Responsible Investing ClassificationAn initiative in the Dutch Retail Asset Management

Market

London | November

Robeco – Patrick de Jong | TBLI Conference TM Europe 2010

2TBLI Europe 2010

1. Robeco and Responsible Investing

2. Innovation in the Financial Services Industry

3. Objective Responsible Investing Classification

4. Methodology

5. Three levels per building block

6. Sustainalytics reports

7. Our lessons learned

8. Cooperation

Contents

3TBLI Europe 2010

Robeco and Responsible Investing

Robeco advocates Responsible Investing and has an integral RI policy in place, covering:

Strategy

Robeco is a pioneer in the field of RI since 1999.We believe Responsible Investing will create shareholders value and therefore value for our customers in the long run.

4TBLI Europe 2010

Innovation in the Financial Services Industry

Value is:

C(S,t) = S N(d1) – K exp (-r τ) N(d2)

where

N(x) = (1+ erf(x/√2))/2

Τ = T -1

d1= log(S/K) + (r + σ2/2) τ

σ √ τ

d2= log(S/K) + (r - σ2/2) τ

σ √ τ

Simplicity and Transparency

If you claim being a responsible investor, you have to be transparent

5TBLI Europe 2010

Objective Responsible Investing Classification

Provide private investors transparency on the policy-

based integration of Environmental, Social and

Governance (ESG) factors into fund management.

Enable private investors to compare different

investment funds of Robeco and investment funds of

other asset managers.

Classification is not a rating, it’s about providing

transparency & accountability.

6TBLI Europe 2010

Methodology (www.robeco.com)

7TBLI Europe 2010

Three levels per building block

1.Basic (ESG-integration):

key ESG issues are systematically integrated in company appraisals

for a majority of portfolio holdings

2.Intermediate (ESG-integration):

the fund also provides details on internal processes to ensure

effective ESG integration

3.Advanced (ESG-integration):

the process for identifying key ESG issues is also transparent with

reference to related information sourcing

8TBLI Europe 2010

Sustainalytics reports (www.robeco.com)

9TBLI Europe 2010

Our lessons learned

Responsible investing is increasingly attracting the

attention of private investors

Nonetheless serious challenges remain:

Lack of common understanding of terminology

Thematic and values-based investing is best understood; other

concepts are less understood

Private investors are suspicious about the value behind the

proposition

and they are therefore very alert about the wording, for example:

apart from the financial aspect a certain degree of ESG-issues is

taken into account

But when explained clearly Responsible Investing is highly

appreciatedA mix of awareness raising effort and simplicity creates opportunity!

10TBLI Europe 2010

Good cooperation by the Dutch Investment Community

11TBLI Europe 2010

Curious or do you have questions?

www.robeco.com

(look for the Product selector)

Or

p.de.jong@robeco.nl

12TBLI Europe 2010

Important Information

This presentation has been carefully prepared by Robeco Asset Management, a trade name of Robeco Institutional

Asset Management B.V. (hereafter Robeco). It is intended to provide the audience with information on Robeco’s

specific capabilities, but does not constitute a recommendation to buy or sell securities or investment products.

The information contained in this document is solely intended for professional investors within the meaning of the

Dutch Act on the Financial Supervision (Wet financieel toezicht) or persons who are authorized to receive such

information under any other applicable laws.

The contents of this presentation are based upon sources of information believed to be reliable, but no warranty or

declaration, either explicit or implicit, is given as to their accuracy or completeness. This presentation is not

intended for distribution to or use by any person or entity in any jurisdiction or country where such distribution or

use would be contrary to local law or regulation.

Historical returns are provided for illustrative purposes only and do not necessarily reflect Robeco’s expectations

for the future. The value of your investments may fluctuate. Results obtained in the past are no guarantee for the

future.

No rights whatsoever are licensed or assigned or shall otherwise pass to persons accessing this information.

Robeco Institutional Asset Management B.V. is registered with the Netherlands Authority for the Financial Markets

in Amsterdam.