Capital Adequacy and Risk Management Report 2010

Capital Adequacy and Risk Management Report 2010 Rabobank Group Introduction 2 1. Rabobank Group 4 2. Risk and capital management 7 3. Regulatory capital requirements 10 4. Credit risk 12 5. Securitisations 32 6. Operational risk 35 7. Market risk 38 8. Equities in banking books 41 9. Interest rate risk in the banking books 42 10. Liquidity risk 44 I List of abbreviations 45 II Entities in scope Basel II 46 1

Introduction In 1988, the Basel Committee on Banking Supervision (BCBS) published a set of rules regarding the capital adequacy requirements for banks. These rules are known as the 1988 Basel Capital Accord, or Basel I. Basel I targeted credit risk, banks being required to hold capital equal to at least 8% of the risk-weighted value of their assets and off-balance sheet commitments. Supplementary rules related to trading risk were added in 1996 in a European directive related to market risks. Under the Basel I Accord the amount of capital to be put aside by a bank as a buffer against the risk taken was very simple and standardised. However, driven by the need for a more risk-sensitive approach to capital requirements and the need to incorporate more advanced modelling and risk management practices into the regulatory banking system, the BCBS designed a new worldwide applicable framework known as Basel II framework. With Basel II, the Basel Committee has abandoned the 1988 Capital Accord s one-sizefits-all method of calculating minimum regulatory capital requirements and introduced a three-pillar concept that seeks to align regulatory requirements with the economic principles of risk management. Basel II aims at improving the stability and soundness of the financial system by linking capital requirements nearer to risks and by promoting a more forward-looking approach to capital management. The Basel II framework is based on three pillars: - Pillar 1 defines the regulatory minimum capital requirements by providing rules and regulations for measurement of credit risk, market risk and operational risk. This capital demand that arises has to be covered by regulatory qualified own funds. - Pillar 2 addresses the bank s internal processes for assessing overall capital adequacy in relation to risks (ICAAP). Pillar 2 also introduces the Supervisory Review and Evaluation Process (SREP), by which the supervisor assesses the internal capital adequacy of credit institutions. - Pillar 3 focuses on minimum disclosure requirements, covering the key pieces of information required to assess the capital adequacy of a credit institution. The third pillar of Basel II aims to promote greater market discipline by enhancing transparency in information disclosure. It means that more information on risks, risk management practices and capital adequacy will be made publicly available. The recommendations of the Basel BCBS were implemented in European legislation by the so-called CRD: the Capital Requirements Directive. This is embodied in two consolidated versions (revised in 2009): - Directive 2006/48/EC of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (recast); - Directive 2006/49/EC of 14 June 2006 on the capital adequacy of investment firms and credit institutions (recast). 2

These two directives are legally enforced under Dutch law (Financial Supervision Act) and these directives apply to the Rabobank Group. This document gathers together the elements of the disclosure foreseen by the third Pillar of the Basel II framework and the corresponding CRD directives dispositions. It is organised as outlined below (hereafter Basel II). Firstly it gives an overview of how Rabobank has implemented the Basel II framework. This includes a description of the parameters of this implementation and an overview of risk management at Rabobank. Secondly this disclosure aims to explain how Rabobank relates risk to the appropriate level of capital and details the capital structure. Finally this document details more specifically credit risk, market risk, interest rate risk in the banking book, liquidity risk and operational risks and sets out the risk management framework, monitoring processes and key mitigation initiatives. A special focus is also given to securitisation. This document sets out the Rabobank organisational framework which was effective as of the 31st of December 2010. 3

1. Rabobank Group 1.1 Introduction Rabobank Group ( Rabobank ) is a cooperative organisation whose core comprises 141 local Rabobanks in the Netherlands with over 900 branches. Rabobank comprises the local cooperative Rabobanks in the Netherlands, the central organisation Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.(Rabobank Nederland) and a number of specialised subsidiaries. Rabobank provides services in the form of retail banking (mainly in the Netherlands), wholesale banking, asset management and leasing in many countries throughout the world. Rabobanks priority is to create value for its clients and the communities they live in. Internationally, Rabobank aims to be the best food & agri bank with a strong presence in the major food & agri countries around the world. Rabobank operates in 48 countries and employs over 58,700 people. Rabobank Nederland is a cooperative whose capital is strengthened by shares that are paid up by its members, the local rabobanks. It is largely the product of a merger on 1 December 1972 of the two largest Dutch cooperative banking entities at the time. Rabobank Nederland has its registered office in Amsterdam and is established under Dutch law for an indefinite period. Rabobank Nederland is registered at the Trade Registry of the Utrecht Chamber of Commerce under number 30046259. The local Rabobanks are part of an organisation of cooperative entities incorporated under Dutch law. At 31 December 2010, the local Rabobanks had approximately 1.8 million members. Membership is open for clients who have a meaningful relationship with a local bank. Rabobank Group Organisation chart Situation at 31 December 2010 10 million clients 1.8 million members 141 local Rabobanks 911 branches Rabobank Nederland Executive Board Supervisory Board Support of local Rabobanks Retail clients Corporate clients Private Banking Other support units Rabobank International Food & agribusiness Wholesale banking Rural & retail banking Direct Banking Rabo Development Staff functions Rabobank Group CSR Rabobank Foundation Investor Relations Long Term Funding Other staff units Subsidiaries and associates Asset management Leasing Real estate Insurance Mortgages Business International retail Partner banks Robeco Schretlen & Co Sarasin (69%) Orbay De Lage Landen - Athlon Car Lease - Freo Rabo Real Estate Group - Bouwfonds Property Development - MAB Development - FGH Bank - Bouwfonds REIM - Fondsenbeheer Nederland Eureko (31%) - Interpolis Obvion (70%) Rembrandt Fusies & Overnames ACC Bank Bank BGZ (59%) Banco Terra (31%) Banco Regional (40%) BPR (35%) NMB (35%) Zanaco (46%) URCB (9%) 4

1.2 Cooperative Rabobank Nederland was established for the support of the local Rabobanks banking business and acts as their bankers bank. In addition, Rabobank Nederland acts as supervisor of the local Rabobanks, partly on behalf of the Dutch supervisory authorities. Only banks that have a cooperative structure and whose Articles of Association have been approved by Rabobank Nederland can be members of Rabobank Nederland. The local Rabobanks also hold shares in the capital of Rabobank Nederland. In turn, the local Rabobanks have members as well, who are local clients. The local Rabobanks have strictly defined rights and obligations towards Rabobank Nederland and each other, that are reflected in the governance structure. Pursuant to the prudential supervision part of the Dutch Financial Supervision Act (Wft) and under Rabobank Nederland s Articles of Association and the Articles of Association of the local Rabobanks, Rabobank Nederland supervises the local Rabobanks on the control over and the integrity of their operations, sourcing, solvency and liquidity. In addition, under the conduct supervision part of the Financial Supervision Act, Rabobank Nederland has been appointed by the Dutch Ministry of Finance as the holder of a collective license that also includes the local Rabobanks. Thus, the supervision of conduct by the Netherlands Authority for the Financial Markets is exercised through Rabobank Nederland. 1.3 Cross-guarantee system Rabobank Group consists of the local Rabobanks, their central organisation Rabobank Nederland and its subsidiaries and other affiliated entities. Through their mutual financial association, various legal entities within Rabobank Group together make up a single organisation. An internal liability relationship exists between these legal entities, as referred to in Section 3:111 of the Financial Supervision Act. This relationship is formalised in an internal cross-guarantee system, which stipulates that if a participating institution has insufficient funds to meet its obligations towards its creditors, the other participants must supplement that institution s funds in order to enable it to fulfill those obligations. The participating entities are: - The local member banks of Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. - Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank Nederland), Amsterdam - Rabohypotheekbank N.V., Amsterdam - Raiffeisenhypotheekbank N.V., Amsterdam - Schretlen & Co N.V., Amsterdam - De Lage Landen International B.V., Eindhoven - De Lage Landen Financiering B.V., Eindhoven - De Lage Landen Trade Finance B.V., Eindhoven - De Lage Landen Financial Services B.V., Eindhoven. There are no specific material impediments to the prompt transfer of own funds of the bank apart from legal and regulatory legislation. 1.4 Basis of consolidation Rabobank Group comprises the local Rabobanks ( Members ) in the Netherlands, the central cooperative Rabobank Nederland and other specialised subsidiaries. Together they form Rabobank Group. Rabobank Nederland advises the Members and assists them in the provision of their services. Rabobank Nederland also advises the Members on behalf of De Nederlandsche Bank (the Dutch Central Bank). Rabobank s cooperative structure has several executive levels, each with its own duties and responsibilities. The IFRS consolidation scope of Rabobank is determined in accordance with IAS 27 Consolidated and separate financial statements, IAS 28 Investments in associates, IAS 31 Interest in joint ventures and in accordance with SIC 12 Special purpose entities. All entities for which Rabobank, directly or indirectly, has the power to govern the financial and operating policies so as to obtain benefits from their activities enter into the consolidation scope of Rabobank and are fully consolidated. Subsidiaries are consolidated from the date on 5

which effective control is transferred to Rabobank and are no longer consolidated from the date that control ceases. In IFRS terms, Rabobank Nederland exercises control over the local Rabobanks. Investments in joint ventures (contractual agreement whereby Rabobank and other parties undertake an economic activity that is subject to joint control) are proportionally consolidated. Investments in associates (investments in which Rabobank has a significant influence, but which it does not control, generally holding between 20% and 50% of the voting rights) are also part of the consolidation scope, but are accounted for using the equity method in IFRS. In Basel II, these investments are accounted for using the pro-rata method. Prudential consolidation scope The prudential consolidation scope is used for reporting to the regulator and is similar to that used for financial reporting under IFRS with the following differences: - Securitisations SPE s, which are consolidated according to IFRS, aren t measured as consolidated entities under Basel II. The exposures between Rabobank entities and such SPE s are measured under the Basel II securitisation regime; - Entities, depending on the size of the participations, can be excluded from the consolidation scope of Basel II and deducted as participations from the solvency capital. Entities in the scope of Basel II that are fully consolidated or proportionally consolidated are submitted in appendix II. Entities deducted from own funds Own funds are calculated after deduction of participating interests in credit, insurance and other linked financial institutions to avoid duplicate counting at the parent s company level and at the level of the participating interest. Rabobank deducts entities with a total amount of 240. The entities deducted from own funds are: - Banco Terra Mozambique - Banque Populaire du Rwanda - Cerea Mazzanine II - Equens - Grupo Finterra (MXN) - Horus agri - Light Speed - Longview Partners (Guernsey) Ltd. - NMB Tanzania - NZB Holding Zurich - Paraguay Banco Regional - URCB - Zanaco Assessment of levels of application Rabobank uses the following waiver: Based on 3:277 (a) of the Financial Supervision Act a waiver can be obtained for subsidiaries that are included in consolidation reporting (when the subsidiary belongs to the same member state as the parent). Basis for reporting The accounting principles are according to IFRS and are described in the annual report 2010 of Rabobank Group. All risk related information in the report is derived from (advanced) internal risk models. Unless otherwise stated, all amounts are in millions of euros. 6

2. Risk and capital management In this chapter, the risk and capital management structure of the Rabobank Group is described. 2.1 Principles of risk management The primary objective of risk management is to protect the Group s reputation and financial strength. Risk management is based on the following principles: - Protecting the Group s financial strength: Rabobank Group controls risks in order to limit the impact of potential adverse events, both on its capital and on its financial results. The risk appetite must be proportional to the available capital. An economic capital framework has been developed to quantify this. - Protecting the Group s reputation: reputation is essential for the proper performance of a banker s profession and needs to be diligently preserved. - Risk transparency: for a good insight into Rabobank Group s positions, it is vital to identify all risks. Risks must always be measured as accurately as possible in order to be able to make sound commercial decisions. Within Rabobank Group, an extensive system of limits and controls has been put in place to manage all different risks. - Management responsibility: Rabobank Group s business entities are individually responsible for their results as well as for their risks associated with their operations. A balance must be found between risk and return, while of course duly observing the relevant exposures in relation to the defined risk limits. - Independent risk control: this is the structured process of identifying, measuring, monitoring and reporting risks. In order to ensure integrity, the risk control departments operate independently of the commercial activities. These principles embed the risk policy throughout the Rabobank Group. 2.2 Risk and capital management Risk management is performed at various levels within Rabobank Group. At the highest level, the Executive Board determines the risk strategy, the policy principles and limits, under the supervision of the Supervisory Board. The Supervisory Board regularly assesses the risks attached to the activities and portfolio of the Rabobank Group. The Chief Financial Officer, who is a member of the Executive Board, is responsible for the implementation of the risk management policy within the Rabobank Group. At Rabobank Group level, the Executive Board has established the following committees: 1. The Balance Sheet and Risk Management Committee Rabobank Group, responsible for advising the Executive Board on all risk types, except individual credit risks. 2. The Central Credit Committee Rabobank Group, the Policy Credit Committee Rabobank Group and the Country Risk Comittee Rabobank Group. These two committees deal with credit risk related issues, except for credit risk policy on portfolio level. At business unit level comparable risk committees are in place. 7

The responsibility for the implementation of the risk policies within Rabobank Group is spread across two departments. Group Risk Management is in charge of the policies for interest, market, liquidity, currency and operational risks as well as for the policy for credit risks at portfolio level. Credit Risk Management is responsible for the credit risk acceptance policy at individual level. Furthermore, risk management is practised within the business units as well, where independent risk control departments manage the risks relevant for those units, based on the group wide regulation on policies, measurement, limits and monitoring. 2.3 Different risk types Rabobank Group has defined the following risk types as core risk, for which quantitative risk measurement techniques are in place. - Credit risk: the risk that a borrower / counterparty is not able to repay money owed to the bank. Country risk and concentration risk are included in credit risk. - Transfer risk: the risk that a government will be unable or unwilling to make hard currency available, imposing currency controls, which limit the ability of otherwise healthy borrowers within the country from servicing their foreign-currency debt causing a transfer event. - Operational risk: the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events, and includes legal risk. - Market risk: risk of changes in the value of the trading portfolio as a result of price changes in the market. Foreign exchange risk is included in market risk. - Interest rate risk in banking book: the risk that the bank s financial result and/or economic value may decline due to unfavourable developments in interest rates. - Liquidity risk: the risk that the bank is unable to meet all of its (re)payment obligations, as well as the risk that the bank is unable to fund increases in assets at reasonable prices or at all. - Insurance risk: inherent uncertainties as to the occurrence, amount and timing of insurance liabilities. - Business risk: the risk of loss due to changes in the competitive environment or events which damage the franchise or operating economics of a business. 2.4 Capital structure Rabobank s strong and high quality capital base consists for the largest part of retained earnings and other reserves. Next to the Member Certificates, non-innovative and innovate capital instruments add to the qualifying (tier 1 and tier 2) capital. Composition qualifying capital In millions of euros At 31 December 2010 At 31 December 2009 Retained earnings 24,621 22,653 Rabobank Member Certificates 6,583 6,315 Non-innovative capital instruments 2,158 2,158 Innovative capital instruments 4,568 4,415 37,930 35,541 Part of non-controlling interest treated as qualifying capital 1,695 1,550 Deductions (5,164) (4,939) Tier 1 capital 34,461 32,152 Part of subordinated debt treated as qualifying capital 2,028 1,944 Part of reserves treated as qualifying capital 276 (16) Deductions (1,031) (1,107) Total qualifying capital 35,734 32,973 The amount of deductions includes intangible assets, holdings in other financial institutions, securitisation related items and deductions relating to differences between expected loss and provisions. 8

Rabobank Member Certificates Rabobank Member Certificates are an investment product for members of the local Rabobanks and personnel of the Rabobank Group. These Member Certificates are issued in 2000, 2001, 2002 and 2005. The proceeds of these issues are available to Rabobank on a perpetual and highly subordinated basis also subordinate to the other hybrid capital instruments. Non-innovative capital instruments Rabobank Nederland has issued non-innovative capital instruments for an amount of 2,158. Year of issue Due date Notional currency Amount 2007 Perpetual NZD 900 2007 Perpetual USD 750 2008 Perpetual USD 130 2008 Perpetual USD 225 2009 Perpetual NZD 280 2009 Perpetual CHF 750 2009 Perpetual GBP 250 Innovative capital instruments Rabobank Nederland has issued innovative capital instruments for an amount of 4,568. Year of issue Due date Notional currency Amount 2003 Perpetual USD 736 2004 Perpetual USD 757 2004 Perpetual GBP 350 2004 Perpetual AUD 250 2004 Perpetual AUD 250 2008 Perpetual CHF 350 2008 Perpetual ILS 323 2009 Perpetual EUR 500 2009 Perpetual USD 2,868 The innovative and non-innovative capital instruments can only be repaid after approval of the Dutch Central Bank (DNB). 9

3. Regulatory capital requirements This chapter describes the regulatory capital requirements of Rabobank Group. The risk types included are based on Pillar 1 in the CRD and contain credit, market and operational risks. After obtaining permission from the Dutch Central Bank, Rabobank Group has been using the most advanced calculation methods since 1 January 2008 for the requirement under Basel II for credit, market and operational risks. In the table below, an overview of the capital requirements and the risk weighted exposure amounts at 31 December 2010 for the different risk types is presented. The largest part of the capital requirement relates to credit risk (92%). Operational risk accounts for 7% of the capital requirements and market risk comprises 1% of the capital requirements. Capital requirements Risk weighted exposure amount Capital requirement Risk weighted exposure amount Capital requirement In millions of euros At 31 December 2010 At 31 December 2009 Credit risk AIRB approach: - Central governments and Central banks 1,019 82 1,605 128 - Institutions 11,350 908 11,008 881 - Corporates 72,877 5,830 72,369 5,790 - Retail 34,873 2,790 35,554 2,844 - Equity 15,160 1,213 16,008 1,281 - Other non credit-obligations 30,606 2,448 38,528 3,082 - Securitisation positions 6,451 516 14,467 1,157 Total AIRB approach 172,336 13,787 189,539 15,163 Standardised approach (immaterial portfolio): - Central governments and Central banks 14 1 15 1 - Institutions 1,264 101 1,117 89 - Corporates 18,151 1,452 16,788 1,343 - Retail secured by real estate 2,197 176 1,349 108 - Retail other 7,175 574 5,906 473 Total standardised approach 28,801 2,304 25,175 2,014 Total credit risk 201,137 16,091 214,714 17,177 Market risk, internal models approach 2,213 177 2,638 211 Operational risk, AMA approach 16,218 1,297 15,869 1,270 Total 219,568 17,565 233,221 18,658 The table reflects that out of the total capital requirements for credit risk, 86% of the risk weighted exposure amounts have been calculated with the AIRB approach and 14% with the standardised approach. Combining the amount of available qualifying capital with the capital requirement leads to the following capital adequacy ratios: 10

Capital ratios In millions of euros At 31 December 2010 At 31 December 2009 Total capital requirement 17,565 18,658 Total core tier 1 capital (total tier 1 minus hybrids) 27,735 25,579 Total tier 1 capital 34,461 32,152 Total qualifying capital 35,734 32,973 Core tier 1 ratio 12.6% 11.0% Tier 1 ratio 15.7% 13.8% Bis ratio (capital ratio) 16.3% 14.1% Economic capital Rabobank has, as prescribed by the second pillar of Basel II, an internal capital assessment process that, in addition to the risk types to which the external capital requirement applies, also takes into account an internal capital requirement for the other material risk types. Within Rabobank Group, this internal capital assessment process has been realised by the introduction of an economic capital framework. Besides credit risk, operational risk and market risk in the trading books, Rabobank Group also calculates economic capital for business risk, interest rate risk, residual value risk, real estate risk, transfer risk, insurance risk and the risk related to the remaining assets. Apart from considering more risk types, the level of confidence used is another important difference between internal economic capital and the external capital requirement. The supervisory authorities apply a level of confidence of 99.90% for the external capital requirement, i.e. a chance of 1 in 1,000 that insufficient capital is available to absorb losses in any one year. For the determination of the internal economic capital, Rabobank Group has opted for the much higher level of confidence of 99.99%. This means that Rabobank Group has set its internal capital requirement such that this chance is only 1 in 10,000. This coincides with Rabobank Group s high credit rating and results in a significantly more conservative capital requirement than set by the supervisory authorities. Rabobank Group has developed advanced models for the calculation of economic capital for all material risk types. The economic capital requirement increased to 22.3 billion at year-end 2010. This internal capital requirement is far lower than the available qualifying capital of 35.7 billion. This sizeable buffer underlines Rabobank Group s financial solidity. At 63% of total economic capital, credit and transfer risk is the most dominant risk type. Interest rate and market risk account for 13%, and the non-financial risks (operational and business risks) for 16%. The remaining 8% are distributed over the other risk types. Economic capital by group entity at year-end 2010 Domestic retail banking 37% Wholesale banking and international retail banking 33% Real estate 7% Leasing 5% Asset management 4% Other 14% Economic capital by category at year-end 2010 Credit and transfer risk 63% Operational risk and business risk 16% Interest rate and market risk 13% Other risks 8% Annually the Executive Board sets target levels for the allocation of economic capital, as well as for regulatory capital for the different group entities. On a regular basis, the Executive Board and the BRMC-RG (Balance sheet and Risk Management Committee-Rabobank Group) is informed on the actual use versus the allocated capital budgets. If necessary, the BRMC-RG will advice the Executive Board on activities to manage the capital usage and the available capital to ensure that the capital ratios remain within the pre-specified targets. On an annual basis the BRMC-RG, the Executive Board and the Supervisory Board is informed about the expected capital usage and capital ratios for the coming years, together with different scenario analysis. 11

4. Credit risk Credit risk is defined as the risk of the bank facing economic loss because the bank s counterparties cannot fulfil their contractual obligations. 4.1 General introduction Risks arising from changes in credit quality and the recoverability of loans and other amounts due from counterparties are inherent to most of the Rabobank activities. Adverse changes in the credit quality of borrowers or a general deterioration in economic conditions could affect the recoverability and value of the Rabobank assets and therefore its financial performance. Comprehensive risk management methods and processes have been established as part of its overall governance framework to measure, mitigate and manage credit risk within the Rabobank risk appetite. Rabobank Group pursues a prudent credit risk acceptance policy, characterised by careful assessment of clients and their ability to make all repayments due. It is the aim of Rabobank Group to establish a long lasting relationship with its clients which is beneficial for both the client and the Rabobank. For corporate loans, a key concept in Rabobank Group s policy for accepting new clients is the know your customer principle, meaning that loans are granted only to corporate clients of which the management, including its integrity and expertise, is assessed by and found acceptable to the bank. In addition, the bank is familiar with the industry in which a client operates and can adequately assess its clients business risks and financial performance. Rabobank s credit risk exposure is restricted by a group-wide credit policy. Acceptance procedures are clearly defined with decision authority based upon exposure amount. Furthermore there are exposure limits and the exposures are tightly monitored. Collateral, guarantees, netting agreements and other credit risk mitigants are obtained where deemed necessary. The amount and nature of the collateral required depend partly on the assessment of the credit risk of the loan to the counterparty. Rabobank follows guidelines for the purpose of accepting and valuing different types of collateral. The major types of collateral are: - Residential mortgage collateral, mainly for the retail portfolio; - Mortgage collateral on property, pledge of inventories and receivables, mainly for commercial loans; - Cash and securities, mainly for securities lending activities and reverse repurchase transactions. Rabobank manages transfer risk and general country risk separately. Transfer risk relates to the possibility of foreign governments placing restrictions on funds transfers from debtors in that country to creditors abroad. Rabobank uses a country limit system to manage transfer risk and general country risk. After careful review, relevant countries get an internal country risk rating, after which transfer limits and general country risk limits are established. Transfer limits are determined according to the net transfer risk, which is defined as total loans granted less loans granted in local currency less guarantees and other collateral obtained to cover transfer risk and less a reduced weighting of specific products. The limits are allocated to the offices and business lines, which are themselves responsible for day-to-day monitoring of the loans granted by them and for reporting on this to Group Risk Management. At Rabobank Group level, the country risk outstanding, including additional capital requirements for country risk, is reported every quarter to the Balance sheet and Risk Management Committee Rabobank Group (BRMC-RG) and the Country Limit Committee. 12

The calculation of the additional capital requirements for transfer risk is made in accordance with internal guidelines and concerns all countries where transfer risk is relevant. For some aspects of the two applicable directives as mentioned in chapter Introduction, the credit information is not available at the required level of detail for preparing this report because this information is not regarded as management information. These aspects do not have a material impact on the actual compliance with these directives or the capital adequacy of Rabobank as such as per the reported date. 4.2 Risk management organisation Risk management within Rabobank is fully integrated in the daily activities. Both on group and local level risk management functions have been established. The CFO is ultimately responsible for risk management. At group level a central department, Group Risk Management, is responsible for risk management activities and is mainly focussed on portfolios. Locally each entity has its own risk management function. CFO Credit Risk Management Group Risk Management Credit Committees (individual credit decisions) Interest Rate Risk, Market Risk & Liquidity Risk Operational Risk Economic Capital & Portfolio Management Credit Risk Management (policy and portfolio overview) Risk Model Validation & Methodologies At group level another central department, Credit Risk Management, is focussing on individual credits. The main department within Credit Risk Management is the approvals department. Further on, there is a separate special asset management department that also reports to the CFRO. Approval of larger financing applications is decided on by various committees, the level of the applicable committee depending on the amount of the financing to the client group. The Executive Board itself decides on the largest financing applications supported by a recommendation from Credit Committees. Policy credit committees, consisting of the Policy Credit Committee (Policy CC) Rabobank Group, the Policy CC Rabobank International and the Policy CC Member Banks, decide on credit policy proposals. A key role in ensuring consistency of standards of credit analysis, the use of rating models and ensuring compliance with Rabobank credit policy, is played by the credit committees. Policy CC Rabobank Group is responsible for credit risk policy and credit management of all Group units involved in credit. The Group Principles of Credit Policy and the Group Credit Policy, both as established by the Policy CC Rabobank Group, constitute the credit framework for all Group entities. The Policy CC Member Banks operates in a similar way for domestic retail banking and the Policy CC Rabobank International for wholesale banking and international rural & retail banking. Within the frameworks set by the three Policy CCs, group entities may define and implement their own credit policy for individual counterparties. 13

In the Policy CC Rabobank Group, which is chaired by the CFO, the Executive Board is represented by three members. The CFO is also chairman of both Policy CC Rabobank International and Policy CC Member Banks. Policy CCs are composed of representatives from the most senior management levels of Rabobank. Rabobank has a separate department for financial market products within Rabobank International, Global Financial Markets (GFM). The purpose of GFM is to help the bank to become the pre-eminent F&A bank globally and the leading bank in the Netherlands. It aims to do this by providing financial products along with advice and general market expertise. Within GFM a risk advisory and support function is in place that closely monitors exposures. 4.3 Credit Portfolio Rabobank Group s portfolio is divided across a large number of industry sectors. This creates a large and balanced risk diversification for in case one or more industry sectors would go through a difficult period or in the event of an economic recession. Composition of the credit portfolio In millions of euros Total gross exposure Average gross exposure 2010 At 31 December 2010 Loans and advances to customers 455,941 444,649 Debt securities 73,355 61,593 Derivative financial instruments 43,947 41,519 Due from other banks 33,511 34,576 Other on balance 23,982 24,754 630,736 607,058 Credit related and contingent liabilities 49,730 47,197 Total 680,466 654,255 Off-balance The guarantees and stand-by letters of credit which Rabobank provides to third parties in the event a client cannot fulfil its obligations vis-a-vis these third parties, are exposed to credit risk. Documentary and commercial letters of credit and written undertakings by Rabobank on behalf of clients authorise third parties to draw bills against Rabobank up to a preset amount subject to specific conditions. These transactions are backed by the delivery of the underlying goods to which they relate. Accordingly, the risk exposure of such an instrument is less than that of a direct loan. Obligations to grant loans at specific rates of interest during a fixed period of time are recognised under credit granting liabilities and accounted for as such unless these commitments do not extend beyond the period expected to be needed to perform appropriate underwriting, in which case they are considered to be transactions conforming to standard market conventions. Rabobank is exposed to credit risk when it promises to grant lending facilities. The size of such losses is less than the total of the unused commitments, as most promises to grant credit facilities are made subject to the clients meeting certain conditions that apply to loans. Rabobank monitors the term to expiry of credit promises, as long-term commitments are generally associated with a higher risk than short-term commitments. Residual contractual maturity breakdown (excluding Other on balance and Credit related contingent liabilities) In millions of euros Loans and advances to customers Debt securities Derivative financial instruments Due from other banks Total At 31 December 2010 On Demand 24,788 87 672 12,369 37,916 Less than 3 months 55,378 5,891 4,132 14,251 79,652 3 months to 1 year 28,094 7,259 4,461 1,602 41,416 1 to 5 years 81,820 19,979 15,903 3,218 120,920 More than 5 years 265,861 40,139 18,779 2,071 326,850 Total gross exposure 455,941 73,355 43,947 33,511 606,754 14

Geographic distribution of exposures of loans and advances to customers In millions of euros Loans and advances At 31 December 2010 Total gross exposure 455,941 Less: Loans to government clients (5,602) Less: Receivables relating to securities transactions (7,840) Less: Hedge-accounting (6,207) Total Private sector lending 436,292 Netherlands 320,446 Other European countries 38,283 North America 41,245 Latin America 9,739 Asia 7,925 Australia 18,555 Other countries 99 Total private sector lending 436,292 Private sector lending by business segment In millions of euros Loans and advances At 31 December 2010 Private individuals 208,005 Trade, industry and services 147,669 Food and agri 80,618 Total private sector lending 436,292 Specification of private sector lending to trade, industry and services In millions of euros Loans In % At 31 December 2010 Lessors of real estate 28,447 19% Finance and insurance (except banks) 23,112 16% Wholesale 16,577 11% Construction 9,439 6% Manufacturing 8,759 6% Activities related to real estate 7,811 5% Transportation and warehousing 7,162 5% Healthcare and social assistance 5,365 4% Professional, scientific and technical services 4,999 3% Retail (except food and beverages) 4,367 3% Information and communication 2,135 1% Utilities 1,650 1% Arts, entertainment and recreation 1,401 1% Other services 26,445 18% Total Trade, Industry and Services 147,669 100% 15

Specification of private sector lending to food and agri In millions of euros Loans In % At 31 December 2010 Dairy 14,955 19% Grain and oilseeds 14,787 18% Animal protein 13,361 17% Fruit and vegetables 9,295 12% Farm inputs 5,456 7% Food retail and foodservice 4,640 6% Flowers 3,582 4% Beverages 3,497 4% Miscellaneous crop farming 1,966 2% Sugar 1,625 2% Other food and agri 7,454 9% Total food and agri 80,618 100% 4.4 Past due, impaired loans and allowance for loan losses For the consolidated financial statements impaired loans are defined as loans for which an allowance for loan losses is taken. For Basel II purposes a loan is in default if it is unlikely that the client will pay its debt obligations (principal, interest or fees) in full, without recourse by the bank to actions as realizing security or when an allowance for loan losses has been taken resulting from a significant perceived decline in credit quality. There is also a matter of default if the obligor is past due more than 90 days or if the obligor has filed for bankruptcy or has filed for legal protection. In these cases an adequate allowance for loan losses will be made. Past due loans are loans where interest, repayments or overdrafts have been due for payments more than 1 day. The allowance for loan losses contains three components, namely the specific allowance, the collective allowance and the general allowance: - For individual impaired loans a specific allowance is determined. The size of the specific allowance is the difference between the carrying amount and recoverable amount, which is the present value of the expected cash flows, including amounts recoverable under guarantees, sureties and unencumbered assets, discounted at the original effective interest rate of the loans. If a loan is not collectible it is written off from the allowance thus calculated. Specific provisioning for large impaired loans (exposure > EUR 45 million) is dealt with by the Provisioning Committee, chaired by the CFO and senior management as members. - In addition to this assessment of individual loans, for retail exposures a collective assessment is made if it is not economically justified to recognise the loss on a individual basis. In these cases the collective assessment is made based on homogenous groups of loans with a similar risk profile with the purpose of identifying the need to recognise an allowance for loan losses. Loan losses for the period comprise actual losses and expected losses on loans, minus recoveries. Actual loan losses may refer to all or part of receivables and are recognised when there is no realistic possibility of recovery. Recoveries regards written-back amounts from actual losses in previous years. - For exposures in the portfolio that are impaired, but not yet recognised as such (Incurred But Not Reported) a general allowance is formed. This allowance is formed because there is always a period between an event causing default at a client and the moment the bank becomes aware of the default. The allowance will be determined based on Expected Loss (EL) data resulting from the economic capital models. 16

Use of EL data in provisioning: EL is a key risk component for determining the bank s general and collective provisions. It is Rabobank policy to use Expected Loss (EL) parameters for the determination of general and collective allowances, and where the EL parameters are adjusted conform IFRS rules. The outcome is benchmarked to an alternative methodology, which uses historical provisioning data. One-obligor principle: For exposures that in accordance with Basel regulations qualify as corporate exposures, exposure is measured at client group level, in line with the one-obligor principle as defined by Rabobank. The one-obligor principle implicates that the total of the approved exposure limit(s) of the debtor will be combined with the exposure limits of the other debtors of the same client group with all entities of the Rabobank Group. The client group of debtors includes debtors belonging to an economic unity in which legal entities and companies are organisationally connected as well as majority shareholders of that economic unity. Past due and impaired loans to customers, allowance for loan losses and write-offs, by type of business In millions of euros Past due Impaired loans Allowance Write-off At 31 December 2010 Domestic retail banking 7,584 4,462 2,261 235 Wholesale banking and international retail banking 1,848 2,803 1,020 1,560 Leasing 1,408 960 444 219 Real estate 276 793 94 14 Other 34 70 26 6 Total 11,150 9,088 3,845 2,034 Past due and impaired loans to customers by geographical area In millions of euros Past due Impaired loans Netherlands 9,328 5,890 Other European countries 709 1,778 North America 429 375 Latin America 2 371 Asia 1 128 Australia 681 546 Total 11,150 9,088 Value adjustments in loans to customers In millions of euros Allowance per 1 January 2010 FX Write-off Additional value adjustments Reversal of value adjustments Other Allowance per 31 December 2010 Domestic retail banking 2,030 - (235) 1,124 (759) 101 2,261 Wholesale banking and international retail banking 1,915 113 (1,560) 1,296 (665) (79) 1,020 Leasing 387 18 (219) 287 (29) - 444 Real estate 45 - (14) 67 (4) - 94 Other 22 2 (6) 7 (1) 2 26 Total 4,399 133 (2,034) 2,781 (1,458) 24 3,845 17

The decrease in 2010 of the bad debt costs is in line with the global economic recovery. In the Netherlands this is mainly on the back of the export, which is related to the significant growth of the world trading volumes. Lower bad debt costs were seen in a broad variety of industry sectors, except for real estate which is a late cyclical business. For the member banks in the Netherlands, bad debt costs are concentrated in the services, wholesale traders and construction sectors. For Wholesale Banking and International Retail Banking, bad debt costs were significantly influenced by the allowance formed for the Irish real estate portfolio. Overview of bad debt expenses of clients 10 years In millions of euros Bad debt costs clients (BDC) 2010 BDC clients in bp average BDC clients in bp At 31 December 2010 Domestic retail banking 358 13 11 Wholesale banking and international retail banking 597 64 52 Leasing 214 90 63 Real estate 63 36 n/a Other 2 n/a n/a Total bad debt costs of clients 1,234 29 23 The 10 years average bad debt costs of clients in bp is until (and including) 2009. 4.5 Capital requirements according to Advanced IRB AIRB Approach Rabobank applies the Advanced Internal Rating Based (AIRB) approach for the vast majority of its credit portfolio (including retail) to calculate its regulatory capital requirements according to Basel II and has received approval for using this approach. The AIRB approach is the most sophisticated and risk-sensitive one of the Basel II approaches for credit risk, allowing Rabobank to make use of its internal rating methodologies and models. Rabobank has further professionalised its risk management by combining Basel II compliance activities with implementing an internal Economic Capital (EC) framework. The approach represents key risk components for internal risk measurement and risk management processes. Key benefits are a more efficient credit approval process, the improved internal monitoring and reporting of credit risk, and the application of Economic Capital. The relevant components include the Probability of Default (PD), Loss Given Default (LGD), Expected Loss (EL) information and also the Risk Adjusted Return On Capital (RAROC) for a transaction in the credit application. This enables credit risk officers and committees to make better informed credit decisions. Each Business Unit has determined a Target RAROC on Client Level, which is one of the key aspects in taking decisions on individual credit applications. RWA and RC The AIRB approach measures credit risk using regulatory capital formulas with internal input of Probability of Default (PD), Loss Given Default (LGD), Exposure at Default (EAD) and Maturity (M). Based on these parameters Risk Weighted Assets (RWA) are calculated. The Regulatory Capital (RC) requirements according to Basel II is calculated as 8% times RWA. Key parameters in RWA calculation: Probability of Default = PD (%) The likelihood that a counterparty will default within 1 year. Exposure at Default = EAD ( ) The expected exposure in case a counterparty defaults. Loss Given Default = LGD (%) The estimate of the economic loss in the situation of a default, expressed as a percentage of the Exposure at Default (EAD). Maturity = M (t) The remaining expected maturity. 18

Risk classification and internal rating system An important element in the risk analysis for credit applications is the classification of the credit risk by assigning an internal rating to each relevant credit counterparty. This is a borrower rating reflecting the likelihood of a counterparty becoming unable to repay the loan or fulfil other debt obligations. This likelihood that a counterparty defaults on its payment obligations within a one-year period is expressed as a percentage and referred to as the PD. The PD is a forward-looking measure of default risk. As internal rating system Rabobank Group uses the Rabobank Risk Rating (RRR), which is individually applied to all corporates, financial institutions, and central governments and central banks. The RRR is a methodology which is used throughout the whole Rabobank Group and comprises of 25 risk ratings: Ratings R0 to R20 imply that financing commitments are met. R0 means the absence of risk and R20 means that the financial position is considered very weak. Ratings D1 to D4 indicate in principle that payment commitments are no longer being met, or that such situation is expected, and that the collectability of the loan is unsure. D4 stands for bankruptcy or a comparable situation. Each risk rating is associated with a range for the probability of default in basis points and an average probability of default in basis points. The RRR for a specific counterparty is derived based on internally developed credit risk models. These models are developed by taking into account various risk factors including the sector, country, size of the counterparty and type of counterparty. When using the credit risk model, specific customer information is input like general customer behaviour and customer financial data, and also market data. The credit risk models are used as a credit decision supporting tool. The outcome of the credit risk model is used as a starting point for the determination of the RRR. Model results are combined with professional judgement (for example expert view by credit analyst or account management) and managerial and risk management (e.g. credit committee) to take into account relevant and material information, including those aspects which are not considered by the credit risk model. External agencies of credit ratings like that of Standard and Poor s (S&P) do not imply a specific probability of default, although one can observe a default frequency for each S&P-grade. The observed default frequency is a backward-looking measure of probability of default. By matching the observed default frequencies of the S&P-grades with the average default probabilities of the associated internal RRR, a mapping has been obtained from external ratings S&P to our internal ratings for reference purposes. The portfolio s average rating is around R13 (91-137 basis points). For 2% of the portfolio the commitments are not being fully met, or such situation is expected, and an adequate allowance has been formed for this part of the portfolio. Quality assurance credit risk models A group sign-off committee has been established with the responsibility to sign-off on all credit risk models before implementation. Before taking a decision all models are validated by an independent validation team. The internal models are subject to a regular cycle of monitoring, back testing and review by the same independent validation department. The models calculate a client PD which is subsequently mapped to the RRR. For different business units or different types of credit facility there are different LGD models, which are based upon the Rabobank LGD policy. Estimates for PD and LGD, together with the exposure value (EAD), feed into the calculation of EL and unexpected loss (UL). The latter is used to determine regulatory and economic capital requirements. The retail part of the Domestic portfolio is divided in so called buckets. A facility (loan or credit facility) is assigned to a bucket based on four characteristics: loan to value, product, vintage and customer-rating. As a result facilities with homogenous credit risk characteristics are allocated to the same bucket. Based on historic data for each bucket a PD and an LGD are 19

determined, these are subsequently assigned to the exposure in that particular bucket. Within a bucket all exposures have the same PD and LGD. The PD and LGD estimates are back tested annually based on new data. Credit Risk Reporting Credit risk reporting is based on the product administration systems and the rating systems, which hold PD, LGD and EAD information. The risk reporting is reconciled with financial reporting data both at entity and group level. Group Risk Management compiles a quarterly report on the developments in the credit portfolio, which is distributed amongst senior management. Key risk indicators in this quarterly credit risk report as PD, EAD, LGD, EC and EL are used to monitor developments within the portfolio. Furthermore trends in bad debts costs, allowance for loan losses, impaired loans, number and amount of exposures are analysed by Special Asset Management. Other periodic reports are a quarterly country risk report which looks at general country risk and transfer risk and a semi annual provisioning report. Finally, a Credit Portfolio Management (CPM) function has been established. CPM provides insight into the risk at portfolio level, in order to make it possible for Rabobank to optimise the balance between credit risk, capital usage and returns. CPM is a centre of competence for all activities in which risk-return considerations play a role. Stress testing Rabobank has developed a stress test framework on group level in line with Basel II requirements and also conducts in-depth scenario analyses on group level and within the business. Periodically an analysis is made of the group portfolio under several stress scenarios. New insights, opinions and developments continuously put the stress test framework under review, leading to improvements of the existing framework. The results are used for the internal capital adequacy assessment process (ICAAP) and reported to senior management. At the request of EBA (European Banking Authority) and DNB specific stress tests were performed in order to measure the capital adequacy under severe economic downturn scenarios. Internally specific scenarios are developed to perform additional stress tests and analyses. AIRB exposures On the next page an overview of Rabobank s AIRB exposures in terms of EAD is shown. These exposures include outstandings, an estimate of the amount drawn from the unused part of credit facilities and the estimated interest payments in arrears in case of a default. Furthermore the risk weighted exposure amount, the PD, the LGD and the exposure weighted average risk weight are shown. The policy of Rabobank is aimed at applying the AIRB approach on its credit portfolio as much as possible. On this policy a few exceptions can be made. The criteria on which it is assessed when on a credit portfolio the AIRB approach does not need to be applied, are included in the Policy on Partial Use of the Standardised Approach. In this policy a distinction is made between portfolios on which the Standardised Approach (SA) is permanently applied - as they are immaterial in size and risk - and portfolios on which SA is temporarily applied - the roll out of the risk models to newly acquired entities will take approximately two years. Within the portfolios on which SA is permanently applied, a distinction is made between portfolios for which the credit risk is nil or very limited (e.g. some central governments) and portfolios falling under discretionary approval of DNB of the SA, for which a specific limit is prescribed. Rabobank more than ample remains within this limit. Rabobank is AIRB compliant for about 93% of its credit portfolio exposures. A full 100% advanced AIRB coverage will never be reached, since for some portfolios the Standardised Approach has been opted as described in the previous paragraph. In general the AIRB coverage is particularly high for the portfolios in The Netherlands and in the wholesale portfolios outside the Netherlands. Some of the international retail portfolios abroad (North America, Ireland and some small portfolios in Europe) are still under the Standardised Approach. The total exposure under the Standardised Approach is approximately 42 billion. 20

Rabobank s AIRB exposure as defined in Basel II In millions of euros Exposure Risk-weighted exposure amount Exposureweighted average LGD (%) Exposureweighted average PD (%)¹ Exposureweighted average risk weight (%) At 31 December 2010 Rabobank Group (Virtually) no risk 164,191 9,311 28 0.05 6 Adequate to good 370,223 110,808 19 1.73 30 Past due > 90 days 3,587-23 100.00 - Other defaults 7,637-26 100.00 - Total exposure 545,638 120,119 22 1.21 22 Central governments and central banks (Virtually) no risk 60,205 451 41 0.00 1 Adequate to good 1,617 568 21 2.25 35 Past due > 90 days - - 67 100.00 - Other defaults 21-45 100.00 - Total exposure 61,843 1,019 41 0.06 2 Financial institutions (Virtually) no risk 26,722 4,624 28 0.06 17 Adequate to good 6,492 6,726 52 1.61 104 Past due > 90 days - - - - - Other defaults 33-50 100.00 - Total exposure 33,247 11,350 33 0.36 34 Corporates (Virtually) no risk 21,600 2,434 23 0.06 11 Adequate to good 179,302 70,443 19 2.45 39 Past due > 90 days 1,647-20 100.00 - Other defaults 7,246-26 100.00 - Total exposure 209,795 72,877 19 2.20 35 Retail secured by real estate (Virtually) no risk 52,647 1,705 16 0.07 3 Adequate to good 129,059 15,521 16 0.44 12 Past due > 90 days 629-19 100.00 - Other defaults 15-17 100.00 - Total exposure 182,350 17,226 16 0.33 9 1 The percentage exposure weighted average PD on total exposure levels are excluding defaults. Retail other (Virtually) no risk 3,017 97 12 0.10 3 Adequate to good 53,753 17,550 26 2.42 33 Past due > 90 days 1,311-29 100.00 - Other defaults 322-8 100.00 - Total exposure 58,403 17,647 25 2.30 30 21

The table hereafter shows the exposure on which Standardised Approach (SA) is applied. Rabobanks SA exposure as defined in Basel II In millions of euros Exposure Risk weighted exposure amount Exposure weighted average risk weight (%) At 31 December 2010 Central governments and central banks 4,082 14 - Financial institutions 4,329 1,264 29 Corporates 21,301 18,151 94 Retail secured by real estate 3,682 2,197 60 Retail other 8,480 7,175 85 Rabobank Group 41,874 28,801 69 EAD in the Standardized Approach by risk weight In millions of euros Before credit risk mitigation After credit risk mitigation At 31 December 2010 Risk weight 0% 4,255 4,267 20% 3,534 3,514 35% 1,481 1,481 50% 2,362 2,391 75% 16,178 15,631 100% 21,726 14,494 150% 123 96 Total EAD in the standardized approach 49,659 41,874 The table hereafter shows the undrawn commitments. The amount of undrawn commitments and exposure-weighted average EAD Original In millions of euros exposure pre conversion factors Average credit conversion factor (%) Exposure value At 31 December 2010 Central government and central institutions 873 89 780 Institutions 3,458 59 2,052 Corporates 52,425 76 39,797 Retail secured by real estate 12,705 55 6,982 Retail other 8,753 112 9,797 Total 78,214 76 59,408 4.6 Financial markets counterparty credit risk management and credit risk mitigation Rabobank faces credit risk (the risk of financial loss) if one of counterparties with which a credit contract was engaged would not meet its contractual obligations to the bank. In addition to the more familiar types of credit risk arising from loan and issuer risk portfolios, credit risk is also generated from trading derivatives and is measured accordingly. Rabobank s comprehensive risk management philosophy led to management information reporting in which market- and counterparty risk have been integrated. 4.6.1 Organisation and process of counterparty credit risk and credit risk mitigation Within Risk Management RI two departments are focused on the risk management of the GFM business: Risk Management GFM and Risk Advisory & Support Financial Markets. Both departments aim to manage the different risk types in an integrated manner. 22

The day-to-day credit risk and market risk functions responsible for monitoring and controlling the trading and investment activities of the GFM division are combined into one function within Rabobank International called Risk Management GFM (RM GFM). RM GFM has four main hubs; Utrecht (covering Benelux), London (Europe Ex-Benelux), New York (Americas) and Hong Kong (Asia Pacific), to provide global coverage. Credit analysis of all Non-Bank Financial Institutions is undertaken by these hubs, each taking responsibility for those counterparties domiciled within their given region. For banks, credit analysis is performed by a central dedicated function within Credit Risk Management Rabobank Group (KRM) in Utrecht. RI Risk Management Counterparty Credit Risk CFRO RI KRM GRM RM RI RA&S FM RM GFM RM CCNL Modelling & Research RM TCF RM Americas RM CF RM Asia Capital & Portfolio RM Europe The goal of Risk Advisory & Support Financial Markets (RA&S FM) is to maintain, improve and further develop an efficient and robust integrated risk management framework for the financial markets business of Rabobank. It supports Risk Management GFM, GFM and senior management by providing consolidated global risk reporting, liaising with the regulator, maintaining policies and methodologies, providing collateral management services and by designing Risk IT systems strategy. Reporting on the credit and market risk portfolio with respect to financial markets is provided to the Balance Sheet and Risk Management Committee Rabobank International (BRMC-RI) and Group (BRMC-RG) via the Financial Markets Risk Report. The BRMC-RI advices the MT Wholesale and MT Rural & Retail Banking of RI on managing the balance sheet and evaluates and sets RI s overall risk profile, aiming for a balance between risks, return, and capital in accordance with RI s approved risk appetite and within the policies and limits as set by the Executive Board as well as to safeguard an effective risk management organization in order to meet regulatory and internal requirements. The BRMC-RI exists to ensure stability of income, protect capital for adverse movements, and enhance market value of equity. Credit analysis process Rabobank s credit analysis process is comprised of a number of aspects. Principal amongst these is a comprehensive risk assessment of the counterparty according to the principles of the Credit Policy. The creditworthiness of the counterparty and the risks pertaining to the product type or transaction are considered part of the credit risk assessment. Rabobank uses four credit approval routes to consider reviews and set and approve counterparty limits. One committee specifically considers limits for Financial Institutions (NBFI and Banks). Applications for corporate counterparties; structured credit; non-vanilla transactions/ transactions outside policy; loan facilities beyond 364 days tenor (including Financial Institutions) require submission to a different credit committee route. Additionally, 23

Rabobank has a separate committee which only considers limits for Sovereigns and Country Risk. The fourth credit approval route is the Investment Committee Financial Markets (ICFM) which is responsible for monitoring and control of issuer risk positions that do not fit within the revised strategy. The ICFM considers issuer risk positions within its scope from all relevant aspects (including credit risk, market risk, liquidity risk and the risk reward of positions) for the disposal, replacement or extension of positions in these books. Credit policy clearly states to which committee an application should be submitted. Rabobank considers it as a priority that the credit committees are comprised of high level (senior) management representation with significant level of experience in the respective credit area. Credit Policy sets the parameters and remit of each committee including the maximum amount they are able to approve for limits or transactions. Applications for limits above the maximum permitted for each committee are considered by the Executive Board of Rabobank Nederland. Policies are also in place which restrict or prohibit limits to certain counterparty types or industries. All counterparty limits are reviewed once a year as a minimum. Where counterparties are assigned a low quality classification they are reviewed on a more frequent basis as set out in the credit risk policy. Credit Committees may request for more frequent review as well. New policies or amendments to existing credit policies are considered by a central office function completely separate from the business prior to submission to a Policy Credit Committee (Rabobank International or Group) for approval. The Policy Credit Committees are the only bodies which have the authority to approve policies or amendments to policies. Within strict parameters, representatives of credit risk have the authority to approve derivative transactions which exceed approved credit limits subject to strict criteria and tolerances. Credit approval authorities are only assigned to staff that have the necessary experience and training and are approved at the highest levels of Rabobank. Counterparty rating When proposing limits and ratings for approval by the appropriate credit committee, the group s own internal rating methodology is used. A rating system has been designed in line with the guidelines outlined for achievement of the Internal Rating Based (IRB) Advanced approach, as set out in Basel II. The models calculate a client probability of default (PD) (one year horizon) which is subsequently mapped to the developed Rabobank Risk Rating (RRR): a rating scale of 21 performing grades (0 is no risk, 20 is very high risk) and 4 default grades. The rating models contain quantitative and qualitative data. Through the override process additional data can be included in the rating. The data has to be current; therefore the most recent annual figures may not be older than 18 months. Ratings of counterparties have to be refreshed at least on an annual basis. Higher risk counterparties and problem credits are subject to a more frequent review. Credit limits Credit limits for financial institutions are set on a global basis; and reflect the overall credit appetite Rabobank has to a counterparty independent of product allocations. Limits are split into three categories. First is a prevailing obligor limit to control all credit risk arising from exposure to the counterparty. Subsequently, a funding sub limit to the obligor limit is set to control the credit risk arising from funding related products (i.e. loans, interbank deposits and issuer risk). Finally there is a settlement limit to monitor the risk that a settlement in a transfer system does not take place as expected. Generally, this happens because a party defaults on its clearing obligations to one or more counterparties. The notional amount at risk is taken as settlement exposure, if not already taken into account as principal exposure. In times of significant turbulence such as the credit crisis, limits can be reassessed and reduced very quickly by the approving committee. Furthermore credit officers are empowered to reduce limit and tenor availability for the counterparties they are responsible for. Limits are also set on a one-obligorprinciple - total exposure limits of all clients that form part of an economic unity in which legal entities and companies are organisationally connected are capped. 24

A Policy Credit Committee approved tenor matrix restricts maximum tenor availability. The tenor matrix limits the amount of trading a counterparty can undertake over certain timeframes. The limit available for counterparties with a lower internal rating is lower than for a higher rated counterparty. The higher the internal rating of a counterparty the longer the permissible maximum maturity of a trade and vice versa. Credit risk measurement The credit risk that relates to a derivative product does not remain static over time due to the movement of underlying market factors. In order to address the impact of these changes in market factors Rabobank uses the Confidence Band Approach (CBA) to measure Potential Future Exposure (PFE) on derivative financial products. CBA is a model which measures credit exposure as the replacement cost at given time points over the life of the transaction under the assumption that market rates move adversely. Currently Rabobank use a 97.5% (2 standard deviations) CBA. Rabobank employs a Monte Carlo simulation approach for calculating Potential Future Exposure (PFE) for the majority of the portfolio for a few smaller portfolios an add-on approach is applied. In the Monte Carlo approach the market risk factors (interest and exchange rates, credit spreads) influencing the value of the derivatives contract are simulated forward in time based on a suitably chosen stochastic process for that risk factor. The parameters of this process are calibrated based on historical market data (up to eight years of history when available and an even longer history for interest rate mean reversion parameters) and latest daily close of market values form the starting point of the simulation. Based on the simulated values, trades are repriced (full revaluation) and the position towards the counterparty is determined, including where allowed netting and margining. The exposure relating to a transaction or portfolio of transactions is shown in Rabobank exposure monitoring systems on a gross basis unless there is confidence that the counterparty and jurisdiction domicile is one where netting is legally enforceable. Where there is an executed CSA and there is confidence of its effectiveness (again internal and external counsel opinion is sought) this is taken into account for exposure measurement. The monitoring of exposure generated by derivative products covers nearly the complete group. This capability enables regular and on-going MIS information to be available to senior management. Additionally to introducing Monte Carlo simulation to the calculation of PFE, a stress testing framework has been designed in order to determine the size of Counterparty Credit Risk Exposures under more severe market circumstances. Stress testing of Counterparty Credit Risk is a regulatory requirement in order for Rabobank to adopt the Internal Model Method (IMM) approach. As part of the designed Stress Testing Framework, the wrong way risk part of stress testing will be addressed for CDS counterparties by including a risk factor to the simulation which represents the creditworthiness of the counterparty. Credit mitigation Rabobank uses a wide range of credit mitigation techniques to reduce the credit risk in its derivatives book. Firstly, our portfolio of derivative counterparties is consistently skewed towards higher credit quality names reducing the likelihood of counterparty failure. The principal form of credit mitigation is the use of collateral particularly through the use of a Credit Support Annex (CSA) for derivative products documented under International Swaps and Derivatives Association (ISDA). Through the CSA risk mitigation is achievable through (principally daily) margining of the derivatives portfolio or for a specific trade. Should a counterparty fail to honour a call for collateral margin there is a set procedure laid out in the master agreement to escalate repayment. Rabobank has a specific policy designed to restrict acceptable collateral to very high credit quality assets (cash, US, UK and European government bonds). Correlated collateral is not permitted, further minimising credit risk. 25

In total Rabobank has almost 300 active CSAs which cover all of our major bank and non-bank financial institution trading counterparties. Collateral Management Control, a dedicated team responsible for monitoring and controlling exposure under CSA agreements ensures that margin calls are made in a timely fashion in accordance with the terms of the CSA. Roughly 70% of all trades that are possible to collateralise are covered under a CSA. Concentrations within the collateral pool are less of a risk issue because of the high quality of collateral. However, in the event that lower quality collateral was taken policy already controls the concentration levels permitted. Additionally, Rabobank executes a number of other market standard legal agreements with its counterparties to reduce risk. The described policy enforces that only in specific circumstances Rabobank will trade derivatives without employing an internationally recognised derivatives master agreement which must be supported by a clean legal and netting opinion for each Rabobank and counterparty jurisdiction with which we contemplate trading. By volume of trades and by notional amount the most important is the ISDA master agreement for derivatives. Master agreements permit the netting of obligations generated by all the derivative transactions covered by the agreement should a counterparty default. Positive and negative balances are off-set to minimise exposure and to create a single net claim against the counterparty, this process is called close out netting. In order to reduce the credit risk associated with weaker counterparties a guarantee may be executed with a stronger counterparty (not being a parent or sister company), this may cover a specific trade or derivative type, trades to a maximum value or cover all trading activity. The contingent exposure that this creates is systematically recorded and reported on a regular basis. Rabobank also uses a number of risk mitigation techniques to limit exposure or tenor of specific trades, e.g. break clauses or re-setting. For securing collateral and establishing credit reserves Rabobank calculates a Credit Value Adjustment (CVA s) on derivative transactions named Expected Credit Loss Adjustment (ECLA s). ECLA represents the amount set aside to cover expected credit losses. The amount to be provisioned is based on the expected exposure to counterparties, taking into account collateral and netting benefits, as well as on the expected default probability for the credit rating of the counterparties taken into account. Furthermore, in order to minimise wrong-way risk a check is undertaken for all TRS, CDS, Securities Lending and Repo transactions to assess whether correlation exists. If correlation between counterparty and reference asset exists, action is taken (e.g. requirement to have the trade fully cash covered). Internal credit policy for GFM related business has been structured to minimize to acceptable levels associated risk whether credit, legal, liquidity or operational. The full consideration within a number of committees of new business and new product initiatives assists this process. Credit risk systems infrastructure This entire process is administered and controlled within the bank s credit risk systems infrastructure which is built in house. The system is built to track and enforce the risk parameters and controls of the bank and has shown flexibility and robustness to ensure seamless support to the risk management operation. A strategic review of this infrastructure undertaken in 2007 concluded that this system remains fit for purpose and a project to overhaul and rebuild this system to further stabilise it for the future started in 2008. The implementation of a new, third party, risk engine for PFE calculations based on Monte Carlo simulation, which is part of this project, went live in November 2010. This will increase the focus on sensitivity of counterparty exposures to (stressed) market factors. Rabobank will apply for the Internal Model Method to replace the Current Exposure Method thereafter. 26

4.6.2 Quantitative information counterparty credit risk and credit risk mitigation Definitions used to provide insight in the derivatives, repo s and securities finance exposures: Gross positive fair value This is taken as the sum of all aggregate positive MtM values for each counterparty in each netting pool before any benefit is given for offsetting negative MtM values on the same netting pool. Netting benefits The netting benefits applicable to each pool are worked out on a counterparty by counterparty basis and are derived by referencing the impact or negative MtM values for each counterparty but only to the extent that positive MtM exists. Netted current credit exposure The gross positive fair value less netting benefits for each counterparty produces the netted current credit exposure. Collateral benefit The offset arising from (net) collateral held to support the netted current credit exposure is quantified on a counterparty by counterparty basis. For counterparty trading on repo trading in particular because trades are margined individually and in some instances we hold collateral and in others we pledge collateral, the Collateral Held column is quantified on a net basis and only collateral held is taken into account. Instances where Rabobank has pledged more collateral to a counterparty than it has received are ignored. Collateral benefit is only recorded for collateral held and only to the extent that positive netted current credit exposure exists. Rabobank has determined that under prevailing market conditions, a one notch downgrade would not have an effect on the amount of additional collateral that Rabobank would be required to pledge under these agreements. Net derivatives credit exposure The netted current credit exposure less the collateral benefit for each counterparty produces the net derivatives credit exposure for each counterparty, which to summarize takes the positive trade MtMs for each counterparty, and shows the impact of netting agreements and collateralization. 1) OTC Derivatives The scope of these numbers is: (a) all OTC derivative transactions with counterparties executed under industry standard legal netting agreements for derivative businesses (i.e. mainly ISDA but also referencing local master agreements having the same or similar legal and netting effect as the ISDA Master agreement), and (b) any OTC derivative transactions with counterparties executed in the absence of an industry standard legal netting agreement. Products covered includes FX Currency Derivatives, Interest Rate Derivatives, Total Return Swaps, Credit Derivatives, Equity Derivatives and Commodity Derivatives. Collateral arrangements for these trades are evidenced under a Credit Support Annex (CSA) where counterparty MtMs are pooled and netted against which calls are made or received for collateral to be received or pledged to mitigate this exposure. The type of collateral to be held and the criteria to be adhered to are set out in bank credit policy. Ostensibly this is restricted to G7 cash and government bonds rated AA/Aa or better. 27

OTC derivatives captured under netting agreements In millions of euros (A) Gross positive fair value (B) Netting benefits (C) Netted current credit exposure (D) Collateral benefit (E) Net credit exposure Industry type Bank 33,782 28,670 5,112 4,605 507 Corporate 1,618 278 1,340 68 1,272 NBFI 8,384 5,364 3,020 2,177 843 Sovereign 11 11 - - - Total 43,795 34,323 9,472 6,850 2,622 OTC derivatives not captured under netting agreements (gross pool) Gross positive In millions of euros fair value Industry type Bank 396 Corporate 615 NBFI 436 Sovereign 143 Total 1,590 2) Repo / Reverse repo The scope of these numbers is all Repo / Reverse Repo transactions concerning debt instruments with counterparties executed under industry standard legal netting agreements for repo businesses (i.e. PSA/ISMA and TBMA/ISMA). Repos and Reverse Repos are reported in the same line. Collateral arrangements for these trades are evidenced under the terms of the legal master agreement and embedded in the terms of each individual transaction. The type of collateral to be held and the criteria to be adhered to are set out in bank credit policy. Repo / reverse repo captured under netting agreements In millions of euros (A) Gross positive fair value (B) Netting benefits (C) Netted current credit exposure (D) Collateral benefit (E) Net credit exposure Industry type Bank 61 28 33-33 Corporate - - - - - NBFI 120 11 109 104 5 Sovereign 1-1 - 1 Total 182 39 143 104 39 3) Securities finance exposure The scope of these numbers is all Securities lending and Securities Borrowing transactions and Repo and Reverse Repo for Equity related instruments with counterparties executed under industry standard legal netting agreements for securities lending businesses (i.e. the GMSLA, OSLA, JSLA, MEFISLA, GESLA). Collateral arrangements for this sector of trades are evidenced under the terms of the legal master agreement and embedded in the terms of each individual transaction. The type of collateral to be held and the criteria to be adhered to is set out in bank credit policy. These numbers are distinguished from these under the OTC Derivatives table above. This is due to the fact that the bank s internal systems do not distinguish between cash and collateral when the transactions are booked. Daily margining adjustments are made in order to reflect movements in the MtM value of underlying collateral either by adjusting the cash or equity (received or pledged) on a trade by trade basis (rather than across the whole portfolio). 28

Securities finance - captured under netting agreements In millions of euros (A) Gross positive fair value (B) Netting benefits (C) Netted current credit exposure (D) Collateral benefit (E) Net credit exposure Industry type Bank 9,823 9,788 35-35 Corporate - - - - - NBFI 3,740 3,448 292-292 Sovereign - - - - - Total 13,563 13,236 327-327 4) Potential Future Exposure by product and industry type (in the 0-10 days time bucket) The table below shows the potential future exposure as per 31 December 2010, broken down by product type. For any trades benefiting from a collateral agreement, this is calculated as described above. Potential future credit exposure Bank NBFI Corporate Sovereign Total Collateralized Trades 6,137 3,802 137 27 10,103 Credit Default Swaps* 6 2,692 - - 2,698 Debt Total Return Swaps - 101 - - 101 Equity Derivatives* 53 2 - - 55 Forward* 750 170 405 311 1,636 FX Options* 1-10 1 12 Interest Rate Derivatives* 814 1,300 2,188 11 4,313 Total OTC Derivatives 7,761 8,067 2,740 350 18,918 Repo / Reverse Repo 462 688-16 1,166 Equity Finance 459 187 - - 646 Total 8,682 8,942 2,740 366 20,730 * Unless otherwise captured already in the Collateralized Trades category Total exposure at default for trading and investment activities In millions of euros EAD At 31 December 2010 Bank 13,982 Corporate 6,795 NBFI 15,202 Sovereign 27,232 Total EAD 63,211 5) Exposure on Credit Default Swaps (CDS) This section provides the notional amounts for sold and bought protection via CDS broken down by industry of the issuer. Figures for protection bought and sold are shown in the table without being netted. In millions of euros Protection sold Protection bought Industry type Bank 139 421 Corporate 8,932 9,120 NBFI 2,951 7,784 Sovereign 21 332 Total 12,043 17,657 29

Rabobank actively participates in the CDS trading market, primarily as a net purchaser of credit risk protection from other counterparties to hedge credit risk arising from bond positions. Within the Non Bank Financial Institutions industry type, 1.3 billion of Notional Exposure (Protection Bought and Protection Sold) relates to intermediation activities while the rest of the figure as well as the totals for all the other industry types relate to Rabobank s own credit portfolio. The figures above represent the notional amount of credit risk default swaps that Rabobank entered into on a gross basis without any netting. Overall Rabobank will always have more protection bought than sold. 4.7 Structured credit, monoline insurers and governments Due to the cautious economic recovery and the conditions in the financial markets, limited additional provisions were formed, whose impact on profit for the year is a loss of 46 (2009: loss of 267). These are recognised in profit and loss under Net income from other financial assets at fair value through profit and loss. An additional value adjustment of 21 after taxation has been recognised in profit and loss under Net income from other financial assets at fair value through profit and loss in connection with a liquidity facility that has been partially secured by subprime mortgages. Rabobank Group incurs limited exposure to more structured investments in its trading and investment portfolios. At 31 December 2010, the structured credit exposure amounts to 5.8 (2009: 8.0) billion, most of which is of prime quality. In 2010, virtually the entire decrease in this exposure was caused by sales and redemptions. The table below shows the classification of the structured credit exposures. Structured credit exposures (in millions of euros) Sector Exposure Loans Available-forsale financial assets Trading financial assets and other financial liabilities at fair value ABS CDO 152 152 - - CLO/Non ABS CDO 1,843 1,614 84 145 Other ABS 270 270 - - Commercial Real Estate 906 906 - - Non-subprime RMBS 2,454 2,429 25 - Subprime 218 157-61 Total 5,843 5,528 109 206 95% 2% 3% Structured credit exposures by rating category (in millions of euros) Rating category Sector Exposure AAA AA A Below A ABS CDO 152 16 37 65 34 CLO/Non ABS CDO 1,843 407 519 625 292 Other ABS 270 270 - - - Commercial Real Estate 906 592 176 50 88 Non-subprime RMBS 2,454 2,069 320 57 8 Subprime 218 4 5-209 Total 5,843 3,358 1,057 797 631 57% 18% 14% 11% 30

Structured credit exposure by region (in millions of euros) Sector Exposure Western Europe North America Asia/ Pacific Africa/ Middle East ABS CDO 152 118 34 - - CLO/Non ABS CDO 1,843 753 1,090 - - Other ABS 270-270 - - Commercial Real Estate 906 834 63 9 - Non-subprime RMBS 2,454 2,088-357 9 Subprime 218 3 215 - - Total 5,843 3,796 1,672 366 9 65% 29% 6% 0% At 31 December 2010, Rabobank Group has an extremely limited exposure in its investment and trading portfolios to European government bonds that are currently perceived as subprime by the market. Country Net exposure at 31 December 2010 Net exposure at 31 December 2009 Italy 388 1,203 Greece 373 703 Spain 137 393 Portugal 80 587 Ireland 50 159 Monoline insurers are counterparties in some credit default swaps used to hedge the credit risk of certain investments. There is a deterioration in the creditworthiness of a number of monoline insurers, which was reflected in the downgrading of the ratings of these institutions. Counterparty risk arises in relation to these monoline insurers either because the value of credit default swaps with these counter parties increases due to a decrease in the value of the underlying investments, or because other insured investments may result in claims for these insurers. When calculating economic counterparty risk, time-related aspects and the credit quality of the relevant investments are taken into consideration. At 31 December 2010, the total counterparty risk before value adjustments was 1,330 (2009: 1,347). Given that the total provision amounts to 1,114 (2009: 1,149), the remaining counterparty risk is 216 (2009: 180). As regards the above exposures, an actual exposure to a monoline insurer would arise only in the event of the relevant investments actually going into default and an insurance claim having to be filed with the monoline insurer. Actual losses would be incurred only if both the investment and the relevant monoline insurer are in default. Counterparty risk before value adjustments at year-end 2010 Total value adjustments at year-end 2010 Counterparty risk after value adjustments at year-end 2010 Nominal amount Monoline insurer s credit rating at year-end 2010 Investment-grade 2,661 3-3 Non-investment-grade 4,791 1,327 1,114 213 Total 7,452 1,330 1,114 216 Based on the positions at year-end 2010 as shown in the above table, any further downgrades will only have a limited impact as provisions have been formed for most of the counterparty risk. 31

5. Securitisations Own asset securitisation (originator role) Rabobank uses own asset securitisation as an effective tool for capital and liquidity management. Securitisation is part of the ICAAP process and is integrated within the long term funding strategy of Rabobank Group. Securitisation is used to mitigate credit risk exposures based on credit risk portfolio management, improve liquidity ratios and create collateral for the Eurosystem credit operations. A number of securitisation transactions are set up to improve liquidity ratios and create collateral for the ECB only. These transactions do not mitigate credit risk exposures and are completely retained by Rabobank. These transactions are so called look through securitisation transactions. Rabobank is still holding capital for the underlying assets. The total amount of these kind of securitisation transactions per 31 December 2010 was 58.7 billion. Securitisation transactions are compliant with Dutch Central Bank regulations (Supervisory Regulation on Solvency Requirements for Credit Risk). This compliance with the regulation is documented and signed off by the internal legal department and control department. Own asset securitisation transactions also are in line with internal policies covering for example IFRS treatment. So far it is Rabobank s policy to consolidate own asset securitisation SPEs for IFRS purposes with the originator. For regulatory capital purposes retained positions are reported via the rating based approach. The following ECAI s are used: Fitch Ratings, Standard & Poor s, Moody s and DBRS. Securitisation transactions can be initiated by business units and on group level. All transactions received a positive advice of the BRMC and are approved by the Executive Board of Rabobank Group. Accounting policies Rabobank securitizes, sells and carries various financial assets. Those assets are sometimes sold to SPEs, which then issue securities to investors. Rabobank s accounting policy is to consolidate own asset and sponsor securitisation SPEs. As Rabobank is consolidating its SPEs, it is not relevant if the transactions are treated as sales or financings, the recognition of gains on sales and key assumptions for valuing retained interest. Investor positions are classified as financial assets. For further explanation about the Rabobank accounting policies with regard to securitisation transactions, we refer to the Rabobank Group Consolidated Financial Statements 2010. Sponsor and investor transactions Definitions: Sponsor means an entity other than an originator that establishes and manages a securitisation scheme that purchases exposures from third party entities. Investor means an entity that invests in securitisation positions originated, established or managed by third party entities. The objective of being an investor is to invest in high grade securitisation positions for better risk adjusted return. 32

Client securitisations: These conduits for which Rabobank acts as sponsors are intended to give Rabobank s core clients access to the ABCP market and also diversified funding source for Rabobank. The conduits acquire exposures from Rabobank clients and finance these pools in the ABCP market. As a sponsor, the bank manages/advises the program, places ABCP into the market, and provides liquidity and/or credit enhancements and other facilities to underlying transactions and to the conduits itself. These transactions are initiated by the business within Rabobank International and assessed and approved by appropriate credit and other committees. Other securitisations: These conduit(s) for which Rabobank acts as sponsors are intended to provide a diversified funding source. As a sponsor, the bank manages/advises the program, places ABCP into the market, and provides liquidity and/or credit enhancements and other facilities to underlying transactions and to the conduit(s) itself. These transactions are initiated by the business within Rabobank and assessed and approved by appropriate credit and other committees. In a traditional securitisation, the ownership of the assets is transferred to a Special Purpose Entity, which in turn issues securities backed by these assets. In synthetic securitisation, ownership of these assets does not change. However, the credit risk these assets entail is transferred to the investor by using credit derivatives. Internal Approach Assesment (IAA) is limited to exposures arising from ABCP programmes, mainly related to liquidity facilities and credit enhancement. This approach applies only if the firm s internal assessment process meets several operational requirements. The process consists of mapping a firm s internal rating methodology for credit exposures to those of an external credit assessment institution (ECAI), such as a credit ratings agency. Those ratings are used to determine the appropriate risk weights under the RBA to give the notional amount of the exposures. Total outstanding exposures securitized by the bank and subject to the Basel II securitisation framework by exposure type In millions of euros At 31 December 2010 Traditional securitisations - Residential mortgages 15,413 - Commercial mortgages 3,000 - SME loans - Subtotal 18,413 Synthetic securitisations - Corporate loans 2,800 - SME loans - Subtotal 2,800 Total portfolio 21,213 In 2010 Rabobank securitised residential mortgage exposures for an amount of 4,959. Amount of impaired/past due assets securitized and losses recognized during the current period broken down by exposure type Past due* Losses In millions of euros Traditional Synthetic Traditional/synthetic - Residential mortgages 43-8 - Commercial mortgages 2 - - - Corporate loans - 15 - - SME loans - - - Total 45 15 8 * Traditional: in arrear with payments > 90 days, synthetic: credit event 33

Aggregate amount of securitisation exposures retained or purchased broken down by exposure type In millions of euros At 31 December 2010 Retained exposures Traditional securitisations - Residential mortgages 4,933 - Commercial mortgages 2,769 - SME loans - Subtotal 7,702 Synthetic securitisations - Corporate loans 2,376 - SME loans - Subtotal 2,376 Sponsored positions 6,116 Investor positions 13,452 Total 29,646 Aggregate amount of securitisation exposures retained or purchased and the associated IRB capital charges In millions of euros IRB approach IAA approach² Total exposure At 31 December 2010 2 Subject to the prior approval of De Nederlandsche Bank, a bank may, in accordance with the provisions of the Dutch securitisation regulations, attribute to an unrated securitisation position in an ABCP programme a internally derived rating when the conditions set out in the Dutch securitisation regulations are satisfied. Risk weight bands 10% 16,232 5,261 21,493 > 10% 20% 1,059-1,059 > 20% 50% 924-924 > 50% 100% 775-775 > 100% 650% 388-388 Deduction own funds 1,578-1,578 Total 20,956 5,261 26,217 The difference between the exposures reported in the tables above (29,646 and 26,217) can be explained by the fact that: - part of the retained positions are hedged via unfunded credit protection; - use of credit conversion factors and; - adjustments of positions for provisions and tax. The capital charge for securitisation positions is 516. 34

6. Operational risk Definition Operational risk is the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events. This includes legal risk. Banks have always been exposed to these types of risk, which have traditionally been managed as part of the day-to-day running of the business rather than as a specific risk type. Framework Rabobank Group has a framework for sound operational risk management, covering all dimensions of operational risk. The Operational Risk Management (ORM) framework is applicable to all entities of Rabobank Group (including subsidiaries and joint ventures with a minimum share of 50%). The framework distinguishes between responsibilities within group entities and responsibilities at group level. In the ORM Group Policy the specific tasks and responsibilities for operational risk management have been described at group level and entity level. ORM Framework Group Entity Rabobank Group Define Management Structure/ Approach - Secure commitment senior management - Setup operational Risk function - Design business unit implementation approach - Establish policies Business mapping - Orgchart - Procesess Risk Identification and risk control - Top down risk assessments - Risk-analysis and status riskcontrol - Riskprofile - Action planning and monitoring Collation of Operational risk incidents Generic KRI s Specific KRI s Incident Analysis and proces improvement Reporting To own management + Rabobank Group Riskprofile Rabobank Group Operational Risk Assessment Scorecard Lessons learned: Risk awareness - Event type modules (x7) - Scalars - KRI s - Risk Analysis - ORMQM Scenario s Capital Model External loss data Capital Allocation Event Type Business Line ORM Framework and its elements with the capital model for calculation of Rabobank Group capital and allocation to the entities. KRI = key risk indicator to monitor risk, ORMQM = quality module to certify compliance with the ORM Framework. In the figure above the relevant elements of the ORM Framework are shown for Rabobank Group and its entities. Rabobank has opted for a principle-based approach. In practice this means that GRM sets the requirements for the elements in the ORM framework. The group entities define in which way they comply with the requirements, fitting their specific situation. 35

Rabobank makes use of the Basel II event type classification in both the ORM framework and the capital model. This classification is key to risk identification, incident registration and capital calculation. The most relevant ORM reports of group entities to GRM are the compliance, risk, control and loss reports. Capital model Rabobank applies the Advanced Measurement Approach (AMA) to calculate operational risk capital requirements as of 2008, when Basel II was implemented. Basel II regulations regarding the calculation of capital according to AMA include the following elements: - internal data; - relevant external data; - scenario analyses; - business environment and internal control factors; - insurance or other risk-transfer instruments (currently not used by Rabobank Group). The option to reduce capital requirements through insurance mitigation is not currently used. Internal data The internal loss data is captured from the mandatory quarterly reports on operational losses over 10,000. Quarterly incident reporting is validated by Group ORM for quality assurance. Internal loss data is used in the capital model for defining frequency distributions. External data The external loss data is based on quarterly reports from a data consortium that specialises in operational risk loss data collection. External loss data is reviewed on relevance and size for the Rabobank organisation before being added to the capital model. External data is used in the capital model for defining severity distributions. Scenario analysis Rabobank has developed a number of loss scenarios which are used to fill in data gaps in the internal and external data. An example is a pandemic scenario, which seeks to estimate the probability and impact of a worldwide pandemic. Business environment and internal control factors (BEICF) The BEICF are based on quarterly reports available at Group level or from the entities. The BEICF are used in the capital model as incentive to adjust the modelled capital. Rabobank uses the following BEICF: - ORMQM to certify compliance with the ORM framework; - Indicators for key risks and controls at Group level and at entity level; - Risk Identification and self assessment of the entities. 36

Modelling of Group capital Allocation of capital Internal Loss Data External Loss Data Scenario Analysis Data Suppl. Scenarios Data Inddent Frequency Data (ORX) Capital model (Monte Carlo simulation) Loss distribution per Event type Frequency Internal EL Yearly Loss (EUR) Economic Capital Fraud 99,99% Correction of Captal per Event Type for the effect of correlations Capital per Event Type IF EUR EF EUR EPWS EUR CPBP EUR DPA EUR BDSF EUR EDPM EUR Allocation of capital to Group Entities Based on Scalars per Event type Capital per ET per BU BU BU Capital per ET per SU SU SU Capital adjustment per BU ORMQM Indicators Risk identification Capital adjustment per SU ORMQM Indicators Risk identification Re-allocation of capital from Support Units to Business Units Based on internal charges Final Capital per BU BU BU Event types used are defined by the Basel II Accord. These are internal fraud, external fraud, employment practices and workplace safety, clients, products and business practices, damage to physical assets, business disruption and system failure and execution, delivery and process management. Economic capital (EC) modelling The economic capital model determines the probability distribution via frequency and severity distributions of operational incidents for each event type based on the three elements listed above: internal loss data, relevant external loss data and scenario s. These probability distributions provide insight into both the potential severity and frequency of operational incidents. The economic capital for operational risk for each event type is determined based on the defined 99.99% reliability interval. The event types are correlated and diversification effects are included. Therefore total economic capital is less than the sum of the totals per event type due to diversification. The calculated economic capital for operational risk is initially allocated to all divisions of Rabobank Group, in order to gain insight into where the risks are located within the organisation. The capital of the support units (SU) is then allocated to the business units (BU) within Rabobank Group. The allocation occurs via scalars based on the size and risk of the related group division. Finally, the economic capital is adjusted based on business environment and internal control factors, with good BEICF giving a reduction of allocated capital and sub-standard BEICF resulting in an add on of allocated capital. Regulatory capital The calculations for regulatory capital differ from those for economic capital. The difference is that regulatory capital is calculated at a 99.9% confidence level (instead of 99.99% for economic capital). This seems a small change in confidence level however, the practical impact is that 9 out of 10 losses exceeding RC are covered by EC. 37

7. Market risk Definition Market risk relates to changes in the value of the trading portfolio as a result of price changes in the market. Market risk arises on open positions in relation to interest rates, currency, credit spreads and share-based products, all of which are subject to general and specific market movements. Rabobank employs a Value at Risk (VaR) method to estimate the market risk of positions it holds and the maximum expected losses. The method requires a number of assumptions to be made for various changes in market conditions. In order to estimate the risk under abnormal market conditions as well, the effect of certain extreme events ( event risk ) on the value of the portfolios is measured. Risk management framework Limits and risk appetite Each year, the Executive Board determines the risk appetite and corresponding VaR and event risk limits. These limits are converted into limits at book level and are monitored daily by the market risk management department. The risk position is reported to senior management on a daily basis and discussed in the various risk management committees each month. In addition to the VaR limits, a very extensive system of trading controls per book is in place. These controls include among others rotation risk, delta profile limits per bucket, nominal limits and the maximum number of contracts, thus avoiding that risks that offset each other in the VaR system are overlooked. Internal model (VaR) The internal VaR model forms an integral part of Rabobank s risk management framework; it has also been approved by the Dutch Central Bank and is also applied to determine the solvency requirement for market risk. Rabobank has opted to apply a VaR based on historical simulation for which one year s worth of historic data is used. The VaR is calculated over time horizons of both 1 day and 10 days. For internal risk management purposes, Rabobank has opted for a confidence level of 97.5%. Furthermore, the VaR with a confidence level of 99% is also calculated on a daily basis. For solvency calculations a confidence level of 99% is used, as prescribed by the regulator. The major benefit of a VaR model based on historical simulation is that no assumptions need to be made in terms of distribution of possible value changes of the various financial instruments. A drawback is that a certain period of historic market movements needs to be selected, which may affect the level of the calculated VaR. Further to the requirements of the supervisory authority and after internal research, Rabobank has opted for a historical period of 1 year. Back testing Back testing is a risk management technique applied to evaluate the quality and accuracy of internal VaR-models. In essence, back testing is a routine comparison of model generated risk measures (daily VaR) with the subsequent trading outcomes (hypothetical or actual P&L). It is expected for the VaR to be larger than all but a certain fraction of the trading outcomes, where this fraction is determined by the confidence level assumed by the VaR-measure. 38

The performance of any VaR forecast depends on: - the ability to predict unexpected end-of-day market price movements; - the ability to predict intraday P&Ls and non-trading income; and - the capacity to forecast changes in end-of-day positions. Potential sources of inaccuracies in the VaR framework are manifold and broadly include: - false position information; - corrupted historical market data; - wrong product pricing methodology; - inaccurate risk assessment methodology; and - incorrect P&L estimation. Using back tests, one can assess the quality of the VaR-model, both in terms of the distributional assumptions, market price validation, and transaction or position registration. In line with regulations, Rabobank Group uses the 99% confidence level, 1-day holding period VaR for purpose of back testing. Back tests are carried out on a consolidated level and on portfolio level using both actual P&L and hypothetical P&L. Back testing results are reported to the regulator on a quarterly basis. Outliers are reported and individually analyzed when larger than an operational threshold (EUR 50,000 for portfolios with a VaR =< EUR 500,000, and 0.15 times VaR for portfolios with a VaR > EUR 500,000). In 2010 there were no situations in which the actual P&L exceeded the consolidated VaR. The number of outliers is an indication of the quality of the internal model, the lower the number of outliers, the better. Stress testing Stress testing is a tool to deal with events not captured by the VaR model. It is used to gauge impact of extreme but plausible predefined moves in the key market risk factors on the Profit and Loss (P&L) of individual trading and investment books. Although VaR plays an essential role in risk assessment and reporting, it is recognized that due to its underlying statistical assumptions, it ought to be complemented by stress testing for a more complete picture of risk. For the purpose of the stress testing programme, Rabobank Group designed a large number of global scenarios, derived on basis of historical calibration, portfolios composition, and current macroeconomic/financial markets situations. The scenarios are global, homogeneous for all geographical regions, and diversified into following classes: - commodities; - credit; - equities; - FX-rates; - interest rates; - treasury spread; and - inflation related products. The applied shocks generally represent up and down movements in risk factor. The portfolios sensitivity is examined daily by applying a constellation of two to six scenarios, with an aim to report a maximum negative result as exposure under a trading control. Global scenarios are revisited semi-annually but more frequently in response to market developments. The review will typically include risk factors, shock sizes and trading control levels. New scenarios will be added if appropriate. Currency risk Rabobank is exposed to exchange rate fluctuations impacting the financial position and cash flows. Just as with other market risks, the currency risk exposure of the trading books is managed using VaR limits set by the Executive Board. This risk is monitored on a daily basis. The policy aims to prevent open positions whenever possible. The non-trading books are only exposed to the translation risk on capital invested in foreign activities and on issues of hybrid equity instruments not denominated in euros. To monitor and manage translation risk, Rabobank follows a policy of protecting equity against exchange rate fluctuations. 39

Risk measurement The figure below shows the development of market risk during 2010, as measured by the VaR with 1 day holding period and 97.5% confidence level. In 2010, the VaR fluctuated between 9 and 18, the average being 14. During 2010 the internal VaR limit stood at 30. VaR overview (1 day, 97.5% confidence) Value at Risk in millions of euros in 2010 20 18 16 14 12 10 8 6 4 2 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec As the table below shows, the VaR can be broken down into a number of components, of which changes in interest rates and credit spreads are the most important. Since opposite positions in different books offset each other to a certain degree, this results in a diversification benefit that reduces the total risk. The VaR is the result of both historical market trends and the positions taken. At 31 December 2010, the consolidated VaR was 17. This is a relatively limited position, as is also evident from the fact that only a small part of total economic capital is held for market risks from the trading activities. For the year under review the VaR has been as follows: VAR (1 day, 97.5%) In millions of euros Interest Credit Foreign currencies Shares Commodities Diversification Total 2010 31 december 17 5-1 1 (7) 17 2010 average 11 6-2 1 N/A 14 2010 highest 17 11 1 3 1 N/A 18 2010 lowest 8 3-1 - N/A 9 Besides the VaR also other risk indicators are used. The Basis Point Value indicates how the value of positions changes if the yield curve shows a parallel increase by 1 basis point. These positions are shown for each key currency in the table below: Basis Point Value (in millions of euros) 2010 Euro (0.5) US dollar (0.2) British pound (0.2) Australian dollar (0.2) Japanese yen (0.1) Other (0.2) Based on the internal Basel II solvency model, approved by the Dutch Central Bank, the capital requirement for market risk amounts to 177. 40

8. Equities in banking books Total exposure at 31 December 2010 of equities in banking books amounted to 4,794 resulting in a capital requirement of 1,213. In the next table, Rabobank s equity holdings outside the trading book are grouped based on the intention of the holding. All equities in the investment portfolio are booked at fair value. The evidence of published price quotations in an active market is the best evidence of fair value and when they exist they are used to measure the value of financial assets and financial liabilities. For equities with no published price quotations, fair values are estimated based on appropriate price/ earnings ratios, adjusted to reflect the specific circumstances of the respective issuers. Strategic investments are recognised in accordance with the equity method. With this method, Rabobank s share in the profits and losses of an associate subject to Rabobank s accounting policies (after the acquisition) is recognised in profit and loss, and its share in the changes in reserves after the acquisition is recognised in reserves. The changes after acquisition are adjusted to the cost of the investment. Equity overview In millions of euros Carrying value Risk-weighted exposure amount Capital requirement Cumulative unrealised gains/losses Realised gains/losses in the period Investment portfolio 1,733 4,014 321 55 289 Strategic investment 3,061 11,150 892-292 Total 4,794 15,164 1,213 55 581 Of the carrying value 1,244 is for private equity exposures in sufficiently diversified portfolios (risk weight 190%), 196 for exchange traded equity exposures (risk weight 290%) and 3,355 for all other equity exposures (risk weight 370%). 41

9. Interest rate risk in the banking books Definition Interest rate risk is the risk that the bank s financial result and/or economic value may decline due to unfavorable developments in interest rates. This risk may arise due to an interest rate mismatch between assets and liabilities (mismatch risk), due to interest-related options embedded in products that could affect cash flows (option risk), due to possible changes in the yield curve (yield curve risk) and due to changes in the relationship between various yield curves (basis risk). Any interest rate risk run by customers due to the fact that their payment obligations increase as a result of higher interest rates does not affect Rabobank s interest rate risk position. Interest rate risk in the trading books is part of market risk. Risk management framework Accepting a certain level of interest rate risk is inherent in the business of banking and can be a major source of results and value creation. Each year, the Executive Board, under the supervision of the Supervisory Board, determines the risk appetite and corresponding limits. Reports on the current interest rate risk position are submitted to the respective risk management committees on a monthly basis. The various treasury departments within the group entities are responsible for the daily monitoring and management. Furthermore, on a quarterly basis the risk positions are reported to the supervisory authority, the Dutch Central Bank. Interest rate risk is not only measured on the basis contractual terms; the bank s internal interest rate risk model also takes client behavior into consideration. For instance, premature mortgage repayments are taken into account and balance sheet items without a term stipulated by contract, such as savings and current account balances, are modeled based on what is known as the replicating portfolio method. In this method a portfolio of money market and capital market instruments are selected that best replicate the behavior of these items. Gap analyses, duration determination and simulation are used to determine the interest rate risk. Both the Income at Risk and Equity at Risk are subject to restrictions. Another risk indicator is the Basis Point Value (BPV). The BPV is the absolute loss in market value of equity that arises in the event of a parallel increase of the entire interest rate curve by 1 basis point. Risk measurement Income at Risk The table below sets out the sensitivity of the interest rate result (interest income less interest expense, before tax) for the next two years based on a stable balance sheet structure and no management intervention. The impacts in the first and second year are listed separately and are based on the assumption that the interest rate will show an even and parallel increase/ decline by 200 basis points during the first 12 months and remain at the same level in months 13 through 24. The simulation of the possible interest income is based on an interest rate risk model developed in-house, whereby certain assumptions are made in respect of interest rate sensitivity of products whose interest rates are not directly linked to a certain money or capital market rate, such as savings of private customers. A smaller increase or decrease will have a proportionally similar effect. 42

Income at risk, as per 31 December 2010 In millions of euros 200 bp increase 200 bp decline 1-12 months +41 +8 13-24 months +202 (111) Equity at Risk The table below shows the sensitivity of the economic value of equity to interest rate changes, whereby the economic value of equity is defined as the present value of the assets less the present value of the liabilities plus the present value of the position held in derivative financial instruments, based on the assumption that the yield curve increases and declines by 200 basis points at once. The percentages in the table represent the deviation from the current present value of equity. Equity at risk, as per 31 December 2010 In % 200 bp increase 200 bp decline Economic value of equity -10% +9% The aforementioned methods are supported by various scenario analyses, for instance to determine the quotation risk of pending mortgage quotations. The results of these scenario analyses are important for integral interest rate risk management purposes and are included in reports to senior management. Basis point value During the year under review, the BPV never exceeded 28. The IFRS equity deviates from the market value of equity used for the purpose of analyzing the impact of interest rate changes on the market value of equity. Since a substantial number of balance sheet items is not subject to value changes in terms of IFRS as a consequence of interest rate changes, any effects will be recognised in IFRS equity through profit and loss. 43

10. Liquidity risk Definition Liquidity risk is the risk that the bank is unable to meet all of its (re)payment obligations, as well as the risk that the bank is unable to fund increases in assets at reasonable prices or at all. This could happen if, for instance, clients or professional counterparties suddenly withdraw more funds than expected, which cannot be met by the bank s cash resources or by selling or pledging assets or by borrowing funds from third parties. Risk management framework Rabobank Group has always recognized that liquidity risk is an important risk type. In line with the Basel principles, the policy is that long-term lending is financed by means of stable funding, being funds entrusted by customers and long-term funding from the professional markets. Liquidity risk management is based on three pillars. The first pillar sets strict limits on the maximum outgoing cash flows of the wholesale banking division. This ensures that excessive dependency on the professional market is avoided. To this end, among other things the incoming and outgoing cash flows expected over the next 12 months are calculated and reported on a daily basis. Limits have been set for net outgoing cash flows for each currency and location. Detailed contingency plans have been drawn up in order to ensure the bank is prepared for potential crises. Under the second pillar, a large buffer of liquid assets is held. If necessary, these assets can be used to generate liquidity immediately by being sold directly on the market, by being used in repo transactions or by means of lending securities to central banks. Pending further regulatory tightening of the liquidity requirements, Rabobank Group built a liquidity portfolio with highquality government paper. The buffer of liquid assets calculated on the basis of guidelines issued by the regulator stood at over 138 billion at year-end 2010. The third pillar concerns limiting liquidity risk by pursuing a prudent funding policy that is designed to ensure the financing requirements of group entities are met at acceptable cost. The diversification of funding sources, funding instruments and currencies plays an important role in this context. As part of this, bonds were issued in 15 different currencies in 2010. This prevents Rabobank Group from becoming overly dependent on a single source of funding. The active investor relations function also has an important role to play in this regard. Risk measurement Several methods have been developed to measure and manage liquidity risk. Methods used include the core assets/core liabilities (CA/CL) method. This analysis is based on the cash flow schedule of all assets and liabilities. Using various time periods, a calculation is made of the assets, unused facilities and liabilities that are likely to appear on the balance sheet after running carefully defined stress scenarios. These remaining assets and liabilities are defined as core assets and liabilities. The ratio of core assets to core liabilities is the liquidity ratio. Given the highly conservative weightings used, a ratio of less than 1.2 is considered adequate. In 2010, this limit was never breached in the scenarios used. The Dutch regulator also provides extensive guidelines for measuring and reporting the liquidity position of Rabobank Group. According to these guidelines, the liquidity is more than adequate, with available liquidity exceeding the requirement by 40% on average. 44

I List of abbreviations ABCP AIRB ALCO AMA BCBS BPV BRMC-RG CBA CDS CFO CFRO CPM CRD CSA DNB EAD ECAI ECB EC EL GFM GRM IAA IBNR ICAAP IFRS IRB ISDA KRI LGD MtM NBFI ORM ORMQM OTC P&L PD PFE RAROC RC RRR RWA S&P SME SPE TRS UL VaR Asset Backed Commercial Paper Advanced Internal Ratings Based Assets and Liabilities Committee Advanced Management Approach Basel Committee on Banking Supervision Basis Point Value Balance sheet and Risk Management Committee Rabobank Group Confidence Band Approach Credit Default Swap Chief Financial Officer Chief Financial Risk Officer Credit Portfolio Management Capital Requirements Directive Credit Support Annex De Nederlandsche Bank Exposure at Default External Credit Assessment Institution European Central Bank Economic Capital Expected Loss Global Financial Markets Group Risk Management Internal Assessment Approach Incurred but not Reported Internal Capital Adequacy Assessment Process International Financial Reporting Standards Internal Ratings Based International Swaps and Derivatives Association Key Risk Indicator Loss Given Default Mark to Market Non-Banking Financial Institution Operational Risk Management Operational Risk Management Quality Module Over The Counter Profit and Loss Probability of Default Potential Future Exposure Risk Adjusted Return On Capital Regulatory Capital Rabobank Risk Rating Risk Weighted Assets Standard and Poor s Small and Medium-sized Enterprises Special Purpose Entity Total Return Swap Unexpected Loss Value at Risk 45

II Entities in scope Basel II Reason for inclusion: 1 = Fully consolidated 2 = Proportionally consolidated Name Registered office % Reason for inclusion 023 Beheer B.V. Amersfoort 25.00 2 Aangesloten Banken Various 100.00 1 Aanzet Bedrijfsfaciliteiten N.V. Zaandam 28.29 2 Abc Schoeman Vastgoedmanagement B.V. Arnhem 50.00 2 Abinton Belegging B.V. Utrecht 100.00 1 ACC bank plc Dublin 100.00 1 Acorn Alternative Strategies AG Basel 46.06 1 Acrux Ltd. St. Hilier 100.00 1 ADCA Vermögensverwaltungsgesellschaft Mbh & Co. KG Frankfurt am Main 100.00 1 Adviesgroep De Kempen-West B.V. Bladel 100.00 1 AF Finance S.A.S. Roissy CDG Cedex 100.00 1 Affaires Financières S.A. Zürich 46.06 1 AG Acceptance Corporation Cedar Falls 100.00 1 AGCO Capital Argentina S.A. Buenos Aires 51.00 1 AGCO Finance Canada Ltd. Regina 51.00 1 AGCO Finance GmbH Langenhagen 51.00 1 AGCO Finance Landmaschinenleasing GmbH Vienna 51.00 1 AGCO Finance Ltd. Auckland Auckland 51.00 1 AGCO Finance Ltd. Dublin Dublin 51.00 1 AGCO Finance Ltd. Kenilworth Kenillworth 51.00 1 AGCO Finance LLC Dover 51.00 1 AGCO Finance Pty Ltd. Sydney 51.00 1 AGCO Finance S.L.U. Madrid 51.00 1 AGCO Finance S.N.C. Beauvais 51.00 1 Agricredit Acceptance LLC Dover 100.00 1 Agricultural Equipment Finance Ltd. Watford 100.00 1 Ahrend Flex B.V. Eindhoven 51.00 1 Aigues Mortes Port du Roy Marseille n/a 2 Almere Hart Beheer B.V. The Hague 50.00 2 Almere I B.V. The Hague 100.00 1 Almond Farms I Inc. Walnut Creek 100.00 1 Almond Farms II Inc. Walnut Creek 100.00 1 Altajo B.V. Weesp 50.00 1 Amenagement Amiens Sud Compiegne 50.00 2 Amenagement du Martinet Marseille 50.00 2 Amenagement Ilot Valdo Lyon 34.00 2 Amfico S.A.R.L. Luxembourg 100.00 1 Amiens 5 Rue de Verdun Lille Cedex n/a 2 Amiens Clos Pressac Lille Cedex n/a 1 Amiens Oree du Bois Lille Cedex n/a 1 Amiens St. Louis Lille Cedex n/a 1 Amsterdam ODE II B.V. Hoevelaken 100.00 1 46

Name Registered office % Reason for inclusion AON Fiduciary Cash Custody B.V. Utrecht 100.00 1 Appartement Amiens sud Compiegne n/a 2 Arcen en Velden Grondexploitatie V.O.F. Heerlen n/a 2 Arlon Food and Agriculture Associates LLC New York 49.95 1 Asnieres Aulaginer Ilot D2 Levallois Perret n/a 2 Asnieres Voltaire Levallois Perret n/a 1 Asset Management Participations III B.V. Hoevelaken 100.00 1 Athlon Beheer International B.V. Hoofddorp 100.00 1 Athlon Beheer Nederland B.V. Hoofddorp 100.00 1 Athlon Bonds B.V. Haarlemmermeer 100.00 1 Athlon Car Lease Belgium N.V. Zaventem 100.00 1 Athlon Car Lease Germany GmbH & Co. KG Meerbusch n/a 1 Athlon Car Lease Germany Verwaltungs GmbH Meerbusch 100.00 1 Athlon Car Lease International B.V. Haarlemmermeer 100.00 1 Athlon Car Lease Italy S.r.l. Rome 100.00 1 Athlon Car Lease Nederland B.V. Hoofddorp 100.00 1 Athlon Car Lease Polska Sp. z.o.o. Warsaw 100.00 1 Athlon Car Lease Portugal LDA Oeiras 100.00 1 Athlon Car Lease Rental Services B.V. Hoofddorp 100.00 1 Athlon Car Lease Rental Services Belgium N.V. Zaventem 100.00 1 Athlon Car Lease S.A.S. Roissy CDG Cedex 100.00 1 Athlon Car Lease Spain S.A. Barcelona 100.00 1 Athlon Car Rent Germany GmbH & Co. KG Meerbusch n/a 1 Athlon Car Rent Germany Verwaltungs GmbH Meerbusch 100.00 1 Athlon Duitsland B.V. Hoofddorp 100.00 1 Athlon Finance B.V. Hoofddorp 100.00 1 Athlon Finance B.V. y Cia, S.C. Barcelona 100.00 1 Athlon France S.N.C. Roissy CDG Cedex 100.00 1 Autop Deutschland GmbH & Co. KG Meerbusch n/a 1 B&F Real Estate Investments B.V. Hoevelaken 100.00 1 B.V. Bewaarbedrijf Rabobank Nederland Utrecht 100.00 1 B.V Bewaarbedrijf Schretlen & CO Amsterdam 100.00 1 B.V. Explotatie Maatschappij Gemaatschappelijk Eigendom E.G.E. XXXII Amsterdam 100.00 1 B.V. Het Pakhuis Utrecht 100.00 1 B.V. Vastgoedbeheer ABC Utrecht 100.00 1 B.V. Vastgoedmij. Ilex VI Utrecht 100.00 1 B.V. Vastgoedmij. Ilex VIII Utrecht 100.00 1 B.V. Vastgoedmij. Ilex X Utrecht 100.00 1 B.V. Vastgoedmij. Ilex XII Hoevelaken 100.00 1 Baie de Juan Nice n/a 1 Bairnsdale Holdings N.V. Willemstad 100.00 1 Banco De Lage Landen Brasil S.A. Porto Alegre 69.60 1 Banco Rabobank Int. Brasil S.A. Sao Paulo SP 100.00 1 Bank Gospodarki Zywnosciowej S.A. Warsaw 59.35 1 Bank Sarasin & Cie AG Basel 46.06 1 Bank Sarasin & Co Ltd. Branch HongKong Hong Kong 46.06 1 Bank Sarasin (CI) Ltd. St. Peter Port 46.06 1 Bank Sarasin AG Frankfurt am Main 46.06 1 Bank Sarasin Rabo (Asia) Ltd. Singapore 46.06 1 Bankowy Fundusz Nieruchomościowy Actus Sp. z o.o. Warsaw 59.35 1 Banque Robeco S.A. Paris 99.90 1 Bart s Retail Food Groep B.V. Beuningen 61.47 1 Batavia Haven Beheer B.V. Utrecht 33.33 2 Bauhinia Finance Ltd. Sydney 100.00 1 Beerens Groep B.V. Rijen 71.25 1 Beheer- en Beleggingsmaatschappij Demster B.V. Utrecht 100.00 1 47

Name Registered office % Reason for inclusion Beheer- en Beleggingsmaatschappij Hovaro B.V. Utrecht 100.00 1 Beheer- en Beleggingsmaatschappij Panoli B.V. Utrecht 100.00 1 Beheer- en Beleggingsmaatschappij Stronghold B.V. Utrecht 100.00 1 Beheer- en Beleggingsmaatschappij Trema B.V. Utrecht 100.00 1 Beheer- en Beleggingsmaatschappij Zofri B.V. Amsterdam 94.60 1 Beherend Vennoot Cronesteyn B.V. Hoevelaken 100.00 1 Beherend Vennoot Leithon B.V. Hoevelaken 100.00 1 Beherend Vennoot Leyenburg Woningfonds B.V. Hoevelaken 100.00 1 Beherend Vennoot Winkelcentrum Ypenburg B.V. Hoevelaken 100.00 1 Beleggingsmaatschappij Basis Amsterdam B.V. Utrecht 100.00 1 Belfries Real Estate B.V. Hoevelaken 100.00 1 Belfries Real Estate II B.V. Hoevelaken 100.00 1 Bellegarde Village des Alpes S.A.R.L. Paris 25.00 2 Belnido B.V. Utrecht 100.00 1 Berggierslanden Ontwikkelingsbedrijf C.V. Hoevelaken n/a 1 Besancon Les Jardins de la City Lyon 100.00 1 Besancon PierreLouis Lyon n/a 1 Bevelandse Ontwikkelingsmaatschappij V.O.F. Grijpskerke n/a 2 BF Wohnen DE 01 Beteiligungs GmbH Berlin 100.00 1 BF Wohnen DE 01 GmbH & Co KG Berlin n/a 1 BF Wohnen DE 01 Verwaltungs GmbH Berlin 100.00 1 Bfs Fondsverwaltung GmbH Berlin 100.00 1 Bfs Treuhand und Verwaltungs GmbH Berlin 100.00 1 BFZ Structuring & Finance B.V. Hoevelaken 50.00 2 BGZ Leasing Sp. z o.o. Warsaw 51.00 1 Bignon Orvault Nantes n/a 1 Blekkink Exploitatie B.V. Aalten 50.00 1 Blekkink Makelaardij B.V. Aalten 100.00 1 Blue Sky Timber Properties LLC Stamford 99.96 1 BMO Berlage Deelnemingen B.V. The Hague 100.00 1 BMO Berlage Houdstermaatschappij B.V. The Hague 100.00 1 BOB Beheer B.V. Hoevelaken 100.00 1 Bodemgoed B.V. Utrecht 100.00 1 Bolero Marseille n/a 2 Bonnema Groep B.V. Heerlen 59.00 1 BOR Grundbesitz GmbH Berlin 100.00 1 Boschman Onroerend Goed B.V. Wychen 100.00 1 Boss Finance Ltd. Watford 100.00 1 Bouw- en Exploitatie Maatschappij Grosland II B.V. Amsterdam 100.00 1 Bouwbedrijf Vechtvallei B.V. Hoevelaken 100.00 1 Bouwf. Grondexpl. Tholen Stad B.V. Hoevelaken 100.00 1 Bouwfonds & Kuin Vastgoedontwikkeling V.O.F. Haarlem n/a 2 Bouwfonds Asset Management Deutschland GmbH Berlin 100.00 1 Bouwfonds Asset Management Institutional Investments B.V. Hoevelaken 100.00 1 Bouwfonds Asset Management Moerdijk B.V. Hoevelaken 100.00 1 Bouwfonds Büschl Objectgesellschaft GmbH & Co KG Munich n/a 2 Bouwfonds City München GmbH & Co. KG Munich n/a 1 Bouwfonds City München Verwaltungs GmbH Munich 100.00 1 Bouwfonds Deutsches Wohnen I B.V. Hoevelaken 100.00 1 Bouwfonds Deutsches Wohnen II B.V. Hoevelaken 100.00 1 Bouwfonds Deutsches Wohnen III B.V. Hoevelaken 100.00 1 Bouwfonds Deutschland GmbH & Co. Projektentwicklungs KG Frankfurt am Main n/a 1 Bouwfonds Deutschland Verwaltungs GmbH Frankfurt am Main 100.00 1 Bouwfonds Development B.V. Hoevelaken 100.00 1 Bouwfonds Duitsland B.V. Hoevelaken 100.00 1 Bouwfonds Eigen Steen Holding B.V. Hoevelaken 100.00 1 48

Name Registered office % Reason for inclusion Bouwfonds F&A Holding B.V. Hoevelaken 100.00 1 Bouwfonds Fondsmanagement B.V. Hoevelaken 100.00 1 Bouwfonds Fondsmanagement II B.V. Hoevelaken 100.00 1 Bouwfonds Germany Residential Fund VI GmbH & Co. KG Berlin n/a 1 Bouwfonds Germany Residential Institutional Fund C.V. Hoevelaken n/a 1 Bouwfonds Germany Residential Investment Fund IV B.V. Hoevelaken 95.45 1 Bouwfonds Germany Residential Value Added Fund C.V. Hoevelaken n/a 1 Bouwfonds Germany Residential Value Added Fund II C.V. Hoevelaken n/a 1 Bouwfonds GmbH & Co. Erste Objekt KG Berlin n/a 1 Bouwfonds GmbH & Co. Dritte Objekt KG Berlin n/a 1 Bouwfonds GRF VI C.V. Hoevelaken n/a 1 Bouwfonds Hamburg GmbH Hamburg 100.00 1 Bouwfonds Holland 01 Verwaltungs GmbH Berlin 100.00 1 Bouwfonds Homburgerlandstrasse Verwaltungs GmbH Düsseldorf 100.00 1 Bouwfonds Immobilienentwicklung GmbH Frankfurt am Main 100.00 1 Bouwfonds Immobilienentwicklungs GmbH & Co Homburger Landstrasse KG Frankfurt am Main n/a 1 Bouwfonds Immobilienentwicklungs GmbH & Co. BVO KG Frankfurt am Main n/a 1 Bouwfonds International Real Estate Fund Services Luxembourg S.A.R.L. Luxembourg 100.00 1 Bouwfonds Investments B.V. Hoevelaken 100.00 1 Bouwfonds MAB Participations B.V. The Hague 100.00 1 Bouwfonds Marignan Immobilier GRD Lyon Lyon 100.00 1 Bouwfonds Marignan Immobilier S.A.S. Levallois Perret 100.00 1 Bouwfonds MB Palais Quartier GmbH Frankfurt am Main 50.00 2 Bouwfonds NRW GmbH Düsseldorf 100.00 1 Bouwfonds Objekt Verwaltungs GmbH Berlin 100.00 1 Bouwfonds Ontwikkeling B.V. Zwolle 100.00 1 Bouwfonds Ontwikkeling Participaties IV B.V. Hoevelaken 100.00 1 Bouwfonds Participations B.V. Hoevelaken 100.00 1 Bouwfonds Participations IV B.V. Hoevelaken 100.00 1 Bouwfonds Participations X B.V. Hoevelaken 100.00 1 Bouwfonds Participations XV B.V. Hoevelaken 100.00 1 Bouwfonds Polderweg B.V. Hoevelaken 100.00 1 Bouwfonds Property Development EURL Levallois Perret 100.00 1 Bouwfonds Property Development B.V. Amersfoort 100.00 1 Bouwfonds Property Development Denmark A/S Copenhagen 100.00 1 Bouwfonds Property Development Meyboom N.V. Brussels 100.00 1 Bouwfonds Property Development Spain SL Barcelona 100.00 1 Bouwfonds Real Estate Investment Management B.V. Hoevelaken 100.00 1 Bouwfonds Real Estate Investment Management Deutschland GmbH Berlin 100.00 1 Bouwfonds Real Estate Investment Management S.A.S. Paris 100.00 1 Bouwfonds Real Estate Services B.V. Hoevelaken 100.00 1 Bouwfonds Real Estate Services II B.V. Hoevelaken 100.00 1 Bouwfonds Real Estate Services Institutional B.V. Hoevelaken 100.00 1 Bouwfonds Rhein-Main GmbH Frankfurt am Main 100.00 1 Bouwfonds Rhein-Neckar GmbH Stuttgart 100.00 1 Bouwfonds Schwabing GmbH Munich 100.00 1 Bouwfonds Solar 01 GmbH & Co. KG Berlin n/a 1 Bouwfonds Solar Verwaltungs GmbH Berlin 100.00 1 Bouwfonds Spol sro Prague 100.00 1 Bouwfonds Studentenwoningen I B.V. Hoevelaken 100.00 1 Bouwfonds Tijdelijke Huisvesting B.V. The Hague 100.00 1 Bouwfonds Trademarket Nieuwegein Beheer B.V. The Hague 100.00 1 Bouwfonds U.S. Residential Fund GP LLC Delaware 100.00 1 Bouwfonds US Investments B.V. Hoevelaken 100.00 1 Bouwfonds Vastgoed Acquisities I B.V. Hoevelaken 100.00 1 Bouwfonds Vastgoed Management B.V. Hoevelaken 100.00 1 49

Name Registered office % Reason for inclusion Bouwfonds Vastgoedfondsen Beheer B.V. Hoevelaken 100.00 1 Bouwfonds Vastgoedontwikkeling II B.V. The Hague 100.00 1 Bouwfonds Vastgoedontwikkeling VI B.V. Hoevelaken 100.00 1 Bouwfonds Vastgoedontwikkeling VIII B.V. The Hague 100.00 1 Bouwfonds Wohnen DE 01 Objekt GmbH & Co KG Berlin n/a 1 Bouwfonds Woningbouw N.V. Elsene 100.00 1 Bouwfonds Zuidas B.V. The Hague 100.00 1 Bouwfonds-Fortis Vastgoedontwikkeling Leidsche Rijn V.O.F. De Meern n/a 2 Bouwteck GmbH & Co. KG Düsseldorf n/a 2 Bouwteck Verwaltungs GmbH Düsseldorf 50.00 2 Bouwvei Holding AB Sundbyberg 50.00 2 Bouwvei Holding Vit AB Sundbyberg 50.00 2 Bouwvei Vitnos AB Sundbyberg 50.00 2 BPD België B.V. Hoevelaken 100.00 1 BPD Belgium N.V. Brussels 100.00 1 BPD Denemarken B.V. Hoevelaken 100.00 1 BPD Duitsland B.V. Hoevelaken 100.00 1 BPD Finland B.V. Hoevelaken 100.00 1 BPD France S.N.C. Levallois Perret 100.00 1 BPD Frankrijk B.V. Hoevelaken 100.00 1 BPD Hongarije B.V. Hoevelaken 100.00 1 BPD Luxembourg S.A.R.L. Luxembourg 100.00 1 BPD Luxemburg B.V. Amersfoort 100.00 1 BPD Residential N.V. Brussels 100.00 1 BPD Slowakije B.V. Hoevelaken 100.00 1 BPD Spanje B.V. Hoevelaken 100.00 1 BPD Sweden AB Stockholm 100.00 1 BPD Tsjechië B.V. Hoevelaken 100.00 1 BPD Zweden B.V. Hoevelaken 100.00 1 Branch Creek GP LLC Dover 42.50 2 Broadcast & Professional Finance Ltd. Watford 100.00 1 Bron Allees Buissonnieres Lyon n/a 1 Brummelhuis Bouwcoördinatie B.V. Oldenzaal 100.00 1 Bruno Vitnos AB Sundbyberg 50.00 2 Buitenplaats Zuidbeek B.V. Kamperland 48.10 2 Büschl Verwaltung GmbH Munich 100.00 1 Canara Robeco Asset Management Company Ltd. Mumbai 49.00 1 Capital Asset Finance Ltd. Watford 100.00 1 Care4Lease B.V. Almere 51.01 1 Cargobull Finance A.S. Bov 51.00 1 Cargobull Finance AB Helsingborg 51.00 1 Cargobull Finance Financial and Servicing Kft. Bicske 51.00 1 Cargobull Finance GmbH Düsseldorf Düsseldorf 51.00 1 Cargobull Finance GmbH Wals Wals-Siezenheim 51.00 1 Cargobull Finance Holding B.V. Eindhoven 51.00 1 Cargobull Finance Ltd. Watford 51.00 1 Cargobull Finance S.A.S. Paris 51.00 1 Cargobull Finance S.p.A. con Socio Unico Milan 51.00 1 Cargobull Finance S.R.L. Boekarest 51.00 1 Cargobull Finance Sp. z o.o. Warsaw 51.00 1 Carrieres Acitvites Levallois Perret 100.00 1 Cavalaire Av. Marechal Lyautey Roubaix n/a 2 CBSC Capital Inc. Mississauga 51.00 1 CCRB Dublin Finance Dublin 94.33 1 Champs Vernet S.A.R.L. Paris 25.00 2 Chatillon LeClerc Levallois Perret n/a 1 50

Name Registered office % Reason for inclusion Chaville Salengro Levallois Perret n/a 1 City Cour Combination V.O.F. Haarlem n/a 2 Clichy Paymal Levallois Perret n/a 1 Clichy Talvas Levallois Perret n/a 2 Clos Pierre de Ronsard Lille Cedex n/a 1 Clos Rivage de Quesnoy Lille Cedex n/a 1 Closed joint-stock Company Rabobank Moscow 100.00 1 CMBS Participations B.V. Hoevelaken 100.00 1 Colmschate Beheer B.V. The Hague 50.00 2 Colmschate Ontwikkeling C.V. The Hague n/a 2 Combinatie Kodakterrein V.O.F. Amersfoort n/a 2 Combinatie Zoeterwoude C.V. Delft n/a 2 Consortium De Dijken B.V. Zwolle 42.50 2 Consortium Stappegoor B.V. Gouda 33.33 2 Coolsingel Beheer B.V. The Hague 100.00 1 Corestone Investment Managers A.G. Zug 100.00 1 Cour de Lichtenberg Selestat n/a 2 Cours LaFayette Lyon n/a 1 Curtec International Holding B.V. Rijen 57.00 1 C.V. Park Triangel Waddinxveen n/a 2 Daalsetunnel B.V. Utrecht 100.00 1 Danka Financial Services Inc./Services Financiers Danka Inc. Oakville 51.00 1 De Brasacker V.O.F. Beverwijk n/a 2 De Curie Beheer B.V. The Hague 100.00 1 De Haese Beheer B.V. Hoevelaken 50.00 2 De Lage Landen (China) Co. Ltd. Shanghai 100.00 1 De Lage Landen AB Stockholm 100.00 1 De Lage Landen America Holdings B.V. Eindhoven 100.00 1 De Lage Landen Baumaschinen Vermietung GmbH Düsseldorf 51.00 1 De Lage Landen Chile Limitada Santiago 100.00 1 De Lage Landen China Participations B.V. Eindhoven 100.00 1 De Lage Landen Co. Ltd. Seoul 100.00 1 De Lage Landen Commercial Vehicle Finance Zrt. Budapest 100.00 1 De Lage Landen Contract Holdings LLC Wilmington 100.00 1 De Lage Landen Corporate Finance B.V. Eindhoven 100.00 1 De Lage Landen Cross-Border Finance LLC Harrisburg 100.00 1 De Lage Landen Dealerlease B.V. Nijmegen 100.00 1 De Lage Landen Europe Participations B.V. Eindhoven 100.00 1 De Lage Landen Facilities B.V. Eindhoven 100.00 1 De Lage Landen Finance Inc. Wilmington 100.00 1 De Lage Landen Finance Ltd. Liabiliy Company Seoul 100.00 1 De Lage Landen Finance Zrt. Budapest 100.00 1 De Lage Landen Financial Services B.V. Eindhoven 100.00 1 De Lage Landen Financial Services Canada Inc./Services Financiers De Lage Oakville 100.00 1 Landen Canada Inc. De Lage Landen Financial Services Inc. East Lansing 100.00 1 De Lage Landen Financiering B.V. Eindhoven 100.00 1 De Lage Landen Finans AB Stockholm 100.00 1 De Lage Landen France S.A.S. Paris 100.00 1 De Lage Landen Funding Services B.V. Eindhoven 100.00 1 De Lage Landen Incasso B.V. Eindhoven 100.00 1 De Lage Landen International B.V. Eindhoven 100.00 1 De Lage Landen Investments Dublin 100.00 1 De Lage Landen Ireland Company Dublin 100.00 1 De Lage Landen Ireland Investments Ltd. Dublin 100.00 1 De Lage Landen KK Minato-ku 100.00 1 De Lage Landen Leasing AG Schlieren 100.00 1 51

Name Registered office % Reason for inclusion De Lage Landen Leasing Company Dublin 100.00 1 De Lage Landen Leasing GmbH Düsseldorf 100.00 1 De Lage Landen Leasing Kft. Budapest 100.00 1 De Lage Landen Leasing Ltd. Watford 100.00 1 De Lage Landen Leasing N.V. Zaventem 100.00 1 De Lage Landen Leasing Polska S.A. Warsaw 100.00 1 De Lage Landen Leasing S.A.S. Paris 100.00 1 De Lage Landen Leasing S.p.A. con Socio Unico Milan 100.00 1 De Lage Landen Ltd. Watford 100.00 1 De Lage Landen Liquid Investments Ltd. Dublin 100.00 1 De Lage Landen Luxembourg Finance S.A.R.L. Luxembourg 100.00 1 De Lage Landen Luxembourg Holding S.A.R.L. Luxembourg 100.00 1 De Lage Landen Luxembourg S.A.R.L. Luxembourg 100.00 1 De Lage Landen Materials Handling B.V. Eindhoven 100.00 1 De Lage Landen Materials Handling Belgium N.V. Zaventem 100.00 1 De Lage Landen Materials Handling Ltd. Watford 100.00 1 De Lage Landen Materials Handling S.A.S. Paris 100.00 1 De Lage Landen No. 3 Ltd. Watford 100.00 1 De Lage Landen Operational Services LLC Harrisburg 100.00 1 De Lage Landen Participaçôes Limitada Porto Alegre 69.60 1 De Lage Landen Pte. Ltd. Singapore 100.00 1 De Lage Landen Pty Ltd. Sydney 100.00 1 De Lage Landen Public Finance LLC Wilmington 100.00 1 De Lage Landen Re Ltd. Dublin 100.00 1 De Lage Landen Royalties & Trademark LLC Wilmington 100.00 1 De Lage Landen South Africa (Proprietary) Ltd. Cape Town 100.00 1 De Lage Landen Special Asset Leasing B.V. Eindhoven 100.00 1 De Lage Landen Technology Finance B.V. Eindhoven 100.00 1 De Lage Landen Technology Finance U.K. Ltd. Watford 100.00 1 De Lage Landen Trade Finance B.V. Eindhoven 100.00 1 De Lage Landen Truck Finance N.V. Zaventem 100.00 1 De Lage Landen Truck Services Ltd. Watford 100.00 1 De Lage Landen U.S. Participations Limited Liability Company B.V. Eindhoven 100.00 1 De Lage Landen U.S.A. Inc. Wilmington 100.00 1 De Lage Landen Vendorlease B.V. Eindhoven 100.00 1 De Lage Landen, S.A. de C.V., Sociedad Financiera de Objeto Múltiple Mexico City 100.00 1 Entidad no Regulada De Landerije Roosendaal V.O.F. Eindhoven n/a 2 De Roerdelta Projectontwikkelingsmaatschappij B.V. Roermond 50.00 2 De Rotterdam Beheer B.V. The Hague 75.00 1 De Rotterdam C.V. The Hague n/a 1 De Rotterdam I B.V. The Hague 100.00 1 De Wilde Projektmanagement B.V. Eindhoven 100.00 1 De Wissel Vastgoed B.V. Montfoort 100.00 1 De Woerd V.O.F. Amersfoort n/a 2 Dhuis Gambetta Levallois Perret n/a 1 Dijon Faubourg St. Pierre Lyon n/a 1 Dijon Renan Lyon n/a 2 Distrifonds I Management B.V. Hoevelaken 100.00 1 Distrifonds II Management B.V. Hoevelaken 100.00 1 DLL Management Services LLC Harrisburg 100.00 1 DLL U.S. Holding Company LP Wilmington n/a 1 DNF Participations B.V. Hoevelaken 100.00 1 Dolder Holding B.V. Hoofddorp 100.00 1 Domaine de Rochemarine Nice n/a 1 52

Name Registered office % Reason for inclusion Domaine du Mount Vernon Boulogne 50.00 2 Domaine Pleiade-Chap d Armentiere Saint Andre Lez Lille 50.00 2 Domus Bestuur B.V. The Hague 100.00 1 Dunkerque Portes d albion Lille Cedex n/a 1 Dutch Greentech Fund B.V. Amsterdam 100.00 1 Dutch Resi Limited Partner B.V. Hoevelaken 100.00 1 DWP Schuytgraaf B.V. Rosmalen 50.00 2 Edam LLC New York 100.00 1 Eerste Amsterdamse Gebiedsonderneming B.V. Amsterdam 33.33 2 Eichbaum Holding AG Basel 100.00 1 Eichenpark Verwaltungs GmbH Eppstein 46.06 1 Elysées Vernet S.A.R.L. Paris 100.00 1 Enning Makelaardij B.V. Winterswijk 50.00 1 Erasmus Cayman Corporation Cayman Islands 100.00 1 Erbi/Eagle II B.V. Alphen a/d Rijn 72.48 1 Essen-Cari B.V. Utrecht 100.00 1 Essendael Beheer B.V. Barendrecht 50.00 2 Eugenia V.O.F. Son n/a 2 Eurban Real Estate B.V. Hoevelaken 100.00 1 Eureka Guilleraies Levallois Perret 100.00 1 Eurl Marignan Val d'albian Levallois Perret 100.00 1 Exploitatiemaatschappij Vossekuil B.V. Klimmen 27.50 2 Falcon MGMT Group Inc. Walnut Creek 100.00 1 FARM Europe Fund Management B.V. Amsterdam 80.00 1 Fastighets AB artilleri Musiken i.o. Sundbyberg 50.00 2 FGH Assurantien B.V. Utrecht 100.00 1 FGH Bank N.V. Utrecht 100.00 1 FGH Vastgoed Expertise B.V. Utrecht 100.00 1 Finanzentrum Sverige AB Stockholm 100.00 1 First Part Dieu Lyon n/a 1 Fleet Solutions N.V. Zaventem 100.00 1 Fleet Solutions Nederland B.V. Amsterdam 100.00 1 Fleet Synergy International N.V. Zaventem 50.00 1 Flor Development Inc. Orlando 50.00 2 Flor Holding USA Inc. Orlando 43.77 2 Flor II LP Wilmington n/a 2 Flor Investments B.V. Rotterdam 50.00 2 Flor Real Estate B.V. The Hague 50.00 2 Flores Bouwfonds S.L. S.C.S. Gorraiz n/a 2 Flores Bouwfonds SL Gorraiz 50.00 2 Fondsenbeheer Nederland B.V. Hoevelaken 100.00 1 Fontaine Les Dijon Allobroges Lyon n/a 1 Fontaines Parc Saint Louis Lyon n/a 1 Fonteinkruid B.V. Rotterdam 50.00 1 Fontenay Aubert Vincennes Levallois Perret n/a 1 Franeker Zuid Beheer B.V. Zwolle 33.33 2 Franeker Zuid C.V. Zwolle n/a 2 Friesland Lease B.V. Drachten 51.11 1 FRM Ontwikkeling B.V. Utrecht 100.00 1 Fruit Holdings Inc. New York 100.00 1 G.B.F. Bouw- en Exploitatiemaatschappij B.V. Utrecht 100.00 1 Garenne Rue Sartoris Levallois Perret n/a 1 Gasfabriekterrein Zaandam B.V. Utrecht 33.33 2 Gasfabriekterrein Zaandam C.V. Utrecht n/a 2 GEM Carolus Den Bosch Beheer B.V. Nieuwegein 50.00 2 GEM Carolus Den Bosch C.V. Nieuwegein n/a 2 53

Name Registered office % Reason for inclusion GEM Essendael C.V. Barendrecht n/a 2 Gem Urk Tollebeek Beheer B.V. Zwolle 33.33 2 Gem Urk Tollebeek C.V. Nieuwegein n/a 2 GEM Westeraam Beheer B.V. Elst 24.30 2 GEM Westeraam Elst C.V. Elst n/a 2 Germany Residential Fund Management B.V. Hoevelaken 50.00 2 Germany Residential Fund Management GmbH Berlin 50.00 2 Germany Residential Fund Managing Director B.V. Amersfoort 94.00 1 Germany Residential Fund II Management B.V. Hoevelaken 50.00 2 Germany Residential Fund II Management GmbH Berlin 50.00 2 Germany Residential Fund II Managing Director B.V. Hoevelaken 94.00 1 Germany Residential Fund III Management B.V. Hoevelaken 50.00 2 Germany Residential Fund III Management GmbH Berlin 50.00 2 Germany Residential Fund III Managing Director B.V. Hoevelaken 94.00 1 Germany Residential Fund IV Management B.V. Hoevelaken 50.00 2 Germany Residential Fund IV Management GmbH Berlin 50.00 2 Germany Residential Fund IV Managing Director B.V. Hoevelaken 100.00 1 Germany Residential Fund V Management B.V. Hoevelaken 50.00 2 Germany Residential Fund V Management GmbH Berlin 50.00 2 Germany Residential Fund V Managing Director B.V. Hoevelaken 100.00 1 Germany Residential Fund VI Management B.V. Hoevelaken 100.00 1 Germany Residential Fund VI Management GmbH Berlin 100.00 1 Germany Residential Fund VI Managing Director B.V. Hoevelaken 100.00 1 GFS U.K. Ltd. Hatfield 51.00 1 Gielens Autoschade B.V. s-hertogenbosch 100.00 1 Gilde Buy Out Fund B.V. Utrecht 100.00 1 Gilde Buy Out Fund II B.V. Utrecht 57.82 1 Gilde Buy Out Fund III B.V. Utrecht 77.09 1 Gilde Buy Out IV Coöperatief U.A. Utrecht n/a 1 Gilde Europe Food & Agribusiness Fund B.V. Utrecht 55.23 1 Gilde IT I B.V. Utrecht 100.00 1 Gilde IT II Fund B.V. Utrecht 100.00 1 Gilde Participaties B.V. Utrecht 95.00 1 Gilde Strategic Situations B.V. Utrecht 100.00 1 GR VAF General Partner B.V. Hoevelaken 100.00 1 GR VAF Holding B.V. Hoevelaken 100.00 1 GR VAF II General Partner B.V. Hoevelaken 100.00 1 GR VAF Investments I B.V. Hoevelaken 100.00 1 GR VAF Investments II B.V. Hoevelaken 100.00 1 GR VAF Investments III B.V. Hoevelaken 100.00 1 GR VAF Investments IV B.V. Hoevelaken 100.00 1 GR VAF Investments V B.V. Hoevelaken 100.00 1 GR VAF Investments VI B.V. Hoevelaken 100.00 1 GR VAF Investments VII B.V. Hoevelaken 100.00 1 GR VAF Investments VIII B.V. Hoevelaken 100.00 1 GR VAF Investments IX B.V. Hoevelaken 100.00 1 GR VAF Investments X B.V. Hoevelaken 100.00 1 GR VAF Investments XI B.V. Hoevelaken 100.00 1 GR VAF Investments XII B.V. Hoevelaken 100.00 1 GR VAF Investments XIII B.V. Hoevelaken 100.00 1 Grand Theater Goes B.V. Terneuzen 100.00 1 Grasbroek V.O.F. Heerlen n/a 2 Green I B.V. Utrecht 100.00 1 Green II B.V. Utrecht 100.00 1 Green III B.V. Utrecht 100.00 1 Green IV B.V. Utrecht 100.00 1 54

Name Registered office % Reason for inclusion Green V B.V. Utrecht 100.00 1 Green VI B.V. Utrecht 100.00 1 Grenoble Le Siecle d Or Lyon 100.00 1 GRF V B.V. Hoevelaken 100.00 1 GRIF General Partner B.V. Hoevelaken 100.00 1 GRIF Holding B.V. Hoevelaken 100.00 1 GRIF Investments I B.V. Hoevelaken 100.00 1 GRIF Investments II B.V. Hoevelaken 100.00 1 GRIF Investments III B.V. Hoevelaken 100.00 1 GRIF Investments IV B.V. Hoevelaken 100.00 1 GRIF Investments V B.V. Hoevelaken 100.00 1 GRIF Investments VI B.V. Hoevelaken 100.00 1 GRIF Investments VII B.V. Hoevelaken 100.00 1 GRIF Investments VIII B.V. Hoevelaken 100.00 1 GRIF Investments IX B.V. Hoevelaken 100.00 1 GRIF Investments X B.V. Hoevelaken 100.00 1 GRIF Investments XI B.V. Hoevelaken 100.00 1 GRIF Investments XII B.V. Hoevelaken 100.00 1 GRIF Investments XIII B.V. Hoevelaken 100.00 1 GRIF Investments XIV B.V. Hoevelaken 100.00 1 GRIF Investments XIX B.V. Hoevelaken 100.00 1 GRIF Investments XX B.V. Hoevelaken 100.00 1 GRIF Investments XXI B.V. Hoevelaken 100.00 1 GRIF Investments XXII B.V. Hoevelaken 100.00 1 GRIF Investments XXIII B.V. Hoevelaken 100.00 1 GRIF Investments XXIV B.V. Hoevelaken 100.00 1 GRIF Investments XXV B.V. Hoevelaken 100.00 1 GRIF Investments XXVI B.V. Hoevelaken 100.00 1 GRIF Investments XXVII B.V. Hoevelaken 100.00 1 GRIF Investments XXVIII B.V. Hoevelaken 100.00 1 GRIF Investments XXIX B.V. Hoevelaken 100.00 1 GRIF Investments XXX B.V. Hoevelaken 100.00 1 GRIF Limited Partner I B.V. Hoevelaken 100.00 1 GRIF Limited Partner II B.V. Hoevelaken 100.00 1 Grimaud RD 558 Nice n/a 2 Groen Management B.V. Utrecht 100.00 1 Grondexploitatiemaatschappij Laarsche Velden Noord B.V. Beek en Donk 50.00 2 Grondexploitatiemaatschappij Perkpolder C.V. Kloosterzande n/a 2 Grondexploitatiemaatschappij Vroondaal Beheer B.V. The Hague 25.00 2 Grondexploitatiemaatschappij Vroondaal C.V. The Hague n/a 2 Grouse Arrow Trust Wilmington 100.00 1 Habitat Amiens Sud Compiegne n/a 2 Haie du Pont de Villebon Levallois Perret n/a 1 Hameau Des Vignes Amiens Lille Cedex n/a 1 Hansa Bouwfonds SCS Alicante n/a 2 Hansa Bouwfonds SL Alicante 50.00 2 Harbor Capital Advisors Inc. Chicago 100.00 1 Harbor Fund Distributors Inc. Chicago 100.00 1 Harbor Services Group Inc. Chicago 100.00 1 Haven Park Amsterdam B.V. Diemen 100.00 1 Haven Park Amsterdam C.V. Diemen n/a 1 Haverleij B.V. Rosmalen 33.33 2 Holding & Finance Company Rabobank Trust B.V. Utrecht 100.00 1 Holding Westmaas B.V. Panningen 100.00 1 Hoogkarspeler Ontwikkelingsmaatschappij B.V. Haarlem 33.33 2 Hoogkarspel-Zuid C.V. Avenhorn n/a 2 55

Name Registered office % Reason for inclusion Hoogveld Heerlen B.V. Maastricht 50.00 2 Houten Zuid Beheer B.V. Amersfoort 50.00 2 Houttuin B.V. Rotterdam 90.00 1 HSB Vastgoed Holding B.V. Hoevelaken 100.00 1 HSB Vastgoed II B.V. Hoevelaken 100.00 1 HSB Vastgoed III B.V. (Burggooi) Hoevelaken 100.00 1 HSB Vastgoed IV B.V. Hoevelaken 100.00 1 HSB Vastgoed V B.V. Hoevelaken 100.00 1 HSB Vastgoed VII B.V. Hoevelaken 100.00 1 HSB Vastgoed VIII B.V. Hoevelaken 100.00 1 HTWO Winterhude Objekt GmbH & Co KG Hamburg n/a 1 Hubertushoeve Oosterhout V.O.F. The Hague n/a 2 Iddink Services B.V. Ede 53.51 1 IEF Bouwfonds Management B.V. Hoevelaken 50.00 2 IEF Bouwfonds Management Delta B.V. Amsterdam 50.00 2 IEF Bouwfonds Structured Products B.V. Amsterdam 100.00 1 IEF Capital Basalt B.V. Amsterdam 50.00 2 IEF Capital Graniet B.V. Amsterdam 50.00 2 IEF Capital Management B.V. Amsterdam 100.00 1 IJ-Delta Ontwikkeling V.O.F. Diemen n/a 2 IJ-Delta Realisatie V.O.F. Haarlem n/a 2 Ilot Garibaldi-Lyon 7 Lyon 70.00 1 Inflation Exchange Fund (Vastgoed) Capricorn B.V. Amsterdam 48.00 2 Inflation Exchange Fund Capital Beta N.V. Amsterdam 48.00 2 Inflation Exchange Fund Capital N.V. Amsterdam 100.00 1 Inflation Exchange Fund Zodiac B.V. Amsterdam 48.00 2 Ingenope B.V. Klimmen 50.00 2 Institute for Research and Investment Services B.V. Rotterdam 100.00 1 Inteco Capital B.V. Amsterdam 65.29 1 Inter Access Group B.V. Hilversum 83.73 1 Interleasing Luxembourg S.A. Luxembourg 100.00 1 Investir B.V. Utrecht 100.00 1 Investment & Management Services B.V. Utrecht 100.00 1 IPB Holding B.V. Utrecht 100.00 1 Issy Jeanne d Arc Levallois Perret n/a 2 IT Finans AS Oslo 100.00 1 Jack Frenken Makelaardij B.V. Roermond 75.00 1 Jardins de Diane (les) Selestat n/a 2 Jardins St. Dominique Levallois Perret 100.00 1 JBM SAM Sustainable Multi-Theme EUR C Luxembourg 89.50 1 Jufferbeek Vastgoed B.V. Oldenzaal 33.33 2 Juliahof V.O.F. Naaldwijk n/a 2 Jungheinrich Finance Ltd. Watford 100.00 1 Kadijken V.O.F. Haarlem n/a 2 Kaiserswerther strasse Dusseldorf Verwaltungs GmbH Düsseldorf n/a 2 Kaiserswerther strasse Verwaltungs GmbH Düsseldorf 50.00 2 KenTyde B.V. Rotterdam 81.22 1 Kistemaker s Handelsmaatschappij Den Haag B.V. The Hague 100.00 1 Kleinschalig Vastgoed Amsterdam B.V. Amsterdam 33.33 2 Komatsu Financial France S.A.S. Paris 95.00 1 Komatsu Financial Germany GmbH Düsseldorf 95.00 1 Komatsu Financial Italy S.p.A. Milan 75.00 1 Komatsu Financial Spain S.A. Establecimiento Financiero de Crédito Madrid 95.00 1 Komplementarges Winterhude II GmbH Hamburg 80.00 1 Koop Watermanagement Holding B.V. Utrecht 60.00 1 Kryptoned B.V. Utrecht 100.00 1 56

Name Registered office % Reason for inclusion Kryptovast I B.V. Utrecht 100.00 1 Kryptovast II B.V. Utrecht 100.00 1 Kryptovast III B.V. Utrecht 100.00 1 Kryptovast IV B.V. Utrecht 100.00 1 Kryptovast Rijnenburg B.V. Utrecht 100.00 1 La Citta Meubile B.V. The Hague 100.00 1 Laagland Participaties B.V. Lelystad 93.00 1 Langholm Capital LLP London n/a 1 Leiden Inc. New York 100.00 1 Les Feuillantines Selestat n/a 2 Les Longeres Levallois Perret n/a 1 Levallois Paul Bert Levallois Perret n/a 1 Lichtstad Residentie B.V. The Hague 50.00 1 Lille Eclat de Verre Boulogne n/a 2 Lille Les Jardins de Molinel Lille Cedex n/a 1 Lille Villas Inkermann Lille Cedex n/a 1 Limited Liability Company Cargobull Finance Moscow 51.00 1 Limited Liability Company De Lage Landen Leasing Moscow 100.00 1 Livingstone Building Industry B.V. Breda 100.00 1 LOG*IN Consultants International B.V. Amsterdam 56.50 1 Lokkegaardsvej ApS Herning 50.00 2 Lokkegaardsvej KS Herning 55.00 2 Luzac Opleidingen B.V. The Hague 80.00 1 Lyon 8è Avenue Lyon n/a 1 Lyon Boisard Villa Toscane Lyon n/a 1 Lyon Islands Lyon n/a 1 Lyon Le Jouffroy d Abbans Lyon n/a 1 Lyon Le Monjoly Lyon n/a 1 Lyon Le Sarrail Lyon n/a 1 Maasstede Woning Ontwikkeling Capelle B.V. Rotterdam 20.00 2 Maasstede Woning Ontwikkeling Capelle C.V. Rotterdam n/a 2 MAB Beteiligungsgesellschaft mbh Frankfurt am Main 100.00 1 MAB Development Deutschland GmbH Frankfurt am Main 100.00 1 MAB Development France S.A. Paris 100.00 1 MAB Development Group B.V. The Hague 100.00 1 MAB Development Nederland B.V. The Hague 100.00 1 MAB Development Outlet Centre B.V. The Hague 50.00 2 MAB Eigen Steen Ontwikkeling B.V. The Hague 100.00 1 MAB Participations S.A. Paris 100.00 1 MAB Projectentwicklung GmbH & Co.KG Frankfurt am Main n/a 1 MAB Roppenheim S.A.R.L. Paris 25.00 2 Mab Seriho B.V. The Hague 100.00 1 MAB Services B.V. The Hague 100.00 1 MAB Tom B.V. The Hague 100.00 1 MAB Vastgoed een B.V. The Hague 100.00 1 MAB Vastgoed twee B.V. The Hague 100.00 1 MAB Vastgoed drie B.V. The Hague 100.00 1 MAB Vastgoed V B.V. The Hague 100.00 1 MAB Vastgoed VI B.V. The Hague 100.00 1 MAB Vastgoed VII B.V. The Hague 100.00 1 MAB Vastgoed VIII B.V. The Hague 100.00 1 MABOG Vastgoed I B.V. The Hague 100.00 1 MABOG Vastgoed II B.V. The Hague 100.00 1 Madeleine Le Grand Angle Lille Cedex n/a 2 Maesinvest B.V. Utrecht 50.00 2 Maine Angers Nantes n/a 1 57

Name Registered office % Reason for inclusion Mainport Innovation Fund B.V. Amsterdam 50.00 1 Makelaardij De Smelthe Oosterwolde B.V. Oosterwolde 100.00 1 Marceau Arago Levallois Perret n/a 2 Marceau Robespierre Levallois Perret n/a 2 Marignan C.P.I. Levallois Perret 100.00 1 Marignan Elysee S.N.C. Levallois Perret 100.00 1 Marignan Habitat S.N.C. Levallois Perret 100.00 1 Marignan Montparnasse S.N.C. Levallois Perret 100.00 1 Marignan Résidences S.N.C. Levallois Perret 100.00 1 MarQuis Makelaars & Taxateurs B.V. s-gravendeel 50.00 1 Marseille La Dominique Marseille n/a 2 Meijer & Majoor Hypotheken B.V. Delfzijl 50.00 1 Melkmarkt Ontwikkeling B.V. Zwolle 100.00 1 Menton Villa Farnese Nice n/a 1 Meppeldoorn C.V. 2 Hoevelaken n/a 1 Merel Corp. New York 100.00 1 Meudon Montalets Levallois Perret n/a 1 Meze Avenue du Gal de Gaulle Marseille n/a 2 Midden Drente Makelaars B.V. Westerbork 100.00 1 MirasolBusinessTrust Wilmington 100.00 1 MKB Vastgoed Ontwikkeling I B.V. Apeldoorn 100.00 1 MKB Vastgoed Ontwikkeling II B.V. Apeldoorn 100.00 1 MKB Vastgoed Ontwikkeling III B.V. Apeldoorn 100.00 1 MKB Vastgoed Plan B.V. Apeldoorn 100.00 1 MN Residential GP Inc. Wilmington 36.47 2 Moerdijk Vastgoed B.V. The Hague 50.00 1 Mondriaan Ventures B.V. Amsterdam 50.00 1 Montecristo Developpement S.A.S. Paris 100.00 1 Montpellier Ile Verte Marseille 100.00 1 Montpellier les Jardins de la Lironde Marseille n/a 2 Montpellier les Pivoines Marseille n/a 2 Montpellier Parc Marianne Marseille n/a 2 Montpellier Peyre Plantade Marseille n/a 2 Montpellier pic St. Loup Marseille n/a 1 Montpellier pic St. Loup 2 Marseille n/a 2 Montreuil les Saules Levallois Perret n/a 1 Mozu Arrow Trust Wilmington 100.00 1 Multifleet G.I.E. Roissy CDG Cedex 50.10 1 N.V. Bouwfonds Brussel Brussels 100.00 1 N.V. Handelsmaatschappij Het Zuiden Eindhoven 100.00 1 N.V. Onroerend Goed Maatschappij Gebeka Utrecht 100.00 1 Nantes Beaurepaire Nantes n/a 1 Nantes Louisiane Nantes n/a 1 NCT Beheer B.V. Utrecht 33.33 2 Nederfonds V.O.F. Amersfoort n/a 2 Nederlandse Hypotheekbank N.V. Utrecht 100.00 1 Nemab S.A.R.L. Luxembourg 25.00 2 New China Town C.V. Hoevelaken n/a 2 New Chinatown Amsterdam C.V. The Hague n/a 2 New Chinatown Beheer B.V. The Hague 25.00 2 New Values B.V. Amsterdam 50.00 1 Nice 69 Corniche Fleurie Nice n/a 1 Nice Chapelle St. Pierre Nice n/a 1 Nieuw Rhijngeest V.O.F. Delft n/a 2 Nieuwe Bedrijvencentrum Basis B.V. Amsterdam 100.00 1 Nouville Arcen en Velden Grondexploitatie B.V. Heerlen 100.00 1 58

Name Registered office % Reason for inclusion Nouville Ontwikkeling B.V. Heerlen 100.00 1 Oban B.V. Assendelft 25.00 2 Objektgesellschaft Saarstrasse Wohnbau mbh Munich 100.00 1 Objektgesellschaft Schwere-Reiter-Strasse Gewerbebau mbh Munich 100.00 1 Obvion N.V. Heerlen 70.00 1 OC Balkon Beheer B.V. Maassluis 50.00 2 OC De Nieuwe Kamperpoort B.V. Zwolle 25.00 2 OC Thielander II - Zevender Beheer B.V. IJsselstein 23.96 2 OC Thielander II - Zevender Beheer C.V. IJsselstein n/a 2 OCW Beheer B.V. Hoevelaken 20.00 2 ODE Beheer B.V. The Hague 50.00 2 ODE Bestuur B.V. The Hague 50.00 2 ODE Energie B.V. The Hague 29.14 2 Oksomera Groupt B.V. Deurne 58.53 1 Onroerend Goed Exploitatie Maatschappij Hoevelaken B.V. The Hague 100.00 1 Onroerend Goed Exploitatie Maatschappij Weldam B.V. Hoevelaken 100.00 1 Ontwikkelingsbedrijf Waalfront Beheer B.V. Nijmegen 50.00 2 Ontwikkelingsbedrijf Waalfront C.V. Nijmegen n/a 2 Ontwikkeling Zuideinde Westzaan V.O.F. Haarlem n/a 2 Ontwikkelings- en Exploitatie Maatschappij Almere-Haven B.V. Utrecht 100.00 1 Ontwikkelingsbedrijf De Westlandse Zoom B.V. Naaldwijk 25.00 2 Ontwikkelingsbedrijf De Westlandse Zoom C.V. Naaldwijk n/a 2 Ontwikkelingscombinatie Alblas V.O.F. Delft n/a 2 Ontwikkelingscombinatie Almere Hart C.V. The Hague n/a 2 Ontwikkelingscombinatie Balkon Maassluis C.V. Maassluis n/a 2 Ontwikkelingscombinatie Batavia Haven C.V. Utrecht n/a 2 Ontwikkelingscombinatie Bergvliet Haastrecht V.O.F. Bergambacht n/a 2 Ontwikkelingscombinatie Brouwhuizen V.O.F. Zwolle n/a 2 Ontwikkelingscombinatie Damcentrum Bestuur B.V. Delft 50.00 2 Ontwikkelingscombinatie Damcentrum C.V. Delft n/a 2 Ontwikkelingscombinatie Houten Zuid C.V. Amersfoort n/a 2 Ontwikkelingscombinatie Madestein V.O.F. Utrecht n/a 2 Ontwikkelingscombinatie Polderweggebied V.O.F. Amsterdam n/a 2 Ontwikkelingscombinatie Sancta Maria Bestuur B.V. Papendrecht 50.00 2 Ontwikkelingscombinatie Sancta Maria C.V. Papendrecht n/a 2 Ontwikkelingscombinatie Van Hoogevest Bouwfonds V.O.F. Amersfoort n/a 2 Ontwikkelingscombinatie Vosholen C.V. Hoevelaken n/a 2 Ontwikkelingscombinatie Waalsprong C.V. Hoevelaken n/a 2 Ontwikkelingscombinatie Wateringse Veld C.V. The Hague n/a 2 Ontwikkelingscombinatie Westlandse Zoom Beheer B.V. Delft 50.00 2 Ontwikkelingscombinatie Westlandse Zoom C.V. Delft n/a 2 Ontwikkelingscombinatie Zeist Centrum V.O.F. Weesp n/a 2 Ontwikkelingsmaatschappij 023 C.V. Haarlem n/a 2 Ontwikkelingsmaatschappij Assendelft-Noord C.V. Assendelft n/a 2 Ontwikkelingsmaatschappij BWB M-O B.V. Hoevelaken 100.00 1 Ontwikkelingsmaatschappij BWB N-O B.V. Hoevelaken 100.00 1 Ontwikkelingsmaatschappij BWB N-W B.V. Hoevelaken 100.00 1 Ontwikkelingsmaatschappij BWB Z B.V. Arnhem 100.00 1 Ontwikkelingsmaatschappij BWB Z-W B.V. Hoevelaken 100.00 1 Ontwikkelingsmaatschappij Cavelot B.V. Heerlen 75.00 1 Ontwikkelingsmaatschappij De Haese C.V. Hoevelaken n/a 2 Ontwikkelingsmaatschappij De Heun B.V. The Hague 100.00 1 Ontwikkelingsmaatschappij Landgraaf B.V. Landgraaf 33.33 2 Ontwikkelingsmaatschappij Loobeek B.V. Venray 50.00 2 Ontwikkelingsmaatschappij Noordrand B.V. The Hague 33.30 2 Ontwikkelingsmaatschappij Park Duinweg V.O.F. Grijpskerke n/a 2 59

Name Registered office % Reason for inclusion Ontwikkelingsmaatschappij Zeister Lyceumkwartier B.V. Amersfoort 100.00 1 Ontwikkelingsverband Amerstaete 3 V.O.F. Amersfoort n/a 2 Ontwikkelingsverband Houten C.V. Amersfoort n/a 2 Oolder Veste B.V. Heerlen 100.00 1 OOO Softcom Moscow 100.00 1 Oosterdokseiland Ontwikkeling Amsterdam C.V. The Hague n/a 2 Oosterpolder C.V. Hoorn n/a 2 Orbay B.V. s-hertogenbosch 100.00 1 Orvault les Peintres Nantes n/a 1 Oullins le Clos Fleury Lyon n/a 1 OVH Beheer B.V. Amersfoort 41.83 2 Pabston Finance N.V. Willemstad 100.00 1 PalaisQuartier GmbH & Co. KG Frankfurt am Main n/a 2 Parc de Bussy Levallois Perret n/a 1 Parc du Château Lyon n/a 2 Paris Xix Passage de Melun Levallois Perret n/a 2 Park Triangel Beheer B.V. Waddinxveen 50.00 2 Parkplan Hoevelaken V.O.F. Amersfoort n/a 2 Participatiemaatschappij Leidschenveen B.V. Rosmalen 26.60 2 Participatiemaatschappij Wateringse Veld II B.V. Hoevelaken 100.00 1 Parts Plan B.V. Apeldoorn 50.00 1 Patmos N.V. Willemstad 100.00 1 Perreux Recourat Levallois Perret n/a 1 Philips Medical Capital LLC Wilmington 60.00 1 Pieter Vreedeplein Beheer B.V. The Hague 50.00 2 Pieter Vreedeplein Ontwikkeling C.V. The Hague n/a 2 Platypus Finance Pty Ltd. Sydney 100.00 1 PM-C (Haute Borne) Saint Andre Lez Lille n/a 2 PM-IE (Haute Borne) Saint Andre Lez Lille n/a 2 PM-IO (Haute Borne) Saint Andre Lez Lille n/a 2 PM-M (Haute Borne) Saint Andre Lez Lille n/a 2 Polderkamer V.O.F. Haarlem n/a 2 Polhuis Vastgoed I B.V. Amsterdam 100.00 1 Polhuis Vastgoed II B.V. Diemen 100.00 1 Pollux Vastgoed C.V. Utrecht n/a 1 Pont Courbe S.A. Lillois 50.00 2 Pont de Metz Clos des Erables Lille Cedex n/a 1 Premier Valley Foods Inc. Walnut Creek 100.00 1 Prieure Maisons Laffitte Levallois Perret n/a 1 Primary Investment Management B.V. Amsterdam 80.00 1 Project Holland Deelnemingen B.V. Amsterdam 50.00 1 Project Holland Beheer Amsterdam 50.00 1 Project Holland Fonds C.V. Amsterdam n/a 1 Project Konigsbrunn GmbH & CO. KG Frankfurt am Main n/a 1 Project Konigsbrunn Verwaltungs GmbH Frankfurt am Main 100.00 1 Projektontwikkeling Edam-Volendam B.V. Volendam 20.00 2 Projektontwikkelingsmaatschappij Heuvelland B.V. Heerlen 50.00 2 Proleg Marseille n/a 1 Proverko Deelnemingen B.V. Goes 100.00 1 Proverko Ontwikkeling B.V. Goes 100.00 1 Provinciënbaan Bouwontwikkeling V.O.F. Tilburg n/a 2 Pt Bank Rabobank International Indonesia Jakarta 56.94 1 Quai des Anglais Dunkerque Lille Cedex n/a 1 Rabo AgInsurance Serv Inc. Cedar Falls 100.00 1 Rabo Agrifinance Inc. St. Louis 100.00 1 Rabo Australia Ltd. Sydney 100.00 1 60

Name Registered office % Reason for inclusion Rabo Bouwfonds CIF General Partner B.V. Hoevelaken 100.00 1 Rabo Bouwfonds CMBS (Fund) General Partner B.V. Hoevelaken 100.00 1 Rabo Bouwfonds Holding N.V. Utrecht 100.00 1 Rabo Bouwfonds Real Estate Loan Fund I B.V. Hoevelaken 100.00 1 Rabo Brokerage HK Ltd. Central 100.00 1 Rabo Capital B.V. Utrecht 100.00 1 Rabo Capital Securities Ltd. Wellington 100.00 1 Rabo Capital Services Inc. New York 100.00 1 Rabo Cultuurbank B.V. Utrecht 100.00 1 Rabo Development B.V. Utrecht 100.00 1 Rabo FARM Europe Investments B.V. Hoevelaken 50.00 1 Rabo Farm Latin America investment Services S.A. Buenos Aires 100.00 1 Rabo Finance Chile Agente de Valores Santiago de Chile 100.00 1 Rabo Financial Products B.V. Amsterdam 100.00 1 Rabo Financieringsmaatschappij B.V. Eindhoven 100.00 1 Rabo Food & Agri Real-assets Management (FARM) B.V. Amsterdam 100.00 1 Rabo Groei Sparen B.V. Utrecht 100.00 1 Rabo Groen bank B.V. Utrecht 100.00 1 Rabo Herverzekeringsmaatschappij N.V. Utrecht 100.00 1 Rabo India Finance Ltd. Gurgaon 100.00 1 Rabo India Securities Private Ltd. Mumbai 100.00 1 Rabo Innovatiekapitaalfonds B.V. Utrecht 100.00 1 Rabo International Advisory Services B.V. Utrecht 100.00 1 Rabo Investment Management AG Zürich 100.00 1 Rabo Investments B.V. Utrecht 100.00 1 Rabo Ireland Group Pension Trustee Ltd. Dublin 67.00 1 Rabo Krediet Maatschappij B.V. Eindhoven 100.00 1 Rabo Makelaardij Lek en IJssel B.V. Krimpen a/d IJssel 99.00 1 Rabo Merchant Bank N.V. Utrecht 100.00 1 Rabo Mobiel B.V. Utrecht 100.00 1 Rabo Participaties B.V. Utrecht 100.00 1 Rabo Pensiongesellschaft MBH Frankfurt am Main 100.00 1 Rabo Pre-Seed Fonds B.V. Utrecht 80.00 1 Rabo Project Equity B.V. Amsterdam 100.00 1 Rabo Securities USA Inc. New York 100.00 1 Rabo Servicios y Asesorias Ltda. Santiago de Chile 100.00 1 Rabo Support Services Inc. New York 100.00 1 Rabo Trading Germany GmbH Frankfurt am Main 100.00 1 Rabo Trading Netherlands B.V. Utrecht 100.00 1 Rabo U.K. Group Holdings Unltd. London 100.00 1 Rabo Vastgoedgroep Holding N.V. Hoevelaken 100.00 1 Rabo Ventures B.V. Amsterdam 100.00 1 Rabo Wielerploegen B.V. Amsterdam 100.00 1 Rabobank Australia Ltd. Sydney 100.00 1 Rabobank Capital Funding Trust II New York 100.00 1 Rabobank Capital Funding Trust III Newark 100.00 1 Rabobank Capital Funding Trust IV Newark 100.00 1 Rabobank Capital Funding Trust V New York 100.00 1 Rabobank Capital Funding Trust VI New York 100.00 1 Rabobank Captial Fundings III LLC New York 100.00 1 Rabobank Chile S.A. Santiago de Chile 100.00 1 Rabobank Curaçao N.V. Willemstad 100.00 1 Rabobank Finance Uruguay N.V. Willemstad 100.00 1 Rabobank International Holding N.V. Utrecht 100.00 1 Rabobank Investment Guernsey Ltd. St. Peter Port 100.00 1 Rabobank Ireland Plc Dublin 100.00 1 61

Name Registered office % Reason for inclusion Rabobank Ledencertificaten N.V. Utrecht 100.00 1 Rabobank National Association Roseville 100.00 1 Rabobank Nederland Participatiemaatschappij B.V. Utrecht 100.00 1 Rabobank New Zealand Ltd. Wellington 100.00 1 Rabobank Overname Financiering N.V. Utrecht 100.00 1 Rabobank Polska S.A. Warsaw 100.00 1 Rabobank Rembrandt F&O B.V. Amsterdam 50.99 1 Rabobank Trading S.A. Sao Paulo SP 100.00 1 Rabobank Trust Company N.V. Utrecht 100.00 1 Rabobank Trust Investments & Finance B.V. Utrecht 100.00 1 Rabobank Trust Nederland Holding B.V. Utrecht 100.00 1 Rabobank USA Financial Corporation New York 100.00 1 RaboBouwfonds Palais Quartier GmbH Frankfurt am Main 100.00 1 RaboHypotheekbank N.V. Utrecht 100.00 1 Raboinvestments Chile S.A. Santiago de Chile 100.00 1 RaboMakelaardij de Peel B.V. Deurne 100.00 1 Rabotoren B.V. Almere 100.00 1 Radarport B.V. Utrecht 100.00 1 Rafo V.O.F. Utrecht n/a 2 Raiffeisenhypotheekbank N.V. Eindhoven 100.00 1 RB Alabama Holdings II LLC New York 100.00 1 RB Alabama Holdings LLC New York 100.00 1 RB Indio Holdings LLC New York 100.00 1 RB Receivables LLC New York 100.00 1 RB Terra Lago Holding LLC New York 100.00 1 RB West Creek Holdings LLC New York 100.00 1 RB/Risicobeheer B.V. St. Jansteen 100.00 1 RBCAM LLC New York 100.00 1 RBCEM Inc. New York 100.00 1 RBD II Inc. New York 100.00 1 RBDB Inc. New York 100.00 1 RBDC LLC New York 100.00 1 RBE Holdings LLC New York 100.00 1 RBIP Inc. New York 100.00 1 RBJR Inc. New York 100.00 1 RBKC Inc. New York 100.00 1 RBPS II Inc. Georgetown 100.00 1 RBPS III Inc. Georgetown 100.00 1 RBSBC Inc. New York 100.00 1 Rebermen Lyon n/a 1 Recitales St. Andre Lez Lille Marignan 50.00 2 Red Draught Ltd. Dublin 100.00 1 Regiomakelaardij B.V. Dokkum 100.00 1 Reisbureau Midden-Drente B.V. Westerbork 100.00 1 Renaissance Nantes Nantes n/a 1 Residence Beausoleil Nice n/a 2 Residential Property Disposition Fund I B.V. Hoevelaken 100.00 1 Residential Property Disposition Fund II Alpha B.V. Hoevelaken 49.00 2 Residential Property Disposition Fund II B.V. Hoevelaken 100.00 1 Residential Property Disposition Fund III B.V. Hoevelaken 100.00 1 Resource Eastern European Equity Partners I LP Warsaw n/a 1 RI Corporate Finance B.V. Utrecht 100.00 1 RI Investment Holdings B.V. Utrecht 100.00 1 RI Leveraged Finance B.V. Utrecht 100.00 1 RI Project Finance B.V. Utrecht 100.00 1 RI Structured Finance B.V. Utrecht 100.00 1 62

Name Registered office % Reason for inclusion Richter II Marseille n/a 2 River Oaks Holding LP Houston 39.38 2 Rives de L ischert (les) Selestat n/a 2 Robeco 130/30 Emerging Markets EUR D Luxembourg 50.50 1 Robeco 130/30 European Equities Luxembourg 69.00 1 Robeco AG Zürich 100.00 1 Robeco All Weather Global Equities Luxembourg 55.70 1 Robeco Bestuurder Bewaarder B.V. Rotterdam 100.00 1 Robeco Direct N.V. Rotterdam 100.00 1 Robeco Eur Dividend Ext B Luxembourg 92.20 1 Robeco Euro Sustainable Credits Luxembourg 100.00 1 Robeco Fund Management B.V. Rotterdam 100.00 1 Robeco General Partner European II B.V. Rotterdam 100.00 1 Robeco General Partner Funds B.V. Rotterdam 100.00 1 Robeco General Partner Global II B.V. Rotterdam 100.00 1 Robeco General Partner Sustainable B.V. Rotterdam 100.00 1 Robeco Gestions S.A. Paris 99.90 1 Robeco Groep N.V. Rotterdam 100.00 1 Robeco Hong Kong Ltd. Hong Kong 100.00 1 Robeco India Holding B.V. Rotterdam 100.00 1 Robeco Indian Equities Luxembourg 97.30 1 Robeco Institutional Asset Management B.V. Rotterdam 100.00 1 Robeco Institutional Asset Management US Inc. Delaware 100.00 1 Robeco International Holding B.V. Rotterdam 100.00 1 Robeco Investment Management Inc. New York 100.00 1 Robeco Investment Management U.K. Ltd. London 100.00 1 Robeco Luxembourg S.A. Luxembourg 99.00 1 Robeco Manager BSR B.V. Rotterdam 100.00 1 Robeco Manager Clean Tech II B.V. Rotterdam 100.00 1 Robeco Manager European III B.V. Rotterdam 100.00 1 Robeco Manager Global III B.V. Rotterdam 100.00 1 Robeco Manager Responsible II B.V. Rotterdam 100.00 1 Robeco Multi Alternatives Paris 99.90 1 Robeco Nederland B.V. Rotterdam 100.00 1 Robeco Sage Long/Short Equities New York 100.00 1 Robeco Schweiz AG Zürich 100.00 1 Robeco Securities Lending B.V. Rotterdam 100.00 1 Robeco Securities LLC New York 100.00 1 Robeco Taiwan Ltd. Taipei 100.00 1 Robeco Teda (Tianjin) Equity Investment Management Co. Ltd. Tianjin 51.00 1 Robeco Teda (Tianjin) Investment Management Co. Ltd. Tianjin 51.00 1 Robeco Trust Company New York 100.00 1 Robeco US Holding Inc. New York 100.00 1 Ro-Boetie S.A.S. Paris 99.80 1 ROBORA Zuidoost V.O.F. Amsterdam n/a 2 Rotij Planontwikkeling Beheer B.V. Rijssen 25.00 2 Rotij Projecten B.V. Rijssen 41.50 2 Rotij Vastgoedontwikkeling B.V. Rijssen 25.00 2 RPDF Beherend Vennoot B.V. Hoevelaken 100.00 1 RPDF II General Partner B.V. Hoevelaken 100.00 1 RPDF Limited Partner B.V. Hoevelaken 100.00 1 Rue Ricolfi (21) Nice n/a 1 Rueil Republique Levallois Perret n/a 1 RvR Limburg Beheer B.V. Maastricht 50.00 2 RvR Limburg C.V. Maastricht n/a 2 Sablons Lyon n/a 1 63

Name Registered office % Reason for inclusion Sainghin la Sablonniere Lille Cedex 50.00 2 Sainghin le Clos du Bellay Lille Cedex n/a 2 Saint Herblain Calligramme Nantes n/a 1 SAM Group Holding AG Zürich 100.00 1 SAM Indexes GmbH Zürich 100.00 1 Sam Mexico Inc. New York 100.00 1 SAM Private Equity AG Zürich 100.00 1 SAM Research AG Zürich 100.00 1 SAM Sustainable Asset Management AG Zürich 100.00 1 Sarabet AG Basel 46.06 1 Sarafi BVSA Berchem 99.95 1 Sarasin (U.K.) Ltd. London 46.06 1 Sarasin CEE & Austria AG Vienna 46.06 1 Sarasin Funds Management (Guersey) Ltd. St. Peter Port 46.06 1 Sarasin Investmentfonds AG Basel 46.06 1 Sarasin Rabo Investment Management Ltd. Hong Kong 46.06 1 Sarasin Trust Company (Singapore) Ltd. Singapore 46.06 1 Sarasin Trust Company Guernsey Ltd. St. Peter Port 46.06 1 S.A.R.L. Atlante Paris 100.00 1 S.A.R.L. Mondrian Paris 100.00 1 S.A.R.L. Salamandre Paris 100.00 1 S.A.R.L. Vermeer Paris 100.00 1 Sartoris II Levallois Perret n/a 1 Sartrouville Le Fresnay Levallois Perret n/a 2 Scheepvaart Maatschappij Fokko B.V. Utrecht 100.00 1 Schretlen & Co. N.V. Amsterdam 100.00 1 Schretlen Estate Management Services B.V. Amsterdam 100.00 1 SCI ECRE Nice 50.00 2 SCI SCCV Promenade Paris n/a 2 SCI Villeurbane Galtier Paris n/a 1 Scott Financal Services and Leasing LLC Dover 51.00 1 SFRF GP LLC Dover 50.00 2 s-heerenberg Vastgoed B.V. The Hague 50.00 1 Silver Island Corporation N.V. Willemstad 100.00 1 Simart le Chesnay Levallois Perret n/a 1 Slatina SL Brno n/a 1 SLTN Holding B.V. Almere 50.98 1 SNC Bouwfonds Financiering Participaties France I Paris 100.00 1 SNC Bouwfonds Financiering Participaties Holding France I Paris 100.00 1 SNC Le Havre Centre René Coty Paris 50.00 2 SNC MAB Transactions Paris 100.00 1 Sofimari Levallois Perret n/a 1 Solaris V.O.F. Amersfoort n/a 2 Solferino Barbusse Levallois Perret n/a 2 Solid Fund Holding B.V. Amersfoort 100.00 1 Solid Fund II Management B.V. Hoevelaken 100.00 1 Solid Fund Management B.V. Hoevelaken 100.00 1 Southeast Timber Inc. Stamford 100.00 1 Southland Timber Holdings LLC Stamford 100.00 1 SP Courts LP Laurel n/a 1 SP Crossing LP Laurel n/a 1 SP Holly LP Laurel n/a 1 SP Woods LP Laurel n/a 1 Special Asset Equity Holdings series LLC New York 100.00 1 Special Asset Holdings Inc. New York 100.00 1 Special Lease Systems (SLS) B.V. Rotterdam 100.00 1 64

Name Registered office % Reason for inclusion SPV M B.V. Oude-Tonge 90.00 1 SPV RM B.V. Oude-Tonge 90.00 1 SPVS B.V. Amsterdam 99.00 1 St. Foy La Maison Carree Lyon n/a 1 St. Laurant Topaze Nice n/a 1 St. Pierre Clamart Levallois Perret n/a 1 St. Pierre Lyon 9e Lyon n/a 1 St. Raphael Riviere Nice n/a 1 St. Holland Homes Oranje II (term deal) Amsterdam n/a 1 St. Mortgage Purchasing Co (Conduit) Amsterdam n/a 1 Stad & Zeeland Makelaars B.V. Goes 100.00 1 Stadsoevers Bestuur B.V. Roosendaal 25.00 2 Stadsoevers C.V. Roosendaal n/a 2 Stichting Administratiekantoor IEF Bouwfonds Structured Products Amsterdam n/a 2 Stichting Administratiekantoor Inflation Exchange Fund Capital Beta Amsterdam n/a 2 Stichting Bewaarder Bres II Hoevelaken n/a 1 Stichting Bewaarder Rabo Farm Europe Fund Amsterdam n/a 1 Stichting RPDF Holding Hoevelaken n/a 1 Stichting Wonen Boven Winkels en Bedrijven Amsterdam Amsterdam n/a 2 Stichting Woningen NL Holding B.V. Hoevelaken n/a 1 STOAS Holding B.V. Wageningen 76.59 1 StoneBridge Florida Resid. Fund I LP Arlington n/a 2 StoneBridge Investments B.V. Rotterdam 50.00 2 StoneBridge REIM Inc. Dover 50.00 2 StoneBridge Stillwater Branch Creek LP Dover n/a 2 StoneBridge Washington Residential Fund IV LP Dover 50.00 2 Storrow Drive Corporation N.V. Willemstad 100.00 1 Sustainable Asset Management Australia Ltd. Sydney 100.00 1 Sustainable Asset Management USA Inc. New York 100.00 1 Swift Arrow Trust Wilmington 100.00 1 SWRF Courtyard Park GP LLC Baltimore 40.00 2 SWRF GP B.V. Hoevelaken 50.00 2 SWRF IV GP LLC Dover 50.00 2 SWRF Spring Valley GP LLC Arlington 40.00 2 Tempo Finance Ltd. Cayman Islands 100.00 1 Terrasses de Marianne Marseille n/a 2 THH Inc. Walnut Creek 100.00 1 Tholen Stad Grondexploitatie V.O.F. Tholen n/a 2 Tourcoing Botanique Lille Cedex n/a 2 Tournelles de Roissy Levallois Perret n/a 1 Transtrend B.V. Rotterdam 100.00 1 Transveer Beheer B.V. Utrecht 100.00 1 Transveer V.O.F. Utrecht n/a 1 Treehouse Almonds Inc. Walnut Creek 100.00 1 Treehouse Farms, Inc. Walnut Creek 100.00 1 Truckland Lease B.V. Eindhoven 51.00 1 Unilease Belgium N.V. Zaventem 100.00 1 Urban Villa s Elst V.O.F. Rijssen n/a 2 Utrecht America Finance Co. New York 100.00 1 Utrecht America Financial Services Corp. New York 100.00 1 Utrecht America Holdings Inc. New York 100.00 1 V.O.F Leidschendam Centrum Leidschendam n/a 2 V.O.F. Assenrade Amersfoort n/a 2 V.O.F. Baandervesting Haarlem n/a 2 V.O.F. Bovenkamp II Amersfoort n/a 2 V.O.F. De Bolst-Erp Eindhoven n/a 2 65

Name Registered office % Reason for inclusion V.O.F. De Lawickse Hof Amersfoort n/a 2 V.O.F. De Noordtuinen Haarlem n/a 2 V.O.F. Driel-Oost Utrecht n/a 2 V.O.F. Harderhout Amersfoort n/a 2 V.O.F. Het Groene Balkon Amersfoort n/a 2 V.O.F. Hoograven-Tolsteeg Nieuwegein n/a 2 V.O.F. Laarveld Heerlen n/a 2 V.O.F. Molen Oever Zwolle n/a 2 V.O.F. Ontwikkelingscombinatie Koopmans Bouwfonds Looër Enk Zwolle n/a 2 V.O.F. Parc te Werve Delft n/a 2 V.O.F. Park Luistruik Eindhoven n/a 2 V.O.F. Pier III Hilversum n/a 2 V.O.F. Pollux Meppel n/a 2 V.O.F. Reimershoven Haarlem n/a 2 V.O.F. Roo-haen Zwolle n/a 2 V.O.F. Royaal Zuid Utrecht n/a 2 V.O.F. Sareptaplein Heerlen n/a 2 V.O.F. Westeraam I Utrecht n/a 2 V.O.F. Westeraam II Hoevelaken n/a 2 V.O.F. Zaanpracht Wormerveer n/a 2 V.O.F. Zeetuinen Haarlem n/a 2 Val Albian Levallois Perret 100.00 1 Vallon des Pres Lyon 50.00 2 Vastgoedexploitatiemaatschappij Vroondaal Beheer B.V. The Hague 25.00 2 Vastgoedexploitatiemaatschappij Vroondaal C.V. The Hague n/a 2 Vastgoedmaatschappij Meerdreef B.V. Amsterdam 50.00 2 VCM EMF1 EUR Luxembourg 99.68 1 Veenderijvaart V.O.F. Haarlem n/a 2 Veibou Bygg AB Sundbyberg 50.00 2 Veidekke Bouwfonds AB Sundbyberg 50.00 2 Versconcepten B.V. Nieuw Vennep 75.00 1 Vertes Carrierres Levallois Perret 100.00 1 Vestdijk Financial Services C.V. Eindhoven n/a 1 Vestdijk Truck Finance Beheer B.V. Eindhoven 100.00 1 Vestdijk Truck Finance Nederland B.V. Eindhoven 100.00 1 Veurse Horsten Beheer B.V. Rijswijk ZH 50.00 2 Veurse Horsten C.V. Rijswijk ZH n/a 2 VIB Corp. Roseville 100.00 1 VIBC Capital Trust I El Centro 100.00 1 Villa Timone Marseille Marseille n/a 1 Village View Texas Holding LP Wilmington n/a 2 Vliedlande V.O.F. Hoevelaken n/a 2 Vlietrand Corridor B.V. Hoevelaken 50.00 2 V.O.F. BB de Dijk Haarlem n/a 2 V.O.F. De Gamert Amersfoort n/a 2 V.O.F. De Lochemse Enk Zwolle n/a 2 V.O.F. De Stadstuinen Haarlem n/a 2 V.O.F. De Weide Wereld Nieuwegein n/a 2 V.O.F. Het Sluishuis Huizen n/a 2 V.O.F. Horst De Afhang Horst n/a 2 V.O.F. Kanaalboulevard Heerlen n/a 2 V.O.F. Oosterheem Rotterdam n/a 2 V.O.F. Oppenhuizerweg Sneek Sneek n/a 2 V.O.F. Purmerend West I Hoevelaken n/a 2 V.O.F. Sonse Hout Geffen n/a 2 V.O.F. Stadsoevers Roosendaal n/a 2 66

Name Registered office % Reason for inclusion V.O.F. UWOON - Bouwfonds Harderwijk n/a 2 V.O.F. Van Erk Bouwfonds Bloemendalerpolder Haarlem n/a 2 V.O.F. Vierhavens Houten n/a 2 V.O.F. Wijkvernieuwing August Allebéplein Haarlem n/a 2 Vosholen Beheer B.V. Hoevelaken 33.33 2 W.D. du Bois Beheermaatschappij B.V. Aardenburg 100.00 1 Wagenplan B.V. Schiphol-Rijk 50.00 1 Washington Residential Fund II LP Washington n/a 2 Washington Residential Fund Management B.V. Hoevelaken 50.00 2 Wasquehal Jardins de Olymi Sase Lille Cedex n/a 2 Wateringse Veld Beheer B.V. The Hague 50.00 2 Waterstad 3 Beheer B.V. Amsterdam 20.00 2 Westwijk Zuidoost Beheer B.V. Amsterdam 50.00 2 Westwijk Zuidoost C.V. Amsterdam n/a 2 Wijnhavenkwartier Beheer B.V. Rijswijk ZH 50.00 2 Wijnhavenkwartier Ontwikkeling Fase I C.V. The Hague n/a 2 Wilhelminahof Bouwfonds B.V. The Hague 100.00 1 Wilma Bouwfonds Bauprojekte GmbH & Co An den Teichen KG Ratingen n/a 2 Wilma Bouwfonds Bauprojekte Verwaltungs-Gesellschaft mbh Ratingen 50.00 2 Winterhude II Wohbau GmbH & Co KG Hamburg 80.00 1 Winterswijk Regio Stad Beheer B.V. Winterswijk 25.00 2 Wohnpark Duisburg Biegerhof GmbH Düsseldorf 50.00 2 Womitex Holding B.V. Harderwijk 65.12 1 Woningen Nederland 20 C.V. Hoevelaken n/a 1 Woningen Nederland 30 C.V. Hoevelaken n/a 1 Woningen NL Beherend Vennoot B.V. Hoevelaken 100.00 1 Woon Raad en Daad Emmen B.V. Emmen 70.00 1 WoonlinQ B.V. Venlo 100.00 1 WRF 1631 S Street GPLLC Arlington 33.34 2 WRF 1631 S Street LP Washington n/a 2 WRF 1706 T Street GPLLC Wilmington 33.34 2 WRF 1706 T Street LP Washington n/a 2 WRF 1722 19th Street LP Arlington n/a 2 WRF 1722 19th Street GP LLC Arlington 33.34 2 WRF 1921 Kalorama Road GP LLC Wilmington 33.34 2 WRF 1921 Kalorama Road LP Arlington n/a 2 WRF General Partner B.V. Hoevelaken 50.00 2 WS Vastgoed Management B.V. Amsterdam 50.00 2 WVG Winterhude II Verwaltungs GmbH Hamburg 80.00 1 Yorkshire Food Group Inc. Walnut Creek 100.00 1 Yorkshire Foods Inc. Walnut Creek 100.00 1 ZF Development LLC Fort Lauderdale 39.38 2 ZF Holding Florida Inc. Wilmington 39.38 2 ZMA Development LLC Wilmington 39.38 2 Zom 1900 Wilson LP Wilmington n/a 2 Zom Associates Orlando 39.38 2 Zom Clarendon LP Wilmington n/a 2 Zom Development Inc. Orlando 39.38 2 Zom Development VIII Ltd. Orlando 39.38 2 Zom Florida Inc. Orlando 36.47 2 Zom Holding Inc. Orlando 39.38 2 Zom Inc. Orlando 39.38 2 Zom Mid-Atlantic I GP Inc. Wilmington 39.38 2 Zom Mid-Atlantic II GP Inc. Wilmington 50.00 2 Zom Mid-Atlantic Inc. Wilmington 39.38 2 Zom Realty Inc. Orlando 39.38 2 67

Name Registered office % Reason for inclusion Zom River Oaks LP Wilmington n/a 2 Zom Texas Holding Inc. Wilmington 39.38 2 Zom Texas Inc. Orlando 35.84 2 Zom Texas V GP Inc. Wilmington 50.00 2 Zom Texas V LP Wilmington n/a 2 Zom Texas VI GP Inc. Wilmington 50.00 2 Zom Texas VI LP Wilmington n/a 2 Zom Texas VII GP Inc. Wilmington 50.00 2 Zom Texas VII LP Wilmington n/a 2 Zom Village View LP Wilmington n/a 2 ZRS Holding LLC Orlando 50.00 2 ZRS Management LLC Winter Park 46.00 2 Zuid Hollands Investeringsfonds (Z.I.F.) B.V. The Hague 57.00 1 Zuidgrond B.V. Son 50.00 2 Zuidkwartier Blok 4 V.O.F. Amsterdam n/a 2 Zuidlease B.V. Sittard 51.00 1 Zuidschans Beheer B.V. Haarlem 33.33 2 Zuidschans C.V. Amsterdam n/a 2 Zwolle Summit I B.V. Hoevelaken 100.00 1 Zwolle Summit II B.V. Hoevelaken 100.00 1 68