NETHERLANDS - APG Group, the asset management and administration division of ABP pension fund, and Cordares Holding, have just signed the agreement to merge the companies.

This merger is expected to be completed in July and will create a pension administrator managing €240bn in pension assets, to serve four million participants of government, education, construction and housing corporation industry schemes in the Netherlands.

Dick Sluimers, chairman of the APG Group Executive Board: "Our special pension system deserves the most powerful administrator. This new group creates an organisation that bundles years of knowledge and experience in order to offer the best possible pension product."

Adri van der Wurff, member of the Executive Board, also said: "The merger yields scale and synergy advantages that ultimately will benefit the retirement provisions of millions of Dutch people."

APG Groep NV will have a 51% interest in Cordares Holding NV, while Cordares
Holding will sell its insurance activities to Loyalis, an insurance subsidiary of APG and that sale will be realised by a share issuance by Loyalis to Stichting SFB,
ashareholder in Cordares Holding N.V, to give the firm a 10% interest in Loyalis.

The merged parties hope to expand its position in the international market as well at home in the Dutch pension system, although the deal is still subject to regulatory approval.
The brands Cordares and Loyalis will also remain unaffected following the merger.

Once the merger is completed, the APG executive board will comprise of:

Dick Sluimers (chairman) André ten Damme (chief financial officer) Roderick Munsters (chief investment officer) Jo van Engelen (chief marketing officer) and Adri van der Wurff (chief operating officer), who is currently chairman of the Cordares Holding Executive Board.

Jaap Maassen who is currently pensions director and member of the Executive Board at APG, will resign his position but will remain connected to the APG Group as a senior vice president for international activities of the group and continue to be a member of the Obvion

The APG Groep Supervisory Board will comprise of:

Elco Brinkman (chairman) Guy Verhofstadt (deputy chairman) Sjoerd van Keulen (chairman of the SNS Reaal Executive Board) Chris van Boetzelaer (former director of Fortis Bank Brussels and former chairman of Mees Pierson Private Bank and Trust) Ton Nelissen (former member of the DuraVermeer Group Executive Board), Ton Rolvink (member of the Executive Committee of the Dutch General Union of Educational Personnel (AOB) Ieke van de Burg (Member of the European Parliament) Paul Rosenmöller (presenter and programme writer at IKON, strongly recommended by the Works Council) Messrs Nelissen and Rosenmöller will take office upon implementation of the merger.

Simon van Driel, chairman of the board of Loyalis, will resign his position once the companies are merged, but will operate as an adviser as continue to be a member of the Obvion N.V. and BSA Schaderegeling B.V.