogLcegesekretcerer OWPBUTENDIEK KomplemcntarApSPKA - Sygeplejersker ogLaggesekretaerer GP ApS

Investerlng 1 grunde ogbygninger

Investerlng I ejendoimnenDronningegarden

Investerlng i vlndinaller

Investerlng i vlnrirr^ller

Investerlng i vlndmaller

Investerlng i vlndrtwller

Komplenxintar

Komplerrentar

Gcntofte100,0%

K0benhavn100,0%

Gcntofte100,0%

Gentofte100,0%

Gentofte100,0%

Gentofte100,0%

Gentofte100,0%

Gentofte100,0%

Peiisiioiukasson for Sygeplejersker 09 l ieflpsekrctairer

Arsrapport 201631

Note 15 fortsat

Penslonskassen harknpitalandele f f0lgendeassocieredevirltsoniheder: Aktlvitet Hjemsted

Ejer-andel Resultat

Egeii-kapital

PKA A/SAdministrative opgaver indenfor pcnsionsl<3sscvirl<somhed Gentoftemv.

49,2% 13,9 241,0

PI<A+PenslonForsikiingsselskab A/S Livsforsikflngsvlrl<somIied Gentofte 49,2% 28,6 678,6

Hotel Koldingfjord A/S ** Hoteldrift Koldlng 90,9% 0,3 23,0A/S Kj0benhavnsEJendontsselskab **

Investering i grundc ogbygninger

Gentofte 55,4% -28,0 809,1

BuLendiek FinCo ApS Investering I vlndmaller Gentofte 49,5% 0,2 5,0Godc Wind 11 Joint FlnCo ApS. Investerlng i vlndrrwller Gentofte 24,8% 2,2 6,0

PKA Burbo Extension HoldingApS Investering I vlndnwller Gentofte 50,0% 0,0 0,0

PKA TeesREP Holding ApS Investering 1biomnssekraftvarmevccrk

Gentofte 50,0% 0,0 0,0

PKA AIP A/S ^ In v este ring srl dg 1 v n Ing K0benhavn 52,0% 4,3 2,9

Margretheholrren P/S Investering i gmnde ogbygninger F rede riks berg 20,0% 66,7 303,3

Koniple ment a rse Is ka betMargretheholm ApS Kornplementar Frederiksberg 20,0% 0,0 0,1

PKA Skejby P/S Investering 1 grunde ogbygninger

Gentofte 40,0% 0,0 4,9\

PKA Skejby KoinplementarApS Kornplementar Gentofte 40,0% 0,0 0,0

P/S PKAE Ejcndome Investering i gmnde ogbygninger

Aalborg 20,0% 0,1 123,4

Komplemcntarselskabet PKAAE ApS Kornplementar Aalborg 20,0% 0,0 0,0

OPP HoltJCo ApS Investering 1 gmnde ogbygninger Gentofte 25,4% 0,0 0,0

Poppcl5tyl<kct 12 A/S Investering 1 grunde ogbygninger

Frederiksberg 24,8% -1,2 44,7

Investeringsselskabet af AA.februar 2015 A/S ** Genanvendelse af daek Gentofte 54,1% -478,6 -269,0

Emerging Market CoiporateDebt I *

Emerging markets cot pot atedebt Kebenhavn 49,4% 2,0 2.180,2

Emerging Local CurrencyDebt 11 * ** Emerging markets lokal gedd K0bcnhavn 50,4% -137,9 3.917,4

Emerging Local CurrencyDebt III * a:;fc Enx^rging markets lokal gedd K0benhavn 50,3% -493,3 3.878,9

Emerging Local CurrencyDebt IV * Emerging markets lokal gaekl Kebenhavn 19,9% - -

Europceteke High Yield I * Europaelsk high yield Kgbenhavn 49,4% 53,1 1.635,3

Nordamerikansk High Yieldi * ** Nordamarikansk high yield Kebenhavn 50,0% -159,9 1.941,1

Pensionskassen for Sygp.plpjpr.qkpr og L.-pgesekretajrer

32 Arscapport 2016

Note 15 fortsat

Pensionskassen liarkapftalandele i f&lgondeassocieredevirltsomheder: Aktivltet Hjemsted

Ejer-andel Resultat

Egen-kapital

Nordamerikansk High YieldII * Nordamerikansk high yield K0benhavn 49,6% -36,2 3.189,8

Nordamerikansk High YieldHI ÿ Nordamerikansk high yield K0benhavn 50,9% - -

Moitgage Backed SecurltesI * Amerikanske boliglan K0benhavn 49,3% 33,2 2.828,3

Global Equities I * ** Global b0rsnotcrcdc alctier K0benhavi\ 50,5% 1.001,5 11.935,5

Low Risk Equities I * ** Global b^rsnoterede aktiermed defenslvt tilt K0benhavn 50,8% 1.073,2 8.750,0

Low Risk Equities II * ** Global barsnoterede aktierrrvad defenslvt tilt

K0benhavn 50,6% 646,2 4.211,1

Global Large Cap MarketNeutral Equity * **

Markedsneutral globalebgrsnoterede aktier Kabenhavri 50,3% -163,0 4.617,4

Global SMID Cap MarketNeutral Equity * ^

Markedsneutral globalebgrsnoterede aktier

l<0benhavn 50,4% 11,8 3.978,8

Alternative Risk Premia * **Long/short derivoter indenfor aktier, obllgatloner,r^varer og valuta

l<0benhavn 50,9% -312,2 3.188,9

Tactical Trend * **Trendfollovvlng 1 futuresInden for aktier, obllgationer, Kobenhavnravarer og valuta

50,9% - -

PKA Globale Aktier Global bfirsnoterede aktier Itobenhavn 42,4% 228,9 2.212,8

Black Rock Frontier Marketsex GCC Fund B **

Global Frontier Marketsbgrsnoterede aktier

SanFrancisco

51,8% -102,1 706,3

Yderst Catastrophe Fu?»d ** Katastrofeforslkrlnger Berrujda 51,5% -183,9 1.151,5

ILS - C02 SegregatedPortfolio Katastrofeforsikrlnger Cayman

Island51,6% 88,1 1,040,3

M&G Independent EuropeanLoan Fund ** Europ^lsk leveraged loans Dublin 50,1% -4,2 1.663,5

* Afdeling i Kapitalforcningen Investing Pro

** Virksomheder, hvor pensionskassen har betydelig iren ikke bestemmende indflydelse.

KoncQrnQii har ydorligerekapitalandele 1 folgendcassocieredevirksomheder; Aktivitet Hjemsted

EJer-andel Resultat

Egon-kapltal

Godc Wind II Joint HoldCoP/S Investering 1 vindrnsller Gentofte 24,8% 340,5 230,4

Gode Wind II Joint HoldCo GPKonplementar Gentofte 24,8% 0,0 0,2

Peiisloriska^ieii for Sygeplejersker uy L£eyesekrelajrer

Arsrapport 2016 33

Note 16Risikooplysninger

Dcr knyttcr slg en reekke risici til pcnslonskassens forretningsmodel.

Bestyrelsen har I forblndelse ired arbejcltil irted rlslko og solvens identificeret de Vcesentligste risici, derknytter sig til foirctnlngsmodcllcn:

•Livsforsikrlngsrisicl•Markcdsrisicl, herunder renterisici•Outsourcingrisiko

Inden for livsforsikringsrisici cr dc biorrctriskc risici, der omfatter levetidsforhedrlnger og ^ndrlnger iantallet af Itdrtldspensionister, de vctsentligste risici. Penslonskassen jusLerer Isbende, iredudgangspanld; I Flnanstllsynets levetfdsreglme, sfne forudsoitninger cm forvcntet Icvetid hosmedlenmeme.

Markedsrisici er deFineret som rlslkoen for, at rrarkedsvEerdlen af al<tlver og passlver Ecndrcs som f0lgcaf cendringer I n^irkedsforholdene. De vasentllgste rrarkedsrislcl findes inden for renter, aktier, valutaog reale aktiversamt vcd investeringer 1 alternative afkastkilder. Pensionskassen styrer rlslclene ved atsikre den n0dvcndigc spredning af investeringerne. Investeringeme I alternative afkastkilder er baseretpi at opncJ en rislkopraanle ved at tage forskelllge typeraf risici I markederne bade kortsigtet pa 1-3-arlg horisont ined fokus pa det relative afkast mellem forskelllge aktiver, nxin ogsi pa det l^ngere sigt.Bestyrelsen liar I Investerlngsstrateglen fastsat rislkoratmer for dc forskelligc aktivklasser,

Pensionskassen afdaekker renterisiko pa de garanterede hvllende pensioner ud fra bestyrelsensvedtagne rammo for renterisiko. Konsekvensen ved renteafda&nlngen er, at en vaEisentllg del af renterl-slkoen rrellem passlver og aktiver er elimlneret. En vigtlg del af aktiveme til renteafdasknlng errenteswaps, hvor pensionskassen betaler en variabel rente og iTodtagercn fast rente. Disseinstrumenter har samme egenskab som do garantcrodc hvilcndc pensioner pa den rn^de, at de stlger Iveerdi, hvis renten falder og omvendt.

Pensionsl<assen anvender outsourcing, hvilket giver anledning til fokus pa de risici, der folger msd.Rislkoen er, at der opstar tab som f0lge af rnangelfulde aftaler eller kontrol. Pensionskassen har Indgactoutsourclngaftale med PKA A/S om fuldstcendlg administration. Bestyrelsen harfastlagt polltikogretnlngsllnjer for outsourcing af vsesentllge al<tlvitetsornrader. Heri fastlaegges reglerne for yderligereoutsourcing til tredjepait. Det slkreren tllfredsstlllende opf0lgning pa dc rcspektive uriderleverdnd0rersomf.eks. Forca A/5.

i'cnslon^kasson for Sygeplejerr.ker og L^gesekreterer

;»4 Arsrapport 201C

Note 17Speclfikation aktiver og disses nfkast

Regnskabsm^ssig v^rdi Afkast i % p,a,f0r skatPrime Ultimo

Grunde og bygnlngei* 11.109,1 11.435,2 6,4Notcrede kapltalandele 17.449,2 16.405,3 9,8Unoteredc kapitalzindclc 32.273,7 32.728,8 9,7Kapltalandcte i alt 49.722,9 49.134,1 9,3Stats- oq realkreditobligafcloner 24.960,6 21.496,7 2,5Jndeksobliqatloner 43,3 35,7 1,3Kredltobliqatloner oq emerging markets obllqatloner 15.039,0 20.023,6 10,5Udlan m.v. 14 0,4 0,0Obllgatloncr og udlSn i alt 40.043,9 41.556,5 6,2Dattervirksomheder 0,0 0,0 0,00vrige investeringsaktiver 10.402,6 8.051,1 0,4

Afledte fmansielfe instrumenter til slkring afnetto^ndringen af alrtiverog forpligtelser -2.138,1 •5.422,0

Afkast i % er tldsvaegLet pS baqqrund af afkastet pa dagsbasis.

Note 18Fplsomhedsoplysninger

Harfidelse Pavirknlng afbasiskapitalen

Rentestignlng 0,7-1,0 pet. pointRentefald 0,7-1,0 pet. pointAktlekursfald pa 12 pet.

Ejendomsprir.fald pS 8 pet.Valutakursrisiko (VaR 99 pet.)Tab pa niodparter pa 8 pet.

••582,7

614,8-1.333,3

-137,0

-162,6-503,2

Penslonskassen for Sygeplejerslcer og Lcegcsokjota'iror

I, the undersigned Jan A. Johansen. translator registered by the Danish Ministry of Foreign Affairs, herebycertify the foregoing text to be a true and faithful translation of the attached document in the Danish

language, produced to me this twenty second day of May in the year two thousand and seventeen.

Witness my hand and sea

the state registered nurses' and medical secretaries ... · the state registered nurses'...

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