Workshop

José Echegaray 5, Parque Empresarial Las Rozas 28230 Las Rozas, Madrid – ESPAÑA CIF nº: A82753658 Tel.: +34 91 788 60 11 Fax: +34 91 640 54 44 www.ais.com.es Transparency + Sustainability = Outperformance

Who is AIS?

Capital markets and SRI cultural tendencies

Rating the companies

Rating the regions

Conclusions

Index

Professional services firm specialised in the analysis of of stock listed companies under sustainability performance indicators.

An analysis based on social, environmental and corporate governance risk and performance criteria.

AIS was born in 2005 as a joint veture between Triodos Bank and ECODES .

Triodos Bank is one of the founder members of SiRi Co through its subsidiary DSR (Dutch Sustainability research). Since the year 2000, ECODES was the Spanish partner of SiRi Co

From September 2005, AIS became shareholder and partner of SiRi Co in Spain.

AIS – Analistas Internacionales en Sostenibilidad

É tica E mpresarial C orrupción S obornos Estrategia & Política Resultados y medición Sistemas de Gestión Transparencia & Reporting (GRI guidelines) Perfil & Rating c c c C omunidad F ilantropía I nvolucración C omunitaria G obierno C orporativo A ccountability I ndependencia R emuneración C lientes C alidad S atisfacción E mpleados L ugar de T rabajo S alud y S eguridad D iversidad R etribución F ormación M edio- ambiente C onsumos R esiduos P olución P roduct l ife c ycle P roveedores E xplotación I nfantil E tandares de V ida D erechos H umanos SiRi Co. Methodology

Who is AIS?

Rating the regions

Conclusions

Index

Capital markets and SRI cultural tendencies SRI tendencies in Europe Donations and charity Investment Funds + negative screening Transparency Nov. 2005 (expected) Ethical / social / charitable Spain Pension funds major players Regulation over transparency July 2004 Religion / Ethical Italy Strong Trade Union’s presence Employees Savings Plans Feb. 2001 Social aspects France Screening is dominant Specific Reporting required August 2001 Ecological (“green”) Germany Increase of engagement activism Information and Transparency (SIPs) July 2000 Ethical Background UK S.R.I. Development REGULATORY FRAMEWORK DRIVERS COUNTRY

Who is AIS?

Rating the regions

Conclusions

Index

Best and Worst SiRi rated companies

Best and Worst SiRi rated companies stock performance Westpac Banking first in SiRi rating Cheung Kong Holdings last in SiRi rating

Best SiRi rated companies per criteria

Worst SiRi rated companies per criteria

Who is AIS?

Rating the regions

Conclusions

Index

Rating the regions

Who is AIS?

Rating the regions

Conclusions

Index

Domini 400 Index 10 years’ performance: Domini 400 (12.33%) + 0.99% vs. S&P 500 (11.34%) Diferent methodologies offer different results

FTSE4Good vs. FTSE: -2.8% desde su lanzamiento en 7/01 DJSI vs. DJWSI: -8.5% desde su lanzamiento en 9/99 Fuente: Goldman Sachs, Feb - 2004 Diferent methodologies offer different results

Where more than money counts Triodos Meerwaarde Aandelenfonds 2005-08-02 Diferent methodologies offer different results F u nd: Triodos Meerwaarde Aandelenfonds Morningstar Categor y ™: World Wide equity Large-Cap Index: MSCI The World Index Free ND Morningstar Rating™ Annual performance F u nd +/-Cat +/-Idx YTD 7.3 -7.1 -8.4 2004 7.5 2.4 1.0 2003 10.2 -0.2 0.5 2002 -26.1 5.8 5.9

Where more than money counts Triodos Meerwaarde Mix Fonds 2005-08-02 Diferent methodologies offer different results F u nd: Triodos Meerwaarde Mix Fonds Morningstar Categor y ™: Defensive Balanced Fund Index: LB Euro-Agg. 75% / FTSE World 25% Morningstar Rating™ Annual performance F u nd +/-Cat +/-Idx YTD 6.4 2.0 -0.5 2004 4.8 0 .7 - 2.8 2003 6. 9 2. 1 0.3 2002 -4.7 -1.0 -2.7

Where more than money counts Triodos Meerwaarde obligatiefonds 2005-08-02 Diferent methodologies offer different results Morningstar Rating™ F u nd: Triodos Meerwaarde obligatiefonds Morningstar Categor y ™: Defensive Balanced Fund Index: LB Euro-Agg. 75% / FTSE World 25% Annual performance F u nd +/-Cat +/-Idx YTD 3.4 0. 6 - 0. 6 2004 6.4 1.0 -1.0 2003 5.9 2.0 1.3 2002 11.5 4.5 2.0

The past versus the present of investment styles

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This document has been carefully prepared by Analistas Internacionales en Sostenibilidad, S.A. and is intended to supply the reader with information and reference on AIS and SiRi Company Ltd.’s specific capabilities and services. Some content of this document is based upon external 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 document is not intended for distribution to or use by third parties. This explicitly is the case for distribution to or use by person s or entities in any jurisdiction or country where such distribution or use would be contrary to local law or regulation.

Any information , verbal or in writing, relating to the performance is for historical information only. Past performance is not indicative for future results .

Disclaimer

Carlos Bendito CEO José Echegaray 5 Parque Empresarial Las Rozas 28230 Las Rozas / Madrid Tel : +34 91 640 46 84 [email_address]