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  • 1. 1CVPATRICK LEMMENS,Senior Portfolio ManagerDate of Birth: Born in 1966, HeerlenEducation / Professional Qualifications / Research: Mr.Lemmens holds a Master’s degree in Financial Economics from the university ofRotterdam, graduated in International Finance and Investment (1991). Finished post-graduate study VBA in December 1995, grade CEFA(European CFA).Experience: Investment experience since 1994.Most recent Role, Length in Role and Main Responsibility: From 1-10-2008, Mr Lemmens is the lead manager for the Global RobecoFinancials Fund. He is also is the backup manager for the Robeco Property Funds. He is based in Rotterdam.Previous Employment in ABN AMRO: In 1993 Mr. Lemmens joined ABN AMRO Asset Management and successfully followed theABN AMRO trainee program, after which he worked as a portfolio manager in the Fixed Income Department. Since 1994 Mr. Lemmens hasworked as the sector analyst for financial institutions. Major skills: identifying trends within financial sector, identifying winners andadvising portfolio managers. Initiated launch of the first ABN AMRO sector / theme Funds. From 31-10-2003 till 31-12-2007 Mr. Lemmensmanaged the ABN AMRO Financials Fund. He was a sector portfolio manager / analist and was actively involved in advising portfoliomanagers on financial institutions with emphasis on a market view. In August of 2006 started with the management of a paper marketneutral Financials hedge fund. Involved in institutional marketing.Previous Employment Elsewhere: Mr. Lemmens directly after graduating in 1991 joined the Royal Dutch Navy to fullfill his militaryservice. During his 18 months of service Mr. Lemmens was a controller for a building project of new coastal mine sweepers at one of theRoyal Dutch Navy headquarters in The Hague. Mr. Lemmens still holds the rank of Lieutenant at Sea second class.
  • 2. SummaryPortfolio manager / analyst seeks:• To deliver alpha through solid stock picking• Through a trend-based & bottom-up investment process(ABN) Performance has been very solid in both long-only and market neutral:• Information ratio = 0.63 with TE = 4.3%, annualized outperformance 2.7% (NAV)*• 50 month track record: TE = 4.2%, annualized outperformance 2.7% (NAV)*• Performance hedge fund financials part 2007 YTD: 152%+**• Robeco performance since Oct 2008 positive and 1st Quartile according toMorningstar versus Global Financials peer group (more detail see slides 5, 6 and 7)Ad *: Information ratio, tracking error and annualized outperformance on NAV basis, 36 or 50 months until December 31, 2007, annual costs whichIncluded in NAV calculation are approximately 185 bp, so annual outperformance is ± 4.5% in 36 and 50 month periodsAd **: Hedge fund is a paper portfolio with no calculation of trading costs or other costs like fees
  • 3. 3Investment Process• Book value growth / embedded value growth drives shareholder value• Financials with strong growth positioned in right businesses & superior execution• Use trend monitor and ROE(V) monitor to identify Financials with solid growth• Analyze these Financials looking at: management, key ratios, historic execution• We set a price target and monitor valuations as well as earnings momentum• In the portfolio construction phase we establish a balanced and diverse 80 – 120names portfolio which limits specific stock risk as well as concentration risks• Continuous monitoring of valuations and companies / trends do lead to changes inthe portfolio as we trade actively taking advantage of overreactions
  • 4. 4Investment Philosophy• Good stock picking generates significant alpha opportunities• Strong book value / embedded value growth translates into stock(out)performance• Superior performing Financials capture a strong growth trend through superiorexecution and / or successfully restructure a business• Believe we can identify trends and well positioned companies earlier• Truly global perspective is a clear advantage• Experience key to recognising superior execution skills
  • 5. 5Performance versus i-Shares and MSCI World
  • 6. 6Performance ReportRobeco New World Financial Equities (EUR) D-shareCurrent benchmark/reference: MSCI World Financials Index (Net Return) *All figures in EURGross of fees. Based on Net Asset Value.Figures basedon most recentmonths resultsare preliminaryVolatility Ex Post Information Sharpe RatioPeriod Portfolio Benchmark Excess Return Portfolio Benchmark TE Ratio Portfolio Benchmark Alpha BetaMay-13 3.37% 1.15% 2.22%Apr-13 1.31% 2.92% -1.61%QTD 4.72% 4.11% 0.62%YTD 20.54% 14.83% 5.71%3-Month 8.57% 7.18% 1.39%6-Month 26.10% 18.28% 7.82%1-Year 49.56% 36.94% 12.62% 6.57% 4.32% 5.19% 2.43 7.53 8.52 11.99% 0.932-Year (ann.) 13.87% 12.57% 1.31% 19.36% 14.74% 5.98% 0.22 0.69 0.82 -1.51% 1.283-Year (ann.) 9.98% 8.71% 1.27% 17.16% 13.82% 5.14% 0.25 0.54 0.58 -0.05% 1.204-Year (ann.) 15.56% 13.14% 2.42% 17.27% 14.70% 4.76% 0.51 0.86 0.85 0.80% 1.142-Year (cum.) 29.67% 26.71% 2.96%3-Year (cum.) 33.04% 28.48% 4.56%4-Year (cum.) 78.30% 63.83% 14.47%Results per calendar yearVolatility Ex Post Information Sharpe RatioPeriod Portfolio Benchmark Excess Return Portfolio Benchmark TE Ratio Portfolio Benchmark Alpha Beta2008 -53.49% -51.66% -1.83% 25.14% 27.05% 4.40% -0.42 -2.31 -2.08 -9.49% 0.922009 39.09% 27.00% 12.08% 35.20% 35.70% 4.60% 2.63 1.08 0.72 10.27% 0.982010 15.37% 11.87% 3.50% 15.42% 14.17% 3.31% 1.06 0.95 0.78 2.57% 1.062011 -21.74% -15.77% -5.97% 19.38% 16.57% 4.24% -1.41 -1.18 -1.02 -4.09% 1.152012 33.25% 27.37% 5.88% 16.32% 11.59% 5.68% 1.03 2.02 2.34 -3.90% 1.37whole calendaryears only
  • 7. 7Returns by monthPeriod Portfolio Benchmark Excess Return Period Portfolio Benchmark Excess ReturnOct-08 -17.08% -17.83% 0.75% Feb-11 2.85% 2.97% -0.12%Nov-08 -13.23% -12.75% -0.48% Mar-11 -4.92% -5.77% 0.85%Dec-08 -6.25% -7.09% 0.85% Apr-11 -0.82% -1.04% 0.22%Jan-09 -9.07% -10.83% 1.75% May-11 -1.75% -0.57% -1.19%Feb-09 -16.16% -16.12% -0.04% Jun-11 -3.58% -3.19% -0.40%Mar-09 12.20% 9.00% 3.20% Jul-11 -3.21% -2.96% -0.25%Apr-09 21.79% 22.79% -1.00% Aug-11 -13.29% -10.00% -3.29%May-09 8.60% 6.72% 1.88% Sep-11 -6.31% -4.78% -1.53%Jun-09 1.63% -0.21% 1.84% Oct-11 8.82% 7.43% 1.39%Jul-09 10.03% 10.33% -0.30% Nov-11 -4.74% -3.61% -1.13%Aug-09 8.25% 8.45% -0.20% Dec-11 2.73% 3.93% -1.20%Sep-09 3.34% 1.41% 1.93% Jan-12 10.66% 7.79% 2.87%Oct-09 -4.71% -5.23% 0.51% Feb-12 5.75% 3.86% 1.88%Nov-09 -0.83% 0.09% -0.92% Mar-12 2.96% 2.88% 0.09%Dec-09 4.01% 3.49% 0.52% Apr-12 -3.34% -2.02% -1.31%Jan-10 -1.13% -1.51% 0.38% May-12 -7.79% -5.35% -2.43%Feb-10 2.83% 3.42% -0.59% Jun-12 5.89% 4.93% 0.96%Mar-10 10.24% 8.72% 1.52% Jul-12 2.93% 3.99% -1.06%Apr-10 2.24% 1.06% 1.18% Aug-12 2.28% 1.31% 0.96%May-10 -4.88% -4.15% -0.73% Sep-12 3.96% 2.06% 1.91%Jun-10 -4.42% -3.74% -0.68% Oct-12 2.77% 1.62% 1.15%Jul-10 4.69% 4.71% -0.02% Nov-12 -0.42% 0.98% -1.40%Aug-10 -3.39% -4.00% 0.61% Dec-12 4.62% 3.01% 1.61%Sep-10 0.48% 0.19% 0.28% Jan-13 6.57% 3.24% 3.33%Oct-10 2.55% 0.43% 2.13% Feb-13 4.18% 3.77% 0.41%Nov-10 0.32% 1.19% -0.87% Mar-13 3.67% 2.96% 0.72%Dec-10 5.91% 5.84% 0.07% Apr-13 1.31% 2.92% -1.61%Jan-11 1.73% 1.84% -0.11% May-13 3.37% 1.15% 2.22%
  • 8. 8NAV NAV gross of feesABN AMRO Financials Fund - B Fund Index Out / underperformanceFund Index Out / underperformance1 Month -2.39% -3.75% 1.36% -2.26% -3.75% 1.49%3 Month -9.95% -11.24% 1.29% -9.61% -11.24% 1.63%6 Month -16.39% -18.12% 1.73% -15.77% -18.12% 2.35%1 Year -13.40% -17.57% 4.17% -12.09% -17.57% 5.48%2 Year -3.37% -5.05% 1.68% -1.93% -5.05% 3.12%3 Year 7.58% 4.90% 2.68% 9.13% 4.90% 4.23%Year to date -13.40% -17.57% 4.17% -12.09% -17.57% 5.48%Since start of PM (November 2003) 7.81% 5.08% 2.73% 9.36% 5.08% 4.28%Since incept.(Jun 2003) 9.12% 7.55% 1.57% 10.61% 7.55% 3.06%Still includes expenses of 25-30 bpSource IFIS, NAV basis, annualized for 2 years, 3 years and since start / inceptionData as of December 31, 2007Period 200412 - 200712Standard Deviation Return 12.60%Standard Deviation Benchmark 11.24%Tracking Error 4.26%Information Ratio 0.63Beta 1.06Alpha Jensens 2.57Sharpe Ratio 0.36
  • 9. 9PerformanceRisk-adjusted performance over the longer term is solidRisk and performance statistics  • based on 36 months• based on annualized NAV returns• always in base currency of fund• total costs in NAV is 185 bpSource: ABN AMRO IFISReport Date: 17 January 2008Period 200412 - 200712Standard Deviation Return 12.60 %Standard DeviationBenchmark11.24 %Tracking Error 4.26 %Information Ratio 0.63Beta 1.06Alpha Jensens 2.57Sharpe Ratio 0.36Annualized Return Fund 7.58 % (9.43% ex costs)Annualized Return Benchmark 4.90 %
  • 10. 10PerformancePerformance solid in 2007 (attribution on a gross basis)Attribution analysis doesn’t include impact of management costs, Return Fund and Excess Return are grossReturn Fund -11.96%Retun BM -17.57%Excess return 6.81%Best Security Management Effect Industry Group1 Turkiye Garanti Bankasi A.S. 1.50% 4010 Banks2 Turkiye Halk Bankasi 1.23% 4010 Banks3 Citigroup Inc. 1.07% 4020 Diversified Financials4 AKSIGORTA / TRY1 0.99% 4030 Insurance5 Athens Stock Exchange SA 0.77% 4020 Diversified Financials6 Bank of Cyprus 0.66% 4010 Banks7 YAPI VE KREDI BANKASI A S / TRY1 0.63% 4010 Banks8 Barclays PLC 0.62% 4010 Banks9 Piraeus Bank S.A. 0.49% 4010 Banks10 MAN GROUP / B ORD USD1.40 0.49% 4020 Diversified FinancialsWorst Security Management Effect Industry Group1 Ambac Financial Group Inc. -0.66% 4030 Insurance2 Cash Life AG -0.57% 4030 Insurance3 Banco Santander S.A. -0.56% 4010 Banks4 Primus Guaranty Ltd -0.53% 4020 Diversified Financials5 Orix Corp. -0.42% 4020 Diversified Financials6 Deutsche Boerse AG -0.41% 4020 Diversified Financials7 Commonwealth Bank of Australia -0.39% 4010 Banks8 Morgan Stanley -0.39% 4020 Diversified Financials9 Eurocastle Inv /Ord NPV -0.35% 4010 Banks10 Daiwa Securities Group Inc. -0.34% 4020 Diversified Financials
  • 11. 11PerformancePerformance flat in 2006 (attribution on a gross basis)Attribution analysis doesn’t include impact of management costs, Return Fund and Excess Return are grossReturn Fund 9.52%Retun BM 9.36%Excess return 0.15%Best Security Management Effect Industry Group1 Ping An Insurance (Group) Company of China Limited0.93% 4030 Insurance2 Eurocastle Inv /Ord NPV 0.89% 4010 Banks3 IntercontinentalExchange Inc. 0.86% 4020 Diversified Financials4 Piraeus Bank S.A. 0.62% 4010 Banks5 Partners Group 0.60% 4020 Diversified Financials6 Prudential PLC 0.54% 4030 Insurance7 Mitsubishi UFJ Financial Group Inc. 0.52% 4010 Banks8 Bank of Cyprus 0.49% 4010 Banks9 Man Group PLC 0.49% 4020 Diversified Financials10 American International Group Inc. 0.39% 4030 InsuranceWorst Security Management Effect Industry Group1 Turkiye Garanti Bankasi A.S. -0.72% 4010 Insurance2 SBI Holdings Inc. -0.55% 4020 Diversified Financials3 Mizuho Financial Group Inc. -0.54% 4010 Banks4 Primus Guaranty Ltd -0.48% 4020 Diversified Financials5 Sumitomo Mitsui Financial Group Inc. -0.43% 4010 Banks6 SLM Corp. -0.43% 4020 Diversified Financials7 Conseco Inc. -0.40% 4030 Insurance8 National Financial Partners -0.39% 4020 Diversified Financials9 SFCG Co. Ltd. -0.39% 4020 Diversified Financials10 Nikko Cordial Corp. -0.37% 4020 Diversified Financials
  • 12. 12PerformancePerformance solid in 2005 (attribution on a gross basis)Attribution analysis doesn’t include impact of management costs, Return Fund and Excess Return are grossReturn Fund 34.95%Retun BM 28.04%Excess return 5.40%Best Security Management Effect Industry Group1 Sumitomo Mitsui Financial Group Inc. 0.76% 4010 Banks2 Turkiye Garanti Bankasi A.S. 0.65% 4010 Banks3 GFI Group Inc 0.64% 4020 Diversified Financials4 Fannie Mae 0.55% 4010 Banks5 Nikko Cordial Corp. 0.43% 4020 Diversified Financials6 JPMorgan Chase & Co. 0.43% 4020 Diversified Financials7 Unicredito Italiano S.p.A. 0.41% 4010 Banks8 T&D Holdings Inc. 0.37% 4030 Insurance9 AXA S.A. 0.35% 4030 Insurance10 HSBC Holdings PLC 0.33% 4010 BanksWorst Security Management Effect Industry Group1 The First Marblehead Corporation -0.73% 4020 Diversified Financials2 Mitsubishi UFJ Financial Group Inc. -0.38% 4010 Banks3 Xinhua Finance Ltd -0.36% 4030 Insurance4 Investors Financial Services Corp. -0.34% 4020 Diversified Financials5 Royal Bank of Scotland Group PLC -0.28% 4010 Banks6 Cash -0.26% 7010 Cash7 Royal Bank of Canada -0.25% 4010 Banks8 HCI Capital -0.24% 4020 Diversified Financials9 F&C Asset Management PLC -0.18% 4020 Diversified Financials10 Orix Corp. -0.16% 4020 Diversified Financials
  • 13. 13PerformancePerformance solid in 2004 (attribution on a gross basis)Attribution analysis doesn’t include impact of management costs, Return Fund and Excess Return are grossFund performance 10.58%Benchmark performance 6.48%Outperformance 4.10%
  • 14. 14PerformancePerformance solid in 2003 11-12 (attribution on a grossbasis)Attribution analysis doesn’t include impact of management costs, Return Fund and Excess Return are grossFund performance -0.13%Benchmark performance -1.35%Outperformance 1.23%
  • 15. 15PerformanceDisciplined trading around base positions adds αSource: ABN AMROAsset Management, Quantitative Investment ConsultantsReport Date: June 2007, annualized returns for all periods-1.000.001.002.003.004.005.006.001 month 3 m 6 m 12 malphaBuy & Hold alphaTrading alpha (Returngap)Financials Fund (2004.05 - 2007.05)
  • 16. 16Key points Patrick Lemmens (partly ABN AMRO points)+ Good & strong performance track record in long only as well as hedge fund (nonegative years, IR > 0.6, hedge fund > 150% (2007 absolute return before costs)+ Good trainer / coach, excellent teacher+ First to trade emerging markets amongst sector fund portfolio managers, first toreceive permission to trade derivatives other than currency hedges+ Many colleagues invest in Financials Fund, best possible compliment+ High internal “broker” votes allocated to Financials team reflecting consistentlyhigh marks for internal cooperation over the last 14 years - real teamplayer -+ Strong, often non-consensus, opinions which are not always liked by everybody+ Only specialist executive director which is recognition of looking beyond directresponsibilities; a.o. have had active contact with management of AAAM / AA