7 In 2010, a total of 365 (188) dialogues were conducted. Robeco has increased the number of dialogues over recent years, classifying them into 21 themes. 8 In 2010, Robeco voted at 2,188 shareholders' meetings. 9 Assets managed to which the exclusion policy can be applied amounted to about 60% of total assets managed by Robeco Group (not including Roparco and third-party funds). Responsible Investing implemented at Rabobank Private Bank and Schretlen Co In the year under review, Rabobank Private Banking and Schretlen Co paid a great deal of attention to sustainable and socially responsible investing. Investor clients must be certain that their investments satisfy generally accepted criteria for man, the environment and good governance. Equities of enterprises involved in controversial arms are no longer advised to clients. In addition, suppliers of investment products (investment funds, structured products, etc.) have been asked in writing how their investment process has been set up and how that process takes account of man, the environment and good governance. Alternatively, a tailored, responsible portfolio can be composed on the basis of a client's personal criteria. Robeco responsible investments Robeco stands for responsible investing. In 1999, Robeco was the first large Dutch asset manager to introduce a sustainable equity fund. To Robeco, embedding environmental, social and good governance factors in the investment analysis and investment decision process is a key element in responsible investing. Since 2010, Robeco has focused even more on strengthening its leadership in this area. This is achieved mainly by (i) including environmental, social and governance factors in the investment processes, (ii) increasingly entering into active dialogues and casting its vote at shareholders' meetings, and (iii) classifying Robeco's funds and a number of third-party funds by their degree of responsible investment. In addition, Robeco has pursued an exclusion policy since 1 February 2010 aimed at enterprises involved in the production of, or the trade in, such controversial weapons as cluster ammunition and anti-personnel mines. Assets managed, by instruments for responsible investing (in billions of euros) 2010 Assets managed by Robeco Group 150 Assets invested in sustainable theme funds 4 Assets to which ESG factor integration is applied 60 Assets managed on which dialogues with enterprises are ongoing7 44 Assets managed for which votes are cast8 26 Assets managed to which the exclusion policy can be applied9 90 Enhanced engagement for active ownership At the end of 2009, Robeco announced its desire to add 'enhanced engagement' to its active ownership strategies. Enhanced engagement means that Robeco enters into an active dialogue with enterprises acting in violation of the principles of the UN Global Compact, and that Robeco has the option to exclude such enterprises from its investment portfolios should the dialogue not yield the desired outcome. Enhanced engagement is a formal part of Robeco's exclusion policy. Dialogues were started with 21 enterprises, with more to follow in 2011 With the inclusion, in 2010, of emerging markets in Robeco's umbrella engagement programme, the engagement themes cover enterprises in both mature and emerging markets. In addition, Robeco focuses on specific themes for emerging markets, such as sustainability reports from enterprises in South Korea, South Africa and Brazil. Robeco started engagement activities for investments in fixed-income securities in 2010. By the end of 2010, approximately 30% of all engagement activities concerned the credit portfolios of both Robeco and its clients. Robeco has developed a classification system for investment funds in collaboration with Sustainalytics, an independent research company. This classification shows the extent to which an investment fund makes responsible investments. For the outcome of the classification, please log on to www.robeco.com. 44 Annual Report 2010 Rabobank Group

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Annual Reports Rabobank | 2010 | | pagina 45