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Real estate, Rabo Vastgoedgroep N.V.Rabobank Group’s private and corporate real estate activities are performed by Rabo Real Estate Group (RaboVastgoedgroep N.V. (“Rabo Vastgoedgroep”)). This real estate enterprise focuses on three core businesses:the development of owner-occupied houses and commercial real estate, finance and asset management. Inthese markets, Rabo Real Estate Group operates under the brands Bouwfonds Property Development, MABDevelopment, FGH Bank and Bouwfonds REIM. Rabo Real Estate Group operates mainly in the Beneluxcountries, Germany and France. Rabobank Nederland owns a 100 per cent. equity interest in Rabo Real EstateGroup.For the six months ended 30 June 2009, the Rabo Real Estate Group sold 2,636 houses. At 30 June 2009,Rabo Real Estate Group managed € 6.9 billion of real estate assets and its loan portfolio amounted € 16.5billion. For the six months ended 30 June 2009, the real estate operations accounted for 4 per cent., or € 243million, of Rabobank Group’s total income and 3 per cent., or € 39 million, of Rabobank Group’s net profit.At 30 June 2009, Rabobank Group’s Real Estate operations had 1,626 full-time employees.ParticipationsEureko B.V.Rabobank has a 39 per cent. interest in Eureko B.V. (“Eureko”), an international provider of financialservices in the area of insurance with approximately 25,000 full-time employees. Rabobank does not exercisecontrol over Eureko and therefore does not consolidate Eureko as a subsidiary in Rabobank’s financialstatements. Eureko is accounted for as an associate in Rabobank’s financial statements in accordance with theequity method. Achmea, which is part of Eureko, is the largest insurance group in the Dutch domestic market(source: Eureko Annual Report 2008), with brands including Centraal Beheer Achmea, Interpolis, AvéroAchmea, FBTO, Agis Zorgverzekeringen and Zilveren Kruis Achmea. In the Netherlands, Eureko serves abroad customer base of private individuals as well as government and corporate clients. Abroad, Eurekooperates in 12 European countries. Rabobank and Eureko work closely together in the area of insurance. Themajority of the insurance products sold by local Rabobanks is from Interpolis, which provides a broad rangeof non-life, health and life insurance policies for both private individuals and enterprises. With more than amillion private individuals and several hundreds of thousands of enterprises as clients, Interpolis is one of themajor players in the Dutch insurance market. In the Netherlands, Interpolis is a market leader in theagricultural sector (source: Eureko Annual Report 2008).Recent developmentsInterim report 2009On 26 August 2009, Rabobank Group presented its interim report for the six months ended 30 June 2009. Onthis occasion, it was noted that many western countries were still battling with recession, including theNetherlands, which is experiencing its most severe economic decline since World War II. This has createdgreat problems for customers, which is reflected in the results of Rabobank Group. During the first half of2009, growth in income levelled off, and, just as in the second half of 2008, bad debt costs were high. Despitethese developments, Rabobank Group achieved a net profit of € 1.3 billion, down 18 per cent. compared withthe same period last year. Rabobank Group continued to have an extremely robust capital position, as reflectedin its Tier 1 ratio of 13 per cent. The gloomy economic outlook is likely to affect levels of activity atRabobank Group’s clients. This will lead to growth in lending further levelling off. Furthermore, interestincome at local Rabobanks has come under pressure owing to fierce competition on the Dutch savings market.Bad debt costs are also expected to continue to be higher than the long-term average. Improved margins andfurther cost cuts will be necessary to maintain the sound capital position of Rabobank Group.243