ABN AMRO Bank

1. ABN AMRO Bank A multi-regional, Europe-based retail and commercial bank Rijkman Groenink, Chairman of the Managing Board 8 October 2003

2. Introduction

3. Overview of the topics discussed in this presentation • Restructurings implemented between 2001 and 2003 • 2003 outlook • Expectations and momentum in 2004 • Growth ambitions beyond 2004

4. In 2001, ABN AMRO was a restructuring play

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. Operating profit (Eur mln) Restructurings have greatly improved the performance

7. The efficiency ratio has been steadily improving for two years Revenues, FTEs and Efficiency ratio since Q1 01 Base 100 in Q1 01

8. Return on Equity / Tier 1 Tier 1 is up and capital was re-allocated to retail and commercial

9. ABN AMRO is a defensive stock with long term growth potential

10. We delivered a confident message for our 2003 outlook “Historically at ABN AMRO, the second half of the year has been weaker than the first due to the seasonal nature of earnings. However, based on the outlook for the remainder of the year, we expect the second half of this year to be better than the same period last year. As a result and barring any unforeseen circumstances, full year profits are expected to be higher by at least 15% compared to the 2002 net profit of EUR 2.4 bn”

11. This broad based improvement should gain momentum in 2004 • The global macro-economic environment remains uncertain and pockets of recovery are fragile • The C&CC businesses will continue to deliver • In Brazil, the decrease of interest rates will spur significant volume growth. The integration of Sudameris will further support performance improvement • In the Netherlands, a focused sales force and the implementation of a performance driven culture will generate some volume growth in spite of economic weakness. Combined with strict cost discipline, this will deliver further earnings growth • In the United States, growth of commercial banking will partly offset the fall out of the mortgage refinancing boom

12. The broad based improvement should gain momentum in 2004 (ctd) • The performance of PCAM is expected to improve • WCS will provide substantial earnings upside • Revenue growth, primarily driven by Financial Markets and • Working Capital • Expenses flat due to further cost savings invested in selective development of product capabilities • Barring any unforeseen circumstances, provisions are expected to be below 50 basis points

13. Beyond 2004, significant organic growth is encapsulated within the asset mix • Retail banking activities in Brazil and Asia are the long term growth engines of the Group • BU US is organically extending its commercial banking activities into adjacent states • While holding costs down, BU NL will increase revenues by higher cross-selling to the existing client base and better marketing • Beyond providing satisfactory returns, WCS performance is instrumental to the Group’s future

14. Selective M&A could further support this organic growth potential • BU US has the required platform and expertise to deliver substantial synergies as a regional consolidator • The long term potential of Asian franchises is compelling • With the integration of Sudameris, BU Brazil achieves a competitive position sustainable in the long run • In Europe, the long term rationale is appealing but domestic consolidation is not yet finalised leading to timing uncertainties regarding cross-border operations

15. What are the aspirations ofABN AMRO ?

16. We aim to be a multi-regional, Europe- based retail and commercial bank • Is Europe fundamental to ABN AMRO ? • Europe is the cornerstone of our legacy and the cultural anchorage of the Group • Is a multi-regional growth strategy desirable ? • Having a mix of mature and developing markets is essential to ensure the long term growth potential of the portfolio • Multi-market implementation reduce product development and roll-out costs • Is retail and commercial banking services the right focus ? • In mature markets, customer needs have shifted to wealth management. Retail banks are legitimate in addressing those needs • With high levels of barrier to entry and no margin pressure in sight, leading commercial banking franchises will continue to improve their returns

17. Key to growth is the ability to enforce cross markets synergies • Retail banking is a significant originator of private banking and mass affluent customers • Mass affluent, private banking and High Net Worth clients are increasingly salaried individuals as opposed to inheritors • Our multi-market base enables us a considerable source of synergies and development • Successful product and marketing developments are rolled out across our three home markets • The mass affluent strategy of BU New Growth Markets has largely benefited from the insight gathered in the three home markets • WCS is an instrumental source of product innovation and differentiation for C&CC and PCAM

18. Concluding remarks

19. Concluding remarks • As a result of its asset mix and vigorous restructuring, ABN AMRO has a stable and high quality earnings base • We feel confident that we have enforced, a business structure, a cost discipline and a performance culture which will lead to continued broad based improvement of the operating performance in 2004 and beyond

20. Concluding remarks (ctd) • We are committed to increasing shareholder value. We will continue to rigorously re-allocate financial and human capital to retail and commercial banking activities in line with our recognised expertise and the organic growth potential of those activities • Our asset mix contains the organic growth opportunities necessary to ensure that superior returns on the Group’s capital is delivered