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Marietta smid

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Senior Advisor Sustainability - ASN Bank - NetherlandsClimate-Friendly Investing Through An Internal Climate Benchmark

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Selection proces ASN Bank

1. Issue papers on Climate Change, Human Rights and Biodiversity;

2. ESG research;3. Selection companies for

universe.

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• Investment universe– 150 companies– Worldwide

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Climate Friendly Investing

Internal Benchmark– Market cap – Liquidity– Carbon Footprint– Contribution to total carbon

footprint is maximized

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Biggest impact on carbon footprint

• Internal benchmark level– Very stable.– Economic changes– Changes in names investment

universe– Update data Trucost

• Portfolio level– More volatile due to overweight's and

underweight of cyclical companies

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Carbon footprint ASN Mutual Fund and MSCI

0

100

200

300

400

500

600

ASN Aandelenfonds MCSI All World Index (benchmark)

2007

2008

2009

1e half 2010

After inplementation

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Stock Name

ASN Portfolio weight

CO2 contr in %

IB Wi CO2 contr in %

STORA ENSO OYJ 0,83% 9,83% 0,36% 4,77%BEKAERT SA 0,99% 9,59% 0,33% 3,45%KONINKLIJKE DSM NV 1,05% 6,77% 0,48% 3,42%INTEL CORP. 3,70% 4,96% 3,37% 4,95%AKZO NOBEL NV 1,19% 4,16% 0,62% 2,37%UMICORE SA 0,89% 3,36% 0,40% 1,66%BRISTOL MYERS SQUIBB CO. 1,87% 2,60% 2,21% 3,39%STARBUCKS CORP. 2,16% 2,48% 1,62% 2,05%INTERFACE INCO. 0,89% 2,41% 0,38% 1,13%SEVERN TRENT PLC. 0,93% 2,36% 0,39% 1,10%

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Stock Name

ASN Portfolio weight

CO2 contr in %

IB WiCO2

contr in %

INTEL CORP. 3,70% 4,96% 3,37% 4,95%MERCK & CO.INCO. 3,12% 1,86% 3,51% 2,30%NOVARTIS AG 2,45% 1,36% 2,00% 1,22%ADOBE SYSTEMS INCO. 2,39% 0,37% 1,99% 0,34%STARBUCKS CORP. 2,16% 2,48% 1,62% 2,05%ASTRAZENECA PLC. 2,16% 0,89% 1,65% 0,75%SAP AG 1,97% 0,54% 1,47% 0,44%NIKE INCO. 1,92% 0,47% 2,21% 0,59%BRISTOL MYERS SQUIBB CO. 1,87% 2,60% 2,21% 3,39%NOVO NORDISK A/S 1,86% 0,97% 1,27% 0,73%

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Challenges• Accuracy data• Direct vs indirect impact

(scope 1 & 2 vs 3)