13th May, 2008

Trucost, the world-leading environmental research company, has analysed the greenhouse gas emissions of companies in which ASN Bank invests. The analysis has helped ASN Bank to become the first Dutch bank to publish information on the carbon efficiency of its equity funds.

ASN Bank commissioned Trucost to measure the greenhouse gas emissions (measured as their carbon dioxide equivalent) associated with three portfolios: ASN Aandelenfonds (Shares Fund), ASN Small & Midcap Fund and ASN Milieu & Waterfonds (Environment & Water Fund). These funds have a total investment-value of more than €647 million (as at 31 October 2007).

A total of 190 companies were analysed, and emissions were allocated to the funds in proportion to their holdings.

Key findings include:

• The absence of investments in the oil & gas sector has a considerable positive effect on the intensity of greenhouse gas emissions in the funds.
• The total GHG emissions of ASN Aandelenfonds, ASN Small & Midcap Fonds and ASN Milieu & Waterfonds are 20% lower than the benchmark, MSCI All World Developed Index.
• The carbon intensity of ASN Aandelenfonds is 40% lower than the benchmark.
• The Milieu & Waterfonds is more carbon intensive than the benchmark, largely due to the energy-intensive nature of the water and waste companies.

Jeroen Jansen, ASN Bank Director, said: “Transparency is a first requirement in sustainable investing. The data from Trucost’s report give a clear picture to the public. Investors have a right to transparency and verifiable information. The climate issue is one of the greatest challenges confronting our society. Measuring CO₂ efficiency is becoming an instrument of increasing importance to steer companies in the direction of the smallest environmental impact possible. Time and time again we have proved that offering successful investment products can be matched with an efficient policy of CO₂ reduction. It would be advisable for other financial institutions to follow this example.”

Trucost Chief Executive Simon Thomas said: “Trucost’s unique model combines carbon and financial data to enable banks to measure the carbon efficiency of their portfolios. This information helps to identify risks to returns from relatively carbon-intensive companies, as well as opportunities to reduce that risk. By making public the information on portfolio carbon emissions, ASN Bank is taking a lead in acknowledging that managing a portfolio’s exposure to the rising costs of carbon inefficiencies is now a necessity.”

Note to Editors:

Summary of results

For more information about Trucost contact:
Theo Moore, Brunswick Group
Matt O’Leary, Brunswick Group
+44 (0) 20 7404 5959
trucost@brunswickgroup.com

For more information about ASN Bank contact:
Monique Messelink
Phone: 31 (0) 70-3569376
monique.messelink@asnbank.nl

Judith van Poederooijen
Phone: 31 (0) 70-3569347
judith.vanpoederooijen@asnbank.nl

About Trucost

Trucost Plc helps companies and investors understand the environmental impacts of business activities. Trucost provides data and analysis on company emissions and natural resource usage in financial as well as quantity terms to help investors, fund managers and analysts understand how environmental issues could affect companies' future earnings. Trucost has analysed the carbon or environmental footprints of over $200bn worth of assets in more than 500 separate funds. Institutional investors use the information to assess related risks and opportunities in their portfolios, identify differences in performance, and create structured products with lower carbon or environmental impacts.

Trucost tracks data on the environmental impacts and disclosures of over 4,000 companies and has the world’s largest record of greenhouse gas emissions. Coverage includes the FTSE All-Share, S&P 500, Russell 1000, Nikkei 225, DJ STOXX 600, MSCI World Developed, MSCI Europe, MSCI Asia ex-Japan and ASX 200 indices.

Trucost has offered expert advice and research to major corporations, institutional investors and to Government departments and associated agencies since its launch in 2000. Clients include BlackRock, Crédit Agricole Asset Management, Environment Agency Pension Fund, Fond de Réserve pour les Retraites (FRR), GLG Partners, Henderson Global Investors, Hermes Pensions Management Ltd, Morley Fund Management, VicSuper and Merrill Lynch.

ASN Bank:

ASN Bank is committed to advance sustainability of society which is the major guideline in all its economic activities. According to ASN Bank, economic growth may not be realised at the expense of the environment, nature or vulnerable communities nor should such expense be transferred to future generations. In The Netherlands ASN Bank has been a pioneer of sustainable banking since 1960. The bank is active in investing, saving and business loans. ASN Bank has 363,000 customers and total assets under management of more than 4,800 million euros. ASN Bank is part of SNS REAAL. For more information: http://www.asnbank.nl