Factsheet | Figures as of 31-08-2018

Robeco QI European Conservative Equities I EUR

Robeco QI European Conservative Equities invests in low-volatility stocks in European countries. The selection of these stocks is based on a quantitative model. The fund's long-term aim is to
achieve returns equal to, or greater than, those on European equity markets with lower expected downside risk. The selected low-risk stocks are characterized by high dividend yields,
attractive valuation, strong momentum and positive analyst revisions as well. This results in a diversified, low turnover portfolio of defensive stocks aiming to achieve stable equity returns
and high income.

Performance
Indexed value (until 31-08-2018) - Source: Robeco

220

200

180

Pim van Vliet, Arlette van Ditshuizen, Maarten Polfliet, 160

Jan Sytze Mosselaar, Arnoud Klep 140
Fund manager since 07-08-2007
120

Performance 100
Fund Index 80
1 m -0.61% -2.25% 60
3 m 1.10% 0.10% 08-2008 06-2009 04-2010 02-2011 12-2011 10-2012 08-2013 06-2014 04-2015 02-2016 12-2016 10-2017 08-2018

Ytd 1.30% 0.31% Robeco QI European Conservative Equities I EUR

1 Year 4.43% 4.86%
2 Years 5.14% 8.31%
3 Years 4.20% 4.56% Performance
5 Years 8.92% 7.73% Based on transaction prices, the fund's return was -0.61%.
10 Years 7.40% 5.06% The conservative equities that the fund typically selects as part of its investment strategy performed
Since 08-2007 5.17% 3.07% better than the market last month. The low-risk factors (volatility, beta and distress) contributed
Annualized (for periods longer than one year) positively to performance, while the value factor had a negative impact. The momentum factor made
a positive contribution last month. The main negative stock contributions came from holding Turkish
materials company Erdemir, which was hit by the weak lira, and Poste Italiane, which retreated from
Fund price recent all-time highs.The main positive contributions came from the financials sector. The fund
31-08-18 EUR 175.42 avoided the significant declines in value of large Eurozone banks such as Banco Santander, Intesa
High Ytd (23-05-18) EUR 177.72 Sanpaolo, BBVA and UniCredit, which were hit by their exposure to Turkey. Moreover, the fund has
Low Ytd (12-02-18) EUR 164.77 positions in more stable financial stocks such as UK insurer Beazley and Swiss private equity group
Partners Group, which delivered positive returns last month.
Index
MSCI Europe Index (Net Return, EUR) Expectation of fund manager
The European Conservative Equities fund invests in low volatility stocks with lower expected downside
risk and good upside potential. The more stable stocks tend to be overlooked by investors, though
General facts they offer relatively high returns given their risk profile. We expect the fund to do particularly well
Morningstar during down markets and volatile market conditions. In a very bullish environment, the fund could lag
Type of fund Equities the overall market, yet still deliver good absolute returns. In the long term, we expect stable equity
Currency EUR returns and high income with considerably lower downside risk.
Total size of fund EUR 1,056,676,278
Size of share class EUR 512,649,629
Outstanding shares 2,933,372
1st quotation date 07-08-2007
Close financial year 31-12
Ongoing charges 0.67%
Daily tradable Yes
Dividend paid No
Ex-ante tracking error limit -
Management company Robeco Luxembourg S.A.

Fees
Management fee 0.55%
Performance fee None
Service fee 0.08%
Expected transaction costs 0.10%

The value of your investment may fluctuate. Past performance is no guarantee of future results.Please visit www.robeco.com for more information, the Key Page 1 / 4
Investor Information Document and the prospectus
For more information visit: www.robeco.com
 Robeco QI European Conservative Equities I EUR
Factsheet | Figures as of 31-08-2018

SI fund classification ESG integration policy

Yes No N/A Environment, Social and Governance (ESG) factors are systematically integrated in the highly
Voting disciplined investment process, by using the ESG scores of more than 4,000 listed companies from the
Engagement annual RobecoSAM Corporate Sustainability Assessment. The ESG integration aims for an average ESG
ESG Integration score of the portfolio at least as high as the ESG score of the index. This ensures that stocks with higher
Exclusion ESG scores are more likely to be overweighted in the portfolio, while stocks of companies that have
very poor ESG scores are more likely to be underweighted in the portfolio. With these portfolio
construction rules we aim for an ESG profile of the fund that is above average compared to its peers. In
PRI ESG Integration Classification addition, stocks with corporate governance issues or stocks that have major litigation or regulatory risk
Yes No N/A
may be excluded from the investable universe. Next to ESG integration, Robeco has an exclusion policy
Screening
and conducts proxy voting and engagement activities based on International Corporate Governance
Integration
Network objectives.
Sustainability Themed Fund

Top 10 largest positions Top 10 largest positions

The top ten positions are primarily the result of the Holdings Sector %
fact that these large companies have a low expected Nestle Sa Consumer Staples 1.98
volatility combined with good upside potential. Total Sa Energy 1.98
Glaxosmithkline Plc Health Care 1.63
Zurich Insurance Group Ag Financials 1.63
Legal status
Investment company with variable capital incorporated Muenchener Rueckversicherungs-Gesellscha Financials 1.51
under Luxembourg law (SICAV) Compass Group Plc Consumer Discretionary 1.47
Issue structure Open-end Chocoladefabriken Lindt & Spruengli Ag Consumer Staples 1.46
UCITS V Yes Amadeus It Group Sa Information Technology 1.43
Share class I EUR Koninklijke Dsm Nv Materials 1.42
This fund is a subfund of Robeco Capital Growth Funds, Swiss Re Ag Financials 1.38
SICAV Total 15.89

Registered in
Austria, Chile, Finland, France, Germany, Ireland, Italy, Top 10/20/30 weights
Luxembourg, Netherlands, Norway, Singapore, Spain, Top 10 15.89%
Switzerland, United Kingdom Top 20 28.90%
Top 30 40.55%
Currency policy
Currency risk will not be hedged. Exchange-rate Statistics
fluctuations will therefore directly affect the fund's share
3 Years 5 Years
price.
Tracking error ex-post (%) 4.91 4.34
Information ratio 0.07 0.44
Risk management Sharpe ratio 0.61 1.02
Risk management is fully integrated in the investment
process to ensure that positions always meet predefined Alpha (%) 1.67 3.42
guidelines. Beta 0.71 0.78
Standard deviation 8.61 9.61
Max. monthly gain (%) 6.84 8.09
Dividend policy Max. monthly loss (%) -3.67 -6.51
The fund does not distribute dividend. The fund retains any Above mentioned ratios are based on gross of fees returns.
income that is earned, and so its entire performance is
reflected in its share price. Hit ratio
3 Years 5 Years
Fund codes Months outperformance 17 33
ISIN LU0312333569 Hit ratio (%) 47.2 55.0
Bloomberg ROECIEU LX Months Bull market 20 36
Sedol B23KS40 Months outperformance Bull 6 14
WKN A0MXTX Hit ratio Bull (%) 30.0 38.9
Valoren 3271722
Months Bear market 16 24
Months Outperformance Bear 11 19
Hit ratio Bear (%) 68.8 79.2
Above mentioned ratios are based on gross of fees returns.

Changes
Before July 2012 the portfolio was hedged into EUR, since July 2012 currency exposures are no longer
hedged

The value of your investment may fluctuate. Past performance is no guarantee of future results.Please visit www.robeco.com for more information, the Key Page 2 / 4
Investor Information Document and the prospectus
For more information visit: www.robeco.com
 Robeco QI European Conservative Equities I EUR
Factsheet | Figures as of 31-08-2018

Asset Allocation Asset allocation

Equity 99.1%
Cash 0.9%

Sector allocation Sector allocation Deviation index

The European Conservative Equities fund is not benchmark
driven. It uses a quantitative stock selection model for
bottom-up selection of stocks with low absolute risk and Financials 22.8%1 3.9%
high expected return characteristics. The current weights Consumer Discretionary 12.6%1 1.9%
in telecom services, utilities and financials are high Consumer Staples 10.8%1 -2.8%
compared to regular indices. This is due to the fact that
these sectors contain a relatively large number of stable Energy 10.0%1 1.8%
and attractively priced stocks. Industrials 9.2%1 -4.1%
Utilities 8.3%1 4.7%
Materials 8.3%1 0.0%
Real Estate 6.0%1 4.6%
Telecommunication Services 5.1%1 1.9%
Health Care 4.3%1 -8.8%
Information Technology 2.7%1 -3.1%
Other -0.1%1 0.0%

Country allocation Country allocation Deviation index

The European Conservative Equities fund is not benchmark
driven. It uses a quantitative stock selection model for United Kingdom 21.9%1 -5.2%
bottom-up selection of stocks with low absolute expected
risk and high expected return characteristics. The current Switzerland 19.8%1 6.7%
weights in Italy, Belgium, Norway and Switzerland are France 9.0%1 -8.6%
high compared to regular indices. This is due to the fact
Sweden 8.1%1 3.9%
that these countries contain a relatively large number of
stable stocks which are attractively priced. Germany 7.9%1 -7.3%
Italy 6.1%1 2.5%
Netherlands 4.8%1 -0.9%
Norway 4.4%1 3.2%
Spain 4.3%1 -0.4%
Belgium 4.0%1 2.3%
Finland 3.9%1 2.2%
Denmark 1.5%1 -1.3%
Other 4.3%1 2.9%

The value of your investment may fluctuate. Past performance is no guarantee of future results.Please visit www.robeco.com for more information, the Key Page 3 / 4
Investor Information Document and the prospectus
For more information visit: www.robeco.com
 Robeco QI European Conservative Equities I EUR
Factsheet | Figures as of 31-08-2018

Investment policy
Robeco QI European Conservative Equities invests in low-volatility stocks in European countries. The selection of these stocks is based on a quantitative model. The fund's long-
term aim is to achieve returns equal to, or greater than, those on European equity markets with lower expected downside risk. The selected low-risk stocks are characterized by
high dividend yields, attractive valuation, strong momentum and positive analyst revisions as well. The fund combines the outcome of a stock selection model with a
disciplined portfolio construction algorithm. This prudent investment approach results in a diversified, low turnover portfolio of defensive stocks aiming to achieve stable equity
returns and high income. The investment philosophy of Conservative Equities is based on our findings that investors tend to overpay for risk. The fund's quantitative strategy
benefits from the fact that many investors are constrained by the benchmark in their investment process. The fund bases its strategy on academic research and combines
several proven model factors to benefit from these tendencies in the (rational) behavior of other investors.

Fund manager's CV
Mr. Van Vliet is the head of the Conservative Equities team. Pim joined Robeco in 2005 as a Quantitative Researcher. He has published academic research in the Journal of
Banking and Finance, Management Science, the Journal of Portfolio Management and other journals. He is a guest lecturer at several universities, advocates low-volatility
investing at international seminars and is author of the book High Returns from Low Risk. Pim holds a PhD and an MSc (cum laude) in Financial and Business Economics from
Erasmus University Rotterdam. Ms. Van Ditshuizen is a Portfolio Manager within the Conservative Equities team. Previously, Arlette was Risk Manager with Robeco and held a
position as Portfolio Manager and Head of Derivatives Structures with Robeco. She started her career in 1997 at Robeco after graduating from Erasmus University Rotterdam
with a Master's degree in Econometrics. Mr. Polfliet is a Portfolio Manager within the Conservative Equities team. Maarten joined Robeco in 2005. Previously, he was Client
Portfolio Manager Quantitative Equities with Robeco. He started his career as portfolio manager at SNS Bank in 1999 after graduating from Tilburg University with a Master’s
degree in Financial Economics. Mr. Mosselaar is a Portfolio Manager within the Conservative Equities team. Previously, Jan-Sytze was Portfolio Manager in the Robeco Asset
Allocation department, managing multi-asset allocation funds, quant allocation funds and fiduciary pension mandates. He started his career at Robeco in 2004 after
graduating from the University of Groningen with a Master’s degree in Business Economics. Mr. Klep is a Portfolio Manager within the Conservative Equities team. Previously,
Arnoud was Head of Structured Investments with Robeco, managing various quantitative investment strategies. He started his career in the Robeco Quantitative Research
department in 2001 after graduating from Tilburg University with a Master’s degree in Econometrics.

Fiscal product treatment

The fund is established in Luxembourg and is subject to the Luxembourg tax laws and regulations. The fund is not liable to pay any corporation, income, dividend or capital
gains tax in Luxembourg. The fund is subject to an annual subscription tax ('tax d'abonnement') in Luxembourg, which amounts to 0.01% of the net asset value of the fund.
This tax is included in the net asset value of the fund. The fund can in principle use the Luxembourg treaty network to partially recover any withholding tax on its income.

Fiscal treatment of investor

Investors who are not subject to (exempt from) Dutch corporate-income tax (e.g. pension funds) are not taxed on the achieved result. Investors who are subject to Dutch
corporate-income tax can be taxed for the result achieved on their investment in the fund. Dutch bodies that are subject to corporate-income tax are obligated to declare
interest and dividend income, as well as capital gains in their tax return. Investors residing outside the Netherlands are subject to their respective national tax regime applying
to foreign investment funds. We advise individual investors to consult their financial or tax adviser about the tax consequences of an investment in this fund in their specific
circumstances before deciding to invest in the fund.

MSCI disclaimer
Source MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The
MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, endorsed, reviewed or
produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision
and may not be relied on as such.

Morningstar
Copyright © Morningstar Benelux. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied
or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising
from any use of this information. Past performance is no guarantee of future results. For more information on Morningstar, please refer to www.morningstar.com

Disclaimer
This document has been carefully prepared by Robeco Institutional Asset Management B.V. (Robeco). The information contained in this publication is based upon sources of
information believed to be reliable. Robeco is not answerable for the accuracy or completeness of the facts, opinions, expectations and results referred to therein. Whilst every
care has been taken in the preparation of this document, we do not accept any responsibility for damage of any kind resulting from incorrect or incomplete information. This
document is subject to change without notice. The value of the investments may fluctuate. Past performance is no guarantee of future results. If the currency in which the past
performance is displayed differs from the currency of the country in which you reside, then you should be aware that due to exchange rate fluctuations the performance shown
may increase or decrease if converted into your local currency. The prices used for the performance figures of the Luxembourg-based funds are the end-of-month transaction
prices net of fees up to 4 August 2010. From 4 August 2010, the transaction prices net of fees will be those of the first business day of the month. Please refer to the prospectus
and the Key Investor Information Document of the funds for further details. These are available at the Robeco offices or via the www.robeco.com website. The ongoing charges
mentioned in this publication express the operational costs including management fee, service fee, taxe d'abonnement, depositary fee and bank charges and is the one stated
in the fund's latest annual report at closing date. The information contained in this document is solely intended for professional investors under the Dutch Act on the Financial
Supervision (Wet financieel toezicht) or persons who are authorized to receive such information under any other applicable laws. Robeco Institutional Asset Management B.V.
has a license as manager of UCITS and AIFs from the Netherlands Authority for the Financial Markets in Amsterdam.

The value of your investment may fluctuate. Past performance is no guarantee of future results.Please visit www.robeco.com for more information, the Key Page 4 / 4
Investor Information Document and the prospectus
For more information visit: www.robeco.com