so Asset management and investment Rabobank Group's asset management business is handled by Robeco, an asset manager with international operations, as well as the Dutch private bank Schretlen Co and the Swiss private bank Sarasin. Through these group entities, Rabobank enables its clients to invest in a large number of invest ment funds and to avail themselves of a broad range of asset management services. These group entities employ a total of approximately 3,500 FTEs. Net profit at EUR 13 million in millions of euros 400 350 300 250 200 150 100 0 Assets under management and held in custody up 25% in billions of euros 2008 2009 2008 2009 In 2008, the gain from the sale of Alex had been a significant boost to profit. Besides this, the lower result for 2009 was mainly due to lower performance related commis sion fees at Robeco's subsidiary Transtrend. The positive cash flow and the recovery in equity prices caused an increase in assets under management and held in custody for clients. At Robeco, a cost reduction programme that had been initiated in 2008 resulted in lower costs and lower staffing levels. Due to the poor economic situation, Sarasin adjusted its growth rate in terms of hiring additional client relationship managers. Leasing De Lage Landen, which is responsible for Rabobank Group's leasing operations, uses the vendor finance concept to support manu facturers and distributors in their sales in more than 30 countries. Athlon Car Lease, its car-leasing division, is active in nine European countries. In the Netherlands, De Lage Landen offers a broad package of lease, trading and consumer loan products, including Freo, an online label. De Lage Landen has an employee base of approximately 4,700 FTEs. Net profit at EUR 112 million in millions of euros Loan portfolio up 3% in billions of euros De Lage Landen increased their margin on new business in 2009. Athlon Car Lease's profitability came under pressure as result of the poor market for second-hand cars, which started to pick up again towards the end of2009, however. The economic crisis was to blame for an increase in bad debt costs; it also caused growth in lending to level off. Athlon Car Lease stepped up its car-leasing operations in Italy. This was a factor in the 2% rise in the lease fleet to 216,000. De Lage Landen received the Euro pean Vendor Partnership of the Year Award. 2008 2009 2008 2009 Real estate Rabo Real Estate Group is responsible for Rabobank Group's private and corporate real estate operations. Its three core areas are development of residential and commercial properties, property financing and service provision to property investors. Rabo Real Estate Group operates the labels of Bouwfonds Property Development, MAB Development, FGH Bank and Bouwfonds REIM. Rabo Real Estate Group has an employee base of about 1,500 FTEs. Besides being active in the Dutch market, it operates mainly in Germany and France. Net profit at EUR 92 million in millions of euros Loan portfolio up 5% in billions of euros Rabo Real Estate Group was adversely affected by the poor conditions in the property market in 2009. It sold 7,341 homes, which was 16% less than in 2008, as well as completing fewer commercial properties. FGH Bank showed controlled growth in lending, improved its margin on new property loans and saw its bad debt costs increase. At Bouwfonds REIM assets under management increased 2% to EUR 7.0 billion. 5 Rabobank Group at a glance

Rabobank Bronnenarchief

Annual Reports Rabobank | 2009 | | pagina 6