Analyst & Investor Meeting Wholesale Clients SBU

1. Analyst & Investor Meeting Wholesale Clients SBU 20 November, 2002

2. Index 1 Wilco Jiskoot, Member of the Managing Board 2 Hugh Scott-Barrett, Member of the Managing Board 3 Samuel Zavatti - Financial Institutions and Public Sector 4 Piero Overmars - Loan Products & Global Financial Markets 5 Rob van Paridon - Global Transaction Services 6 Nigel Turner - Corporate Finance 7 Nigel Turner - Equities 8 Ron Teerlink - Technology, Operations and Property Services

3. Analyst & Investor Meeting Wholesale Clients SBU Wilco Jiskoot - Member of the Managing Board 20 November, 2002

4. Presentation Index • Strategic Framework and Macro Economic Context • Operational Performance • Financial Institutions and Public Sector (FIPS) • Global Financial Markets and Loan Products (GFM/LP) • Global Transaction Services (GTS) • Corporate Finance and Equities • Technology, Operations and Property Services (TOPS) • Outlook • Q&A

5. Presenters and other delegates • Presenters: • Wilco Jiskoot, Member of the Managing Board • Hugh Scott-Barrett, Member of the Managing Board • Samuel Zavatti (FIPS) • Piero Overmars (GFM/LP) • Rob van Paridon (GTS) • Nigel Turner (CF and Equities) • Ron Teerlink (TOPS) • Delegates: David Cole (WCS CFO) Gary Page (Portfolio Management) & Ann Cairns (GTS)

6. Strategic Framework - Group Strategy and Wholesale Clients • In the context of the asset gathering focus of the group, Wholesale Clients fulfils an important supportive role • Notwithstanding its increasingly defensive nature, Wholesale Clients is an important part of the group delta in terms of operational performance • Wholesale Clients is an important provider of products and intellectual capital to the other SBUs • The global network of Wholesale Clients provides an important strategic and competitive advantage to the Consumer and Commercial Clients SBU

7. Macro Economic Trends and Context • Given the current economic environment and the recent set of economic data from US and Europe, we expect 2003 to be as challenging as 2002 • Given the state of budgetary deficits in Europe, we expect the overall liquidity for the corporate sector to reduce • The natural consequence is a widening of spreads and re-intermediation of banks • Given the client-product configuration of WCS, it is well positioned to deliver above average returns in the medium term

8. Analyst & Investor Meeting Hugh Scott-Barrett - Member of the Managing Board Wholesale Clients SBU 20 November, 2002

9. What are the key elements of our model…. • Client focus and Client-led • Integrated wholesale offering • Significant proportion of revenues from annuity and flow products • Efficient capital management and allocation process • Focus on asset quality and independent risk management • Supported by a transformation in infrastructure delivered by TOPS through restructuring process

10. …and how is it set up 5 Client groups 3 Product clusters Financial Institutions & Public Sector Telecoms, Media, Technology, Healthcare Consumer Integrated Energy Country Coverage Global Financial Markets(GFM)/Loan Products (LP) Global Transaction Services (GTS) Equities & Corporate Finance Revenues Q3 2002

11. Client focus and Client-led • Built around a critical mass of clients, coverage and execution in Europe, but with global execution capability • Focus on profitable Financial Institutions and Large Cap clients • Focus on sectors of competitive strength • Enhanced ability to meet clients’ needs by providing an integrated product offering

12. Client Performance • Overall client revenues for WCS are EUR 3.2 bln (Sept YTD), representing 80% of WCS revenues in line with the last four quarters • We continue to see improvement in our Priority and Key client base, making up EUR 2.1 bln, representing 63% of total client revenues WCS Revenues (Sept YTD EUR 4,026mln) Revenues by Client (Sept YTD EUR 3,233mln) Priority & Key Revenues by Client (Sept YTD EUR 2,051mln)

13. Integrated wholesale offering • Integrated delivery of corporate and investment banking products and services • The integrated GFM/LP offering brings together our strengths in debt products and structuring and simplifies the client interface • GTS positioned for growth through integrated delivery of a suite of highly complementary working capital products • Refined business models for CF and Equities focusing on positions of strength • WCS is a key provider of products and intellectual capital to the other SBUs

14. Product Performance • Most important revenue contributors are GFM and GTS • Priority and Key clients contributing over 50% of total product revenue Revenues by Product (Sept YTD EUR 4,026mln) Priority & Key Revenues by Product (Sept YTD EUR 2,051mln)

15. Efficient capital management and allocation process • Managing for Value as the guiding principle • Aggressive reduction of RWA of EUR 20 bln primarily by reduction in Loan portfolio and on track to achieve our target of EUR 30 bln by the end of 2004 • More discipline at origination to manage capital efficiently • Increase emphasis on portfolio optimisation and distribution

16. Focus on asset quality and independent risk management • Ensure the overall stability and quality of the loan portfolio (investment grade) • Limiting single sector/country exposure by high degree of diversification • Independent risk management • Actively manage concentration risk • Weighted average portfolio remains investment grade (UCR 1,2,3 = 80%) • Rigorous stress testing through the cycles incorporating the VAR methodology in the business decisions

17. Improving infrastructure through restructuring process • In late 2000 TOPS defined an operating model based on removing duplication and inefficiency through regionalising and globalising service provision • A number of high profile cost reduction programmes have been implemented over the last 24 months enabling us to significantly lower our cost base and headcount • TOPS restructuring programme will achieve its target of EUR 408 mln P&L savings by the end of 2002

18. Resulting in sustainable income stream with embedded delta... • On the revenue level through: • an integrated delivery of products to our client franchise and a repositioning of Corporate Finance and Equities • additional revenues from GFM/Loan Products through widening of credit spreads • Through achieved cost savings and ongoing cost control in the future • Through potentially a lower level of provisions in case of an improvement of the economic outlook

19. Appendices

20. Revenue by Client June YTD: EUR 2,118mln Sept YTD: EUR 3,233mln

21. Revenues by Product Q1: EUR 1,384mln Q2: EUR 1,355mln Q3: EUR 1,287mln

22. RWA Reductions by Product Dec-01: EUR 95.2 bln Mar-02: EUR 90.4 bln Jun-02: EUR 83.8 bln Sep-02,: EUR 82.1 bln

23. Asset Quality of wholesale client sectors (by UCRs, limits as per Sept 2002) UCR UCR UCR 1,2,3 1, 2, 3 1, 2, 3 80% 78% 79% UCR UCR UCR >=4 >=4 >=4 22% 20% 21% UCR UCR 1, 2, 3 1, 2, 3 86% 81% UCR UCR >=4 >=4 19% 14% Wholesale corporate portfolio Country Coverage Integrated Energy (36% of WCS corp. portfolio) (27% of WCS corp. portfolio) TMTH Consumer 100% (23% of WCS corp. portfolio) (14% of WCS corp. portfolio) 18% 19% 20% 80% 60% 82% 81% 80% 40% 20% 0% Sept. 01 Dec. 01 Sep. 02 UCR 1, 2, 3 UCR >=4

24. Wholesale corporate exposure is gradually coming down across sectors Sector breakdown of wholesale portfolio - Total limits 25.7% Reduction 27.5% Reduction 26.8% Reduction 26.1% Reduction 17.7% Reduction TMTH Integrated Energy Country Coverage Consumer WCS Corporate Jun.01 Sept.01 Dec.01 Mar.02 Jun.02 Sept.02

25. Financial Institutions and Public Sector Samuel Zavatti, SEVP - Global Head of FIPS Client Coverage BU 20 November, 2002

26. Discussion Outline • What is the role of FIPS within WCS? • What is our strategy? • How are we positioned competitively? • How are we doing? • What new growth initiatives are we working on? • What is the outlook given current market conditions?

27. Role of FIPS Client BU in WCS “Delivering the Client” • Strong Relationships with Senior Decision Makers • Understanding of Clients’ Businesses and Issues • Overall Client Strategy + Coordination Across Product Groups • Solutions focus via partnership with products • Determine optimal use of capital Financial Institutions & PS Client BU Corporate Finance & Equities, ECM Loan Products and Global Financial Markets Working Capital Other SBU Products “Delivering the Product” • Product Excellence, Innovation • Ability to Structure / Tailor Products • Competitive Pricing • Outstanding Execution • Alignment of efforts to highest potential relationships WCS Product BUs

28. FIPS Strategy -- Today Sector Specialized Coverage Bankers • Highly experienced sector heads managing large and/or high growth markets • Coverage bankers with industry knowledge and senior client contacts • Knowledge of entire applicable product range • Balance of flow and big ticket business Active Relationship Mgnt and Cross Selling • Apply balance sheet to highest potential relationships • Seniority of bankers suitable to having “tough” conversations • Strong partnerships with relevant product groups to deliver complete solutions rather than one-off pitches Stringently Enforced RAROC Hurdles • All deals must meet FIPS hurdles (RAROC > 25%) • Promised “Fee-based” trades are actively monitored to ensure delivery • Active program to exit under-performing facilities/relationships Superior Growth and Economic Returns • Continued investment from WCS • Goal is a top five competitive position in target sectors • Repeat business from CEO/CFO/CIO on “Share of Mind” products

29. FIPS Strategy -- Prioritised Coverage of Clients Focus our resources on highest potential clients Priority • Principally major global relationships • Managing Director or Director level coverage • Likely need for all WCS and Group products/services • Greatest willingness to apply ABN AMRO balance sheet Key • Principally major regional relationships • Director level coverage or “senior” VPs • Need for most/all of WCS and Group products/services • Selective use of ABN AMRO balance sheet Core • Principally major indigenous relationships • Vice President level coverage • Emphasis on LP/GFM and GTS Capital products • Low willingness to extend balance sheet Client Development Group (CDG) • Smaller relationships with potential to become P/K/C clients • VP coverage • Working Capital product emphasis • Typically working to minimize/reduce exposure

30. Focus on Increased Cross Selling Achieving increased client penetration selling all WCS and Group products Increased Cross Selling Into FIPS Clients FIPS Revenues By Product (Sept YTD) Relative # of Products Sold/Client +33% in 2002 +22% in 2002 +20% in 2002 Priority Key Core

31. FIPS -- Focus On Six Sectors Our target clients are best served by a strong client coverage approach Characteristics of FIPS Clients • Very large wallets • Wide range of banking needs, routinely purchased • Many layers of decision makers, from CEO to Department Managers • Requires senior bankers to cover all products and all decision points • Global account teams to handle multi-regional client buying centers

32. FIPS Competitive Position We benchmark ourselves against 4 major competitors (Citibank, JP Morgan, Deutsche Bank and HSBC) • We can compete aggressively with these competitors in each of the following areas: • We have a strong global footprint • We have senior access into important FIPS clients • We provide a seamless service to clients across a wide spectrum of competitive products • We have an AA rating

33. FIPS - Portfolio Quality (September 2002) Careful selection of counterparties and geographies

34. Growth Initiatives • Insurance Group -- will focus on demand for capital raising (debt and equity) by European and US insurers as they seek to rebuild their balance sheets and maintain ratings, and structured investment products as all insurers globally look to improve yields and minimise loss expense. • Investment Management Group -- FIPS is completing a dedicated coverage team for what is expected to be a major growth area in Europe over the medium term • Financial Sponsors -- sponsor activity is recovering dramatically and we aim to build a 5% share of the European market by 2005 • Central Banks -- specialist team will sharpen the focus of FIPS bankers on this under developed client segment

35. Looking Forward Ability to sustain performance in continued adverse conditions • FIPS has already re-oriented selling efforts around its clients’ current down-cycle problems, creating a healthy pipeline of structured deals (e.g., sub-debt for banks, insurance recaps) • A majority of FIPS revenues derives from flow business, providing insulation against marketplace volatility • Investments in growth businesses made in 2002 (e.g., Insurance, Investment Management, Central Banks) will begin to yield incremental revenues • FIPS ensures integration across WCS product groups and is at the centre of a number of cross BU and cross SBU initiatives concerning Asset Management, ABN AMRO Mellon and the plans for LP/GFM and GTS

36. Appendix

37. League Tables Top Bookrunners of all institutional euro denominated bonds for financial institutions YTD @ 14/11//02 - ABN AMRO 4th Top Bookrunners of all institutional euro denominated bonds for sovereigns YTD @ 14/11/02 - ABN AMRO 6th

38. League Tables (cont’d) M&A - FI, European Target Cross-border, Acquirer of any Nationality, H1 2002 - ABN AMRO 8th Top Custody Banks by Worldwide Custody Assets Sept 2002 - ABN AMRO Mellon 6th

39. Loan Products & Global Financial Markets Piero Overmars, SEVP - Global Head of Loan Products and Global Financial Markets BUs 20 November, 2002

40. Solid performance in two currently separate Product BUs... Loan Products (LP) Global Financial Markets (GFM) Nine Months YTD Nine Months YTD % change % change 2002 2001 2002 2001 Revs (€m) Prov (€m) • RWAs (€b) • Staff Revs (€m) Prov (€m) • RWAs (€b) • Staff 1,464 11 22 1,908 743 564 47 1,234 1,749 4 21 1,934 (16) 175 2 (1) 753 193 61 1,393 (1) 292 (23) (11)

41. …with a comprehensive suite of products, solutions and advice Loan Products Global Financial Markets • Corporate Lending • Structured Trade Finance • Project Finance • Commodity Finance • FX, FX Options • Rates (MM, Govt Bonds, Derivatives) • Investment Grade Corporate DCM • Emerging Market DCM • Leveraged Finance • Asset Securitisation • Credit Derivatives

42. We are a leading European player in our chosen markets... Global Asset Securitisation Global Project Fin Arrangers Global Syndicated Credit Euro denominated DCM Eurozone DCM Global FX Consistently Rated in the Top 10 Key Market Positions 2002 2001 LP and GFM rank in sample of recent League Tables #6 #1 #9 #5 #7 #8 #6 #6 #10 #6 #10 #13 % of League Tables Sample size: 105 League Tables Source: IFR, Project Finance Magazine, Euromoney, Loanware, Swapsmonitor.com

43. …and these markets have attractive medium-term outlooks Market Revenue Growth 3-5 Year Outlook Core Product Markets Credit Derivatives > 25% Structured Financing 5 - 15% Rates Derivatives DCM (All Bonds) Foreign Exchange > 5% Corporate Lending Source: MSDW/Oliver Wyman/ABN AMRO internal sources

44. Integrating LP and GFM creates a stable platform for profitable growth The strategic priorities of the integrated Business Unit are • Enhancing our offer • Better meet the needs of our most important clients by providing integrated capital raising, capital management and risk advisory capabilities • Changing origination behaviour • Optimise the portfolio through increased securitisation and hedging • Capitalise on the market environment to more selectively deploy capital to Priority and Key clients and others with sophisticated structuring/advisory needs • Leveraging our distribution capabilities • Build upon our deep penetration in Europe and Asia • Systematically narrow our focus to the Top 250 investors • Improving our efficiency • Aggressively centralise infrastructure while hub and spoking the front office

45. Enhancing our offer We will better meet the needs of our most important clients by • Providing an integrated offer including capital raising, capital management and risk advisory • Deepening our offer by extending our established platforms and capabilities into higher margin value-added structured financing and exotics, e.g. • Asset Securitisation - Maintain Top 2 position in Europe while expanding $ABS and CMBS • Credit and Rates Derivatives - Leverage our established platforms and gain share of market growth • Debt and Risk Advisory - Consolidate our intellectual capital into a single advisory group • Foreign Exchange - Deepen penetration with our top quality Foreign Exchange product suite thus supporting the development of the WCS working capital business

46. Changing origination behaviour • A more selective deployment of capital • Better targeting of top 300 clients and others with high potential • Continued focus on identifying high quality credits on favourable terms • Increasing our penetration of existing clients • Focus on derivatives cross-sell off back of primary loans and bonds • Increased emphasis on higher margin share of mind solutions (e.g., value-added structured financing, advisory solutions) • Optimising the portfolio • Better pricing, hedging and securitisation We aim to capitalise on the market environment and use the credit product strategically through

47. Leveraging our distribution capabilities • On the demand side, we will build upon our deep penetration in Europe and Asia • Systematically increase our focus to the Top 250 investors • Establish deeper relationships with larger institutions, as investors continue to rationalise their preferred investment banking suppliers • Underwrite and price to sell, but choose to hold strategic risks Institutional Investors Share of Global New Securities Issues Strategic Focus All Others Top 250 Investors Source: IFR

48. Improving our efficiency • Centralised infrastructure to capture all possible economies of scale • Eliminate duplication and multiple flavours of vanilla IT • Hub & spoke front office model • Critical mass of intellectual capital built and deployed outward from hubs rather than creating sole practitioners in regions • In sum, we recognise that we must have a different and smarter operating model than our larger peers We will refine our operating configuration to reduce costs, increase control and encourage creativity

49. Our ambition for the Business • A singular focus on profitable growth and value creation through a differentiated offer to our chosen clients • Solidify our position as a profitable Top 5 player in our chosen markets • Improve our portfolio return through more selective capital allocation, pricing and distribution • Further establish ourselves as the European advisor and provider of choice for clients seeking a strategic relationship for financing and risk management requirements

50. Appendix