Real estate Growth in loan portfolio, decline in property under development Conditions in the property market remained poor in 2009. Although Rabo Real Estate Group was in relatively good shape and maintained its market positions, all divisions saw low growth in volumes owing to the state of the economy. Correspondingly, there were fewer residential property develop ments. Bouwfonds Property Development sold 7,341 homes during the year under review, compared with 8,746 in 2008. At MAB Development there was a fall in the construction of commercial real estate from EUR 393 million to EUR 254 million. At FGH Bank, the loan portfolio increased by 5% to EUR 17.2 billion, margins on new loans increased, and bad debt costs were up. Assets under management rose by 2% at Bouwfonds REIM to EUR 7.0 billion. Despite the tough conditions in the property market, Rabo Real Vastgoedgroep saw its net profit rise by 7% to EUR 92 million. Developments were also seen in the areas of sustainable building, ethical and responsible business practices, and commitment to society. www. ra bo rea lestateg ro u p.co m Number of homes sold down 16% to 7,341 Loan portfolio up 5% to EUR 17.2 billion Assets under management In real estate up 2% to EUR 7.0 billion Net profit at Rabo Real Estate Group up 7% to EUR 92 million - Bad debt costs at 14 basis points Share in Rabobank Group's net profit for 2009 Real estate 4% Rabobank Group strategy Contribution to group strategy All-finance market leader in the Netherlands - Maintaining and strengthening its leading position in the markets for owner-occupied homes and commercial real estate - Increasing sales of Rabobank mortgages for new build developments - Maintaining our market lead in property financing - Increasing knowledge of real estate - Offering various real estate-related funds to Rabobank clients International food and agri bank - Setting up and expanding agricultural real estate funds through Rabo FARM 42 Report 2009 Rabobank Group

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Annual Reports Rabobank | 2009 | | pagina 43