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Balance Sheet

In 2012 our total assets increased by 9.9% from €5.1 billion to € 5.6 billion, mainly due to the larger loan portfolio and equity portfolio. Our on-balance loan portfolio grew by €232 million to €2,817 million. Our equity portfolio (including investments in associates) is now over €900 million, an increase of 15%.

The growth of our total assets was financed by long-term funding. In 2012 short-term funding was replaced by long-term funding. Our broad investor base allowed us to further diversify our funding portfolio. In 2012 we raised almost €1 billion (2011; €0.5 billion) from diverse markets and currencies. We also placed several sustainability bonds and obtained ratings from two leading sustainability rating agencies, Sustainalytics and Oekom Research which support further issuance going forward. Tenors vary from 2 to 10 years. In 2012 we successfully issued a benchmark bond of USD 500 million, 3 years floating rate note, which resulted in an increase of Debentures & Notes from €2.7 billion to €3.3 billion. Our liquidity position is well within our limits and even under various stress tests the liquidity position remains within limits.

Shareholders' equity increased significantly, rising 9.4% to €1,822 million mainly due to the record-breaking net profit.