A cooperation of Dow Jones Indexes, STOXX Ltd. and SAM Group

1. Sustainability Investing with the Dow Jones Sustainability Indexes THE ESPRO STOCKHOLM CONFERENCE“The move towards a sustainable property sector in Europe” Kathrin FüllemannMarketing & Client Relations SAM Indexes Stockholm, April 4, 2006 A cooperation of Dow Jones Indexes, STOXX Ltd. and SAM Group

2. SAM Group - Overview • Independent asset management company, founded in 1995 • World‘s only investment group offering asset management, private equity and indexes with an exclusive focus on sustainability • Global customer base including banks, insurance companies, pension funds, foundations, and private clients • Company with over50 staff and offices in Zurich, Melbourne, Milan, Montreal, San Francisco and Stockholm • 20 analysts combining sustainability and financial expertise. Global expert network.

3. Market Developments Dow Jones Sustainability Indexes (DJSI) SAM Research – Corporate Sustainability Analysis Real Estate Sector Content

4. Boycotts and ethical motivation Exclusion of industry groups Focus on a narrow selection of social and environmental criteria Market Developments (I)From ethical to sustainability investments ... Mercer survey finds that the majority of investment managers worldwide expect SRI practices will become a common component of mainstream investment processes within 10 years.Mercer Press Release – 7 April 2005 Sustainability Investments Ethical Investments • Adding shareholder value • Future-driven • Best of class and industry-specific • Integrating economic, environmental and social criteria

5. Market Developments (II)... Consultants ... “Companies that treat social issues as either irritating distractions or simply unjustified vehicles for attack on business are turning a blind eye to impending forces that have the potential fundamentally to alter their strategic future.” Ian Davis, Managing Director, McKinsey & Company Quelle: The Economist, 26 May 2005

6. Market Developments (III)... from retail to institutional investors ... The UK Environment Agency allocated 80 million GBP into a best-practice environmental portfolio.UK Environment Agency – 16 May 2005 The 87 billion Canada Pension Plan unveiled a new „responsible investing“ policy that says „investment analysis should incorporate [environmental, social and governance] factors to the extent that they affect long-term risk and return.“ National Post – October 2005 The California Public Employees' Retirement System (CalPERS) selected six U.S. and international managers to invest up to $500 million in environmental public equity funds.CalPERS Press Release – 14 November 2005The French Pension Reserve Fund (FRR) is moving into the second phase for an RFP to award five European equity mandates using socially responsible investment criteria for a total indicative amount of 600 million euros. FRR Press Release – 15 November 2005

7. Market Developments (IV)... into brokerage research ...

8. Performance Scoreboard of Westpac‘s CEO ! Market Developments (V)... companies... Source: Westpac Remuneration Report 2005

9. Market Developments (VI)... and the media Number of articles with reference to DJSI in global media as counted in the Factiva database

10. Market Developments Dow Jones Sustainability Indexes (DJSI) SAM Research – Corporate Sustainability Analysis Real Estate Sector Content

11. Cooperation with Dow Jones Indexes and STOXX for the publication and licensing of the Dow Jones Sustainability Indexes (DJSI). Launch in 1999. Integrated assessment of economic, environmental and social criteria with a strong focus on long-term shareholder value Consistent rule-based methodology, primary research (direct contact to companies) Index range comprises global, European, Eurozone, North American and US benchmarks Focus on best-in-class companies Yearly review and continuous monitoring of companies 57 licenses with asset managers in 14 countries. 3.9 billion EUR managed against the DJSI family Assurance of the assessment process by PwC DJSI – Overview

12. DJSI – Partners Creates and licenses indexes for use in investment products, calculates 3,000+ indexes in real time Provides and services the Dow Jones STOXXSM indexes, Europe's leading regional equity indexes. Focuses exclusively on sustainability investments, offers indexes, research, asset management and private equity services

13. Market Developments Dow Jones Sustainability Indexes (DJSI) SAM Research – Corporate Sustainability Analysis Real Estate Sector Content

14. SAM Sustainability Trends General challenges General assessment criteria 60% Industry trends & challenges Industry assessment criteria 40% DJSI – Methodology

15. Transparency Healthy living Better living standards Rich / poor gap Equal rights Fair trade Ecological risk awareness Pollution and waste Global Warming Population growth Scarcity of Natural Resources Loss of bio-diversity Technological Change & Innovation Shorter Product life-cycles Speed & Flexibility Life-long learning Intellectual capital Virtual living and working Social - Cultural Trends Environmental Trends Economic Trends DJSI – Sustainability Trends

16. % 100% 33% 40% 33% 60% 33% 20% Industry Criteria Economic Dimension Social Dimension Total General Criteria Environmental Dimension DJSI – Assessment Criteria (I)Overview

17. DJSI – Assessment Criteria (II)Criteria & Weightings

18. DJSI – Assessment Criteria (III)Examples of Sector Specific Criteria

19. DJSI – Assessment Criteria (IV)Examples of Sector Specific Criteria in the Real Estate Sector

20. Questionnaire Senior Management One-on-One Meeting DJSI Company Documents Media NGOs Stakeholders DJSI – Information Sources

21. DJSI World – Selection Dow Jones Global Index2,500 largest companies58 DJSI sectors34 countries Component SelectionTop 10% of companies in terms of sustainability in each DJSI sector 20% target market cap coverage in each supersectorDJSI World317 Components58 DJSI sectors24 countries

22. DJSI World(317 Components) DJSI World ex Alcohol (310 Components) DJSI World ex Tobacco(315 Components) DJSI World ex Gambling(307 Components) DJSI World ex Armaments & Firearms (313 Components) DJSI World ex Alcohol, Tobacco, Gambling, Armaments & Firearms (295 Components) DJSI World – Index Range

23. SAM Indexes – Index Range • Launch of the DJSI World in 1999 • Launch of the DJSI STOXX in 2001 • Launch of the DJSI North America Index in 2005 • Launch of the Australian SAM Sustainability Index (AuSSI) in 2005 • Launch of the DJSI STOXX 40 and the DJSI EURO STOXX 40 in 2006 • Launch of the Dow Jones Islamic Market Sustainability Index • Further customized indexes in 2005 and early 2006

24. Market Developments Dow Jones Sustainability Indexes (DJSI) SAM Research – Corporate Sustainability Analysis Real Estate Sector Content

25. Real EstateIndustry Driving Forces • Sharp increase in energy costs • Greenhouse gas emissions • Energy efficiency • Developing and maintenance costs • Social integration of buildings

26. Industry Group Overview: Real Estate

27. Contact: SAM Indexes Phone +41 1 395 2828 info@sustainability-indexes.com www.sustainability-indexes.com