Robeco Institutional Asset Management B.V.

Robeco Institutional Asset Management B.V. Interim financial statements for the six-month period ended 30 June 2015

Contents General information 2 Interim report of the Executive Committee 3 General 3 Corporate information 3 Corporate structure 3 Financial situation and results for the six-month period ended 30 June 2015 3 Significant events and transactions 3 Interim Financial Statements 4 Interim Income Statement 4 Interim Balance Sheet 5 Accounting principles for valuation and determination of the result 6 Notes to the interim income statement 11 Notes to the interim balance sheet 14 Responsibility statement 18 2015 Interim financial statements 1

General information Supervisory Board The Company has no Supervisory Board. Executive Committee (ExCo) I. Ahrens K. van Baardwijk L.M.T. Boeren* H.W.D.G. Borrie* P.J.J. Ferket H.A.A. Rademaker* R. Toppen * Statutory director Address Robeco Institutional Asset Management B.V. Coolsingel 120 The Netherlands P.O. Box 973 NL-3000 AZ Rotterdam Tel +31-10 - 224 12 24 Web www.robeco.nl/riam Email fundinfo@robeco.nl 2015 Interim financial statements 2

Interim report of the Executive Committee General We herewith present Robeco Institutional Asset Management B.V. s (also referred to as RIAM or the Company ) interim financial statements for the six-month period ended 30 June 2015 together with the report of the Executive Committee (ExCo). The ExCo consists of three female and four male members. Corporate information The Company is established in the Netherlands. The main activities are investment management activities on behalf of clients, including investment funds, for which management fees and other fees are received. The Company performs management of regular investments and alternative investments, including private equity and structured investment products. Besides this, the Company offers access to investment products to retail clients directly for which the Company receives fees from clients. The Company holds a UCITS fund manager license, as well as a license to act as a AIFMD fund manager. Corporate structure Robeco Group, of which the Company is a part, has established a new corporate structure in 2014 where activities are organized by geographic region. In light of the new corporate structure, the Company is now governed by an Executive Committee. As from 4 February 2015, the Executive Committee includes the three statutory board members of the Company and four senior managers. The statutory board of the company consists of two female and one male member. On 2 July 2014, Robeco Securities Lending B.V. and Robeco Direct N.V. have been merged into the Company. The comparative figures for the first half of 2014 of these interim financial statements have been adjusted accordingly. Refer to the Accounting policies for the adjustments made. In January 2015, Robeco Miami B.V. has been demerged from the Company and transferred to Robeco U.S. Holding B.V. The impact on the equity of the Company of this demerger was a decrease of EUR 0.4 million. Financial situation and results for the six-month period ended 30 June 2015 The operating result over the reporting period increased from EUR 24.6 million (restated) to EUR 43.6 million, mainly due to a strong increase in gross margin. The Company s gross margin over the reporting period was EUR 132.8 million, EUR 23.8 million higher than in the first half of 2014. This increase was mainly caused by an increase in assets managed or subadvised by the Company. Administrative expenses increased from EUR 70.3 million in the first half of 2014 to EUR 74.4 million the first half of 2015. The Company does not employ staff in the Netherlands directly. The staff in the Netherlands that is involved in activities of the Company is legally employed by Robeco Nederland B.V., a subsidiary of Robeco Groep N.V. The average number of employees that is formally directly employed at the international branch offices of the Company was 35 (first half of 2014: 40). The tax expense in the first half of 2015 was EUR 11.5 million (first half of 2014: 6.9 million). The result for the reporting period after tax was EUR 35.2 million, an increase of EUR 10.2 million compared to the previous year. Management considers the financial position of the Company sound. During the financial period, shareholders equity decreased with EUR 15.2 million to EUR 139.3 million, due to a dividend distribution of EUR 50.0 million in June 2015, which was mitigated by the result for the period of EUR 35.2 million. Significant events and transactions During the first half of 2015 no events or transactions have occurred that are significant to an understanding of the changes in financial position and performance of the entity since the end of the last annual reporting period. 2015 Interim financial statements 3

Interim Financial Statements Interim Income Statement for the six-month period ended 30 June EUR x million Notes 2015 2014 unaudited unaudited, restated* Net revenues 1 237.7 189.3 Distribution and subadvisory costs 2-104.9-80.3 Gross margin 132.8 109.0 Administrative expenses 3 74.4 70.3 Employee benefits expense 4 5.6 5.5 Other expenses 5 9.2 8.6 Total operating expenses 89.2 84.4 Operating result 43.6 24.6 Finance result 0.0 0.2 Result before tax 43.6 24.8 Income tax expense 6 11.5 6.9 Result from investments in group and associated companies after tax 7 3.1 7.1 Result for the period 35.2 25.0 * Certain amounts shown here do not correspond to the 2014 interim financial statements and reflect adjustments made as a result of the mergers of the Company with Robeco Securities Lending B.V. and Robeco Direct B.V. as of 2 July 2014. Refer to the Accounting policies for the adjustment made. 2015 Interim financial statements 4

Interim Balance Sheet EUR x million Notes 30 June 2015 unaudited 31 December 2014 ASSETS Fixed assets Tangible fixed assets 0.1 0.1 Investment in group and associated companies 7 3.4 7.2 Deferred tax assets 8 6.5 7.3 10.0 14.6 Current assets Trade receivables 9 9.5 4.4 Receivables from group companies 10 193.1 195.2 Other receivables 11 52.4 51.9 Cash and cash equivalents 12 18.7 12.1 273.7 263.6 Total assets 283.7 278.2 EQUITY AND LIABILITIES Equity 13 Issued capital 0.1 0.1 Share premium 31.5 31.5 Other reserves 72.5 78.5 Result financial period* 35.2 44.4 139.3 154.5 Non-current liabilities Deferred tax liabilities 8 4.4 5.2 Total non-current liabilities 4.4 5.2 Current liabilities Liabilities to group companies 14 88.2 69.1 Other liabilities 15 51.8 49.4 Total current liabilities 140.0 118.5 Total equity and liabilities 283.7 278.2 * The result financial period for 2015 is related to the six-month period ending 30 June 2015. The result financial period for 2014 relates to the full year. 2015 Interim financial statements 5

Accounting principles for valuation and determination of the result General information Robeco Institutional Asset Management B.V. (also referred to as RIAM or the Company ) is established in the Netherlands, having its legal seat in Rotterdam. The main activities of the Company are regular investment management activities on behalf of clients, including investment funds. The Company receives management fees and other fees for these activities. Both securities lending and offering alternative investments, including private equity and structured investment products, can also be considered as main activities of the Company. The Company also offers investment products to retail clients directly. The product range encompasses equity and fixed-income investments and also facilitates saving products through Rabobank (Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A). All shares of the Company are held by Robeco Europe Holding B.V. The domestic ultimate parent of the Company is Robeco Groep N.V. ORIX Corporation (ORIX), with registered office in Tokyo, Japan, holds slightly more than a 90% stake in Robeco Groep N.V., whereas Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank) holds the remaining shares. The Company holds a UCITS fund manager license and an AIFMD fund manager license as of 22 July 2014. The interim financial statements of the Company are prepared in accordance with Dutch law (section 2:9 of the Dutch Civil Code) and the Financial Supervision Act (Wet op het financieel toezicht). Accounting policies Interim financial statements In these interim financial statements the same accounting principles for valuation and determination of the result have been used as those followed in the most recent annual financial statements of the Company. According to Dutch law, the financial statements of the Company do not require consolidated statements or a cash flow statement. Basis of preparation These accounting policies describe the valuation methods used. If no explicit accounting policy is given for an individual item on the balance sheet, the item is accounted for at its nominal value. The interim financial statements are presented in euros since this is the functional currency of Robeco Institutional Asset Management B.V. Numbers are rounded to the nearest tenth of a million and all amounts disclosed in the notes to the income statement and the balance sheet are in tenth of a million, except when explicitly stated otherwise. The interim financial statements have been prepared on basis of historical cost less accumulated depreciation and amortization and any accumulated impairment losses. Mergers as of 2 July 2014 On 2 July 2014, Robeco Securities Lending B.V. and Robeco Direct N.V. have been merged into the Company. As a result of the merger, Robeco Securities Lending B.V., a 100% subsidiary of the Company, and Robeco Direct N.V., a Robeco Group company, have ceased to exist. As of 2 July 2014, all of Robeco Securities Lending B.V. s and Robeco Direct N.V. s assets and liabilities have passed on under universal title to the Company, which is continuing the existing business, as well as Robeco Securities Lending B.V.'s and Robeco Direct N.V.'s business. As all transactions related to the mergers met the conditions related to the pooling of interest accounting method, the figures of Robeco Securities Lending B.V. and Robeco Direct N.V. are included in the figures of the Company at book value as of 1 January 2014. Comparative information has been adjusted accordingly. The out-of-pocket expenses incurred due to the mergers were less than EUR 0.1 million in total. 2015 Interim financial statements 6

The key figures as recognized in the interim income statement 2014 of the merged companies were as follows: (in EUR x million) Robeco Institutional Asset Management B.V. Robeco Securities Lending B.V. Robeco Direct N.V. Eliminations Included in Interim Financial Statements 2015 as comparative figures Net revenues 174.7 3.4 11.4 0.2 189.3 Distribution and subadvisory costs 80.5 - - 0.2 80.3 Total operating expenses 72.3 1.4 10.7-84.4 Finance result 0.1-0.1 0.2 Result before tax 22.0 2.0 0.8-24.8 Income tax expense 6.2 0.5 0.2-6.9 Result from investments in group and associated 8.6 - - 1.5 7.1 companies after tax Result for the period 24.4 1.5 0.6 1.5 25.0 In these interim financial statements, the merger with Robeco Securities Lending B.V. and Robeco Direct N.V. is treated as if pooling of interests, as all parties involved are under common control of Robeco Groep N.V. Accordingly, the comparative figures and notes are restated as if Robeco Securities Lending B.V. and Robeco Direct N.V. have always been part of the Company. The following items are eliminated by applying the as if pooling of interest method: Net Revenues: EUR 0.2 million Distribution and subadvisory costs: EUR 0.2 million Result Robeco Securities Lending B.V.: EUR 1.5 million Significant accounting judgments, estimates and assumptions The preparation of financial statements requires the use of judgment and estimates. This affects the recognition and valuation of assets and liabilities, the disclosure of contingent liabilities as of the date of the interim financial statements and the reported amounts of income and expenses during the reporting period. Although these estimates are based on management s best knowledge of current events and actions, the actual results may differ ultimately from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised. Foreign currencies Monetary assets and liabilities denominated in other currencies are translated into euros at the spot rates prevailing at the balance sheet date. Non-monetary items measured at historical cost are translated using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value are converted using the exchange rates at the date when the fair value was determined. The assets and liabilities of foreign operations, including goodwill, are translated into euros at exchange rates prevailing at the balance sheet date. Income and expenses are converted at the average exchange rate of the relevant month. The exchange rate differences are taken to the income statement and are recorded in the other expenses. Changes in the valuation of investments in foreign entities are taken to equity. Changes in the valuation of derivative financial instruments, which are designated as a hedge against the foreign operations currency risk, are also recorded taken to equity. Net revenues Net revenues include management fees, service fees, distribution fees, performance fees, securities lending fees and other fees. Fees are recognized when the services have been performed. Management and service fees are primarily based on predetermined percentages of the market values of the assets under 2015 Interim financial statements 7

management and are affected by changes in assets under management, including investment performance, net subscriptions or redemptions and fluctuations in exchange rates. Performance fees are calculated as a percentage of the performance of the relevant assets under management and recorded when earned. Distribution fees received from third parties are received in relation to the distribution of funds managed by other Robeco entities. Distribution and subadvisory costs Distribution and subadvisory costs include trailer fees, one-off distribution expenses and subadvisory costs payable to third- and related parties. Trailer fees, one-off distribution expenses and subadvisory costs are recognized when the services have been performed and can be reliably measured. Trailer fees are primarily based on predetermined percentages of the market values of the average assets under management of the investments, including investment performance and net subscriptions or redemptions. One-off distribution expenses are upfront fees to distributors related to structured products. Subadvisory costs are paid to third party asset managers. These costs are mainly based on predetermined percentages of the market values of the average assets under management of the investments. Finance income and expense Finance income and expense are recognized as earned or incurred. Finance income comprises of income related to cash and short-term loans. Finance expense comprises of interest payable on interest-bearing loans. Taxes Robeco Institutional Asset Management B.V. is part of a fiscal unity for Dutch corporate income tax purposes headed by Robeco Groep N.V. within the meaning of the Dutch Corporate Income Tax Act 1969. The Company is jointly and severally responsible for the resulting tax liability, as are the other companies that are part of the tax group. Some foreign offices of the Company are considered to be permanent establishments. These offices are therefore subject to corporate income tax in the country they operate and file their own corporate income tax returns. The profits made by these foreign offices will not be taxable in the Netherlands due to the existing double income tax treaties. Tax losses incurred by foreign permanent establishments are not deductible for the Dutch corporate income tax. To prevent double taxation, Robeco Institutional Asset Management B.V. receives a deduction of corporate income tax to the extent that the aforementioned profits are part of its Dutch corporate income tax base and to the extent that the accumulated profits exceed accumulated losses deducted before 2012. The calculation of corporate income tax is made as if the Company is an independent taxpayer. Payable corporate income taxes have been settled with Robeco Groep N.V. via the current account under the heading Group companies. The taxes are calculated on the basis of the applicable rate for tax, taking into account tax-exempt profit constituents and deductible items. Income tax on the profit or loss for the period comprises current and deferred tax. Income tax is recognized in the interim income statement. The current tax is included in the current account with Robeco Groep N.V. and settled monthly. The tax rates and laws used to compute taxable amounts are those enacted or substantially enacted at the reporting date. Deferred tax is provided using the liability method on temporary differences at the reporting date between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for tax purposes. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, at the tax rates that are expected to apply in the year when the asset is realized and the liability is settled, based on tax rates that have been enacted or substantively enacted at the reporting date. A deferred tax asset is recognized for tax benefits relating to the carry forward of unused tax losses when it is probable that estimated future taxable profits will be available for which these losses can be utilized. The carrying amount of deferred income tax assets is reviewed annually and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized. Unrecognized deferred income tax assets are reassessed at each reporting date and 2015 Interim financial statements 8

are recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. A deferred tax liability is provided for the recognized taxable temporary differences between the tax base and the carrying amount for financial reporting purposes at the reporting date. Deferred tax liability is also provided in respect of the recognition of fair value identification on other intangible assets and in respect of loss recapture due to double tax relief regulations. The deferred tax liability is recorded at nominal value. Result from investments in group and associated companies after tax Income from investments in group and associated companies after tax is the Company s share in the net result of the investments in associated companies determined in accordance with the accounting policies applied in these interim financial statements. Tangible fixed assets Tangible fixed assets are valued at the acquisition price less accumulated depreciation and impairment losses. Tangible assets are depreciated over their estimated useful lives, on a straight-line basis. Investment in group and associated companies Investment in group and associated companies are valued at the Company s share in the net asset value determined in accordance with the accounting policies applied in these interim financial statements. Current assets Current assets are stated at face value, less any allowances for uncollectible accounts. Unless stated otherwise, receivables have a remaining term of less than one year. Trade receivables relate to outstanding invoices. Cash and cash equivalents Cash and cash equivalents are valued against nominal value and consist of immediately available credit balances. Derivative financial instruments and hedge accounting Until the demerger of RobecoSAM A.G. on 11 November 2014, when the shares in RobecoSAM A.G. were transferred to another Robeco Group company, the Company entered into transactions in derivative financial instruments (foreign currency forwards) which, in combination with a foreign currency loan, were designated and qualified as net investment hedges of foreign operations. Such derivative financial instruments were initially recognized at fair value on the date on which the derivative financial instruments were entered into and subsequently remeasured. Derivative financial instruments were carried as assets if the fair value is positive and as liabilities if the fair value was negative. The Company had designated the derivative financial instruments as net investment hedges of foreign operations. The effective portion of changes in the fair value of hedges of net investments in foreign operations was recognized in the foreign currency translation reserve. The gain or loss relating to the ineffective portion was recognized immediately in the income statement as other expenses. When a financial instrument is designated as a hedge, the Company documents the relationship between the hedging instrument and the hedged item. Accordingly, the Company documents its assessment, both at hedge inception and on an ongoing basis, of how effective the derivative financial instruments used in hedging transactions are in offsetting changes in the fair values of hedged items. This assessment includes a way of assessing the hedging instrument s effectiveness in offsetting the exposure to changes in the hedged item s fair value attributable to the hedged risk. Current liabilities Current liabilities are measured at amortized costs. 2015 Interim financial statements 9

Carried interest The Company, acting directly or through subsidiaries as the General Partner of some Robeco Private Equity vehicles, is entitled to receive a share of the realized profits of the Investee Funds (carried interest). Carried interest is calculated based on a share of profits taking into account the cash already distributed by the Investee Funds and the amount of divestment proceeds receivable or to be received upon disposal as estimated by the General Partner. Proceeds are distributed by the Investee Funds in such a manner that the General Partner will not receive a distribution of carried interest before the Partners have received their Contributed Capital and an agreed upon return on their investments. Since only the carried interest amounts received in cash are to be regarded as reasonably assured, carried interest is recognized as revenue in the Income Statement as from the actual distribution by the Investee Funds. The paid out carried interest amounts are to be regarded as advances on the final amount calculated upon liquidation of the Investee Funds, since they are subject to claw back until a point in time toward the end of life of the Investee Funds. 2015 Interim financial statements 10

Notes to the interim income statement 1 Net revenues The net revenues can be specified as follows: For the six-month period ended 30 June 2015 2014 EUR x million Restated Distribution fees received from other Robeco Group companies 85.8 67.4 Management fees 65.2 53.2 Subadvisory fees received from other Robeco Group companies 61.6 46.1 Distribution fees received from third parties 9.8 7.7 Fees from clients 6.6 5.3 Securities lending fees 4.0 3.4 Service fees 3.1 3.0 Performance fees 1.2 2.5 Other income 0.3 0.4 Other fees 0.1 0.3 Total management and other fees 237.7 189.3 Subadvisory fees and distribution fees received from other Robeco Group companies are mainly received from Robeco Luxembourg S.A. Segment information The following information about revenues is included to comply with Section 380 of Book 2 of the Dutch Civil Code. The revenues are allocated based on the legal entities where the revenues are produced. For the six-month period ended 30 June 2015 2014 EUR x million Restated Total revenue by region Netherlands 38% 90.7 40% 76.1 Rest of Europe 60% 143.1 58% 110.5 Outside Europe 2% 3.9 2% 2.7 Total management and other fees 100% 237.7 100% 189.3 2 Distribution and subadvisory costs The costs can be broken down as follows: For the six-month period ended 30 June 2015 2014 EUR x million Restated Subadvisory costs paid to other Robeco Group companies 46.0 29.6 Distribution costs paid to third parties 35.5 30.9 Distribution costs paid to other Robeco Group companies 23.4 19.7 Subadvisory costs paid to third parties 0.0 0.1 Total distribution and subadvisory costs 104.9 80.3 2015 Interim financial statements 11

3 Administrative expenses Robeco Nederland B.V. charges operating costs, relating to the management of investment funds and mandates and related financial services. The costs allocation includes indirect organizational costs and direct business related costs, which amongst others include costs for staff, information technology, marketing and housing. Part of the operating costs charged by Robeco Netherland B.V. is disbursed to other group companies. Domestic staff is made available to the Company through an inter-company service agreement. Robeco Nederland B.V. is legally the employer of personnel, recharging related expenses to the Company. On average, the charge concerns 775 FTE s direct and indirect personnel during the first half of 2015 (first half of 2014: 762 (restated). These expenses also include disbursements by other entities within Robeco Group. Robeco Nederland B.V. is a wholly owned second-tier subsidiary of Robeco Groep N.V., as is the Company. 4 Employee benefits expense The staff of Robeco Institutional Asset Management B.V is employed in two different ways. Domestic staff is located in the Netherlands and is legally employed by Robeco Nederland B.V., the group's domestic service company. See note 3 for the recharge of the domestic staff expenses. International staff is formally employed by the Company and is located in the Company's international offices. Staff costs can be specified as follows: For the six-month period ended 30 June 2015 2014 EUR x million Wages and salaries 5.0 4.9 Social security and pension costs 0.3 0.3 Other employee benefits expenses 0.3 0.3 Total employee benefits expenses 5.6 5.5 During the first half of 2015, on average 35 FTE s (2014: 40 FTE s) international staff was executing operational activities on behalf of the Company. The pensions of legally employed staff are based on defined contribution plans. These plans are provided by external insurance companies. The pension costs concern the paid insurance premiums by the Company. The distribution of the average international staff by country is as follows: For the six-month period ended 30 June 2015 2014 Average FTE s Germany 13 11 Middle East 8 7 Spain 7 7 Japan 1-10 Shanghai 3 3 Korea 2 2 United Kingdom 2 2 - Total average number of employees 35 40 1. 2. In the summer of 2014, the activities of the branch office in Japan were continued in a new entity, Robeco Japan Company Limited. As a consequence the personnel involved is no longer employed by the Company. The branch office in the United Kingdom was opened by the Company in November 2014. 2015 Interim financial statements 12

5 Other expenses Other expenses can be specified as follows: EUR x million 2015 2014 Restated Fund and client related costs 2.6 3.6 Operational claims 1.2 0.8 Charged and other personnel costs 0.7 0.7 Housing and furniture 0.5 0.5 Marketing 0.5 0.4 Travel and accommodation 0.3 0.2 Advice costs 0.2 0.4 Information technology 0.1 0.1 Other 3.1 1.9 Total other expenses 9.2 8.6 Fund- and client-related costs include fund administration costs of Private Equity funds. The increase in Other is mainly caused by a strong increase in exchange rate differences. Other also relates to consultancy costs and fund auditing costs. 6 Income tax expense The statutory tax rate in the first half of 2015 was 25% (2014: 25%). The current tax is included in the current account with Robeco Groep N.V., the head of the fiscal unity, and settled monthly. 2015 Interim financial statements 13

Notes to the interim balance sheet 7 Investment in group and associated companies The following subsidiaries are included in the interim financial statements caption Investment in group and associated companies of Robeco Institutional Asset Management B.V.: 30 June 2015 31 December 2014 Robeco Bestuurder Bewaarder B.V Netherlands 100% 100% Robeco General Partner European II B.V. Netherlands 100% 100% Robeco General Partner Funds B.V. 1 Netherlands 100% 100% Robeco General Partner Global II B.V. Netherlands 100% 100% Robeco General Partner Sustainable B.V. Netherlands 100% 100% Robeco Manager BSR B.V Netherlands 100% 100% Robeco Manager Clean Tech II B.V. Netherlands 100% 100% Robeco Manager European III B.V. Netherlands 100% 100% Robeco Manager Global III B.V. Netherlands 100% 100% Robeco Manager Responsible II B.V. Netherlands 100% 100% Robeco Miami B.V. 2 Netherlands - 100% RobecoSAM Clean Growth IV General Partner B.V. Netherlands 100% 100% 1. Robeco General Partner Funds B.V holds a 26.7% membership interest in RGS Capital LLC, and 100% of RobecoSAM Clean Tech III General Partner LLC. 2. The activities of Robeco Miami B.V. are based in Miami (FL), United States of America. All shares in Robeco Miami B.V. have been legally transferred to Robeco U.S. Holding B.V. in January 2015. Investments in associated companies also includes a 27.5% interest in SET Venture Partners, powered by Chrysalix and Robeco B.V., the Netherlands. The book value of the investments in group and associated companies developed as follows during the period: EUR x million 30 June 2015 31 December 2014 Restated Book value of investments in group and associated companies at 1 January 7.2 36.1 Dividend distribution -6.5-17.1 Capital contribution - 4.0 Result for the period 3.1 13.6 Currency result on participating interest 0.5 Demerger of share in Robeco Miami B.V. -0.4 Demerger of share in RobecoSAM A.G. & Robeco Luxembourg S.A. -29.9 Book value of investments in group and associated companies at end of period 3.4 7.2 8 Deferred tax assets and liabilities The deferred tax asset relates to the offset of future taxable profits with remaining cumulative tax losses ad EUR 20 million at balance date brought forward in branch office Robeco Germany. Recognition of the deferred tax asset is possible due to the rapidly improving profits of Robeco Germany resulting from a strong increase in assets under management invested through Robeco Germany by German clients over the recent years. The deferred tax asset is expected to decrease with EUR 1.6 million in 2015 (2014: 0.6 million). 2015 Interim financial statements 14

The deferred tax liability relates to the future profits in Germany which will be taxable in the Netherlands at a different tax rate than the deferred tax asset. The deferred tax liability is expected to decrease, based on remaining cumulative tax losses of EUR 17 million at balance date, with EUR 1.6 million in 2015 (2014: EUR 1.0 million). 9 Trade receivables Trade receivables relate to outstanding invoices. Since all amounts are expected to be received, no provision is deemed necessary. 10 Receivables from group companies This item relates to current accounts and current account loans with Robeco Group entities. The current accounts are settled periodically. The Company has granted current account loans on a monthly basis to Robeco Groep N.V. These loans are receivable on demand in order to meet the liquidity requirements of the regulator. The balance was EUR 110.0 million at 30 June 2015 (31 December 2014: EUR 150.0 million). The loan is granted for cash management purposes and the interest rate is based on Euribor. The effective interest rate in the first half of 2015 was 0.0% (first half of 2014: 0.1%). 11 Other receivables Other receivables mainly consist of accruals for management fees, performance fees and other fees. The Company has also granted a loan to Stichting Robeco Funds for cash management purposes of EUR 1.6 million (2014: EUR 1.6 million). All outstanding amounts are expected to be received within 12 months. 12 Cash and cash equivalents Cash and cash equivalents are recorded at nominal value and consist of immediately available credit balances at banks. 13 Equity At 30 June 2015, the Company s authorized share capital amounted to EUR 91 thousand (200 shares), of which EUR 41 thousand is placed and paid in full. EUR x million Issued capital Share premium Other reserves Result financial year Total At 31 December 2014 0.1 31.5 78.5 44.4 154.5 Results 2014-44.4-44.4 - Dividend distribution - - -50.0 - -50.0 Add: results 2015 - - - 35.2 35.2 Demerger Robeco Miami B.V.* - - -0.4 - -0.4 At 30 June 2015 0.1 31.5 72.5 35.2 139.3 *In January 2015, Robeco Miami B.V. has been demerged from the Company and transferred to another Robeco Group company. Foreign currency translation reserves Result financial year EUR x million, restated Issued capital Share premium Legal reserves Other reserves Total At 1 January 2014 0.1 3.2 11.0 0.5 111.8 63.0 189.6 Results 2013 * - 28.3 - - 34.7-63.0 - Dividend distribution - - - - -50.0 - -50.0 Add: results 2014 - - - - - 25.0 25.0 Other - - 0.2 - - - 0.2 At 30 June 2014 0.1 31.5 11.2 0.5 96.5 25.0 164.8 2015 Interim financial statements 15

*The profit of Robeco Direct N.V. over 2013 has been included into the share premium, because as a result of the merger of the Company with Robeco Direct N.V., the paid up capital of the Company has increased with the value of Robeco Direct N.V. as at 1 January 2014. The foreign currency translation reserve included the exchange rate differences arising from the translation of financial statements of subsidiaries with a functional currency other than Euros. It also included the effect of hedging the net investments in the foreign subsidiaries. As a result of the demerger on 11 November 2014, the Company no longer holds foreign currency translation reserves or legal reserves, as these reserves were kept regarding obligations of the demerged subsidiaries. The Company, as a licensed company, complies with the reporting and capital requirements set by its regulators. 14 Liabilities to group companies This item relates to current accounts and current account loans with Robeco Group entities. The current accounts are settled periodically. 15 Other liabilities Other liabilities can be specified as follows: EUR x million 30 June 2015 31 December 2014 restated Distribution costs, subadvisory costs, and other accrued liabilities 40.5 37.7 Other liabilities 7.0 8.9 Current tax liabilities 4.1 2.6 Social security cost, wage tax and sales tax payable 0.2 0.2 Total other liabilities 51.8 49.4 All outstanding liabilities are expected to be paid within 12 months. Other liabilities include employee benefits obligations. 16 Contingent assets and liabilities The paid out carried interest amounts are to be regarded as advances on the final amount calculated upon liquidation of the Investee Funds, since they are subject to claw back until a point in time toward the end of life of the Investee Funds. The amount of accrued carried interest, which is not yet distributed by the Investee Funds, is to be marked as a contingent asset. (EUR 8.0 million as per 30 June 2015. As per 31 December 2014: EUR 6.9 million). The final amount of the carried interest to be distributed by the Investee Funds may be significantly different from the amount earlier marked as contingent assets. The Company acts as guarantor for fulfilling the obligations of Stichting Effectengiro RAM relating to the obligations to account holders regarding Dutch funds. At 30 June 2015, Stichting Effectengiro RAM has an obligation to clients of EUR 1.1 billion (31 December 2014: EUR 1.4 billion). In the same amount Stichting Effectengiro RAM has receivables on the funds composed of deposited securities. The Company has issued a guarantee in which the Company commits itself to fulfill the obligations of Stichting Robeco Funds towards their clients. As per 30 June 2015, Stichting Robeco Funds has cash in the amount of EUR 0.1 million (31 December 2014: EUR 5.6 million) that relate to items to be settled in the short term. The Company has rental commitments regarding buildings of EUR 1.6 million (31 December 2014: EUR 1.4 million). These rental commitments have remaining terms of between 1 and 4 years. The Company has irrevocable credit facilities related to guarantees of EUR 0.1 million (31 December 2014: EUR 0.1 million). The Company is part of a tax group headed by Robeco Groep N.V. and is jointly and severally responsible for the resulting tax liability, as are the other companies that are part of the tax group. 2015 Interim financial statements 16

17 Related parties ORIX Corporation and entities under the common control of Robeco Groep N.V. form a related party. During 2014 there were no operational transactions with ORIX Corporation, outside transactions with Robeco Group companies. The Company s core business is managing funds and mandates on behalf of investors in these funds and mandates. As a result of the core investment activities, for which management and other fees are received, the Company is also related to the managed funds. The transactions for these related parties regarding management fees received from funds and distribution and subadvisory costs paid are included in the operating income of the Company. Robeco Group companies are identified as related parties. All transactions and balances with Robeco Group Companies are included in the notes to the income statement and the notes to the balance sheet. Transactions are performed at arms length. Stichting Robeco Pensioenfonds also is a related party. The client relationship consists of mandate investments and/or direct investments in retail and institutional funds. The fees for these activities are in line with market rates. Besides the services of other market parties, the Company also uses the services of several related parties to treasury, custody and securities lending. Transactions are executed at market rates. The Company has granted current account loans to Robeco Groep N.V. The Company has not created a provision for doubtful debts relating to amounts owed by related parties (2014: EUR nil), because the risks involved are not considered to be material. The demerger executed in 2015 is not expected to generate any additional costs to the company and was conducted at book value. 18 Remuneration of statutory directors The statutory directors are not entitled to salaries and benefits from the Company, as the statutory directors are employed by Robeco Nederland B.V., which is part of Robeco Group. 2015 Interim financial statements 17

Responsibility statement The directors of Robeco Institutional Asset Management B.V. confirm to the best of their knowledge that: The interim financial statements, prepared in accordance with art 9 of Book 2 of the Dutch Civil Code and the Financial Supervision Act (Wet op het financieel toezicht), give a true and fair view of the Company s assets, liabilities, financial position and result. The Report of the Executive Committee includes a fair review of the developments and performance of the Company s business and the position in the financial six-month period together with a description of the principal risks and uncertainties that it faces for the remaining six-months. The Report of the Executive Committee and the interim financial statements are neither audited nor reviewed by an external auditor, except for the comparative figures in the interim balance sheet. Rotterdam, 31 August 2015 Statutory Directors L.M.T. Boeren H.W.D.G. Borrie H.A.A. Rademaker 2015 Interim financial statements 18