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					                              Real Estate Brokerage
         Synergies for the Bauspar- and Financing Products of a

                                         Rainer Schäfer
                                       Member of the Board
                          LBS Westdeutsche Landesbausparkasse (LBS West)

EuBV-Marketingausschuss                        Budapest 12.10.2005         1
                   LBS Westdeutsche Landesbausparkasse
                     in North Rhine-Westphalia (NRW)
                                  - LBS 2004 in figures -

   Sales area NRW with
    Sales area NRW with                                            894 in-house
                                                                    894 in-house
   18m inhabitants
    18m inhabitants                                                staff members
                                                                    staff members

   Market leader with a market
    Market leader with a market                                    1,688 sales force
   share of 44 %
    share of 44 %                                                   members

   2.1m customers --
    2.1m customers
   2.6m Bauspar contracts
                                  NRW                              214 L
                                                                    214    --branches
    2.6m Bauspar contracts                                         in NRW
                                                                    in NRW
   €55.5bn total Bauspar sum
    €55.5bn total Bauspar sum
   (Total assets of €8.4bn)                                        2,552 S -savings bank
                                                                    2,552 S -savings bank
    (Total assets of €8.4bn)
                                                                   branches in NRW
                                                                    branches in NRW
   New business
    New business                                                    1,150 P
                                                                     1,150 P
   436,305 Bauspar contracts
    436,305 Bauspar contracts                                     insurance company
                                                                   insurance company
   about €9.1bn Bauspar sum
    about €9.1bn Bauspar sum                                         branches in NRW
                                                                      branches in NRW

EuBV-Marketingausschuss                     Budapest 12.10.2005                             2
             The LBS Westdeutsche Landesbausparkasse
                          Institution under public law

                                 The owners are


  Savings Banks and                                           Savings Banks and
  Giro Association of                                         Giro Association of
     the Rhineland                                             Westphalia-Lippe
          50%                                                        50%

EuBV-Marketingausschuss                 Budapest 12.10.2005                     3
                Structure of the Housing Market in Germany

      Low level of owner occupation (45 %)

      Relatively high housing prices due to
      - expensive building land and
      - high building costs because of strict construction and technical regulations

      On an average high house price - income ratio (ca. 6 - 9 annual incomes), which
      causes considerable affordability problems for low income families

      Good range of offerings of tenements

      Distinctive protection of tenants

      Low interest rate

EuBV-Marketingausschuss                       Budapest 12.10.2005                       4
                                  Living in One‘s Own Home
                                   Home ownership rates 2004 in percent

      Hungary                                                                                                           92

         Spain                                                                                                     87

      Slovakia                                                                                                80

       Ireland                                                                                           77

       Norway                                                                                            77

        Poland                                                                                      75

           Italy                                                                               73

  Great Britain                                                                           70

      Belgium                                                                        66

      Sweden                                                                        65

       Austria                                                                 57

       France                                                                  57
  Netherlands                                                             55

Czech Republic                                                    47

      Germany                                                45


        EuBV-Marketingausschuss                     Budapest 12.10.2005                                            5
                          Competencies / Capacities of the LBS
         Bauspar contract as the key product

         Housing finance

         Acquisition of real estate, namely the brokerage in NRW

         Real estate - Know-how

                Present situation and development of the market
                Basic parameters (e.g. state subsidies)
                Benefits of home ownership for
                 – the purchaser (buying instead of renting)
                 – the national economy (efficiency of state subsidy instruments)

         Quality and maintance of properties
                Events and projects about modernization and renovation, „ecological-friendly
                house building“, returning to the cities etc.

EuBV-Marketingausschuss                         Budapest 12.10.2005                            6
                                   Business Structure

                                            LBS West

                                 LBS Immobilien GmbH (LBS-I)
                                       100% subsidiary

                          80% turnover through        20% turnover through
                            77 savings banks          100 real estate agents

                                       Real estate brokerage


EuBV-Marketingausschuss                          Budapest 12.10.2005           7
                          LBS-Immobilien GmbH

       LBS-Immobilien GmbH since 1971 in the market

       Largest real estate agent in Germany

       7706 properties sold in 2004, of it:
          80% old buildings
          20% newly constructed buildings

       €55m brokerage commission in 2004

       ca. 13-14% of the brokerage in NRW

EuBV-Marketingausschuss                Budapest 12.10.2005   8
                                               LBS-Immobilien GmbH
                                                            Organizational chart

                                                            LBS Immobilien GmbH

                                                              Managing directors

     Support of savings banks         Support of real estate agents                   Accounting               Legal advisory

77 savings banks in brokerage model     100 real estate agents in           Accounting of all transactions      Counselling
 16 savings banks in service model            125 teams in                                                   Claim of liabilities
                                               214 offices                                                   Legal enforcement

         EuBV-Marketingausschuss                                      Budapest 12.10.2005                                           9
             Cooperation between LBS-I and Savings Banks

77 savings banks in brokerage model                           16 savings banks in service model

     LBS-I is broker                                           Savings bank is broker
     Accounting by the LBS-I                                   Accounting by each savings bank
     Savings banks can purchase different                      Savings banks can purchase different
     service modules from LBS-I (reduced                       service modules from LBS-I (higher
     price)                                                    price + annual fee)
     Due dilligence of the development
     company for distribution (according to
     real estate and developer enactment)
     Legal counselling / claim of liabilities /
     legal enforcement
     Public relations / information materials

EuBV-Marketingausschuss                           Budapest 12.10.2005                             10
                           Information Modules of the LBS-I for
                          Savings Banks and Real Estate Agents

             Internet / Intranet                                 Information network / design of
                                                                 distribution materials via internet

             Public relations                                    Press releases for savings banks
                                                                 and real estate agents

             Education and training                              Organization / realization of
                                                                 workshops (partly with guest

             Development of new and                              e.g. service-living / -housing, lofts
             current topics

             Information materials                               Energy pass, new technologies,
             about different issues                              fiscal law, legal modifications

EuBV-Marketingausschuss                    Budapest 12.10.2005                                      11
                             Additional Services of LBS-I
                               for the Savings Banks

           Service offer                              Objective

                Benchmarking                               Intercompany comparative
                                                           analysis / potential of

                Consulting                                 Cross selling / cooperation of
                                                           savings banks / quota of

                Commercial real estate                     Support concerning valuation
                                                           and marketing

EuBV-Marketingausschuss                  Budapest 12.10.2005                                12
                             Real Estate Agents of LBS-I

                  Commercial agent with a fixed allowance and commission

                  Formation covering all real estate and financing issues

                  Work station in an LBS-office

                  Inclusion in the organizational structure of the LBS

EuBV-Marketingausschuss                       Budapest 12.10.2005           13
                           Change of Attitude towards Property


                                       House for a lifetime                         Retirement home?

                    Beginner‘s house           Climber‘s house                          Service-living

     20 years               30 years        40 years                         60 years            80 years

 EuBV-Marketingausschuss                               Budapest 12.10.2005                                    14
                     Real Estate Brokerage as a Strategic Product

Property purchase as a basis for follow-up business (Bausparen for
modernization/ financing of the purchased property)
Home ownership as a basis for further property purchases
(additional property, change of property according to individual needs)

                                                                                  for financing

           Financing                                                            for Bausparen

                                                                          Real estate tip

                          BS as foresight       Additional property
                          for modernization           purchase

EuBV-Marketingausschuss                         Budapest 12.10.2005                               15
   Reciprocity between LBS, LBS-I and Savings Banks


                            Real estate                             Bausparen

                  LBS-I / Savings banks‘
                  real estate department                                LBS / Savings banks

                                     All around customer advisory service
                                     Long term customer relations /
                                     customer loyalty
                                     Further business through
                                     Increased value added
EuBV-Marketingausschuss                           Budapest 12.10.2005                         16
                              Limitations of Brokerage

                          Verbundenes Geschäft - Combined Business

EuBV-Marketingausschuss                      Budapest 12.10.2005     17
                Verbundenes Geschäft - Combined Business

                                       Interest and redemption



                          Commission                                                   LBS


EuBV-Marketingausschuss                              Budapest 12.10.2005                     18
                                       Rainer Schäfer
                                   Member of the Board
                                Phone: +49-251-412 5003
                                Fax:      +49-251-412 5188

                          LBS Westdeutsche Landesbausparkasse
                                   Himmelreichallee 40
                                      48130 Münster

EuBV-Marketingausschuss                     Budapest 12.10.2005   19

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