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and that Rabobank Group’s broad range of knowledge and expertise results in innovation and synergies withinRabobank. Market leadership remains important to Rabobank Group, but management believes this must bebalanced with prudent margins and Rabobank Group’s cooperative mandate.International growth is necessary because opportunities for growth in the domestic market are set to graduallylevel out. Moreover, management believes food & agri is an attractive niche because of Rabobank’s globalknowledge of food & agri, which it attributes to its connection with the agricultural and horticultural sectors ofthe Dutch market. Rabobank International also intends to expand its activities in sustainable energy and cleantechnology.Under the present economic conditions management believes a high credit rating is important and that ahealthy balance sheet, stable profit growth and a high Tier I ratio are prerequisites for a high credit rating.In addition, Corporate Social Responsibility (“CSR”) policy within Rabobank Group, including its corebanking processes, must meet high standards.Strategy adjustmentAt the end of 2008 and in connection with the changes in global market conditions, adjustment proposals for arevised Strategic Framework covering the period 2009-2012 were brought up for discussion within RabobankGroup.Under the revised Strategic Framework, Rabobank is putting greater emphasis on sound balance sheet ratios.Growth in lending largely depends on growth in amounts due to customers and as a result, managementbelieves that both the local Rabobanks and Rabobank International should provide for a significant part oftheir own funding. Expansion of the activities of subsidiaries will be aligned with the volume of fundingavailable at Rabobank Group level.In the Netherlands, Rabobank aims to be the largest bank for corporate enterprises. A stronger position in thecorporate market offers private banks additional opportunities to the “private entrepreneur” as well. Rabobankalso seeks further growth in the private-banking segment through differentiated customer service,collaboration with subsidiaries and improved quality of advice.Rabobank aims to develop further as a cooperative. The revised Strategic Framework will enable localRabobanks to respond to changing client priorities. At the same time, the programme introduces an optimisedservicing model and produces cost reductions from standardisation. In order to maintain their marketleadership, the local Rabobanks must operate at competitive rates.Rabobank International will focus more on Rabobank Group’s core activities. In the Netherlands, this meanssupporting Rabobank Group’s aim to be the largest corporate bank in the Netherlands. Outside theNetherlands, Rabobank International intends to focus more on food & agri. In addition, RabobankInternational plans to expand its activities in the areas of sustainable energy and clean technology. GlobalFinancial Markets will confine itself to client-related activities and liquidity management; other activities willbe phased out. In the Netherlands, Rabo Development intends to gradually increase the number of minorityinterests in partner banks having a food & agri focus in developing countries. Abroad, the RabobankFoundation will focus on countries where Rabobank International and/or Rabo Development operate.Rabobank Group’s subsidiaries will similarly focus more on supporting the realisation of Rabobank Group’score objectives: market leadership in all-finance services in the Netherlands and building up a distinct positionas the world’s pre-eminent food & agri bank. Other important main functions of the subsidiaries andparticipations will continue to be leveraging of specialisations and achieving sound financial returns.245