2018 was a year of ups and downs for ABP. In the first three quarters, the coverage ratios displayed an upward trend, but this was reversed in the final quarter of the year. Primarily, this was due to uncertainty in the financial markets, which experienced heavy share price losses globally. ABP’s current coverage ratio fell compared with the end of 2017 (from 104.4% to 97.0%). However, the policy coverage ratio, important for pension increases or reductions, rose from 101.5% to 103.8% in 2018. The participants’ pensions will remain the same in 2019. As far as the coming years are concerned, the chance that the pensions may be reduced cannot be ruled out, and the Fund is still far from being able to increase the pensions.