Performance Real estate Recovery in the real estate market continues The condition of the Dutch housing market improved in 2015. The number of transactions in the Netherlands, France and Germany increased, with home prices rising in many areas in the Netherlands and Germany.The market conditions developed favourably for area developer BPD and the results improved.The number of home transactions at BPD increased by 19% to 8,386. The reduction of non-strategic activities at Bouwfonds Investment Management (Bouwfonds IM) resulted in a slight decline of assets under management by EUR 0.1 billion to EUR 6.3 billion. The improvement of the economic situation also had an impact on the loan impairment charges at real estate financer FGEH Bank. Loan impairment charges in the real estate segment fell by EUR 566 million to EUR 90 million. This amounts to 56 basis points of the average loan portfolio. The long-term average is 89 basis points. The decrease of the loan impairment charges was decisive for the recovery of the result.The net profit ofthe real estate segment rose by EUR444 million to EUR 181 million.The loan portfolio came out at EUR 15.3 billion. Rabobank is undergoing strategic change, whereby the present knowledge and expertise within the group is increasingly being bundled. Within this 'One Rabobank strategy' it is fitting to link the proven and valued real estate knowledge, expertise and networks of FGEH Bank to those of Rabobank in one strong real estate organisation. Therefore, FGH Bank is to be integrated into Rabobank. The FGEH Bank shares were legally transferred to Rabobank on 31 March 2015 and FGEH Bank is no longer part ofthe Rabo Real Estate Group. Contents Management report Corporate governance Consolidated financial statements Financial statements Pillar 3 Strategy Within the real estate segment, the results of Rabo Real Estate Group and FGH Bank are recognised together. Rabo Real Estate Group operates with its BPD and Bouwfonds Investment Management brands. BPD develops integral residential areas, small-scale multifunctional projects and public facilities and wants to contribute to the realisation of living environments - meaning environments that are not just for living in but are also living themselves. It has a staggered project portfolio in the Netherlands, France and Germany. In these countries, BPD strives for a managed growth in economically strong regions via a local presence. Hereby, it strives for a market return on invested capital within a fitting risk profile. Bouwfonds IM manages real estate funds and focuses specifically on investment products in the sectors of real estate, infrastructure and natural resources. Within these categories, Bouwfonds IM focuses specifically on five sectors: commercial real estate, housing, parking garages, communication infrastructure and agriculture farming. Public Fund Management Netherlands and SVn became independent as of 1 June 2015. From that date, they were no longer part ofthe Rabo Real Estate Group. 46 Rabobank Annual Report 2015

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Annual Reports Rabobank | 2015 | | pagina 47