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Year ended 31 December 2007 compared to year ended 31 December 2006Total income. Total income increased by € 402 million in 2007 to € 646 million compared to € 244 million in2006. The increase is mainly due to the acquisition of parts of Bouwfonds in 2006.Interest. The decline in interest income by € 26 million to € 72 million compared to € 98 million in 2006 wasdue to the expansion of the development activities since late 2006, which caused interest expense to increase.Fees and commission. Fees and commission income were unchanged at € 1 million compared to 2006.Other income. The former parts of Bouwfonds were the main contributor to the increase over 2007 by€ 428 million to € 573 million compared to € 145 million in 2006.Operating expenses. Total operating expenses were € 334 million higher in 2007, at € 435 million comparedto € 101 million in 2006.Staff costs. Mainly as a result of the acquisition of parts of Bouwfonds, staff costs rose in 2007 by€ 162 million to € 217 million compared to € 55 million in 2006.Other administrative expenses. The other administrative expenses amounted to € 168 million compared to€ 43 million in 2006. The increase is mainly due to the acquisition of Bouwfonds and the amortisation ofintangible assets.Depreciation. Depreciation increased by € 48 million to € 51 million in 2007 compared to € 3 million in 2006due to the acquisition of parts of Bouwfonds.Value adjustments. The value adjustments amounted to € 2 million compared to negative € 1 million in 2006.Taxation. Taxation increased in 2007 by € 15 million to € 55 million compared to € 40 million in 2006.Net profit. Net profit increased by 48 per cent. to € 154 million compared to € 104 million in the previousyear.Liquidity and capital resourcesRabobank Group’s total assets were € 615.4 billion at 30 June 2009, a 1 per cent. increase from € 612.1 billionat 31 December 2008. The largest proportion of Rabobank Group’s existing lending portfolio (not includinginvestments in Dutch treasury securities, other Dutch public sector bonds and securities and interbank depositplacements) consists of residential mortgage loans, which in the Netherlands are primarily fixed rate.Loans to customersLoans to customers increased by 2 per cent., or € 9.5 billion, to € 435.8 billion at 30 June 2009 from € 426.3billion at 31 December 2008. The recession in the Netherlands has led to slower growth in mortgages andcorporate loan portfolios, as a result of which growth in overall lending has gone down. The private sectorloan portfolio increased by € 6.6 billion to € 415.2 billion at 30 June 2009, an increase of 2 per cent. from€ 408.6 billion at 31 December 2008. The increase in private sector loan portfolio for private individuals was€ 3.3 billion to € 197.3 billion at 30 June 2009 from € 194.0 billion at 31 December 2008. Virtually all of thispart of the portfolio consists of mortgages, the remainder being consumer credits. Residential mortgage loansare granted by local Rabobanks and by Obvion. These loans are secured on underlying properties and havematurities up to 30 years. Lending to companies in the trade, industry and services sector increased by € 1.4billion to € 147.7 billion at 30 June 2009, a 1 per cent. increase compared to 31 December 2008. Lending tothe food & agri sector increased by € 2.0 billion to € 70.3 billion at 30 June 2009, a 3 per cent. increase.269