ABN AMRO reports record operating result Third Quarter Results October 2003

0 2 Table of Contents  ABN AMRO reports record operating result3  Operating Performance4  Asset Quality and Capital13  Outlook17  Appendices19

0 3 ABN AMRO reports record operating result Compared to the third quarter of 2002  Operating result up (+23.7%) due to higher revenues  Provisioning down (-10.4%)  Net profit strongly up (+40.8%)  Efficiency ratio improved 330 basis points to 66.2%  Tier 1 ratio increased by 79 basis points to 7.79%

Operating Performance

0 5 Revenues Q Group performance improves due to increasing momentum in WCS  Revenues increase, driven by revenue growth in WCS and C&CC  Increase in operating expenses largely due to various incidental costs in C&CC, especially BU NA and BU NL  Operating result improves for the fourth consecutive quarter

0 6 C&CC shows stable and resilient income stream  Revenues slightly up due to higher commission income in BU NL and BU Brazil  Operating expenses up primarily due to incidentals in BU NA and BU NL  Operating result remains flat on a normalised basis Revenues Q3 2003

0 7 Revenues of BU NL remain on track despite recession  Revenues up due to an increase in net interest revenue and higher electronic banking commissions  Expense growth inflated due to a EUR 20 mln accrual release in Q2. Normalised expense growth amounts to 2.6% mainly driven by higher profit sharing accruals  Operating result remains flat adjusted for Q2 incidental items Revenues Q3 2003

0 8 Natural servicing hedge supports BU NA income  The US dollar appreciated on average by 1.6% against the Euro during Q3 In local currency terms:  A USD 48 mln mortgage liability reserve was included in Q3 revenues  1.0% underlying revenue growth caused by retail and commercial banking activities. Mortgage revenues flat due to higher servicing income  Expenses increase mainly due to incidental costs related to rebranding and opening of new operations and technology centre Revenues Q3 2003

0 9 BU Brazil revenues improve despite decline in interest rates  The Brazilian real was stable against the Euro compared to Q3  Higher revenues reflect volume and spread growth in consumer finance and trading gains. Stable retail revenues  Higher expenses due to increase in staff costs reflecting the implementation of the new Collective Labour Agreement in September  Operating result improves significantly Revenues Q3 2003

0 10 WCS client-led model delivers on commitments  Higher revenues reflecting better client revenues and improved performance in the BU’s Financial Markets, Working Capital and Private Equity  Expenses up due to combination of higher bonus accruals reflecting improved performance and investments in BU Financial Markets and BU Working Capital  Commitment of positive EP achieved in third quarter Revenues Q3 2003

0 11 PC improves its efficiency ratio for the second consecutive quarter  Revenues remain almost flat despite absence of significant placements of new funds  Expenses down due to absence of restructuring costs in France  Efficiency ratio improves for second consecutive quarter Revenues Q3 2003

0 12 AM continues to leverage on improved market conditions  Increase in commissions reflects higher level of Assets under Management and improved margins due to changes in asset mix  Expenses slightly down due to strict cost control  Substantial improvement of efficiency ratio Revenues Q3 2003

Asset Quality and Capital

0 14 Provisioning is coming down as global economy recovers  Overall provisioning lower despite increase in Corporate Centre and BU NL  WCS provisioning decreases substantially. Weighted average UCR improves for the third quarter in a row  In C&CC, provisioning is down primarily due to a decrease in Brazil. Provisioning in BU NL up driven by further deterioration of the quality of the SME portfolio  Overall quality of the portfolio remains solid Annualised provisions / RWA(%)

0 15 SME portfolio drives provisioning levels up in BU NL C&CC NL commercial portfolio by client C&CC NL total portfolio  Provisions in 2004 expected to be similar as in 2003, with a peak in the first half C&CC SME portfolio

0 16 Capital Management is on track to deliver targeted Tier 1 ratio  Tier 1 ratio improvement led by high retained earnings  The gearing ratio decreased for the sixth consecutive quarter to 29.9%  We expect to deliver Tier 1 ratio and core Tier 1 ratio close to 8.00% and 5.70% respectively by year end (EUR bln) / % change / Total assets Shareholders’ equity Group capital Risk-weighted assets Tier 1 ratio Total capital ratio % 11.10% % 10.87% (2.2) (0.6) (8.4) % 11.42%

Outlook

0 18 ABN AMRO expects a 25% increase in net profit for FY 2003 “We are confident about the performance for the remainder of the year. We will substantially exceed our previous 2003 outlook, barring any unforeseen adverse circumstances. We now expect the full year net profit to be above EUR 3 billion”

Appendices Third Quarter Results 2003

0 20 Appendices: table of contents  Key figures: profit and loss account21  Currency Variations22  Profit and Loss Account BU NA and BU Brazil28  Details on WCS Performance 31  Asset Quality and Provisioning34  Asset Quality and Provisioning in C&CC37  Asset Quality and Provisioning in WCS49

0 21 Key figures: profit and loss account

Currency Variations

0 23 Impact of currency variations on group performance Revenues Expenses Operating result Pre-tax profit (1,525) 1,001 (524) (360) Reported change (%) Currency impact (EUR mln) Organic growth (%) (4.9) Sept YTD 03/ Sept YTD 02 Note: Reported change is the arithmetic sum of currency impact and organic growth. In this case, revenues were negatively impacted by EUR 1,525 mln and costs were positively influenced by EUR 1,001

0 24 Impact of currency variations on group performance Revenues Expenses Operating result Pre-tax profit (183) 125 (58) (42) Reported change (%) Currency impact (EUR mln) Organic growth (%) Q3 03 / Q3 02 Note: Reported change is the arithmetic sum of currency impact and organic growth. In this case, revenues were negatively impacted by EUR 183 mln and costs were positively impacted by EUR 125 mln

0 25 Impact of currency variations on group performance Revenues Expenses Operating result Pre-tax profit Reported change (%) Currency impact (EUR mln) Organic growth (%) Q3 03 / Q2 03 Note: Reported change is the arithmetic sum of currency impact and organic growth. In this case, revenues were positively impacted by EUR 18 mln and costs increased by EUR 12 mln

0 26 Reported change (%) Currency impact (EUR mln) Organic growth (%) Q3 03 / Q2 03 Impact of currency variations on BU NA performance Revenues Expenses Operating result Pre-tax profit (2.6) 8.9 (12.5) (13.9) (0.9) 10.6 (10.8) (12.2) Note: Reported change is the arithmetic sum of currency impact and organic growth. Revenues were positively impacted by EUR 20 mln and expenses increased by EUR 9 mln

0 27 Impact of currency variations on BU Brazil performance Revenues Expenses Operating result Pre-tax profit Note: Reported change is the arithmetic sum of currency impact and organic growth. Revenues were positively impacted by EUR 1 mln and costs were increased by EUR 1 mln Reported change (%) Currency impact (EUR mln) Organic growth (%) Q3 03 / Q2 03

Profit and Loss Account BU NA and BU Brazil

0 29 P&L BU NA in local currency

0 30 P&L BU Brazil in local currency

Details on WCS Performance

0 32 WCS client performance  Overall client revenues for WCS are EUR 3,164 mln, representing 83% of WCS revenues  The revenue contribution of our Priority and Key clients represents almost 54% of total client revenues WCS Revenues (EUR 3,802 mln YTD 2003) Revenues by Client (EUR 3,164 mln YTD 2003) Priority & Key Revenues by Client (EUR 1,713 mln YTD 2003)

0 33 WCS product performance Revenues by Product EUR 1,360 mln in Q Revenues by Product EUR 1,297 mln in Q  Most important revenue contributor is Financial Markets

Asset Quality and Provisioning

0 35 September 2002December 2002September 2003 Private loans (EUR bn - by outstanding) Private loans

0 36 Q loan loss provisioning by SBUs Overview of total loan loss provisioning per SBU Total ABN mainly includes Corporate Centre and Auto Lease Holland

Asset Quality and Provisioning in C&CC

0 38 Overview of the C&CC consumer and commercial franchise

0 39 Q loan loss provision by geography C&CC loan loss provisions - slight decrease despite market conditions

0 40 Overview of the portfolio of BU NL C&CC NL commercial portfolio by clientC&CC NL commercial portfolio by UCR C&CC NL total portfolio

0 41 Overview of the commercial portfolio of BU NL C&CC NL commercial portfolio by product 2 C&CC NL commercial portfolio by Industry 2 C&CC NL total portfolio 1 1 Incl. Bouwfonds 2 excl. Bouwfonds

0 42 BU NL commercial portfolio asset quality

0 43 Overview of the portfolio of BU NA C&CC - Asset quality Business mix as per Sep 2003

0 44 Overview of BU NA commercial portfolio C&CC BU NA commercial portfolio C&CC BU NA commercial portfolio by IndustryC&CC BU NA total portfolio + 3.5%

0 45 BU NA commercial portfolio asset quality

0 46 * Note: Includes only loans booked onshore Overview of the portfolios of BU Brazil C&CC - Asset quality Business mix (*)UCR breakdown

0 47 Overview of the portfolio of BU Brazil commercial portfolio C&CC BU Brazil Commercial Portfolio C&CC BU Brazil Commercial Portfolio by IndustryC&CC BU Brazil Loan Portfolio

0 48 BU Brazil commercial portfolio asset quality

Asset Quality and Provisioning in WCS

0 50 Geographic exposure calculated based on the country lending office of each counterparty OECD: Organisation for Economic Co-operation and Development Asia Pacific Advanced 6.9% North America 26.5 % Latin America 3.4% Eastern Europe 0.5% Africa 0.4% Europe 56.3% Middle East 0.7% Asia 5.3% Wholesale corporate portfolio is predominantly OECD

0 51 Breakdown of Wholesale portfolio per client sector Commercial banks exposure includes commercial lines, money market and OBSI facilities Wholesale - Corporate portfolioWholesale - Total portfolio

0 52 As a % of total limits of Wholesale Corporate portfolio which excludes FIPS Wholesale corporate portfolio is well diversified

0 53 TMTHIntegrated EnergyAutomotive & IndustrialConsumerTotal Sept.02Dec.02Sept % -19.0% -14.2% -13.9% -16.2% Continued reduction of exposure Sector breakdown of wholesale portfolio - Total limits

0 54 Average UCR of wholesale client sectors Average UCRs - Historical performanceAverage UCRs Jun. 02Sep. 02Dec. 02Mar. 03Jun. 03Sep. 03 TMTHInt. Energy Automotive & IndustrialsConsumer WCS Portfolio

0 55 Asset quality of wholesale client sectors Automotive & industrialIntegrated Energy Consumer Wholesale corporate portfolio (36.5% of WCS corp. portfolio) (26.2% of WCS corp. portfolio) (14.8% of WCS corp. portfolio) TMTH (22.6% of WCS corp. portfolio)