Working Capital

1. Working Capital Rob van Paridon, SEVPGlobal Head of Working Capital 11 December, 2003

2. The integrated ABN AMRO Working Capital offer Our Working Capital offer integrates ABN AMRO’s expertise in cash flows, liquidity, global trade, financial markets and asset management to meet the current demand for tailored working capital solutions in the market

3. Bringing together our expertise in Working Capital Solutions • Cash Flow Advisory: Payments, collections, online transactions and reporting, current accounts, links into ERP systems • Global Trade Advisory: Risk mitigation, trade finance, trade document management and supply chain facilitation • Financial Markets: Advisory services on debt capital management and treasury services • Liquidity Advisory: Fund concentration, including netting, pooling & zero balancing and investment of surpluses • Asset management: A range of short term structured investment options Our relationship bankers and sales consultants draw on this range of expertise to build solutions for the clients

4. Recognised by the market in all aspects of Working Capital April 2003 Best Provider Outsourced Treasury Solutions in Europe (Treasury and Cash Management Awards) April 2003 Best Bank for Liquidity/Working Capital in Europe (Treasury and Cash Management Awards) November 2002 No. 3 Overall Best Global International Cash Manager (Cash Management Poll) November 2003 No. 1 Cash Management- Western Europe (Cash Management Poll) November 2003 & 2002 No. 1 Best Electronic Services in Trade Finance The Banker September 2003 January 2003 Currency Derivatives House of the Year Award November 2002 Best Bank in FX in the Eurozone (voted by corporates) Best CLS bank *** Best use of IT in wholesale banking June 2003 Best Structured Trade Bank June 2003 Best Online Trade Finance Provider We are recognised for quality and innovation across the Working Capital landscape:

5. Building for growth and profitability • Geographic Focus • Invest in identified growth markets • Follow our clients around the world • Leverage footprint, targeting outflows Targeted Client Segments • Leverage competitive FI position • Priority & Key client focus • Integrated Working Capital Solutions • Risk management: Credit, Country & FX • Embedded Foreign Exchange • Liquidity & Asset Management • Outsourcing • Integrated delivery channels (Portal) • Payables and receivables management Client Experience • Making customer service a competitive differentiator Operational Excellence • Centres of Operating Excellence • Optimising low cost delivery locations

6. 2003 Product Revenue Composition 2003 Client BU Revenue Composition Steady revenue growth in core businesses Growth from diversified industry segments Integrated Energy Industrials 13% 28% TMTH 10% FIPS 49% • Core Working capital Businesses show consistent growth despite challenging FX, interest rate and global geo-political environment • Diversified revenue base - growth from all client segments through strong alignment between Client and Product BUs Source: BU Finance--Working Capital

7. 2003 Geographic Revenue Composition Growth Markets Focus Attractive profitability dynamics Local banks lack the solid ratings enjoyed by ABN Attractive GDP growth rates and new client acquisition opportunities Increasing in-bound investment by our Priority & Key clients in these markets Leverage network for competitive advantage Emerging Markets help drive faster growth Working Capital Current Targeted Growth Markets  Russia  India  China  Turkey Source: BU Finance--Working Capital

8. Length of relationship with AAB Working Capital franchise has long-standing client relationships. Two-thirds of our global balances are generated from clients that have been with the bank for over a decade Building on established customer relationships

9. Increased focus on Financial Institutions • ABN AMRO is well placed to become one of the leaders in the industry for the delivery of Outsourcing / Strategic Partnership services • global presence, outstanding brand recognition and award winning product capability • not seen as competitive threat by local banks • track record of delivery • cost pressures in the industry requiring focus on core-competencies • Sixty percent of mid-tier FIs will outsource (part of) their non-strategic processes (source BCG payment study & Deloitte Consulting) • Demonstrated success • GTA has established 32 insourcing relationships in US, Asia, and Europe • lite outsourcing deals won by CFA including X-border payment processing, CLS white labelling and Corporate Account Services • FX: initials steps made and a small number of mandates won

10. Improved profitability through cost-efficient delivery • Working Capital is executing its strategy to structurally reduce its costs base through hubbing and off-shoring its processing activities Processing / service centers 2000 EUROPE CFA 22 24 GTA Client Service 20 APAC CFA 12 57 GTA Client Service 12 AMERICAS CFA 6 INDIA CFA 13 39 GTA 2 GTA Client Service 10 Client Service 1 % FTE in hubs: CFA 11.3 %; GTA 0%; CS 0% % FTE in low cost sites: CFA 2.2%; GTA 2%; CS 19%

11. Improved profitability through cost-efficient delivery • Hubbing will further enable the low cost volume growth necessary to grow margins and to deliver efficient service and reduced unit processing costs In order to stay close to the customer, local touch points will be maintained in local markets Major processing / service quality centers (sqc)2005 EUROPE CFA 1 1 GTA Client Service Hub 1 APAC CFA 0 0 GTA Client Service Hub 1 AMERICAS CFA 1 INDIA CFA 1 2 GTA 1 GTA Client Service Hub 2 Client Service Hub 1 % FTE in hubs: CFA 34 %; GTA 85%; CS 55% % FTE in low cost sites: CFA 25%; GTA 65%; CS 24%

12. New Integrated Delivery Channel Cash Flow Advisory Global Trade Advisory Financial Markets Superior user experience Single sign-on Intuitive workflow Application not web-site Push technology and alerts Real-time updates Personalisation Multiple views Permanently on the desktop Maximise data, minimise branding on desktop Multi-bank Working Capital Access brings together the Global Trade Portal (MaxTrad™), Cash Online Services and Financial Markets, following the workflow of a treasurer Integrated access through a single delivery platform

13. Working Capital has established a process that carefully tracks how clients rate our performance Annual and quarterly Surveys We have standardised service processes to increase the speed of responsiveness to requests A differentiated service model for our 250 most important clients with dedicated service consultants Making client satisfaction a competitive differentiator CEE EMEA US 2004 76 2004 64 Asia 2004 65 2003 2003 2003 2003 2003 67 55 75 58 72 2004 73 Latam 2004 75 Source: TRI*M index, NFO Worldwide" It’s Working Capital’s ambition to become “best in class” service provider in wholesale banking

14. As ranked by European Corporates... Competitive position has improved over 2001 - 2003 ABN AMRO has seized competitive ground from rivals in market share voted number 1 in Cash management in Western Europe up from number 3 in 2002 voted number 2 in Latin America, up from 4 in 2002 voted number 3 globally Vs. number 4 in 2002 Euromoney Cash Management Poll Shows improved competitive position Source: Euromoney cash management poll November 2003

15. Working Capital is well positioned to drive growth • The business is focused on a clear strategy that leverages core competencies and reinforces our competitive advantages • global network and a well established brand • integrated solutions across conventional product silos • proven capabilities and their success transfer to emerging markets • focus on established Priority & Key client relationships • service differentiation • cost management through hubbing and off-shoring • Market and customer surveys demonstrate improved market position • Financial results validate the success of this approach