Analyst & Investor Meeting Wholesale Clients SBU Hugh Scott-Barrett - Member of the Managing Board (COO) 11 December 2003

Presentation Index Strategic Framework Operational Performance Client Coverage Financial Markets Credit Markets Rates Markets Working Capital Q&A

Presenters and other delegates Hugh Scott-Barrett, COO Wilco Jiskoot, Chairman of WCS Steven Gregg (Head of Global Industrials) Piero Overmars (Global Head of Financial Markets) Niall Cameron (Global Head of Credit Markets) Graham Bird (Global Head of Rates Markets) Rob van Paridon (Global Head of Working Capital) Delegates: David Cole (WCS CFO), Ann Cairns (Global Head WoCa Business Management) Alexandra Cook (Global Head of TMTH and Integrated Energy)

Strategic Framework

European limitations have shaped ABN AMRO’s multi-market expansion Limitations imposed by the size of our historical domestic market Traditional European cross-cultural and regulatory barriers In circumventing these limitations, we have built a franchise of reputation and core skills  Dominant presence in 3 home retail and commercial banking markets  Ability to serve the day-to-day needs of our corporate clients globally  Global distribution and international placement capabilities  Local knowledge and international expertise combined leveraging superior product skills in our three home markets

Which has resulted in our multi-regional strategy As a multi-regional bank with European roots, we aim to deliver top quartile returns to shareholders, through our strategy of: 1. Creating value for our clients by offering high-quality financial solutions that best meet their needs and long-term goals 2. Focusing on consumer and commercial clients in chosen home markets, European-centred wholesale clients, and private clients 3. Leveraging our advantaged product and people capabilities to the benefit of all our client bases 4. Sharing expertise and operational excellence across the Group 5. Creating ‘fuel for growth’ by optimally allocating capital and talent

This strategy has led to strong results despite weak market Operating result and net profit (Eur mln)

And enabled us to deliver a confident message for our 2003 outlook “We are confident about the performance for the remainder of the year. We will substantially exceed our previous 2003 outlook, barring any unforeseen adverse circumstances. We now expect the full year net profit to be above EUR 3 billion” Source: Q3 2003 results press release

This broad based improvement should gain momentum in 2004 WCS is expected to at least offset US earnings shortfall The C&CC businesses will continue to deliver In Brazil, the decrease of interest rates will spur significant loan growth. In the Netherlands, increasing client satisfaction will generate revenue growth (excl. extraordinary result of EUR 111 mln in 2003) in spite of economic weakness In the United States, growth of commercial banking will partly offset the fall out of the mortgage refinancing boom C&CC RoW will benefit from organic growth in NGM The performance of AM is expected to improve on the back of better market conditions PC will benefit from better markets and net asset inflow

Next phase of change - reinforcing our strategic ambition Increasing focus on realisation of revenue and cost synergies driven by: New MB governance structure increases Group focus Creating of Group Business Team to build a broader leadership and further encourage cross-SBU initiatives Creating Group Shared Services to realise operating efficiency and further cost savings

Accelerating cross SBU opportunities and synergies Cross SBU examples of synergies Servicing of CCC clients by WCS in network Equity Derivatives Retail Activities Financial Markets Retail Initiatives Servicing of WCS clients by CCC Banco Real’s mini branches in offices/factories of WCS clients Sale of Direct Access Notes (DAN) to US WCS clients, distributed to US retail clients Cross-sell of Asset Management products to WCS corporate clients which is also embedded in the Working Capital offering to AM Group Shared Services to realise further cost savings GSS will look at opportunities for additional synergies in the following areas: Procurement Transaction Processing IT Infrastructure More details will be given in Q2 2004