Customer value Rabobank Group's primary drive is to act in its clients' best interests. Our core objective is to create the highest possible customer value. This is a combination of acting in the clients' best interests, their satisfaction with the service provision and the degree to which clients endorse Rabobank's brand values. Client loyalty and client's best interests Satisfaction - - Brand values 21 Rabobank Group Annual Report 2004 Customer value Since 2001, customer value has been measured with the aid of the customer value monitor. For each client group of the local Rabobanks, Interpolis and Robeco, thousands of people in the Netherlands are polled each year on the performance of these Group entities. The performance of Alex has been included since 2002. At the same time, competitors' clients are also surveyed so that Rabobank can be benchmarked against them. The customer value monitor shows that the clients of Rabobank differ from those of competitor banks in terms of their high degree of loyalty and strong identification with their bank. The loyalty rating for private individuals rose from 73% to 76%. The percentage of private individuals surveyed that believed that Rabobank puts the client's interests first and not the financial interests of the bank (measure of customer value) was 38 (43)% in 2004. The percentage for competitors is lower, with the benchmark at 33 (35)%. The fall in the percentage for private individuals highlights the need for additional efforts in this area. Among corporate clients, too, Rabobank scored above the benchmark for measured customer value: 40 (38)% for Rabobank against 30 (35)% for the competitors. The loyalty rating for Rabobank among corporate clients increased in the year under review by 1 percentage point to 70%. Customer satisfaction The customer value monitor invariably gives Rabobank a high score for customer satisfaction with its services. In 2004, customer satisfaction among private individuals remained stable at 7.7, while satisfaction among corporate clients showed a slight increase from 7.4 to 7.5. The specialised subsidiaries of Rabobank Group traditionally score higher than their closest competitors. This lead diminished slightly in 2004 towards the average for each market segment. Alex, Interpolis and Robeco Direct scored 7.8, 7.7 and 7.5 respectively on customer satisfaction. 2004 2003 2002 2001 Rabobank, private individuals 7.7 7.7 7.4* 7.5 benchmark 7.7 7.6 7.4* 7.4 Rabobank, businesses 7.5 7.4 7.1* 7.4 benchmark 7.3 7.2 7.0* 7.3 Interpolis 7.7 7.8 7.6 7.6 benchmark 7.6 7.6 7.6 7.5 Robeco Direct 7.5 7.6 7.7 8.1 benchmark 7.5 7.4 7.4 7.6 Alex 7.8 8.0 7.7 benchmark 7.5 7.4 7.4 polled by telephone before 2003, via the Internet in later years. Rabobank wants to be seen as a bank that is near to the client, com mitted and leading. In 2003, these three values were formulated as Rabobank's brand values. These values are measured using a brand value monitor, in which private individuals and businesses (both clients and non-clients) are asked with which of the five large banks they most associate these brand values. In 2004, Rabobank scored the highest on all three aspects. Additionally, the scores increased considerably, so that Rabobank now also came first in terms of a 'leading' bank. Rabobank may therefore justifiably be called a committed and leading bank near- you. The following table shows the percentage of survey participants that believed that the three characteristics best applied to Rabobank.

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Annual Reports Rabobank | 2004 | | pagina 21