De Lage Landen is Rabobank Group's centre for vendor finance, leasing and trade finance activities. It performed well in 2002, both inter nationally and nationally. Its loans portfolio grew to EUR 11 billion in 2002. Adjusted for currency exchange effects, this is an increase of 14%. Gross profit increased by 11% to EUR 238 million. Loans portfolio Increase in gross profit International activities Activities in the Netherlands Leasing Leasing Internationally, De Lage Landen concentrates on vendor finance, offering lease facilities for sales support via the sales channels of manufacturers and distributors of capital goods.This activity is sup ported by modern e-business applications. In the Netherlands, this Rabobank subsidiary focuses on leasing and trade finance products. Leasing products include equipment leases, real estate leases, IT leases and car and commercial vehicle leases (Translease). De Lage Landen's total loans portfolio at end 2002 amounted to EUR 11.0 (10.6) billion. Adjusted for currency effects, this is an increase of 14%.Of this amount, EUR 2.6 (2.3) billion related to the Netherlands division, EUR 3.5 (3.6) billion was attributable to the Vendor Finance Europe division and EUR 4.9 (4.7) billion to the Vendor Finance America division. In spite of the difficult economic situation, gross profit rose 11% to EUR 238 (215) million. De Lage Landen now operates in 19 countries in Europe and the Americas, plus Australia and New Zealand. It concentrates on enter prises with activities in agricultural machinery, telecommunications, computers, photocopiers, (internal) means of transport and medical equipment. De Lage Landen is a global leader in the vendor finance market. Last year, it added leading businesses to its customer base, including Philips Medical Systems (USA), IBM Global Finance and Océ. In addition, Banco DLL Brazil was incorporated to support the activities in Brazil. De Lage Landen's strength lies in its fast settlement of standard lease contracts and its specialist knowledge of objects in various branches of industry. De Lage Landen's product range is marketed both through the local Rabobanks and directly. Port of Rotterdam, Tiscali and Macintosh Group were among the new clients acquired last year by the Dutch division. More about leasing? Go to: www.delagelanden.com Key figures - De Lage Landen Results (in EUR millions) 2002 2001 change Total income 525 475 11% Total operating expenses 287 260 10% Gross profit 238 215 11% Loans portfolio (in EUR billions) 11.0 10.6 4% - Netherlands 2.6 2.3 12% - Europe 3.5 3.6 -2% - America 4.9 4.7 5% FTEs 2,225 2,036 9%

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Annual Reports Rabobank | 2002 | | pagina 41