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

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

3. 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)

4. Strategic Framework

5. 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

6. 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

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

8. 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: Q results press release

9. 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

10. 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

11. 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