ABN AMRO Bank A full house of opportunities

ABN AMRO Bank “A full house of opportunities” Rijkman Groenink Chairman of the Managing Board Monte Carlo, 10 June 2004

Overview of presentation w ABN AMRO 2001 -2004, a true transformation w ABN AMRO may use M&A as an effective revenue enhancer w Concluding remarks 2

ABN AMRO 2001 - 2004, a true transformation

We have successfully restructured the bank during a sharp downturn w Our main focus has been to EUR mln increase Economic Value : – use Mf. V to frame and discipline decision making – restructure our businesses, in particular BU NL and WCS – reallocate capital from WCS into C&CC – restore capital position – improve Economic Profit Net profit excluding extraordinary items in accordance with Dutch Gaap ROE is calculated on the basis of reported net profit ( inlcuding extraordinary items - Dutch GAAP) 4

The result: solid positions in markets with good growth potential EUROPEAN PRIVATE BANKING: # 1 Netherlands # 3 France and Germany NETHERLANDS: Top commercial bank for large SME and affluent customers INDIA Growing mass affluent retail franchises (12 branches) Top 6 US mortgage originator Top 7 US mortgage servicer TOP RANKING US REGIONAL FRANCHISE IN THE MID-WEST WCS European franchise with top 3 Global Trade and Cash & Payment platform TOP 4 PRIVATE BANK IN BRAZIL Source: SNL financials All figures based on Brazilian GAAP 5

Further value creation will be driven by improvements in efficiency Revenues of main US and European banks in 2003 EUR bln Operating efficiency of main US and European banks in 2003 (*) Provisioning for loan losses not available and included in revenues as a negative item Source: Bloomberg, Annual accounts, ABN AMRO research. EUR 1 = USD 1. 26; EUR 1 = GBP 0. 71; EUR 1 = CHF 1. 56 NB: Numbers adjusted for goodwill amortisation 6

Substantial cost synergies can still be extracted across SBUs w All restructuring programmes to date concentrated on establishing BUs and on improving their returns w Group Shared Services was established in January 2004 with the objective to optimise cross-(S)BU cost synergies whilst maintaining operational excellence w Benchmarking against top-quartile Banks conducted on technology spending revealed significant potential. Additional sources of savings in procurement and HR w Current estimates point to at least EUR 500 mln annual savings from 2007 onwards. Targets will be communicated with the Q 2 04 results 7

Revenue growth is equally critical to improving operating efficiency w Growth in commercial banking revenues, especially in US and Brazil, driven by economic recovery and our relationship approach w Growth in retail banking revenues in Asia, due to rapid growth of a consumer and increasingly wealthy middle class in India and Greater China 8

Our business mix can deliver satisfactory organic revenue growth w BU NL : increase cross-selling to mass-affluent customers w BU NA : top ranking commercial banking franchise and market growth w BU Brazil : strong platform geared for economic growth w NGM : fast development of the mass-affluent retail franchises w PCAM : top quality brand names and growth of onshore market w WCS : Investments in FM and Wo. Ca - ROE up to 15%-20% through the cycle w Cross-SBU synergies : 20 action tracks, 5 of which under the direct responsibility of the Managing Board 9

ABN AMRO may use M&A as an effective revenue enhancer

Proceeds from recent disposals will strengthen our capital ratios w Proceeds will increase Tier 1 and Core Tier 1 ratio by 110 basis points , well above stated targets for 2004 of 8. 25% and 6. 0% respectively (1) w It is the intention to neutralise the dilutive effect of the stock dividend. For 2004, this is dependent upon the further strengthening of our capital ratios subsequent to the disposal of Leaseplan w We increase our minimum targets for 2004 to a Tier 1 ratio of 8. 5% and a Core Tier 1 of 7% w As a result, only limited excess capital will be available (1) : Ceteris paribus 11

The proceeds also enable to enhance our C&CC platform w We are a multi-regional bank focused on consumer and commercial banking, supported by our international wholesale franchise w Our strategy therefore aims at further strengthening our consumer and commercial banking franchises w This can be achieved by a combination of organic growth and M&A 12

After Sudameris, all Brazil needs is economic growth w BU Brazil, as an emerging market exposure, is one of the growth engines of the portfolio w No further acquisitions needed or desired after the Sudameris deal (BRL 300 mln annual costs savings) from 2005 onwards w The growth potential of the franchise is driven by its exposure to the South East region and to the above market penetration of the mass affluent client base w The catalyst for value creation : economic growth fostered by structural reforms and sustainable low interest rates 13

Europe is unlikely to see any crossborder activity in the short term w In the short term, cross-border transactions are unlikely due to demanding premiums in comparison with potential synergies w In Italy, in-market consolidation is possible in the nearterm. However, the position of ABN AMRO is in line with the terms and agreements of the shareholder pacts w Onshore Private Banking is an area of growth where potential is enhanced by the build-up of our European network of high-quality local franchises 14

In Asia, acquisitions could accelerate the already rapid growth w The Indian franchise is building up quickly within the limitations imposed by the regulatory framework - Mass affluent franchise with 12 branches xin the main cities. Very high brand name recognition due to national mortgage operations - Organic high growth strategy once local incorporation takes place - In parallel, selective acquisitions (in the range of EUR 1 bln) could help speed up the development of the platform and of the brand name w In China, onshore activities are bound to develop - Our strategy is to make use of our city-bound banking license in combination with our local Asset Management capabilities to expand our mass-affluent retail franchise - Central processing capabilities are located in Taiwan. Small additions are possible in order to support the growth of the mainland activities 15

Organic growth in the US is a valid strategic option w Our US franchise has a very strong position in the Midwest. w The strength of the US franchise give us the option not to join the current consolidation phase. The franchise has a defendable and sustainable market share. It is well positioned for organic growth in the coming years, especially with the pick up in the commercial banking cycle w ABN AMRO is therefore in a position to stick to its Mf. V principles and has no reason to overpay for “strategic” considerations 16

Long term, regional consolidation might require us to expand our US franchise w The core skill and value driver of the US franchise is commercial banking w In the long run, cost efficiencies derived from scale might be necessary to compete with super regional players in commercial and retail banking w Acquisitions in an adjacent state would strengthen our regional commercial banking franchise and deliver revenue and cost synergies 17

Share Buy-Backs are an option w Excess capital is a new phenomenon for ABN AMRO w Unlike a number of other European players we started from a relatively low capital base w The Managing Board considers that its main task on behalf of ABN AMRO’s shareholders is long term value creation by investing capital in attractive growth opportunities w In accordance with our capital discipline and with the capital ratio targets, we will give capital back to our shareholders, if no value creating opportunities can be found 18

Concluding remarks

Concluding remarks (1) w Strong capital base allows us to consider neutralising the dilutive effect of our stock dividend as a policy change w This also gives us the opportunity to optimise our business mix by further strengthening our consumer and commercial franchise w Deals should be value creative and should not exceed limited excess capital available w Focus is on accelerating organic growth potential in the US and in Asia 20

Concluding remarks (2) w Strong market position of the franchise in the US makes organic growth a valid strategic option w If no value creating opportunities can be found, we will consider share buy- backs 21