Report of the Executive Board
Annual figures for 2003
Other information
Contents 1
Contents
Chairman's foreword 2
Executive Board and Supervisory Board
of Rabobank Nederland 4
Report of the Supervisory Board of Rabobank Nederland 6
Rabobank Group structure 10
Main events 11
Financial developments - financial outlook for 2004 12
Strategy and policy - plotting a course from 2003
into the future 20
Customer value 25
Membership policy 27
Retail banking 29
Wholesale banking 35
Asset management and investment 42
Insurance 45
Leasing 47
Real estate 49
Risk,returns and capital 50
Funding and investor relations 55
Employees 58
Corporate social responsibility 62
Management and Supervision of member banks 65
Tabaksblat Code 67
Consolidated balance sheet 70
Consolidated profit and loss account 71
Cash flow statement 72
Movements in reserves 73
Auditors'report 74
Rabobank member banks 75
Rabobank Group International Network 78
Directors and Management of Rabobank Group 79
Glossary of terms 81
Colophon 83
Rabobank and the Van Gogh Museum
commit to Promoting Partnership.