Rabo Vastgoed Obvion Rabobank.be 28 Rabobank Group Annual Report 2002 Increase in gross profit Gross profit of the retail banking business for 2002 was EUR 1,387 million, up 3% on 2001. Total income 4,705 4,436 6% Total operating expenses 3,318 3,093 7% Gross profit 1,387 1,343 3% Volume of loans 150.4 137.9 9% Savings 60.6 57.4 6% Total risk-weighted items 107.3 95.9 12% Mortgage loans 24% 23% +1% Agricultural sector 83% 87% -4% Trade, industry and services 39% 37% +2% Savings 40% 40% 0% Rabo Vastgoed is Rabobank Group's project development and finance arm. In close co-operation with the local Rabobanks, Rabo Vastgoed develops real estate projects, in particular housing projects. It also participates in projects with venture capital.The local Rabobanks provide Rabo Vastgoed with a sound knowledge of the local real estate market. In turn, Rabo Vastgoed enables local Rabobanks to capture and retain (new) clients at an early stage. In 2002 Rabo Vastgoed's order portfolio increased to EUR 3.9 (3.4) billion. At the end of 2002, the portfolio comprised 222 (186) projects. April 2002 saw the start of Obvion, the joint venture between Rabobank and the ABP pension fund. Obvion sells mortgage loans under its own brand via independent agents.Through Obvion, the Rabobank Group is targeting additional market share in order to strengthen its market leadership in mortgage loans. Obvion's market share showed strong growth in 2002 and averaged 3%.We intend to grow this to 5% within the next three years.The aim is to sell other Obvion products as well, such as life insurances and investment funds, via agents by the end of 2003. People in Belgium too, have become acquainted with Internet banking at Rabobank. Since November 2002, clients in Belgium can visit Rabobank.be.This 100% Internet bank focuses on the private market and offers savings products as well as a limited number of Robeco investment funds. Expansion of international retail activities is an important element in the Rabobank strategy. Rabobank.be is the first direct-bank initiative outside the Netherlands. Its competitive rates, simple products and user-friendly site distinguish it from other Belgian banks.The Bank's ambition is to be seen as the 'best buy in the market. Key figures - retail banking business Results (in millions of euros) 2002 2001 change Balance sheet (in billions of euros) Total assets 163.7 155.1 6% FTEs in local banks 31,670 33,313 -5% Market share More about local banking? Go to: www.rabobank.nl and www.rabobank.be

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Annual Reports Rabobank | 2002 | | pagina 30