1. ABN AMRO reports record net profit Full Year Results 2003 4 February 2004

2. 0 2 Record net profit of EUR 3,161 mln and proposed dividend up 5 cents Compared to the full year results 2002  Net profit up by 31.1%  Broad based revenue growth (2.8%)  Record high operating result (EUR 6,208 mln)  Provisioning down (-24.8%)  Substantial improvement in efficiency ratio to 67.0%  Tier 1 ratio (8.15%) beats target for year  Increase in total dividend to EUR 0.95  Intention to withdraw Dutch preference shares

3. 0 3 Record high 2003 operating result, even when adjusting for one-offs  Adjusted for one-offs, the operating result amounts to EUR 6,047 mln. This is a record high.  Adjusted for one-offs, the net profit is EUR 3,048 mln (+27.0% y-o-y)

4. 0 4 Efficiency ratio (%) Efficiency ratio is trending down, due to improvement in nearly all BUs  The efficiency ratio of BU NL was positively affected by one-offs, while the efficiency ratio of BU PC was negatively affected by one-offs in 2003. On an adjusted basis, the efficiency ratio of both BUs shows a downward trend

5. 0 5 Highlights of 2003  Continued client focusIncreased customer satisfaction in BU NL. Higher client revenues in WCS Selective divestitures and acquisitions to increase long- term growth prospects  Business mix optimisation  Value of ABN AMRO Brand Rebranding  Optimise Corporate Governance Nomination rules SB and MB, abolishment of Stichting Prioriteit

6. 0 6 Intention to withdraw Dutch preference shares New Corporate Governance Code (the Tabaksblat code)  We will apply all principles of the code and implement all but a few best practice provisions  We will report extensively on these issues in our 2003 Annual Report and we will have a discussion on our corporate governance during the General Meeting of Shareholders  We will withdraw our defence mechanism. In this regard it is our intention to withdraw the Dutch preference shares on repayment of the nominal value and accrued dividend over 2004

7. Operating Performance

8. 0 8 FY operating result increased by 24% at constant exchange rates Revenues, adjusted for currency effect, increased by 12.4% in 2003 vs 2002 Operating result, adjusted for currency effect, increased by 24.0% in 2003 vs 2002 12.4% 2.8% 13.8% 24.0% Net profit, adjusted for currency movements, increased by 41.7%

9. 0 9 Revenues Q4 2003 Highest ever quarterly profit  Revenues were slightly up, despite the end of the refinancing boom in the US  Operating expenses were up due higher bonus accruals in WCS, the implementation of the new collective labour agreement in BU Brazil, and the acquisition of Sudameris  Operating result down, but net profit reached record high level in Q4

10. 0 10 BU NL has performed well in a recessionary environment  Revenues were stable when adjusted for EUR 120 mln revenue related to the release of credit spreads overaccrued in Amstel securitisation vehicle  Improvement in customer satisfaction, particularly in both mass affluent segments and SME  Expenses were up by 4.5% due to streamlining initiatives (EUR 23 mln)  Adjusted for incidentals, the operating result was down by 3.1% Revenues Q4 2003

11. 0 11 BU NA results are in line with expectations The US dollar depreciated on average by 6.4% against the Euro during Q4 In local currency terms:  Revenues were down by 11.8% due to a 30% decrease in mortgage revenue and a USD 25 mln addition to the mortgage liability reserve  Expenses are up by 2.8% due to USD 20.5 mln one-off costs and the impact of FAS 91 Revenues Q4 2003

12. 0 12 Volume growth in BU Brazil is gaining momentum The Brazilian real depreciated by 4.9% against the Euro compared to Q4  Operating and net result of Sudameris amounted EUR 24 mln and EUR 7 mln In local currency and excluding the impact of Sudameris:  Revenues decreased by 7.8% as a result of declining interest income on the investment portfolio  Expenses increased by 12.6% due to collective labour agreement Revenues Q4 2003

13. 0 13 Integration of Sudameris is ahead of plan  Management presentation and road shows throughout the country immediately after completion  HR, Treasury, Finance and Risk Management under the responsibility of BU Brazil management  Annualised synergies of EUR 14 mln realised in 2003  18 working groups have been delegated the authority to further manage the integration  Integration costs in 2004 will lead to temporary deterioration of the efficiency ratio  Annual synergies of BRL 300 mln per annum as of 2005

14. 0 14 Results C&CC RoW are driven by strong performance of Bouwfonds  Bouwfonds: revenues up by 4.7% due to mortgage refinancing and better margins. Operating result stable due to investments in special projects and performance based compensation  NGM: improvement in Asian economic environment led to release of Net Interest Income accruals Revenues FY 2003

15. 0 15 C&CC revenues were flat due to balanced business mix  Limited revenue decrease as EUR 120 mln revenue in BU NL offset decline in US mortgage revenues (-30.7% in local currency)  Operating expenses increased led by incidentals in BU NL (EUR 23 mln) and BU NA (EUR 17 mln) and performance-based compensation at Bouwfonds Revenues Q4 2003

16. 0 16 WCS is on track to deliver positive EP for 2004  Strong increase in revenues across nearly all BUs, reflecting benefits of client-led strategy. Benefits of client approach are also underlined by client satisfaction surveys, which show continued improvement.  Expenses up due to higher bonuses following improved results in third and fourth quarter, investments in BU FM and restructuring costs in BUs WoCa and Equities.  Operating result up by 6.4%. Adjusted for FX, operating result was up by 10%  Commitment of positive EP was achieved for second consecutive quarter. Revenues Q4 2003

17. 0 17 BU Private Clients delivers strong revenue growth  Substantial increase of revenues largely attributable to increased volumes on the back of improved customer sentiment and the implementation of focused sales initiatives  Expenses flat, reflecting the success of cost measures taken during the year  Net profit up by 73%, partly due to tax reliefs in several jurisdictions Revenues Q4 2003

18. 0 18 Higher performance fees in Asset Management support Q4 results  Revenues up on the back of higher performance fees and improved market conditions  Expenses increase, partly driven by alignment of performance based compensation with improved result in fourth quarter and incidentals  Adjusted for currency movements, AuM up by 2.6% to EUR 160 bn compared to the level of AuM at the end of the third quarter Revenues Q4 2003

19. Asset Quality and Capital

20. 0 20 Overall quality of the portfolio remains solid  Overall provisioning slightly up in Q4  WCS provisioning increases due to exposure to Parmalat. The quality of the portfolio has further improved in the fourth quarter  In C&CC, provisioning is stable. Provisioning in BU NA is down and stable in BU NL and BU Brazil. Provisioning in RoW is slightly up.  Overall quality of the portfolio remains solid. Annualised provisions / RWA(%) Loan Loss Provisions perSBUs (EUR mln) SBUYr 021Q032Q033Q034Q03Yr 03 C&CC881181217205214817 WCS7421568354106399 PCAM1332319 Total1,6953433053033231,274

21. 0 21 BU NL provisioning remains high due to SME portfolio BU NL commercial portfolio by client BU NL total portfolio  Provisions in 2004 expected to be similar as in 2003, with a peak in the first half C&CC SME portfolio

22. 0 22 Our Tier 1 target of at least 8% has been reached ahead of schedule  Tier 1 ratio improvement to 8.15% due to high level of retained earnings  Our core Tier 1 reached a level of 5.91%, close to 2004 target of at least 6.0% The gearing ratio decreased for the seventh consecutive quarter to 27.5%  Tier 1 and core Tier 1 are expected to be at least 8.25% and 6.0% by end 2004

23. 0 23 Expected net USD profit for 2004 and 2005 is fully hedged  Our expected net USD profit for 2004 and 2005 has been fully hedged  In view of improvement of our capital ratios and structural weakness of USD, we have decided to end our full Tier 1 hedging strategy

24. Strategic Update and Outlook

25. 0 25 Multi-regional strategy  A multi-regional strategy with a focus on commercial and retail banking, supported by an international wholesale franchise. We aim to improve our shareholder returns by: 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, selected wholesale clients with an emphasis on Europe, as well as financial institutions 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

26. 0 26 This strategy has led to improved performance and value creation Peer Group TRS Tracker 2001 -2004Peer Group TRS Tracker 2002 -2005 ABN AMRO: #13 ABN AMRO: #7 Three months average price ABN AMRO: 1 January 2001: EUR 25.69 29 January: EUR 18.57 Three months average price ABN AMRO: 1 January 2002: EUR 17.81532 29 January 2002: EUR 18.57 Peer Group Top 5Peer Group MedianABN AMROPeer Group Top 5Peer Group MedianABN AMRO 29 January 2004

27. 0 27 Focus on group synergies is a key priority for 2004 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 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

28. 0 28 C&CC will continue to deliver underlying growth in 2004  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 231 mln in 2003) in spite of economic weakness  C&CC RoW will benefit from organic growth in NGM  In the US, growth of commercial banking will partly offset the fall out of the mortgage refinancing boom

29. 0 29 Net profit outlook for BU NA remains valid  The outlook for 2004 – net profit lower by EUR 150 mln to EUR 250 mln compared to 2003 – remains valid,... Assumptions: - Expected market origination volume 2004 to be USD 1.4 trillion - Therefore no refinancing - Stable market share for BU NA (approx. 4.0 to 4.5%) - Margins below 30 basis points - Commercial loan growth  … despite new mortgage initiatives to further develop our profitable mortgage franchise

30. 0 30 WCS will show substantial growth  WCS revenues are expected to increase on the back of further improvements across all client and product BUs –We expect a continuing increase in market share with our P&K clients –Higher revenues from the BU FM are based on specific new initiatives in Credit, Rates and FX activities as well as continuing benefits from repricing in PMG –Higher revenues from the BU WoCa expected from enhanced offer, geographic and client focus and cost efficient delivery –The BU Equities and BU Corporate Finance are well positioned to benefit from better market conditions. The BU Equities will also benefit from investments in derivatives –Private Equity will benefit from increased exit opportunities  Structural approach to cost savings provides cushion to invest further in core clients and product franchises  Provisioning is expected to trend lower

31. 0 31 BU Private Clients continues to build up its on-shore network  ABN AMRO Private Clients ranks among the world’s top 10, with EUR 102 bn assets under Administration (AuA)  In the Netherlands, we are the clear market leader  In France, we are the leading foreign private bank, well positioned after restructuring completed in 2003  In Germany, we are building a leading position via the integration of former AAPC Germany, Delbrück (acquired in 2003) and BethmannMaffei (acquired in 2004), operating as Delbrück BethmannMaffei

32. 0 32 During and beyond 2004, we expect significant organic growth in Asia India - Total clientsGreater China - Total Clients 88.0% Greater China includes Taiwan and Hong Kong 35.0% 338,000 635,000 500,000 675,000

33. 0 33 2004 Outlook “We expect 2004 to be better than 2003 with a continuing improvement in our operating performance and net profit (albeit at a slower pace).” “Based on our 2003 results and our confidence in 2004, we will propose to shareholders to increase the final dividend from 45 to 50 euro cents, leading to a total dividend of 95 euro cents for the year.”

34. 0 34 In conclusion, we are well geared for future growth  Demographics in Asia and Europe  Long-term focus  Group synergies  Customer focus  Leveraging our international network  Long-term shareholder value