ABN AMRO BankA multi-regional, Europe-based retail and commercial bank

Rijkman Groenink, Chairman of the Managing Board

8 October 2003

Introduction

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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

In 2001, ABN AMRO was a restructuring play

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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

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Restructurings have greatly improved the performance

Operating profit (Eur mln)

1.647

2.5102.803

2.566 2.7423.048

3.834

4.9185.267 5.063

5.457

0

1.000

2.000

3.000

4.000

5.000

6.000

HY 1998 HY 1999 HY 2000 HY 2001 HY 2002 HY 2003

Ope

ratin

g pr

ofit

Half year Full year

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The efficiency ratio has been steadily improving for two years

Revenues, FTEs and Efficiency ratio since Q1 01

Base 100 in Q1 01

85%

90%

95%

100%

105%

110%

Q1 01 Q2 01 Q3 01 Q4 01 Q1 02 Q2 02 Q3 02 Q4 02 Q1 03 Q2 03

Efficiency ratio Revenues Fte

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Tier 1 is up and capital was re-allocated to retail and commercial

Return on Equity / Tier 1

6,94%

7,20% 7,20%

7,03%

7,48%

16,9%

23,7%

26,5%

20,5%22,6%

6%

6%

6%

7%

7%

7%

7%

7%

8%

FY 1998 FY 1999 FY 2000 FY 2001 FY 20020%

5%

10%

15%

20%

25%

30%

Tier 1 ROE

ABN AMRO is a defensive stock with long term growth potential

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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”

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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 deliverIn 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

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The broad based improvement should gain momentum in 2004 (ctd)

The performance of PCAM is expected to improve

WCS will provide substantial earnings upsideRevenue 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

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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

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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

What are the aspirations ofABN AMRO ?

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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

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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

Concluding remarks

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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

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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