Patrick Lemmens is a senior portfolio manager with over 20 years of experience in financial services. He holds a Master's degree in financial economics and manages the Global Robeco Financials Fund, seeking to deliver alpha through solid stock picking based on identifying trends within the financial sector. His past performance at ABN AMRO was very solid, with annualized outperformance of 2.7% over benchmark indexes. He employs a bottom-up investment process focused on companies with strong book value growth positioned in profitable business lines.

1. 1
CV
PATRICK LEMMENS,
Senior Portfolio Manager
Date of Birth: Born in 1966, Heerlen
Education / Professional Qualifications / Research: Mr.Lemmens holds a Master’s degree in Financial Economics from the university of
Rotterdam, 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 Robeco
Financials 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 the
ABN AMRO trainee program, after which he worked as a portfolio manager in the Fixed Income Department. Since 1994 Mr. Lemmens has
worked as the sector analyst for financial institutions. Major skills: identifying trends within financial sector, identifying winners and
advising portfolio managers. Initiated launch of the first ABN AMRO sector / theme Funds. From 31-10-2003 till 31-12-2007 Mr. Lemmens
managed the ABN AMRO Financials Fund. He was a sector portfolio manager / analist and was actively involved in advising portfolio
managers on financial institutions with emphasis on a market view. In August of 2006 started with the management of a paper market
neutral 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 military
service. During his 18 months of service Mr. Lemmens was a controller for a building project of new coastal mine sweepers at one of the
Royal Dutch Navy headquarters in The Hague. Mr. Lemmens still holds the rank of Lieutenant at Sea second class.

2. Summary
Portfolio 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 to
Morningstar 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 which
Included in NAV calculation are approximately 185 bp, so annual outperformance is ± 4.5% in 36 and 50 month periods
Ad **: Hedge fund is a paper portfolio with no calculation of trading costs or other costs like fees

3. 3
Investment 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 – 120
names portfolio which limits specific stock risk as well as concentration risks
• Continuous monitoring of valuations and companies / trends do lead to changes in
the portfolio as we trade actively taking advantage of overreactions

4. 4
Investment 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 superior
execution 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. 5
Performance versus i-Shares and MSCI World

6. 6
Performance Report
Robeco New World Financial Equities (EUR) D-share
Current benchmark/reference: MSCI World Financials Index (Net Return) *
All figures in EUR
Gross of fees. Based on Net Asset Value.
Figures based
on most recent
month's results
are preliminary
Volatility Ex Post Information Sharpe Ratio
Period Portfolio Benchmark Excess Return Portfolio Benchmark TE Ratio Portfolio Benchmark Alpha Beta
May-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% 0.93
2-Year (ann.) 13.87% 12.57% 1.31% 19.36% 14.74% 5.98% 0.22 0.69 0.82 -1.51% 1.28
3-Year (ann.) 9.98% 8.71% 1.27% 17.16% 13.82% 5.14% 0.25 0.54 0.58 -0.05% 1.20
4-Year (ann.) 15.56% 13.14% 2.42% 17.27% 14.70% 4.76% 0.51 0.86 0.85 0.80% 1.14
2-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 year
Volatility Ex Post Information Sharpe Ratio
Period Portfolio Benchmark Excess Return Portfolio Benchmark TE Ratio Portfolio Benchmark Alpha Beta
2008 -53.49% -51.66% -1.83% 25.14% 27.05% 4.40% -0.42 -2.31 -2.08 -9.49% 0.92
2009 39.09% 27.00% 12.08% 35.20% 35.70% 4.60% 2.63 1.08 0.72 10.27% 0.98
2010 15.37% 11.87% 3.50% 15.42% 14.17% 3.31% 1.06 0.95 0.78 2.57% 1.06
2011 -21.74% -15.77% -5.97% 19.38% 16.57% 4.24% -1.41 -1.18 -1.02 -4.09% 1.15
2012 33.25% 27.37% 5.88% 16.32% 11.59% 5.68% 1.03 2.02 2.34 -3.90% 1.37
whole calendar
years only

7. 7
Returns by month
Period Portfolio Benchmark Excess Return Period Portfolio Benchmark Excess Return
Oct-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. 8
NAV NAV gross of fees
ABN AMRO Financials Fund - B Fund Index Out / underperformanceFund Index Out / underperformance
1 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 bp
Source IFIS, NAV basis, annualized for 2 years, 3 years and since start / inception
Data as of December 31, 2007
Period 200412 - 200712
Standard Deviation Return 12.60%
Standard Deviation Benchmark 11.24%
Tracking Error 4.26%
Information Ratio 0.63
Beta 1.06
Alpha Jensens 2.57
Sharpe Ratio 0.36

9. 9
Performance
Risk-adjusted performance over the longer term is solid
Risk and performance statistics
• based on 36 months
• based on annualized NAV returns
• always in base currency of fund
• total costs in NAV is 185 bp
Source: ABN AMRO IFIS
Report Date: 17 January 2008
Period 200412 - 200712
Standard Deviation Return 12.60 %
Standard Deviation
Benchmark
11.24 %
Tracking Error 4.26 %
Information Ratio 0.63
Beta 1.06
Alpha Jensens 2.57
Sharpe Ratio 0.36
Annualized Return Fund 7.58 % (9.43% ex costs)
Annualized Return Benchmark 4.90 %

10. 10
Performance
Performance solid in 2007 (attribution on a gross basis)
Attribution analysis doesn’t include impact of management costs, Return Fund and Excess Return are gross
Return Fund -11.96%
Retun BM -17.57%
Excess return 6.81%
Best Security Management Effect Industry Group
1 Turkiye Garanti Bankasi A.S. 1.50% 4010 Banks
2 Turkiye Halk Bankasi 1.23% 4010 Banks
3 Citigroup Inc. 1.07% 4020 Diversified Financials
4 AKSIGORTA / TRY1 0.99% 4030 Insurance
5 Athens Stock Exchange SA 0.77% 4020 Diversified Financials
6 Bank of Cyprus 0.66% 4010 Banks
7 YAPI VE KREDI BANKASI A S / TRY1 0.63% 4010 Banks
8 Barclays PLC 0.62% 4010 Banks
9 Piraeus Bank S.A. 0.49% 4010 Banks
10 MAN GROUP / B ORD USD1.40 0.49% 4020 Diversified Financials
Worst Security Management Effect Industry Group
1 Ambac Financial Group Inc. -0.66% 4030 Insurance
2 Cash Life AG -0.57% 4030 Insurance
3 Banco Santander S.A. -0.56% 4010 Banks
4 Primus Guaranty Ltd -0.53% 4020 Diversified Financials
5 Orix Corp. -0.42% 4020 Diversified Financials
6 Deutsche Boerse AG -0.41% 4020 Diversified Financials
7 Commonwealth Bank of Australia -0.39% 4010 Banks
8 Morgan Stanley -0.39% 4020 Diversified Financials
9 Eurocastle Inv /Ord NPV -0.35% 4010 Banks
10 Daiwa Securities Group Inc. -0.34% 4020 Diversified Financials

11. 11
Performance
Performance flat in 2006 (attribution on a gross basis)
Attribution analysis doesn’t include impact of management costs, Return Fund and Excess Return are gross
Return Fund 9.52%
Retun BM 9.36%
Excess return 0.15%
Best Security Management Effect Industry Group
1 Ping An Insurance (Group) Company of China Limited0.93% 4030 Insurance
2 Eurocastle Inv /Ord NPV 0.89% 4010 Banks
3 IntercontinentalExchange Inc. 0.86% 4020 Diversified Financials
4 Piraeus Bank S.A. 0.62% 4010 Banks
5 Partners Group 0.60% 4020 Diversified Financials
6 Prudential PLC 0.54% 4030 Insurance
7 Mitsubishi UFJ Financial Group Inc. 0.52% 4010 Banks
8 Bank of Cyprus 0.49% 4010 Banks
9 Man Group PLC 0.49% 4020 Diversified Financials
10 American International Group Inc. 0.39% 4030 Insurance
Worst Security Management Effect Industry Group
1 Turkiye Garanti Bankasi A.S. -0.72% 4010 Insurance
2 SBI Holdings Inc. -0.55% 4020 Diversified Financials
3 Mizuho Financial Group Inc. -0.54% 4010 Banks
4 Primus Guaranty Ltd -0.48% 4020 Diversified Financials
5 Sumitomo Mitsui Financial Group Inc. -0.43% 4010 Banks
6 SLM Corp. -0.43% 4020 Diversified Financials
7 Conseco Inc. -0.40% 4030 Insurance
8 National Financial Partners -0.39% 4020 Diversified Financials
9 SFCG Co. Ltd. -0.39% 4020 Diversified Financials
10 Nikko Cordial Corp. -0.37% 4020 Diversified Financials

12. 12
Performance
Performance solid in 2005 (attribution on a gross basis)
Attribution analysis doesn’t include impact of management costs, Return Fund and Excess Return are gross
Return Fund 34.95%
Retun BM 28.04%
Excess return 5.40%
Best Security Management Effect Industry Group
1 Sumitomo Mitsui Financial Group Inc. 0.76% 4010 Banks
2 Turkiye Garanti Bankasi A.S. 0.65% 4010 Banks
3 GFI Group Inc 0.64% 4020 Diversified Financials
4 Fannie Mae 0.55% 4010 Banks
5 Nikko Cordial Corp. 0.43% 4020 Diversified Financials
6 JPMorgan Chase & Co. 0.43% 4020 Diversified Financials
7 Unicredito Italiano S.p.A. 0.41% 4010 Banks
8 T&D Holdings Inc. 0.37% 4030 Insurance
9 AXA S.A. 0.35% 4030 Insurance
10 HSBC Holdings PLC 0.33% 4010 Banks
Worst Security Management Effect Industry Group
1 The First Marblehead Corporation -0.73% 4020 Diversified Financials
2 Mitsubishi UFJ Financial Group Inc. -0.38% 4010 Banks
3 Xinhua Finance Ltd -0.36% 4030 Insurance
4 Investors Financial Services Corp. -0.34% 4020 Diversified Financials
5 Royal Bank of Scotland Group PLC -0.28% 4010 Banks
6 Cash -0.26% 7010 Cash
7 Royal Bank of Canada -0.25% 4010 Banks
8 HCI Capital -0.24% 4020 Diversified Financials
9 F&C Asset Management PLC -0.18% 4020 Diversified Financials
10 Orix Corp. -0.16% 4020 Diversified Financials

13. 13
Performance
Performance solid in 2004 (attribution on a gross basis)
Attribution analysis doesn’t include impact of management costs, Return Fund and Excess Return are gross
Fund performance 10.58%
Benchmark performance 6.48%
Outperformance 4.10%

14. 14
Performance
Performance solid in 2003 11-12 (attribution on a gross
basis)
Attribution analysis doesn’t include impact of management costs, Return Fund and Excess Return are gross
Fund performance -0.13%
Benchmark performance -1.35%
Outperformance 1.23%

15. 15
Performance
Disciplined trading around base positions adds α
Source: ABN AMROAsset Management, Quantitative Investment Consultants
Report Date: June 2007, annualized returns for all periods
-1.00
0.00
1.00
2.00
3.00
4.00
5.00
6.00
1 month 3 m 6 m 12 m
alpha
Buy & Hold alpha
Trading alpha (Return
gap)
Financials Fund (2004.05 - 2007.05)

16. 16
Key points Patrick Lemmens (partly ABN AMRO points)
+ Good & strong performance track record in long only as well as hedge fund (no
negative 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 to
receive 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 consistently
high 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 direct
responsibilities; a.o. have had active contact with management of AAAM / AA