Clean Investor 2009

Investingagainst naturalresourcesdepletionMay 2009

SAM – Member of Robeco

1

Agenda

• Investment Case, Trends and Drivers

• Investing in the Waste Value Chain

• SAM Smart Materials Strategy

2

Investment CaseIncreasing worldwide demand for natural resources calls for innovation and efficiency

• Scarcity of natural resources• Protection of environment and people

• Developing new materials, technologies, andprocesses

• Increasing resource productivity• Recycling of materials• Sustainable sourcing

Availability issues

Efficiency issues

Regulatory issues

Investment opportunities

3

Global Trend: Increasing Worldwide Demand

Source:

Population growth, industrialization, and higher disposable income increase demand ofmaterials and natural resources

Per Capita Steel Consumption and Gross Domestic Productin Selected Economies, 2005

Opportunities• New materials• Substitutes• Efficient production• Efficient use• Recycling

4Source: United States Geological Survey Mineral Resources Program

Global Trend: Scarcity of Natural ResourcesReduced availability and lower material concentration increases cost of extraction

Average copper concentration in US mines from 1970 to 2006

Opportunities• Sustainable mining• Waste management• Process technology

0.30%

0.35%

0.40%

0.45%

0.50%

0.55%

0.60%

0.65%

1970

1972

1974

1976

1978

1980

1982

1984

1986

1988

1990

1992

1994

1996

1998

2000

2002

2004

2006

Cop

per c

once

ntra

tion

of o

re

5

135

127117

105

6057

50

4138

0

20

40

60

80

100

120

140

160

Sin

gapo

re **

Cze

ch R

epub

lic***

Mas

sach

uset

ts***

Sco

tland

*

New

Zea

land

***

Swed

en***

Aus

tria*

Ireland

***

Net

herlan

ds***

Source: Forfas, 2008

Global Trend: Protection of Environment and PeopleGrowing volumes of waste lead to stricter environmental regulation

Leading countries have imposed high landfill gate fees and taxes

Opportunities• Recycling• Waste to energy• Pollution control• Packaging£/

tonn

e

* 2005 / ** 2006 / *** 2007

6

Agenda

• Investment Case, Trends and Drivers

• Investing in the Waste Value Chain

• SAM Smart Materials Strategy

7

Investing in the Recycling and Disposal IndustryThe waste value chain

8

Waste Management as Climate Change MitigationThe waste value chain from the greenhouse gas emissions perspective

9

• Investment Case, Trends and Drivers

• Investing in the Waste Value Chain

• SAM Smart Materials Strategy

Agenda

10

Innovative Materials& Technologies

Investment ApproachOpportunities over the whole materials life cycle

Basic Materials

Efficient Use of MaterialsRecycling and Disposal

• Mining• Ferrous and non-ferrous metals• Pulp and paper; wood and forestry• Soft commodities; fertilizers

• Light materials• Insulating materials• High throughput equipment• Packaging• Lean production

• Waste to energy• Waste management• Pollution control• Metal, glass, paper & carton recycling

• Biotechnology• Catalysts• Nanotechnology• Electronic equipment/materials• Semiconductors• Specialty Chemicals• Membrane and separators

manufacturers

11

Investment Universe Construction

• Mining

• Steel, Aluminum and other Metals

• Soft Commodities; Fertilizers

Basic Materials

• Packaging

• Precision Instruments and Measurement

• Clean Tech-Applications

Efficient Use of Materials

• Pollution Control

• Waste Management

• Metal, Glass, Paper and Carton Recycling

Recycling and Waste Management

• Electronic Equipment

• Process Technology and Advanced Chemistry

• NanotechnologyInnovative Materials & Technology

12

Disclaimer

Important legal information:The details given on these pages do not constitute an offer. They are given for information purposes only. No liability is assumed for thecorrectness and accuracy of the details given. The value of the units and the return they generate can go down as well as up. They are affected bymarket volatility and by fluctuations in exchange rates. Past performance is no indication of future results. The values and returns indicated here donot consider the fees and costs which may be charged when subscribing, redeeming and/or switching units. The breakdown into sectors, countriesand currencies as well as possibly indicated benchmarks are liable to change at any time in line with the investment policy determined in theProspectus. The translation into action of fund recommendations contained in these documents shall always lie in the sole responsibility of theintermediary or investor. Investments should only be made after a thorough reading of the current Prospectus and/or the Fund Regulations, thecurrent simplified prospectus and articles of association, the latest annual and semi-annual reports and after advice has been obtained from anindependent finance and tax specialist. The documents mentioned can be obtained free of charge by calling the local SAM office, on www.sam-group.com or from any address indicated below. The range of SAM investment funds with domicile in Luxembourg (SICAV) is registered for publicoffering in Luxembourg, Switzerland, Germany, Austria, Spain and Italy. However, due to the different registration proceedings in the variouscountries, no guarantee can be given that each fund or share category is or will be registered in every jurisdiction and at the same time. For an upto date registration list, please refer to www.sam-group.com. Please note that in any jurisdiction where a fund or share category is not registeredfor public offering, they may, subject to the applicable local regulation, only be sold in the course of private placement or institutional investments.Particularly, the SAM funds are not registered and, therefore, may not be offered for sale or be sold in the United States of America and theirdependencies. In a case of private placement this pages are destined exclusively for internal use by the intermediary appointed by SAM and/or theinstitutional investor and shall not be passed over to third parties. Particularly, this document shall under no circumstances be used as material forpublic offering or any other kind of promoting to the public of the SAM Funds or their share categories. Switzerland: Representative is Julius BaerInvestment Funds Services Ltd., Hohlstrasse 602, Postfach, CH-8010 Zurich. Germany: Paying and Information Agent is Bank Julius Bär(Deutschland) AG, An der Welle 1, Postfach 150252, D-60062 Frankfurt/Main. Austria: Paying Agent is Erste Bank der österreichischenSparkassen AG, Graben 21, A-1010 Vienna. Spain: SAM investment funds are registered in the Registry of Foreign Collective InvestmentInstitutions Commercialized in Spain of the CNMV: Julius Baer Multipartner (No. 421). For a list of registered distributors in Spain, please refer towww.cnmv.es.

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