Position Update: Direct Impact of Lehman Brothers Chapter 11 situation on Robeco Funds

Announcement

Rob van Bommel, Executive Vice President, Robeco Products & Services

In this Position Update, we provide an accounting of the direct exposure to Lehman Brothers by Robeco funds. The direct active exposure is small. We provide a listing of the individual funds with exposure to Lehman Brothers as of Friday, September 12th and as of today, Tuesday, September 16, 2008. For some funds, Lehman Brothers was a benchmark constituent. 

Position Update
On Monday, September 15th, a limited number of Robeco funds held direct exposure in Lehman Brothers. The market value of  Lehman Brothers was reflected in the opening NAV on Monday morning. On Monday, we reduced our exposure, hence further impact will be limited. 

Direct exposure to Lehman Brothers was concentrated in our fixed income funds. The only Equities funds with direct equity exposure were the Financials Equities and Rolinco funds. We expect the impact on fund performance to be limited. 

Percentage Exposure to Lehman Brothers by Robeco Funds Distributed in Europe
The table below provides a summary of exposure to Lehman Brothers by Robeco funds distributed in Europe. The first three columns provide the percentage of exposure as of Monday morning, September 15, 2008. The last column provides our positions as of this morning, Tuesday, September 16, 2008. Robeco will continue to investigate the impact of the Lehman collapse and other market events in order to limit their effect on our portfolios.

*The data in the table has not been audited. Exposure is defined as direct investment in Lehman Brothers stock or bonds as a percentage of the respective fund’s size. The exposure shown for Rolinco is approximate.
 
Important information
This document 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 reader with information on Robeco’s specific capabilities, but does not constitute a recommendation to buy or sell securities or investment products.
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Robeco Institutional Asset Management B.V. is registered with the Netherlands Authority for the Financial Markets in Amsterdam. Trade Register no 24123167.