Third Quarter 2015 Robeco U.S. Premium Equities · Boston Partners 1 Boston Partners Proﬁ le:...

Third Quarter 2015

A ROBECO COMPANY

Robeco U.S. Premium Equities

— FOR INSTITUTIONAL INVESTORS ONLY —

Boston Partners 1

Boston PartnersProfi le: September 30, 2015

1 Key investment professionals have worked together since the founding of Boston Partners in 1995 and years before at a prior fi rm, where the investment philosophy was established.2 Data as of June 30, 2015.

Disciplines Assets ($ Millions)

Large Cap Value $29,346

Premium Equity (All Cap Value) $10,160

Mid Cap Value $17,387

Small Cap/Small Cap II/Small-Mid Cap $3,055

Domestic Long/Short $8,742

Global/International Equity $2,630

Global Long/Short $976

Value equity expertise founded in the early 1980s1

Consistent and repeatable investment

philosophy across all disciplines

Integrated bottom-up, fundamental and quantitative

research

Value equity investment expertise for Robeco, a global

asset management fi rm with $304 billion in assets under

management2

Expertise of a boutique with the depth of a

global fi rm

Investment Profi le $72.3 Billion Assets Under Management

Boston Partners 2

Boston PartnersRelative Performance through September 30, 2015

1 Inception dates are as follows: Large Cap Value is June 1, 1995; Premium Equity is June 1, 1995; Mid Cap Value is May 1, 1995; Small/Mid Cap Value is April 1, 1999; Small Cap Value II is July 1, 1998; Global Equity USA is July 1, 2008; International Equity is July 1, 2008; and Long/Short Research is April 1, 2002.2 The Exposure-Adjusted S&P 500 Index is not an actual index. It is a hypothetical index created with the benefi t of hindsight by multiplying the average monthly net exposure of the BP Long/Short Research by the actual S&P 500 Index return for the same period. Average Exposure is as follows: 1 Year at 49.67%; 3 Year at 48.75%; 5 Year at 51.38% 7 Year at 49.16%; 10 Year at 45.95%; and Since Inception at 42.92%.Performance is supplemental to the GIPS® compliant presentation herein. Relative performance refl ects composite results versus noted benchmark and individual portfolio results will vary. Past performance is not an indication of future results. Please refer to the appendix for other important disclosures.

Relative Performance - Gross of Fees (%)

1Year

3Year

5Year

7Year

10Year

Since Inception1

Large Cap Value vs. Russell 1000® Value Index 1.06 0.95 1.46 1.96 2.26 1.62

Premium Equity vs. Russell 3000® Value Index 4.34 3.88 1.75 4.22 3.49 3.96

Mid Cap Value vs. Russell Midcap® Value Index 7.99 4.48 4.00 4.47 4.31 2.41

Small/Mid Cap Value vs. Russell 2500™ Value Index 3.08 1.46 1.93 2.71 1.91 1.52

Small Cap Value Equity II vs. Russell 2000® Value Index 2.52 2.96 3.59 5.11 3.11 4.97

Global Equity USA vs. MSCI World Index 3.95 3.12 3.24 1.96 — 2.50

International Equity vs. MSCI EAFE Index 5.16 3.59 4.44 1.85 — 2.35

Long/Short Research vs. S&P 500 Index (Exposure Adjusted)2 2.92 4.16 3.91 4.54 5.20 5.51

Boston Partners 3

Boston PartnersEquity Investment Team

Mark Donovan, CFALarge Cap Value Equity34 years experience

David Pyle, CFALarge Cap Value Equity20 years experience

Steven Pollack, CFAMid Cap Value Equity31 years experience

Christopher Hart, CFAGlobal & International Equity24 years experience

Joshua Jones, CFAGlobal & International Equity11 years experience

Harry Rosenbluth, CFASenior Advisor – Global & International Equity34 years experience

Joseph Feeney, Jr., CFAChief Investment Offi cerLong/Short Research Fund30 years experience

David Dabora, CFASmall/SMID Cap Value EquityAlpha Blue Capital L.P.28 years experience

George Gumpert, CFASmall/SMID Cap Value Equity16 years experience

Duilio Ramallo, CFAPremium Equity20 years experience

Robert Jones, CFALong/Short Equity27 years experience

Martin MacDonnell, CFA130/30 Large Cap Value EquityQuantitative Strategies24 years experience

Portfolio Managers

Todd KnightlyDirector of Fundamental Research

Jessica BallisEquity Analyst

Derrick Bellinger, CFAMedia, Advertising, Consumer Products, Tobacco, Agriculture, Business Services

Brian Boyden, CFAUtilities, Generators & Pipelines, Health Care, Property REITs

Scott Burgess, CFAComputer Equipment & Services, Electronics Manufacturers & Distributors, Computer Software, Semiconductors & SemiCap Equipment

Lawrence Chan, CFAInternet Services, Payment Services, Recreational Products

Eric Connerly, CFADirector of QuantitativeResearch

Jason Bartlett, CFAQuantitative Strategies

Leo FochtmanQuantitative Strategies

Maggy Pietropaolo, CFAQuantitative Strategies

Joseph UrickQuantitative Strategies

Carissa Wong, CFAQuantitative Strategies

Paul Donovan, CFAMetals & Mining, Chemicals, Packaging

Kevin Duggan, CFABanks & Thrifts, Investment Banks, Brokers, Specialty Lenders, Transportation

Volkan Gulen, CFAEnergy, Engineering & Construction

David Hinton, CFASmall Cap Generalist

Ross Klein, CFAEquity Analyst

Paul Korngiebel, CFAGlobal Generalist

Stephanie McGirrRetailers, Restaurants & Apparel, Health Care Services, Life Insurance, Property & Casualty Insurance

Edward Odre, CFAEquity Analyst

Andrew Sherman, CFAEquity Analyst

Joshua White, CFAConsumer Durables, Industrials, Capital Equipment, General ManufacturingGlobal Generalist

Bruce WimberlyLong/Short Generalist

Ronald Young, CFAAerospace & Defense, Asset Managers & Exchanges, Gaming & Lodging, Telecommunications Equipment & Services, Cable

Equity Analysts

William Pawson15 years experience

Brad Brezinski7 years experience

Product Specialists

Mark KuzminskasDirector of Equity Trading

Christopher BowkerSenior Equity Trader

Thomas WalshSenior Equity Trader

Ian SylvetskyEquity Trader

Matthew EnderJunior Equity Trader

Christopher SpazianiEquity Trading Assistant

Trading

Boston Partners 4

Boston PartnersValue Equity Investment Philosophy: Three Core Principles

Value Discipline anchored in Three "Fundamental Truths":

• Low valuation stocks outperform high valuation stocks

• Companies with strong fundamentals (high returns on invested capital) outperform companies with poor fundamentals

• Stocks with positive business momentum (improving trends/rising earnings)outperform stocks with negative momentum

"Characteristics-Based" Investment Approach:

• Valuation, fundamentals and momentum are analyzed using a bottom-upblend of qualitative and quantitative inputs

Preservation of Capital:

• Laws of compounding mathematically dictate that protecting capitalis the only risk that matters

• "Win by not losing": Keep pace in rising markets, outperform in fallingmarkets and diversify your exposure

Boston Partners 5

Boston Partners"Three Circle" Stock Selection Criteria

We buy stocks that exhibit:

• Attractive value characteristics

and,

• Strong business fundamentals

and,

• Catalyst for change

We sell stocks based on:

• Valuation: Appreciation to price target

or

• Weakening business fundamentals

or

• Reversal of momentum

Portfolios with all three characteristics tend to outperform over time

BUSINESSFUNDAMENTALS

What are webuying?

VALUATIONHow much are

we paying?

BUSINESS MOMENTUMIs the business getting

better, staying the same,or getting worse?

Boston Partners 6

Boston PartnersStock Selection Process

QuantitativeAnalysis Fundamental Analysis

Investment Universe

Validate Positive Characteristics

FactSet: Historical fi nancial statements, ratios, stock performance, earnings

revisions

Fundamental ResearchIdentify Catalyst

Determine Appropriate Valuation

Set Target Price

InvestmentDecision

• • Statistical ranking based on composite score of three factors:

Valuation: Multiples of earnings, cash fl ow, book value

Momentum: Earnings surprise and estimate revisions

Fundamentals: Operating returns on operating assets (OROA)

• • Target RichEnvironment

• • Valuation: How much are we paying?

EV to Sales, Px to Earnings, EV to Cash fl ow, Px to Book, etc.

• • Momentum: Is the business improvingor deteriorating?

Trend analysis: Profi t margins, asset turnover, working capital, debt structure

• • Business Fundamentals:What are we buying?

Sales and earnings growth, profi tability, liquidity, capital structure, intangible assets, ROIC/OROA

• • 10-Ks, 10-Qs, SEC fi lings

• • Press releases, Conference call transcripts, Street events

• • Management interviews

• • On-site company visits

• • Third-party research

• • Internal models/projections

• • Channel/supplier checks

• • Construct portfolio

• • Monitor existing holdings

• • Evaluate company/industry developments

• • Review/Adjust target prices

Boston Partners 7

Robeco U.S. Premium EquitiesExample of a Purchase: Hewlett-Packard Company (HPQ)

FUNDAMENTALS

BUSINESS MOMENTUM

VALUATION

Hewlett-Packard Company,

together with its subsidiaries,

provides products,

technologies, software,

solutions, and services to

individual consumers and

small- and medium-sized

businesses (SMBs), as

well as to the government,

health, and education sectors

worldwide.

Fundamentals:

• Well diversifi ed tech company with strong market reach and channel relationships. Attractive returns with OROAs of 40-50%, good FCF production. Capital allocation has improved with debt levels reduced and cash return to shareholders increased (share count declines of 2-3%, 2.3% dividend yield).

Business Momentum:

• Upcoming split into 2 companies offers potential for better valuation as HP Inc. (PCs and printers) will return majority of capital to shareholders and pay an attractive dividend yield. HP Enterprise will be well capitalized and seek to create value through acquisitions and partnerships. Better execution and strategic focus as two independent companies.

Valuation:

• Trades at 8x P/E, 4.5x EV/EBITDA, 11x P/FCF.

References to specifi c holdings are presented to illustrate our investment philosophy and are not to be considered recommendations. The specifi c securities identifi ed and described donot represent all of the securities purchased, sold or recommended for advisory clients. It should not be assumed that an investment in these securities was or will be profi table.

Boston Partners 8

Robeco U.S. Premium EquitiesExample of a Sale: Viacom, Inc. (VIAB)

References to specifi c holdings are presented to illustrate our investment philosophy and are not to be considered recommendations. The specifi c securities identifi ed and described donot represent all of the securities purchased, sold or recommended for advisory clients. It should not be assumed that an investment in these securities was or will be profi table.

Viacom Inc. operates as

an entertainment content

company in the United

States and internationally.

The company creates

television programs,

motion pictures, short-

form video, applications,

games, consumer products,

social media, and other

entertainment content. It

operates in two segments,

Media Networks and

Filmed Entertainment.

Fundamentals:

• Ratings continue to decline as younger viewers are increasingly spending more on-line instead of watching linear television.

• Cable television advertising revenue is declining as a larger % of advertising budgets are directed to social/mobile campaigns.

Business Momentum:

• Company’s balance sheet had weakened and there was now a slightly increasing risk that Viacom could violate debt covenants.

• Unfavorable outcome of the contract negotiation with DISH network could result in a material drop in earnings.

Valuation:

• Viacom appears to trade at an attractive valuation if the pace of earnings decline is not steep.

FUNDAMENTALS

BUSINESS MOMENTUM

VALUATION

Boston Partners 9

Robeco U.S. Premium Equities (USD) I-ShareInvestment Performance through September 30, 2015

* Inception date is October 1, 2005.Currently there is a soft close on U.S. Premium Equities.Past performance is not an indication of future results. Please refer to the last appendix for other important disclosures.

Calendar Year Performance (%) in USD

2014 2013 2012 2011 2010 2009 2008 2007 2006

U.S. Premium Equities - Gross of Fees 12.59 39.44 15.74 -0.80 14.38 31.14 -27.70 2.20 17.82

U.S. Premium Equities - Net of Fees 11.71 38.34 14.81 -1.59 13.47 30.07 -28.29 1.36 16.83

Russell 3000® Value Index 12.70 32.69 17.55 -0.10 16.23 19.76 -36.25 -1.01 22.34

S&P 500 Index 13.69 32.39 16.00 2.11 15.06 26.46 -37.00 5.49 15.79

1Annualized Performance (%) in USD

3Q2015

YTD2015

1Year

3Year

5Year

7Year

Since Inception*

U.S. Premium Equities - Gross of Fees -8.11 -5.53 -1.11 14.60 13.38 11.75 8.42

U.S. Premium Equities - Net of Fees -8.30 -6.08 -1.88 13.69 12.48 10.86 7.55

Russell 3000® Value Index -8.59 -9.05 -4.22 11.40 12.11 8.10 5.68

S&P 500 Index -6.44 -5.29 -0.61 12.40 13.34 9.75 6.80

Boston Partners 10

Robeco U.S. Premium EquitiesPerformance Attribution: Third Quarter 2015 vs. Russell 3000® Value Index

Attribution is calculated using end of day security prices and returns shown are equity only and exclude cash. Past performance is not an indication of future results. Please refer to the last appendix for other important disclosures.

U.S. Premium Equities 1.95 8.74 2.85 2.20 4.09 8.77 6.80 26.73 18.60 0.00 19.27 0.00 0.00 100.00%

Russell 3000® Value Index 2.68 8.13 3.03 1.97 5.19 6.13 11.42 25.65 11.05 5.64 10.90 1.21 7.01 100.00%

Relative Weight -0.73 0.62 -0.18 0.22 -1.10 2.64 -4.62 1.08 7.55 -5.64 8.37 -1.21 -7.01

U.S. Premium Equities -21.49 -9.96 -6.40 -5.24 14.02 -9.75 -15.37 -8.84 -9.41 0.00 -5.76 0.00 0.00 -8.25%

Russell 3000® Value Index -21.03 -9.68 -9.28 -8.89 -3.94 -7.67 -17.47 -7.43 -9.59 -0.80 -6.77 -13.75 -0.50 -8.59%

Sector Allocation 0.12 0.00 0.00 -0.01 -0.05 0.04 0.43 0.01 -0.07 -0.41 0.19 0.06 -0.53 -0.21%

Stock Selection -0.05 -0.03 0.10 0.08 0.66 -0.19 0.15 -0.40 0.04 0.00 0.19 0.00 0.00 0.55%

= 0.34%

Capit

al Goo

ds

Basic

Indu

stries

Commun

icatio

nsCo

nsum

er D

urab

lesCo

nsum

er N

on-D

urab

lesCo

nsum

er S

ervic

esEn

ergy

Finan

ce

Wei

ghtin

gsRe

turn

sCo

ntri

butio

n

Health

Car

eRE

ITs

Tech

nolog

y

Trans

porta

tion

Utilitie

s

Tota

l

Boston Partners 11

Robeco U.S. Premium EquitiesPerformance Attribution: Third Quarter 2015 vs. S&P 500 Index



S&P 500 Index 2.73 7.36 7.34 1.61 8.39 12.29 6.46 15.10 15.20 2.60 15.15 2.13 3.65 100.00%

Relative Weight -0.77 1.38 -4.49 0.59 -4.30 -3.51 0.34 11.63 3.40 -2.60 4.13 -2.13 -3.65

U.S. Premium Equities -21.49 -9.96 -6.40 -5.24 14.02 -9.75 -15.37 -8.84 -9.41 0.00 -5.76 0.00 0.00 -8.25%

S&P 500 Index -18.05 -7.36 1.79 -11.77 1.25 -2.54 -16.10 -7.57 -10.68 2.34 -7.01 -4.13 -1.92 -6.44%

Sector Allocation 0.11 0.00 -0.30 -0.04 -0.31 -0.13 -0.03 -0.13 -0.14 -0.21 0.01 -0.05 -0.14 -1.36%

Stock Selection -0.11 -0.23 -0.25 0.15 0.46 -0.63 0.04 -0.36 0.24 0.00 0.24 0.00 0.00 -0.45%

= -1.82%

Capit

al Goo

ds

Basic

Indu

stries

Commun

icatio

nsCo

nsum

er D

urab

lesCo

nsum

er N

on-D

urab

lesCo

nsum

er S

ervic

esEn

ergy

Finan

ce

Wei

ghtin

gsRe

turn

sCo

ntri

butio

n

Health

Car

eRE

ITs

Tech

nolog

y

Trans

porta

tion

Utilitie

s

Tota

l

Boston Partners 12

Robeco U.S. Premium EquitiesPerformance Attribution: Year to Date as of September 30, 2015 vs. Russell 3000® Value Index


Russell 3000® Value Index 2.94 8.06 2.84 2.13 4.90 7.37 10.26 25.07 12.66 5.74 9.71 1.40 6.91 100.00%

Relative Weight -1.34 0.22 -0.10 0.24 -0.21 1.24 -2.75 1.09 5.59 -5.74 10.08 -1.40 -6.91

U.S. Premium Equities -18.20 -13.71 11.30 -1.21 35.49 -5.63 -14.39 -5.82 -2.76 0.00 -6.64 0.00 0.00 -4.97%

Russell 3000® Value Index -23.35 -7.28 -8.30 -8.31 -6.61 -7.84 -23.01 -5.29 -0.01 -7.24 -12.28 -21.56 -10.86 -9.06%

Sector Allocation 0.14 -0.03 0.01 0.00 -0.07 0.03 0.53 -0.05 0.35 -0.11 -0.35 0.19 0.11 0.76%

Stock Selection 0.04 -0.52 0.51 0.16 1.62 0.18 0.75 -0.18 -0.45 0.00 1.22 0.00 0.00 3.33%

= 4.09%

Capit

al Goo

ds

Basic

Indu

stries

Commun

icatio

nsCo

nsum

er D

urab

lesCo

nsum

er N

on-D

urab

lesCo

nsum

er S

ervic

esEn

ergy

Finan

ce

Wei

ghtin

gsRe

turn

sCo

ntri

butio

n

Health

Car

eRE

ITs

Tech

nolog

y

Trans

porta

tion

Utilitie

s

Tota

l


Boston Partners 13

Robeco U.S. Premium EquitiesPerformance Attribution: Year to Date as of September 30, 2015 vs. S&P 500 Index


S&P 500 Index 2.92 7.48 7.00 1.61 8.28 12.10 7.06 14.81 14.89 2.52 15.44 2.16 3.74 100.00%

Relative Weight -1.31 0.79 -4.14 0.75 -3.60 -3.51 0.45 11.32 3.34 -2.52 4.33 -2.16 -3.74

U.S. Premium Equities -18.20 -13.71 11.26 -1.21 35.49 -5.63 -14.39 -5.82 -2.76 0.00 -6.64 0.00 0.00 -4.93%

S&P 500 Index -18.85 -6.53 5.29 -9.49 1.03 3.44 -20.28 -6.84 -2.01 -3.03 -7.13 -19.03 -10.40 -5.29%

Sector Allocation 0.13 -0.02 -0.36 -0.02 -0.29 -0.28 -0.04 -0.28 0.10 -0.05 -0.01 0.31 0.21 -0.59%

Stock Selection -0.04 -0.59 0.13 0.18 1.30 -0.75 0.51 0.22 -0.13 0.00 0.11 0.00 0.00 0.95%

= 0.36%

Capit

al Goo

ds

Basic

Indu

stries

Commun

icatio

nsCo

nsum

er D

urab

lesCo

nsum

er N

on-D

urab

lesCo

nsum

er S

ervic

esEn

ergy

Finan

ce

Wei

ghtin

gsRe

turn

sCo

ntri

butio

n

Health

Car

eRE

ITs

Tech

nolog

y

Trans

porta

tion

Utilitie

s

Tota

l


Boston Partners 14

Robeco U.S. Premium EquitiesPortfolio Characteristics: September 30, 2015

Portfolio characteristics are subject to change. Please refer to the last appendix for other important disclosures.

"Three Circles"

An attractive valuation,

strong business

fundamentals,

and positive business

momentum. Portfolios with

all three characteristics tend

to outperform over time.

BUSINESS

FUNDAMENTALS

BUSINESS MOMENTUM

VALUATION

U.S. Premium Equities

R3000® Value

S&P 500

OROA (5 Yr) 40.0% 18.0% 35.6%

ROE (5 Yr) 13.0% 8.1% 14.8%

LT EPS Gr. Rt. 9.2% 6.8% 10.0%

FundamentalsValuation


R3000® Value S&P 500

P/E (FY0) 13.2x 14.6x 16.0x

P/E (FY1) 12.0x 13.7x 14.7x

P/B 1.8x 1.6x 2.6x


Percent of companies with positive/neutral earnings momentum

82%

Business Momentum

Boston Partners 15

Boston Partners Premium EquitySteadfast Investment Characteristics: September 30, 2015

Data from December 1995 through September 2015.OROA: Operating Return on Operating Assets. Portfolio characteristics are from a representative account in the composite and are subject to change. Individual portfolio characteristics may vary. Please refer to the last appendix for other important disclosures.

Price Discipline: Price/Earnings

Bias for Quality: OROA (5-Year Median)

7

11

15

19

23

27

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD2015

Pric

e/Ea

rnin

gs (F

Y1) (

%)

Premium Equity Russell 3000® Value Index S&P 500 Index

9

16

23

30

37

44

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD2015

5 Ye

ar O

ROA

(%)

Premium Equity Russell 3000® Value Index S&P 500 Index

Boston Partners 16

Robeco U.S. Premium EquitiesMarket Capitalization Breakdown: September 30, 2015

Robeco U.S. Premium Equities Russell 3000® Value Index

Large53%

Mid38%

Small9%

Large57%Mid

30%

Small13%

2015: Small < $4.3 B; Mid $4.3 B - $28.7 B; Large > $28.7 B

Portfolio characteristics are subject to change. Please refer to the last appendix for other important disclosures.

Market Capitalization Characteristics

Wtd. Avg. Mkt. Cap

Median Mkt. Cap

U.S. Premium Equities $74.5 billion $15.5 billion

Russell 3000® Value Index $87.5 billion $1.2 billion

S&P 500 Index $119.1 billion $16.6 billion

Boston Partners 17

Robeco U.S. Premium EquitiesPortfolio Characteristics: September 30, 2015

Portfolio characteristics and sector weightings are subject to change. The specifi c securities identifi ed and described do not represent all of the securities purchased, sold or recommended for advisory clients. It should not be assumed that investments in these sectors or securities were or will be profi table. Please refer to the last appendix for other important disclosures.

Largest Stock Holdings (%) Sector Weightings (%)

Wtd.Average Median

U.S. Premium Equities $74.5 B $15.5 B

Russell 3000® Value Index $87.5 B $1.2 B

S&P 500 Index $119.1 B $16.6 B

JPMorgan Chase & Co. 3.5

General Electric Company 2.2

Citigroup Inc. 2.1

Johnson & Johnson 2.1

Merck & Co., Inc. 2.0

Oracle Corporation 2.0

Capital One Financial Corporation 2.0

EMC Corporation 1.9

Amgen Inc. 1.8

Cisco Systems, Inc. 1.7

Total 21.3%

Market Capitalization

2.0

9.0

2.6

2.2

3.9

8.1

6.7

26.5

17.6

0.0

19.6

0.0

0.0

2.5

8.1

3.0

2.0

5.3

6.1

11.2

25.6

10.7

5.8

11.1

1.2

7.3

2.6

7.4

7.6

1.6

8.8

12.4

6.3

14.9

14.5

2.7

15.4

2.2

3.8

Basic Industries

Capital Goods

Communications

Consumer Durables

Consumer Non-Durables

Consumer Services

Energy

Finance

Health Care

REITs

Technology

Transportation

Utilities

U.S. Premium Equities Russell 3000®Value Index

S&P 500 Index

Boston Partners 18

Robeco U.S. Premium EquitiesPortfolio Holdings (Percent of Portfolio): July 1 through September 30, 2015

Security holdings are as of September 30, 2015 and are subject to change. It should not be assumed that an investment in these securities was or will be profi table.

Key Classifi cation

New Holding Increased Position Decreased Position

Unchanged Liquidated

Basic Industries 2.0

Crown Holdings Inc 0.5Avery Dennison Corp 0.4Graphic Packaging Holding Co 0.4Huntsman Corp 0.1International Paper Co 0.2Mosaic Co/The 0.4

Capital Goods 9.0

Ingersoll-Rand Plc 0.3 Fluor Corp 0.4 Oshkosh Corp 0.4 Raytheon Co 1.4 Stanley Black & Decker Inc 0.7 Terex Corp 0.4 Timken Co/The 0.4

Cubic Corp 0.2General Electric Co 2.2Huntington Ingalls Industries 0.3Masco Corp 0.3Parker-Hannifi n Corp 0.8United Technologies Corp 0.8Wesco International Inc 0.5

Emerson Electric Co 0.0 Topbuild Corp 0.0

Communications 2.6

AT&T Inc 0.5 Netease.com 0.9

Comcast Corp 0.5Google Inc 0.8Google Inc Call Jan 16 $500 -0.2

DIRECTV 0.0

Consumer Durables 2.2

Lear Corp 0.6Brunswick Corp 0.3Harley-Davidson Inc 0.5Newell Rubbermaid Inc 0.3Thor Industries Inc 0.5

Consumer Non-Durables 3.9

Activision Blizzard Inc 1.6 Electronic Arts Inc 0.9

Pepsico Inc 0.9Reynolds American Inc 0.5

Bunge Ltd 0.0

Consumer Services 8.1

Best Buy Co Inc 0.4 Lowe's Cos Inc 0.5 New Oriental Education & Technology 0.5 Offi ce Depot Inc 0.3 eBay Inc 0.9 Omnicom Group Inc 1.1 CVS Health Corp 0.5 Korn/Ferry International 0.1

Bed Bath & Beyond Inc 0.4H&R Block Inc 0.6Kohl's Corp 1.0Macy's Inc 0.8Manpower Inc 0.7Sportsman's Warehouse Holdings 0.3

Autozone, Inc 0.0 Equifax Inc 0.0 Viacom Inc 0.0

Energy 6.7

Parsley Energy Inc 0.3Anadarko Petroleum Corp 0.4Canadian Natural Resources Ltd 0.4Energen Corp 0.6EOG Resources Inc 0.2EQT Corp 0.3Exxon Mobil Corp 0.9Marathon Petroleum Corp 0.3Occidental Petroleum Corp 1.1Phillips 66 1.3QEP Resources Inc 0.2Rice Energy Inc 0.2Western Refi ning Inc 0.3

Finance 26.5

Afl ac Inc 1.0 Ally Financial Inc 0.5 Navient Corp 0.5

ACE Ltd 1.0Alleghany Corp 0.6American International Group 1.1AON Plc 0.5BB&T Corp 1.3Capital One Financial Corp 2.0Citigroup Inc 2.1

Boston Partners 19

Robeco U.S. Premium EquitiesPortfolio Holdings (Percent of Portfolio): July 1 through September 30, 2015 (continued)

Security holdings are as of September 30, 2015 and are subject to change. It should not be assumed that an investment in these securities was or will be profi table.

Key Classifi cation

New Holding Increased Position Decreased Position

Unchanged Liquidated

Finance (continued)

Fifth Third Bancorp 1.7Goldman Sachs Group Inc/The 1.0JPMorgan Chase & Co 3.5Loews Corp 0.9Metlife Inc 0.8Prudential Financial Inc 1.0Raymond James Financial Inc 0.7SLM Corp 0.2Solar Cayman Ltd 0.0State Street Corp 0.9Torchmark Corp 0.5Travelers Cos Inc/The 1.1Validus Holdings Ltd 0.9Wells Fargo & Co 0.5White Mountains Insurance Group 1.2WR Berkley Corp 0.9XL Group Plc 0.5

Allstate Corp/The 0.0

Health Care 17.6

Johnson & Johnson 2.1 Merck & Co Inc 2.0 Medtronic Plc 1.4

AbbVie Inc 0.6Allscripts Healthcare Solution 0.3Amgen Inc 1.8Anthem Inc 0.6Boston Scientifi c Corp 0.4Cardinal Health Inc 0.8Express Scripts Holding Co 1.1Gilead Sciences Inc 1.3McKesson Corp 0.5

Health Care (continued)

Novartis AG 1.6Pfi zer Inc 1.0St Jude Medical Inc 0.5Teva Pharmaceutical Industries 0.9UnitedHealth Group Inc 0.7

Shire Plc 0.0

Technology 19.6

Linear Technology Corp 0.3 Paypal Holdings Inc 0.6 Total System Services Inc 1.1 Vishay Intertechnology Inc 0.3 Brocade Communications Systems 0.6

Amdocs Ltd 0.6Arrow Electronics Inc 0.7Avnet Inc 0.6Cisco Systems Inc 1.7Computer Sciences Corp 0.5CVR Banctec Inc 0.0EMC Corp 1.9Fidelity National Information 0.9Flextronics International Ltd 0.9Hewlett-Packard Co 1.3Jabil Circuit Inc 0.6Microsemi Corp 0.7Microsoft Corp 1.7ON Semiconductor Corp 0.6Oracle Corp 2.0Seagate Technology Plc 0.2Symantec Corp 0.4TE Connectivity Ltd 0.9Western Digital Corp 0.5

Global Payments Inc 0.0

Boston Partners A ROBECO COMPANY

Robeco U.S. Premium EquitiesAppendix

i. Supplemental Information

ii. Investment Strategies Performance, Fee Schedules and Performance Disclosures

Boston Partners 21

Boston Partners Premium EquityPerformance Attribution: June 1, 1995 through September 30, 2015

88.2

15.4

18.7 32.2

34.9

11.0

19.9

14.7

38.1

26.4

12.8

29.0

6.4

80.8

7.9 8.9

13.1

5.1

14.6 13

.6

24.5

25.2

15.1

29.2

37.1

29.7

-40

-20

0

20

40

60

80

100

120

140

160

180

Perc

ent

(%)

Security Selection

Sector Allocation

347.

730

4.8

-175

-75

25

125

225

325

425

525

625

725

Sectors are sorted from largest (+) overweight sector to largest (—) underweight sector relative to benchmark. Overweights and underweights represent averages over entire attribution period. Attribution is calculated using end of day security prices and returns shown are equity only and exclude cash. Results are from a representative account in the composite and are gross of fees. Individual portfolio results may vary. The information is supplemental to the GIPS® compliant presentation herein. Past performance is not an indication of future results. Please refer to the last appendix for other important disclosures.

Boston Partners Premium Equity vs. Russell 3000® Value Index

Sector Allocation: 304.8% positive in 13 out of 13 sectorsSecurity Selection: 347.7% positive in 13 out of 13 sectorsTotal Value Added: 652.6% positive in 13 out of 13 sectors

Total 169.1 23.3 27.5 45.3 40.0 25.7 33.5 39.3 63.2 41.5 42.0 66.1 36.1 652.6

Boston Partners 22

Boston Partners Premium EquityInvestment Performance through September 30, 2015

* Inception date is June 1, 1995.Boston Partners has prepared and presented this report in compliance with GIPS®. Returns refl ect composite results and individual portfolio results may vary. Past performance is not an indication of future results. Please refer to the last appendix for other important disclosures.

Calendar Year Performance (%)

2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Premium Equity - Gross of Fees 13.22 39.73 16.27 -1.01 14.78 33.16 -26.62 2.49 18.62 12.16

Premium Equity - Net of Fees 12.65 39.04 15.72 -1.55 14.18 32.45 -27.05 2.01 18.11 11.67

Russell 3000® Value Index 12.70 32.69 17.55 -0.10 16.23 19.76 -36.25 -1.01 22.34 6.85

S&P 500 Index 13.69 32.39 16.00 2.11 15.06 26.46 -37.00 5.49 15.79 4.91

Annualized Performance (%)

3Q2015

YTD2015

1Year

3Year

5Year

7Year

10Year

Since Inception*

Premium Equity - Gross of Fees -7.85 -4.66 0.12 15.28 13.86 12.32 9.17 12.93

Premium Equity - Net of Fees -7.99 -5.05 -0.42 14.69 13.28 11.73 8.61 12.38

Russell 3000® Value Index -8.59 -9.05 -4.22 11.40 12.11 8.10 5.68 8.97

S&P 500 Index -6.44 -5.29 -0.61 12.40 13.34 9.75 6.80 8.53

Boston Partners 23

Large45%

Mid36%

Small19%

Large21%

Mid40%

Small39%

Large36%

Mid51%

Small13%

Large52%

Mid38%

Small10%

Dynamic Selection of Value OpportunitiesMarket Cap Snapshots: Premium Equity Portfolio

Portfolio characteristics are from a representative account in the composite and are subject to change. Individual portfolio characteristics may vary.

December 1995 December 1998

September 2015December 2003

1995: Small < $764 M; Mid $764 M - $5.1 B; Large > $5.1 B 1998: Small < $1.4 B; Mid $1.4 B - $10.3 B; Large > $10.3 B

2003: Small < $1.5 B; Mid $1.5 B - $10.0 B; Large > $10.0 B 2015: Small < $4.3 B; Mid $4.3 B - $28.7 B; Large > $28.7 B

Boston Partners 24

Market EnvironmentThird Quarter 2015

We have been due for a pull back• Valuations stretched, earnings growth has been put on hold, harder to fi nd new ideas

• Breadth of the market has narrowed over past year

• Momentum all that mattered - NFLX, AMZN, FB leadership

• Russell 3000® Growth has outperformed Russell 3000® Value by 7.2% year to date

• Many underperforming sectors including energy, other commodities, transports, industrials and media

ETFs, index funds and computer driven trading strategies are exaggerating the sell off• Many shock absorbers like specialists and block traders willing to commit capital to support market are no longer present

• Some reluctance by corporations to buy back stock due to bad press?

• More regulation coming for computer-driven, algorithmic traders?

Global economy has challenges but nothing like 2008/09• Global growth has been tepid over past several years

• Slowdown in China further pressures global growth prospects

• Healthy (6%+) top-line growth is diffi cult to fi nd

• Corporate earnings in U.S. may have hit a plateau with slowing emerging markets, lower oil and commodity prices and stronger U.S. Dollar

• Earnings are not expected to collapse like 2008

• U.S. Financial system today is quite healthy

New idea generation has picked up since the correction• Focusing on high quality free cash generators that have been unduly punished

• Not sure when sell-off will bottom - could be another month or two

• Expect to see more stories of stresses in the market - forced liquidations of stocks due to hedge funds in trouble, liquidity being scarce on negative headline days

• New opportunities for stock pickers to exploit the controversy Discussions of securities' returns and trends are not intended to be a forecast of future events or returns. Past performance is not an indication of future results. Please refer to the appendix for other important disclosures.

Boston Partners 25

Is the Current Bull Market Overextended?Historical S&P 500 Index Bull Markets Since 1940

Start Date End Date Start Price End Price Years S&P 500 Change

April 1942 May 1946 7.47 19.25 4.1 158%

June 1949 August 1956 13.55 49.64 7.1 266%

October 1957 December 1961 38.98 72.64 4.1 86%

June 1962 February 1966 52.32 94.06 3.6 80%

October 1966 November 1968 73.20 108.37 2.1 48%

May 1970 January 1973 69.29 120.24 2.6 74%

October 1974 November 1980 62.28 140.52 6.2 126%

August 1982 August 1987 102.42 336.77 5.0 229%

December 1987 July 1990 223.92 368.95 2.6 65%

October 1990 March 2000 295.46 1527.46 9.5 417%

October 2002 October 2007 776.76 1565.15 5.0 101%

March 2009 September 2015 676.53 1920.03 6.5 184%

Average 4.9 153%

Median 4.6 114%

Std. Deviation 2.2 108%

The current Bull Market ranks 3rd in longevity and 4th in return out of 12 Bull Market periods.

Source: Standard & Poor's, BofA Merrill Lynch U.S. Equity & U.S. Quant Strategy.Bear market - drop in prices of at least 20% from any peak, and which lasted at least 3 months. Bull market - rise of at least 50% from the bottom of a bear market, over a period lasting at least 6 months. Past performance is not an indication of future results. Please refer to the appendix for other important disclosures.

Boston Partners 26

Dates of >9% or more corrections Number of Days S&P 500Percent Change

10-Year Yield(bps change)

High-YieldCredit Spread(bps change)

February 18 - April 11, 1997 53 -9.6 70 309

October 7 - 27, 1997 21 -10.8 -3 310

July 17 - August 31, 1998 46 -19.3 -46 531

July 16 - October 15, 1999 92 -10.0 41 504

August 31, 2000 - April 4, 2001 217 -27.4 -79 829

May 21 - September 21, 2001 124 -26.4 -71 983

January 31 - October 9, 2002 252 -33.3 -136 1095

January 14 - March 11, 2003 57 -14.0 -50 816

July 19 - August 15, 2007 28 -9.4 -35 427

October 9 - November 26, 2007 49 -9.8 -84 592

December 10, 2007 - March 10, 2008 92 -16.0 -69 808

May 19, 2008 - March 9, 2009 295 -52.6 -94 1886

April 23 - July 2, 2010 71 -16.0 -84 713

April 29 - October 3, 2011 158 -19.4 -152 872

April 2 - June 4, 2012 64 -9.9 -69 717

Average 108 -18.9 -57 759

Current (May 21 to August 25, 2015) 97 -12.4 -7 162

Equity Market Corrections Greater than 9% Since 1997

Source: Evercore ISI.Past performance is not an indication of future results. Please refer to the appendix for other important disclosures.

Recession

Boston Partners 27

Equity Market Corrections Greater than 9% Since 1997 After Stock Market Has BottomedAverage Total Return By Asset Class*

* Simple price percent change from correction trough.Source: Evercore ISI.Past performance is not an indication of future results. Please refer to the appendix for other important disclosures.

11.6

19.7

27.5

0.0 0.6

-0.7

2.8

8.7

12.4

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

S&P 500

10 YrTreasury

High-Yield

S&P 500

10 YrTreasury

High-Yield

S&P 500

10 YrTreasury

High-Yield

4 Weeks from Trough 3 Months from Trough 6 Months from Trough

Boston Partners 28

Percentile Distribution of S&P Forward Earnings, 1952 to PresentPercentile Distribution of S&P Forward Earnings, 1952 to Present

Percentile 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

PE FY1 9.1 10.3 12.6 13.9 14.7 15.7 16.3 17.4 20.6 34.2

$127 1,156 1,308 1,600 1,765 1,867 1,994 2,070 2,210 2,616 4,342

$125 1,138 1,288 1,575 1,738 1,838 1,963 2,038 2,175 2,575 4,274

$123 1,119 1,267 1,550 1,710 1,808 1,931 2,005 2,140 2,534 4,205

$121 1,101 1,246 1,525 1,682 1,779 1,900 1,972 2,105 2,493 4,137

$119 1,083 1,226 1,499 1,654 1,749 1,868 1,940 2,071 2,451 4,069

$117 1,065 1,205 1,474 1,626 1,720 1,837 1,907 2,036 2,410 4,000

$115 1,047 1,185 1,449 1,599 1,691 1,806 1,875 2,001 2,369 3,932

$113 1,028 1,164 1,424 1,571 1,661 1,774 1,842 1,966 2,328 3,863

$111 1,010 1,143 1,399 1,543 1,632 1,743 1,809 1,931 2,287 3,795

Percentile Distribution of 10 Year U.S. Treasury Bond Yield, 1952 to PresentPercentile Distribution of 10 Year U.S. Treasury Bond Yield, 1952 to Present

Percentile 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

10 Yr. Yield 9.4% 8.0% 7.3% 6.4% 5.6% 4.6% 4.1% 3.7% 2.8% 1.5%

9/30/16 E

S&P 500 Fair ValueTargets Based on Forward Earnings and Historical Earnings Multiples

S&P 12-month forward operating earnings from 1952 to July 2015. Pre-1988 data are reported earnings.Source: Thompson Reuters I/B/E/S, and The Leuthold Group.As of July 16, 2015, S&P 500 consensus bottom-up Operating EPS is $115 for CY 2015 according to Standard & Poor's.Please refer to the appendix for other important disclosures.

S&P

500

Earn

ings

Per

Sha

re

2014 A

Boston Partners 29

Value versus Growth Relative PerformanceDecember 1979 through August 31, 2015

Chart refl ects Trailing Twelve Month Relative Performance of Russell 1000® Value Index versus Russell 1000® Growth Index.Past performance is not an indication of future results. Please refer to the appendix for other important disclosures.

-40

-30

-20

-10

0

10

20

30

40

50

60

Dec-

79M

ay-8

0Oc

t-80

Mar

-81

Aug-

81Ja

n-82

Jun-

82N

ov-8

2Ap

r-83

Sep-

83Fe

b-84

Jul-8

4De

c-84

May

-85

Oct-8

5M

ar-8

6Au

g-86

Jan-

87Ju

n-87

Nov

-87

Apr-

88Se

p-88

Feb-

89Ju

l-89

Dec-

89M

ay-9

0Oc

t-90

Mar

-91

Aug-

91Ja

n-92

Jun-

92N

ov-9

2Ap

r-93

Sep-

93Fe

b-94

Jul-9

4De

c-94

May

-95

Oct-9

5M

ar-9

6Au

g-96

Jan-

97Ju

n-97

Nov

-97

Apr-

98Se

p-98

Feb-

99Ju

l-99

Dec-

99M

ay-0

0Oc

t-00

Mar

-01

Aug-

01Ja

n-02

Jun-

02N

ov-0

2Ap

r-03

Sep-

03Fe

b-04

Jul-0

4De

c-04

May

-05

Oct-0

5M

ar-0

6Au

g-06

Jan-

07Ju

n-07

Nov

-07

Apr-

08Se

p-08

Feb-

09Ju

l-09

Dec-

09M

ay-1

0Oc

t-10

Mar

-11

Aug-

11Ja

n-12

Jun-

12N

ov-1

2Ap

r-13

Sep-

13Fe

b-14

Jul-1

4De

c-14

May

-15

R1000V - R1000G Returns (Trailing 12-month)

+2SD

+1SD

-2SD

-1SD

Annualized Returns (%)

December1979 through August 2015

Russell 1000® Value Index 11.88

Russell 1000® Growth Index 10.75

Boston Partners 30

5060708090

100110120130140150160170

1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015

%

50

60

70

80

90

100

110

120

130

1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015

%

Small Cap P/E DiscountsSmall Cap P/E < Large Cap P/E

Median Premium of

4.0%

Small Cap P/E PremiumsSmall Cap P/E > Large Cap P/E

Small Caps, 14 Years of Outperformance - Is the Run Over?Relative Performance and Historical P/E Ratio: As of September 30, 2015

Historical small caps (Russell 2000® Index) vs. large caps (S&P 500 Index) P/E Ratio* Since January 31, 1983

Relative performance of small caps (Russell 2000® Index) vs. large caps (S&P 500 Index) Since January 1, 1979

Source: Bloomberg, BofA Merrill Lynch U.S. Equity, U.S. Quant Strategy and The Leuthold Group. * Based on Non-Normalized Trailing Operating Earnings.Past performance is not an indication of future results. Please refer to the appendix for other important disclosures.

Boston Partners 31

China Outlook and Global Investment Environment Third Quarter 2015

Chinese GDP growth is expected to continue to slow through the remainder of the year• Investments at 46% of GDP are unsustainably high

• Excess capacity in many industries and inventory must be worked down

• Credit likely to be pulled back with real estate vacancies high

• Chinese stock market correction will increase margin calls on investors

• Capital outfl ows from China increasing as China FX reserves declining

Chinese 2Q 2015 reported GDP growth of 7% may be closer to 2% - 3%• August China Rail Freight growth -12.7%

• August China Electricity Consumption growth +0.9%

• Multinational auto, construction equipment, computer equipment, apparel and beverage companies reporting signifi cant declines in Chinese business in 2Q 2015

Chinese government has used various tools to revive economy but the slowdown continues• Base lending rate cut fi ve times since November 2014

• Reserve Requirement Ratio for banks cut three times since February

• Pledged $483B to help support stock market in July

• Fiscal stimulus including $93B for infrastructure spending in August

• Devalued the Yuan 4% in August

Potential implications for world markets• International Monetary Fund global GDP growth forecast of 3.1% in 2015 and 3.8% in 2016

may be 0.5% to 1.0% too high

• Capital outfl ows from China may intensify leading to a stronger U.S. dollar

• Oil and other commodity prices may remain depressed with weaker Chinese demand

• Multinational company earnings growth may continue to be under pressure

• Commodity-exporting economies such as Russia, Brazil, Australia and OPEC nations may be further stressed Past performance is not an indication of future results. Please refer to the appendix for other important disclosures.

Boston Partners 32

Is Chinese GDP Growth Really 7%?

0

5

10

15

20

25 CSM 'Premier Li' Index of Chinese Growth - 3 Mo. Avg. Y/Y%

China Real GDP Y/Y% (Quarterly)

Source: Cornerstone Macro.Premier Li’s Index as equally weighted Index of 3 month average year over year growth rate of China Rail Freight, China Electricity Consumption and China Bank Loans. August 2015 data: China Rail Freight -12.7%, China Electricity Consumption 0.9% and China Bank Loans 14.1%.

Current Premier Li once said local GDP data were “man-made and therefore unreliable” so he created his own Index for economic activity.

Boston Partners 33

Companies Hurt by the China SlowdownSecond Quarter 2015 Results

Date Company Issue Industry

8/16/2015 Cummins Demand for excavators fell 34% in China Machinery

8/13/2015 Lenovo Profi ts fell 51% Computer Equipment

8/7/2015 Prada China sales fell 19% in fi rst half of 2015 Apparel

8/5/2015 Hyundai Sales in China fell 32% Automotive

7/30/2015 Anheuser-Busch InBev Volumes fell 6.5% Beverages

7/30/2015 Siemens Sales fell 8% Industrial

7/29/2015 Peugeot Revenue fell 30% in China, volume up 2%, due to price cuts Automotive

7/24/2015 Caterpillar Asia-Pacifi c construction down 30% Construction Equipment

7/20/2015 IBM Revenue in China down 40% Computer Equipment

7/13/2015 Brilliance (BMW's China JV) Expected 40% profi t decline Automotive

7/10/2015 Toyota Exports to China down 48% Jan-May Automotive

6/30/2015 Komatsu Excavator demand down 50% Construction Equipment

Source: Cornerstone Macro.Past performance is not an indication of future results. References to specifi c securities are presented to illustrate market returns and trends and are not to be considered recommendations. The specifi c securities identifi ed may or may not be held in a portfolio and do not represent all of the securities purchased, sold or recommended for advisory clients. It should not be assumed that those securities were or will be profi table.

Boston Partners 34

Investments in China are a Much Larger Share of GDP than Any Other Major Country in the World

Source: The World Bank.Investments are defi ned as gross capital formation consisting of outlays on additions to the fi xed assets of the economy plus net changes in the level of inventories.

0

5

10

15

20

25

30

35

40

45

50

Chin

a

Indo

nesi

a

Indi

a

Kore

a Re

p.

Aust

ralia

Nor

way

Viet

nam

Saud

i Ara

bia

Cana

da

Russ

ia

Mex

ico

Fran

ce

Japa

n

Braz

il

Spai

n

Germ

any

USA

Italy UK

Gree

ce

Inve

stm

ents

as

% -

GDP

2013

Countries

Since 1985 there have been three investment downturns in China (1986, 1994, 2007).

Reported GDP declined an average of 7% from peak to trough during these downturns.

The current investment cycle peaked in 2011 with reported GDP of 9.5%. If GDP declined 7% from peak, GDP growth would bottom at about 2.5%.

Chin

a

Boston Partners 35

Boston PartnersEquity Investment Performance through September 30, 2015

Performance (%)

3Q2015

YTD2015

1Year

3Year

5Year

7Year

10Year

Since Inception* 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Large Cap Value - Gross of Fees -8.89 -8.50 -3.36 12.54 13.75 10.17 7.97 10.57 11.85 37.14 21.27 1.28 13.75 26.75 -32.95 5.14 19.97 11.86

Large Cap Value - Net of Fees -8.96 -8.71 -3.65 12.15 13.30 9.75 7.59 10.18 11.49 36.64 20.66 0.82 13.36 26.30 -33.17 4.80 19.60 11.50

Russell 1000® Value Index -8.39 -8.96 -4.42 11.59 12.29 8.21 5.71 8.95 13.45 32.53 17.51 0.39 15.51 19.69 -36.85 -0.17 22.25 7.05

S&P 500 Index -6.44 -5.29 -0.61 12.40 13.34 9.75 6.80 8.53 13.69 32.39 16.00 2.11 15.06 26.46 -37.00 5.49 15.79 4.91

130/30 Large Cap Value- Gross of Fees -9.03 -8.94 -3.43 13.81 14.73 10.92 — 7.49 14.52 38.71 21.67 2.06 12.90 25.46 -29.44 3.51* — —

130/30 Large Cap Value - Net of Fees -9.08 -9.09 -3.63 13.59 14.48 10.49 — 6.95 14.31 38.46 21.40 1.82 12.37 24.24 -30.16 2.66* — —

Russell 1000® Value Index -8.39 -8.96 -4.42 11.59 12.29 8.21 — 4.10 13.45 32.53 17.51 0.39 15.51 19.69 -36.85 0.13* — —

Premium Equity - Gross of Fees -7.85 -4.66 0.12 15.28 13.86 12.32 9.17 12.93 13.22 39.73 16.27 -1.01 14.78 33.16 -26.62 2.49 18.62 12.16

Premium Equity - Net of Fees -7.99 -5.05 -0.42 14.69 13.28 11.73 8.61 12.38 12.65 39.04 15.72 -1.55 14.18 32.45 -27.05 2.01 18.11 11.67

Russell 3000® Value Index -8.59 -9.05 -4.22 11.40 12.11 8.10 5.68 8.97 12.70 32.69 17.55 -0.10 16.23 19.76 -36.25 -1.01 22.34 6.85

S&P 500 Index -6.44 -5.29 -0.61 12.40 13.34 9.75 6.92 8.53 13.69 32.39 16.00 2.11 15.06 26.46 -37.00 5.49 15.79 4.91

Mid Cap Value - Gross of Fees -5.28 -2.26 5.92 18.17 17.15 14.99 11.73 13.60 14.37 41.04 19.78 1.68 24.79 42.04 -31.84 6.24 18.78 11.37

Mid Cap Value - Net of Fees -5.37 -2.52 5.56 17.71 16.53 14.33 11.06 12.88 14.00 40.48 18.90 0.88 23.93 41.13 -32.36 5.57 18.06 10.62

Russell Midcap® Value Index -8.04 -7.66 -2.07 13.69 13.15 10.52 7.42 11.19 14.75 33.46 18.51 -1.38 24.75 34.21 -38.45 -1.42 20.22 12.65

Small/Mid Cap Value -Gross of Fees -9.16 -4.30 0.64 12.46 13.42 11.57 8.22 11.17 5.34 35.33 23.97 -1.57 18.07 43.89 -30.65 -6.69 15.58 14.12

Small/Mid Cap Value - Net of Fees -9.28 -4.78 -0.04 11.70 12.62 10.73 7.36 10.35 4.65 34.37 23.08 -2.31 17.05 42.69 -31.31 -7.53 14.54 13.25

Russell 2500™ Value Index -9.58 -8.04 -2.44 11.00 11.49 8.86 6.61 9.65 7.11 33.32 19.21 -3.36 24.82 27.67 -31.99 -7.27 20.18 7.74

Russell 2500™ Index -10.30 -5.98 0.38 12.39 12.69 10.31 7.40 9.12 7.07 36.80 17.88 -2.51 26.71 34.38 -36.79 1.38 16.17 8.11

* Inception dates are as follows: Large Cap Value is June 1, 1995; 130/30 Large Cap Value is March 1, 2007; Premium Equity is June 1, 1995; Mid Cap Value is May 1, 1995;and Small/Mid Cap Value is April 1, 1999.Boston Partners has prepared and presented this report in compliance with the GIPS®. Returns refl ect composite results and individual portfolio results will vary.Past performance is not an indication of future results. Please refer to the last appendix for other important disclosures.

Boston Partners 36

Boston PartnersEquity Investment Performance through September 30, 2015 (continued)

Performance (%)

3Q2015

YTD2015

1Year

3Year

5Year

7Year

10Year

Since Inception* 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Small Cap Value - Gross of Fees -10.33 -5.97 -0.51 11.46 12.95 11.50 8.14 13.19 4.76 35.27 22.85 -2.13 22.50 44.74 -30.18 -5.18 14.00 11.37

Small Cap Value - Net of Fees -10.53 -6.53 -1.29 10.58 12.04 10.58 7.23 12.28 3.93 34.21 21.85 -2.93 21.45 43.49 -30.82 -6.00 13.07 10.42


Russell 2000® Index -11.92 -7.73 1.25 11.02 11.73 8.63 6.55 8.35 4.89 38.82 16.35 -4.18 26.85 27.16 -33.79 -1.56 18.37 4.55

Small Cap Value Equity II- Gross of Fees -9.80 -5.59 0.92 12.14 13.76 11.92 8.45 12.36 5.35 36.53 24.54 -2.29 20.32 49.82 -33.80 -5.71 17.88 9.63

Small Cap Value Equity II- Net of Fees -10.02 -6.27 -0.04 11.09 12.64 10.80 7.32 11.18 4.37 35.28 23.42 -3.45 19.09 48.31 -34.53 -6.77 16.52 8.30


Long/Short Equity - Gross of Fees 1.34 -0.54 -1.52 6.96 11.03 16.23 13.12 13.54 7.16 10.37 15.40 8.68 29.54 85.95 -20.03 -1.71 19.20 19.15

Long/Short Equity - Net of Fees 1.10 -1.27 -2.47 5.83 9.71 14.53 11.14 10.76 6.04 9.17 14.06 7.39 26.55 81.74 -21.71 -3.77 15.61 16.81

S&P 500 Index -6.44 -5.29 -0.61 12.40 13.34 9.75 6.80 5.86 13.69 32.39 16.00 2.11 15.06 26.46 -37.00 5.49 15.79 4.91

Long/Short Research- Gross of Fees -3.31 -1.00 2.62 10.20 10.76 9.33 8.32 8.09 8.68 19.70 14.73 5.35 9.33 18.67 -8.46 9.85 7.00 12.31

Long/Short Research- Net of Fees -3.62 -1.93 1.34 8.84 9.39 7.99 6.99 6.76 7.34 18.23 13.32 4.05 7.98 17.22 -9.60 8.49 5.68 10.93

S&P 500 Index -6.44 -5.29 -0.61 12.40 13.34 9.75 6.80 6.01 13.69 32.39 16.00 2.11 15.06 26.46 -37.00 5.49 15.79 4.91

* Inception dates are as follows: Inception dates are as follows: Small Cap Value is July 1, 1995; Small Cap Value Equity II is July 1, 1998; Long/Short Equity is August 1, 1997; and Long/Short Research is April 1, 2002. Boston Partners has prepared and presented this report in compliance with the GIPS®. Returns refl ect composite results and individual portfolio results will vary.Past performance is not an indication of future results. Please refer to the last appendix for other important disclosures.

Boston Partners 37

Boston PartnersEquity Investment Performance through September 30, 2015 (continued)

Performance (%)

3Q2015

YTD2015

1Year

3Year

5Year

7Year

Since Inception* 2014 2013 2012 2011 2010 2009 2008

Global Equity USA- Gross of Fees -8.93 -3.06 -0.62 12.30 12.13 9.06 6.95 5.54 35.12 17.25 -1.77 13.46 29.62 -30.51*

Global Equity USA- Net of Fees -9.11 -3.62 -1.38 11.46 11.27 8.21 6.11 4.74 34.11 16.37 -2.55 12.56 28.61 -30.80*

MSCI World Index -8.33 -5.63 -4.57 9.18 8.89 7.10 4.45 5.50 27.37 16.53 -5.01 12.34 30.79 -33.52*

International Equity- Gross of Fees -8.40 -0.79 -3.11 9.67 8.88 6.09 3.20 -3.65 31.47 18.67 -6.20 10.63 27.87 -36.51*

International Equity- Net of Fees -8.57 -1.35 -3.84 8.86 8.07 5.28 2.41 -4.37 30.51 17.79 -6.90 9.75 26.87 -36.79*

MSCI EAFE Index -10.19 -4.91 -8.27 6.08 4.44 4.24 0.85 -4.49 23.29 17.90 -11.75 8.21 32.46 -36.32*

Global Long/Short- Gross of Fees -1.55 4.36 4.88 — — — 7.90 4.38 8.96* — — — — —

Global Long/Short- Net of Fees -1.99 3.01 3.06 — — — 6.04 2.71 8.02* — — — — —

MSCI World Index -8.33 -5.63 -4.57 — — — 7.05 5.50 17.08* — — — — —

* Inception dates are as follows: Inception dates are as follows: Global Equity USA is July 1, 2008; International Equity is July 1, 2008 (Formerly known as International Value Equity) and Global Long/Short Equity is July 1, 2013. Boston Partners has prepared and presented this report in compliance with the GIPS®. Returns refl ect composite results and individual portfolio results will vary.Returns are shown in USD. Past performance is not an indication of future results. Please refer to the last appendix for other important disclosures.

Boston Partners 38

Boston PartnersAnnual Fee Schedules

Large Cap Value Equity

0.70% First $10 million of assets0.50% Next $40 million0.40% Next $50 million0.30% Thereafter

Mid Cap Value Equity

0.80% First $25 million of assets0.60% Thereafter

Premium Equity


Small Cap Value Equity, Small Cap Value Equity II& Small/Mid Cap Value

1.00% First $25 million of assets0.80% Thereafter

Long/Short Research

1.50% of total assets under management

130/30 Large Cap Value

1.00% First $10 million0.80% Next $40 million0.70% Next $50 million0.60% Thereafter

Long/Short Equity

1% of total assets under managementPlus 20% of return

1 3(c) 11 Fund offered through Robeco Trust Company, a subsidiary of Robeco Investment Management. 2 As of September 30, 2015.

Boston Partners Large Cap Value Equity Fund — RTC Trust1

Fees start at 0.65%

Additional Administrative Expenses2

2.2 bps annually

Boston Partners 39

Boston Partners Global and International EquityAnnual Fee Schedules

Global Equity - Separate AccountInternational Equity - Separate Account


Global Equity - Delaware TrustInternational Equity - Delaware Trust


Global Long/Short


Global Long/Short - Delaware Trust


Boston Partners 40

Boston PartnersPerformance Disclosures

Boston Partners ("BP") is a dba of Robeco Investment Management (“RIM” or the “Firm”), an Investment Adviser registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940. RIM is a subsidiary of Robeco Groep N.V. (“Robeco”), a Dutch investment management fi rm headquartered in Rotterdam, the Netherlands. RIM updated its fi rm description as of January 1, 2015 to refl ect changes in its divisional structure. RIM is comprised of three divisions, Boston Partners, Weiss, Peck & Greer Partners ("WPG"), and Redwood Equity ("Redwood"). RIM claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS® standards. RIM has been independently verifi ed for the periods 2007 through 2013. Verifi cation assesses whether (1) the Firm has complied with all the composite construction requirements of the GIPS® standards on a fi rm-wide basis and (2) the Firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS® standards. The composites have been examined per the following periods: RIM Large Cap Value Equity,1995 to 2013; RIM Alpha Extension Large Cap Value Equity, 2012 to 2013; RIM Premium Equity, 1995 to 2013; RIM Mid Cap Value Equity, 1995 to 2006 and t 2010 to 2013; RIM Small/Mid Cap Value Equity, 1999 to 2013; RIM Small Cap Value Equity, 1995 to 2013; RIM Small Cap Value II Equity, 1998 to 2013; RIM Long/Short Research, 2011 to 2013; RIM Global Equity II, 2012 to 2013. The verifi cation and performance examination reports are available upon request.Past performance is not indicative of future results. This document is not an offering of securities nor is it intended to provide investment advice. It is intended for information purposes only.

Composite Construction(s)Performance results attained at BPAM have been linked to the results achieved at RIM beginning on January 1, 2007 in compliance with the GIPS® standards on performance record portability. Composites include all separately managed and commingled vehicles, fully discretionary, fee-paying accounts under management with a similar investment mandate and an account market value greater than $1 million with the exception of RIM Small Cap Value Equity and Small Cap Value II Equity which have an account market value greater than $5 million. Prior to January 1, 2007 the minimum account size for inclusion in the composite was $5 million. The composites contain proprietary assets. The inception and creation date of the RIM Large Cap Value Equity composite is June 1, 1995. The strategy is composed of

securities with market capitalizations primarily greater than $3 billion and is benchmarked against the S&P 500 Index and the Russell 1000® Value Index. Prior to December 1, 1995, there was no minimum market value requirement for inclusion in the RIM Large Cap Value Equity composite. Accounts that did not meet the newly established minimum balance requirement were removed on that date. The inception date and creation date of the RIM Alpha Extension Large Cap Value Equity composite is March 1, 2007. The strategy is an actively managed Large Cap Value strategy that utilized long and short equity position to generate alpha. The strategy is permitted to short 30% of the portfolio and reinvests the proceeds of those shorts into the securities that the manager fi nds attractive, creating a 130% long portfolio and a 30% short portfolio. The strategy is benchmarked against the Russell 1000® Value Index. The inception and creation date of the RIM Premium Equity composite is June 1, 1995. The strategy is a hybrid of RIM’s other equity products. It has the fl exibility to invest across the capitalization spectrum and to invest in securities with equity-like return and risk profi les. RIM Premium Equity is benchmarked against the S&P 500 Index and the Russell 3000® Value Index. The inception and creation date of the RIM Mid Cap Value Equity composite is May 1, 1995. Effective March 1, 2006, the Mid Cap Value Equity strategy is composed of securities primarily in the same market capitalization range, at time of purchase, as the Russell Midcap® Value Index. Effective January 1, 2005 the RIM Mid Cap Value composite revised its benchmark from the Russell 2500™ Value Index to the Russell Midcap® Value Index. The Russell Midcap® Value Index has less of a bias toward smaller capitalization stocks and thus more accurately refl ects the composition of RIM holdings. The inception and creation date of the RIM Small/Mid Cap Value Equity composite is April 1, 1999. The strategy is composed of securities primarily in the $100 million to $10 billion market capitalization range and is benchmarked against the Russell 2500™ Value Index. The inception and creation date of the RIM Small Cap Value Equity composite is July 1, 1995. The strategy is composed of securities primarily in the $100 million to $1.5 billion market capitalization range and is benchmarked against the Russell 2000® Value Index.The inception date of the RIM Small Cap Value II Equity composite is July 1, 1998. The composite was created in 2000. The strategy is composed of securities primarily in the $10 million to $1 billion market capitalization range and is benchmarked against the Russell 2000® Value Index.

The inception date and creation date of the RIM Long/Short Equity composite is August 1, 1997. The strategy is an absolute return product that balances long and short portfolio strategies and seeks to achieve stable absolute returns with approximately half the risk of the S&P 500. However, this product is not risk neutral. It is exposed to style, capitalization, sector and short-implementation risks. Use of the S&P 500 Index is for comparative purposes only since investment returns are not correlated to equity market returns. Prior to October 1, 1998, the composite was managed on a non-fee paying basis. Participant results would have been substantially different if fee waivers were not applied. Commencing on October 1, 1998 and continuing each quarter thereafter, the net of fee calculation includes a model fee for each commingled account included in the composite, and when applicable, the actual fees assessed for each separately managed portfolio included in the composite. The model fee, which is comprised of an investment management fee and performance fee, represents the deduction of the highest fee that could have been earned based on actual results during the performance period. In addition, other expenses typically borne by the commingled accounts, as defi ned in the applicable offering documents, have been applied. However, from time-to-time the commingled accounts may have placed a ceiling on the amount of expenses it had incurred. Although performance fees are paid annually when earned, for presentation of net returns, performance fees, similar to management fees and expenses, are accrued for on a monthly basis. Actual fees may vary. The composite is benchmarked against the S&P 500 Index and the Russell 3000® Value/Russell 3000® Growth for comparative purposes only since the strategy is not correlated to equity market returns. The inception and creation date of the RIM Research Equity composite is April 1, 2002. This strategy is an absolute return product that balances long and short portfolio strategies and seeks to achieve stable absolute returns with approximately half the risk of the S&P 500 Index. The strategy is benchmarked against the S&P 500 Index. The inception and creation date of the RIM Global Equity II composite is July 1, 2008. This strategy is unconstrained and primarily invests in equity securities in the global market without using hedges on currency. The inception date and creation date of the RIM International Equity II composite is July 1, 2008. This strategy is unconstrained and primarily invests in non-us markets without using currency hedges. The strategy is benchmarked against the MSCI EAFE Index. From July 1, 2008 to June 30, 2010 the primary benchmarks was MSCI EAFE Value Index and on July 1, 2010 the primary benchmark change to the MSCI EAFE.

Boston Partners 41

Boston PartnersPerformance Disclosures (continued)

This change to the MSCI EAFE Index was made retroactively to July 1, 2008.

The inception and creation date of the RIM Global Long/Short Equity composite is July 1, 2013. The strategy is composed of securities with market capitalizations primarily greater than $50 million and is benchmarked against the MSCI World Index. BenchmarksIndex returns are provided for comparison purposes only to show how the composite’s returns compare to a broad-based index of securities, as the indices do not have costs, fees, or other expenses associated with their performance.In addition, securities held in either index may not be similar to securities held in the composite’s accounts. The S&P 500 Index is an unmanaged index of the common stocks of 500 widely held U.S. companies. All Russell® Indices are registered trademarks of the Frank Russell Company. The Russell® Value Indices typically measure the performance of universes of stocks displaying low price-to-book ratios and low forecasted growth values. The Russell® Growth Indices typically measure the performance of universes of stocks displaying high price-to-book ratios and high forecasted growth values. The Russell 1000® Index measures the performance of the 1,000 largest companies in the Russell 3000® Index. The Russell 3000® Index measures performance of the 3,000 largest U.S. companies based on total market capitalization. The Russell 2500™, and 2000® Indices measure performance of the 2,500 and 2,000 smallest companies in the Russell 3000® Index respectively. The Russell Midcap® Index measures the performance of the 800 smallest companies in the Russell 1000® Index. The MSCI World Index covers the full range of developed, emerging and All Country MSCI International Equity Indices across all size segmentations. MSCI uses a two-dimensional framework for style segmentation in which value securities are categorized using a multi-factor approach, which uses three variables to defi ne the value investment style characteristics and fi ve variables to defi ne the growth investment style characteristics including forward looking variables. The objective of the index design is to divide constituents of an underlying MSCI Equity Index into respective value and growth indices, each targeting 50% of the free fl oat adjusted market capitalization of the underlying market index. The MSCI EAFE Index is a free fl oat-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the US & Canada. As of April 2002, the MSCI EAFE Index consisted of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and United Kingdom.

Calculation MethodologyAccount returns are market value weighted and calculated on a total return basis using trade date valuations. Returns refl ect the reinvestment of dividends and other earnings, and are net of commissions and transaction costs. Performance is expressed in U.S. Dollars. Short sales are an integral part of the investment strategy and constitute the use of leverage. Accounts are temporarily removed from the composite when a signifi cant cash fl ow occurs, which is typically defi ned as a fl ow that is greater than 10% of the account value that exceeds a threshold of +/- 20 basis points from daily performance of the representative account and a similar account of the same strategy. An account is generally added back to the composite as of the fi rst full month following the signifi cant cash fl ow. Additional information regarding policies for valuing portfolios, calculating performance, and presenting compliant presentations is available upon request.

Fees and ExpensesComposite returns are provided on a gross and net of fees basis. Account returns will be reduced by any fees and expenses incurred in the management of the account. In general, actual fees may vary depending on the applicable fee schedule and portfolio size. Net of fees returns for commingled vehicles that are members of a composite are calculated using a model fee that is the highest tier in the separate account fee schedule for the strategy. Fees are applied to gross returns at month end.Returns refl ect the reinvestment of dividends and other earnings, and are net of commissions and transaction costs. Performance is expressed in U.S. Dollars. Additional information regarding policies for valuing portfolios, calculating performance, and presenting compliant presentations is available upon request. Investment advisory fees are listed herein and are fully described in RIM’s Form ADV, Part II.

Composite DispersionThe measurement of composite dispersion is calculated by the weighted average standard deviation of the annual account returns within the composite. Dispersion in composites with less than fi ve accounts included for the entire year is not considered meaningful and is denoted with “N/A”. Prior to January 1, 2007, the measurement of composite dispersion was calculated by determining the difference between the highest and lowest annual account returns within the composite. The three-year annualized standard deviation measures the variability of the composite and the benchmark returns over the preceding 36-month period.

130/30 Large Cap Equity:# of Portfolios

in Composite

Total Assets in

Composite

% of Firm

AUM

Composite

Dispersion2014*: 2 $1.2 bn 2% N/A2013: 1 $845 mm 2% N/A2012: 3 $636 mm 2% N/A2011: 3 $463 mm 2% N/A2010: 1 $17 mm 0% N/A2009: 1 $6 mm 0% N/A2008: 1 $5 mm 0% N/A2007: 1 $7 mm 0% N/A

Large Cap Equity:# of Portfolios

in Composite

Total Assets in

Composite

% of Firm

AUM

Composite

Dispersion2014*: 150 $24.5 bn 33% 0.11%2013: 129 $16.5 bn 32% 0.62%2012: 105 $8.6 bn 30% 0.24%2011: 99 $5.1 bn 24% 0.23%2010: 89 $4.8 bn 26% 0.15%2009: 83 $3.5 bn 20% 0.38%2008: 70 $2.1 bn 18% 0.21%2007: 68 $3.4 bn 13% 0.14%2006: 45 $3.4 bn 27% 0.83%2005: 47 $3.2 bn 29% 1.94%

Mid Cap Value Equity:# of Portfolios

in Composite

Total Assets in

Composite

% of Firm

AUM

Composite

Dispersion2014*: 29 $11.6 b 16% 0.12%2013: 16 $7.6 b 15% 0.24%2012: 9 $2.9 b 10% 0.01%2011: 4 $1.0 b 5% N/A2010: 3 $306 mm 2% N/A2009: 3 $127 mm 1% N/A2008: 3 $85 mm 1% N/A2007: 2 $86 mm 0% N/A2006: 1 $35 mm 0% N/A2005: 3 $128 mm 1% 0.64%

Premium Equity:# of Portfolios

in Composite

Total Assets in

Composite

% of Firm

AUM

Composite

Dispersion2014*: 29 $3.1 bn 4% 0.14%2013: 29 $2.7 bn 5% 0.53%2012: 26 $2.2 bn 7% 0.17%2011: 24 $2.0 bn 9% 0.19%2010: 27 $2.1 bn 12% 0.43%2009: 26 $2.1 bn 12% 0.49%2008: 23 $1.3 bn 11% 0.30%2007: 15 $677 mm 3% 0.12%2006: 11 $1.7 bn 14% 0.37%2005: 12 $1.5 bn 14% 0.59%

Boston Partners 42


Small Cap Value Equity:# of Portfolios

in Composite

Total Assets in

Composite

% of Firm

AUM

Composite

Dispersion2014*: 18 $1.1 bn 2% 0.26%2013: 16 $1.1 bn 2% 0.56%2012: 16 $957 mm 3% 0.20%2011: 17 $923 mm 4% 0.08%2010: 16 $682 mm 4% 0.16%2009: 14 $698 mm 4% 0.90%2008: 14 $560 mm 5% 0.20%2007: 15 $856 mm 3% 0.10%2006: 15 $1.1 bn 9% 0.85%2005: 15 $1.1 bn 10% 0.93%

Small Cap Value Equity II:# of Portfolios

in Composite

Total Assets in

Composite

% of Firm

AUM

Composite

Dispersion2014*: 4 $444 mm 1% N/A2013: 4 $370 mm 1% N/A2012: 4 $304 mm 1% N/A2011: 5 $272 mm 1% 0.10%2010: 6 $300 mm 2% 0.24%2009: 6 $239 mm 1% 0.98%2008: 7 $161 mm 1% 0.20%2007: 7 $320 mm 1% 0.06%2006: 7 $505 mm 4% 0.47%2005: 8 $566 mm 5% 0.81%

Long/Short Equity:# of Portfolios

in Composite

Total Assets in

Composite

% of Firm

AUM

Composite

Dispersion2014*: 2 $958 mm 1% N/A2013: 2 $965 mm 2% N/A2012: 2 $829 mm 3% N/A2011: 2 $626 mm 3% N/A2010: 2 $440 mm 2% N/A2009: 2 $189 mm 1% N/A2008: 2 $36 mm 0% N/A2007: 2 $75 mm 0% N/A2006: 3 $156 mm 1% N/A2005: 4 $200 mm 2% N/A

Small/Mid Cap Value Equity:# of Portfolios

in Composite

Total Assets in

Composite

% of Firm

AUM

Composite

Dispersion2014*: 10 $499 mm 1% 0.08%2013: 7 $481 mm 1% 0.13%2012: 7 $367 mm 1% 0.08%2011: 7 $327 mm 2% 0.10%2010: 7 $384 mm 2% 0.04%2009: 7 $350 mm 2% 0.32%2008: 5 $200 mm 2% 0.18%2007: 5 $299 mm 1% 0.02%2006: 4 $343 mm 3% 0.06%2005: 2 $188 mm 2% 0.01%

Long/Short Research:# of Portfolios

in Composite

Total Assets in

Composite

% of Firm

AUM

Composite

Dispersion2014*: 1 $6.0 bn 8% N/A2013: 1 $2.9 bn 6% N/A2012: 1 $492 mm 2% N/A2011: 1 $97 mm 0% N/A2010: 1 $9 mm 0% N/A2009: 1 $5 mm 0% N/A2008: 1 $3 mm 0% N/A2007: 1 $4 mm 0% N/A2006: 1 $3 mm 0% N/A2005: 1 $3 mm 0% N/A

2005 through 2006 fi rm assets represents BPAM assets under management prior to merger into RIM.* Data are preliminary and unaudited.

Global Equity:# of Portfolios

in Composite

Total Assets in

Composite

% of Firm

AUM

Composite

Dispersion2014*: 1 $16 mm 0% N/A2013: 2 $66 mm 0% N/A2012: 2 $18 mm 0% N/A2011: 1 $8 mm 0% N/A2010: 1 $9 mm 0% N/A2009: 1 $8 mm 0% N/A

2008**: 1 $6mm 0% N/A** 2008 performance period is from July 1.International Equity:

# of Portfolios

in Composite

Total Assets in

Composite

% of Firm

AUM

Composite

Dispersion2014*: 2 $33 mm 0% N/A2013: 2 $20 mm 0% N/A2012: 2 $18 mm 0% N/A2011: 1 $6 mm 0% N/A2010: 1 $6 mm 0% N/A2009: 1 $6 mm 0% N/A

2008**: 1 $4 mm 0% N/A** 2008 performance period is from July 1.

Firm Assets:Year Assets (mm) Year Assets (mm)2014*: $73,250 2009: $17,2072013: $52,334 2008: $11,5402012: $29,023 2007: $26,5542011: $21,098 2006: $12,4562010: $18,419 2005: $11,049

Other DisclosuresRIM has adjusted the S&P and Russell sector classifi cations to group stocks according to similar business product lines and correlation of stock returns. RIM’s classifi cations are similar to the major market indices in terms of breadth but may differ in terms of composition. All product characteristics and sector weightings are calculated using a representative portfolio. Risk statistics are calculated using composite data. Portfolio composition is subject to change and information contained in this publication may not be representative of the current portfolio. Effective January 1, 2011; RIM adopted a signifi cant cash fl ow policy for this composite in accordance with the Global Investment Performance Standards. If an external cash fl ow is greater than or equal to 10.0% of the beginning market value of the portfolio on the day of the fl ow, and greater than or equal to 10.0% of the beginning market value of the composite for that month then the portfolio is removed from the composite for the month that the fl ow occurred. The portfolio is then placed back into the composite in accordance with Firm’s inclusion policies and procedures.RIM participates in Initial Public Offerings (IPOs) as described in its Form ADV, Part II. IPO contributions to performance vary from year to year depending on availability and prevailing market conditions. IPO contributions may have a signifi cant positive effect on performance when initially purchased. Such positive performance should not be expected for future performance periods.

Annual Fee SchedulesLarge Cap: 70 basis points ("bp") on the fi rst $10 million in assets; 50 bp on the next $40 million; 40 bp on the next $50 million; 30 bp thereafter. 130/30 Large Cap: 100 basis points ("bp") on the fi rst $10 million in assets; 80 bp on the next $40 million; 70 bp on the next $50 million; 60 bp thereafter. Premium Equity: 80 bp on the fi rst $25 million of assets; 60 bp on the next $25 million; 50 bp on the next $50 million; 40 bp thereafter. Mid Cap: 80 bp on the fi rst $25 million of assets; 60 bp thereafter. Small/Mid Cap, Small Cap, and Small Cap II: 100 bp on the fi rst $25 million of assets; 80 bp thereafter. Long/Short: 100 bp on total assets under management; plus 20% profi t participation. Long/Short Research: 150 basis points. Global Equity and International Equity are: 75 basis points ("bp") on the fi rst $25 million in assets; 65 bp on the next $25 million; 55 bp on the next $50 million; 50 bp thereafter. Global Long/Short: 200 bp on total assets under management.

Global Long/Short Equity:# of Portfolios

in Composite

Total Assets in

Composite

% of Firm

AUM

Composite

Dispersion2014*: 1 $125 mm 0% N/A

2013**: 1 $3 mm 0% N/A** 2013 performance period is from July 1.

Boston Partners 43


Corporate InformationRobeco Investment Management affi liated with listed corporations though common ownership. Robeco Investments services may be offered in the U.S. through Robeco Institutional Asset Management, U.S., SAM investment services may be offered in the U.S. by RobecoSAM USA, Inc., each an SEC Registered Investment Adviser registered under the Investment Advisers Act of 1940. Transtrend products, Robeco Investments and SAM products may be offered in the U.S. through Robeco Securities, LLC, member FINRA, SiPC. Harbor Capital Advisers products are distributed by Harbor Funds Distributors, Inc.

Boston Partners 44

Robeco U.S. Premium EquitiesPerformance Disclosures

The information contained in this document is solely intended for professional investors under the Dutch Act on the Financial Supervision (Wet fi nancieel toezicht) or persons who are authorized to receive such information under any other applicable laws. This presentation is being presented through agreement with Robeco Asset Management, a trade name of Robeco Institutional Asset Management B.V. It is intended to provide its professional clients with information on RIAM's specifi c capabilities, but does not constitute a recommendation to buy or sell certain securities or investment products.

Historical returns are provided for illustrative purposes only and do not necessarily refl ect Robeco’s expectations for the future. The value of your investments may fl uctuate. Results obtained in the past are no guarantee for the future. Investment decisions should therefore only be based on the relevant prospectus and on thorough fi nancial, fi scal and legal advice.

The content of this document is based upon sources of information believed to be reliable, but no warranty or declaration, either explicit or implicit, is given as to their accuracy or completeness. This document is not intended for distribution to or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation.

Robeco Institutional Asset Management B.V., Rotterdam, Trade register number: 24123167, is registered with the Authority for the Financial Markets in Amsterdam.

Robeco France est agréée par l’ACP en tant qu’entreprise d’investissement.

Hong KongThis document has been distributed by Robeco Hong Kong Limited (‘Robeco’). Robeco is regulated by the Securities and Futures Commission in Hong Kong. This document is for professional investors only. The contents of this document have not been reviewed by any regulatory authority in Hong Kong. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice.

Third Quarter 2015 Robeco U.S. Premium Equities · Boston Partners 1 Boston Partners Proﬁ le:...

Documents

Transcript of Third Quarter 2015 Robeco U.S. Premium Equities · Boston Partners 1 Boston Partners Proﬁ le:...