ABN AMRO “Well positioned for growth” Rijkman Groenink Chairman of the Managing Board New York, 10 December 2004 ABN AMRO Benelux Conference

2 Agenda  Strategy and YTD 2004 results  Challenges & Opportunities in 2005  Cost and revenue synergies  Concluding Remarks

3 Successful Multi-Regional Strategy  We aim to drive our shareholder returns through a multi-regional strategy with a focus on commercial and consumer banking, supported by an international wholesale franchise We will achieve this by: 1.Focusing on consumer and commercial clients in chosen home markets, selected wholesale clients with an emphasis on Europe, as well as financial institutions and private clients 2.Creating value for our clients by offering high-quality financial solutions that best meet their needs and long-term goals 3.Leveraging our advantaged product and people capabilities to the benefit of all our client bases 4.Sharing expertise and operational excellence across the Group 5.Creating ‘fuel for growth’ by optimally allocating capital and talent

4 Network of leading market positions All figures based on Brazilian GAAP TOP 4 PRIVATELY OWNED BANK IN BRAZIL TOP RANKING US REGIONAL FRANCHISE IN THE MID-WEST EUROPEAN PRIVATE BANKING: # 1 Netherlands # 3 France and Germany Top 8 US mortgage servicer WCS European franchise with top 3 Global Trade and Cash & Payment platform NETHERLANDS: Top commercial bank for large SME and affluent customers Source: SNL financials INDIA Growing mass affluent retail franchises (15 branches) GREATER CHINA Focus on Hong Kong and Taiwan

5 YTD increase in net profit due to higher revenues and lower provisioning Gain on sale BoA is EUR 213 mln (revenues, operating and net profit) Underlying revenue growth of 4.1% reflects diversity of business mix Increase in operating expenses reflects investments in growth markets Strong risk management skills has resulted in lower provisioning Further strengthening of capital ratios * At constant forex rates: **Excluding the proceeds of the sale of Bank of Asia (BoA) 19.7% 29.0%

6 YTD revenue growth, despite decline in BU NA Despite significant one-off in 2003, revenues BU NL show only modest decline. Adjusted for one-off: + 2% Strong performance BU Brazil due to Sudameris acquisition and organic growth Strong results BU NGM due to high growth rates in Asia WCS shows satisfactory results in difficult market conditions Group revenues are up 4.1% at constant exchange rates Revenues excl. gain on sale Bank of Asia Change in revenues (Q3 YTD 04 vs Q3 YTD 03, %)

7 YTD revenue decline in BU NA entirely due to lower mortgage income Revenues US mortgages and total BU NA revenues excl. mortgages (in mln USD) -65% +5%

8 YTD increase in expenses due to investments in growth markets Strong increase in expenses in BU Brazil (EUR 220 mln or 30%) largely due to integration Sudameris Increase in BU NGM (EUR 31 mln or 12%) due to investments to fund future growth Lower expenses BU NA and BU NL fund increase in NGM and Brazil Change in expenses (Q3 YTD 04 vs Q3 YTD 03, EUR mln)

9 Strong risk management skills have led to lower provisioning *2004 YTD Net provisioning as % average RWA * 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% ABN AMROMarket Performance 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% ABN AMROMarket Performance** Loan Loss provisions to Loans** ** Barclays, HSBC, Citi, BNP Paribas, Bank One, JP Morgan Chase, Deutsche

10 Further increase of Tier 1 ratios due to proceeds of sale of Bank of Asia Sale of Bank of Asia (BoA) added 15bps to Tier 1 and Core tier 1 Sale of LeasePlan Corporation (LPC) has been completed on 4 November Proceeds of sale of LPC will lead to a further increase in the Tier 1 and Core Tier 1 ratio We have used the proceeds of the sale of BoA and LPC to neutralise the dilutive effect of the interim stock dividend On 2 December we announced the completion of the buyback of shares related to the interim stock dividend 2004

outlook “We reiterate our net profit outlook for the full year to be at least 10% higher than the previous year (excluding the impact of the sale of Bank of Asia and LeasePlan Corporation), in spite of the lower operating result now expected.”

Challenges & Opportunities in 2005

13 ChallengesOpportunities  USD net profit hedge rate for 2005 lower than for 2004  2004 results include some incidental items  Disappearance of LeasePlan and Bank of Asia contribution  BU NA: growth in all divisions, commercial banking in particular  BU NL: gradual profitability improvement  BU Brazil: well positioned post Sudameris  BU NGM: underlying market growth  WCS: further growth from a solid base  Private Clients growth depending on market circumstances  Disciplined Capital Management

14 #3 Market Share in the greater Midwest 13 th largest in the U.S. by assets 11 th largest commercial loan portfolio nationally 14 th largest deposit base in the Nation 8 th largest mortgage servicer in the Nation Before considering the effect of expected industry mergers. Sources: SNL Securities, Mortgage Bankers Association, FDIC and American Banker BU NA is well positioned for solid growth in all its divisions USD 103 bn in assets

15 –Trusted and respected –Relationship-focused –Involved in the Community Local, Hometown banks Strong positions in Illinois and Michigan LaSalle Bank N.A. # 2 in Assets in Illinois # 2 in Deposits in Illinois Standard Federal Bank N.A. # 2 in Assets in Michigan # 3 in Deposits in Michigan

16 Opportunity: increase commercial banking revenues in BU NA Loan commitments (USD) and utilisation rates (%)Commercial & industrial loans (C&I) and IP Oct 04

17 Customer Centric Strategy BU NA’s new consumer strategy will lead to strong revenue growth Customer Service  Provide superior service across all channels (branches, ATMs, call center, Web, sales forces)  Adapt to the local needs of our marketplaces  Empower employees to solve customer problems Sales  Acquire core deposit accounts to develop long- term customer relationships  Sell products and services to each customer based on the customer’s unique needs  Ensure products and services are easy to understand and sell Operations  Abolish rules and procedures that interfere with delivering exceptional service  Continually look for ways to reduce errors, improve response times and anticipate customer hassles  Efficiently use resources to achieve customer satisfaction

18 US mortgage business is expected to benefit from margin normalisation US mortgage business expected to improve in 2005:  Overcapacity in the industry has resulted in a sharp reduction in margins  This overcapacity has been sustained by mini-refinancing booms as interest rates have remained low.  We expect a rationalisation of the margin environment in 2005

19 We can grow revenues and increase returns by focussing on certain client segments: Corporate Clients: Sustain market leadership position (>40% market share) by maintaining an advantaged service offer SME Clients: Move from #2 to #1 in terms of market share of primary bank relationships for companies with over EUR 1 mln turnover by improved product offering Mass Affluent Clients: Introduction of Preferred Banking, which improved service and product offering Mass Retail Clients: Introduce charges for standard banking services and actively migrate clients to low cost channels. Opportunity: BU NL is expected to show revenue growth

20 BU NL efficiency ratio expected to improve further to low 70’s in 3 years Efficiency ratio BU NL* * Q1 03 is adjusted for sale of insurance business to DL, Q2 03 is adjusted for share loss in Interpay and release of accrued provisioning, Q4 03 for the unwinding of the security vehicle and EUR 23 mln restructuring costs, and Q3 04 is adjusted for release of a cost provision (16 mln)

21 The efficiency ratio of the Group’s operations in the Netherlands is lower than that of BU NL * Geography the Netherlands includes Dutch activities in SBU C&CC, SBU WCS, BU PC, BU AM, BU CC, Bouwfonds

22 Opportunity: Brazil is well positioned for organic growth after Sudameris integration  Exposure to the South East, Brazil’s most dynamic region  Market leader in car finance  Above average penetration of the mass affluent client base The catalyst for value creation : economic growth fostered by structural reforms and sustainable low interest rates leading to retail and commercial loan growth Following the Sudameris acquisition, ABN AMRO is the 4th largest privately owned bank in Brazil with attractive characteristics

23 BU Brazil shows strong loan growth in retail and commercial banking Growth of segments of the portfolio (BRL mln)

24 Since the acquisition of Banco Real the client base increased by more than 50% Clients (mln) Includes Sudameris as of October 2003 (approx. 700,000 clients)

25 Opportunity NGM: continuing strong growth in NGM Asia Breakdown of revenues YTD 2004 (EUR mln) NGM Asia includes Greater China, India and EGM NGM Other includes Saudi Hollandi Bank, ID&JG, NBM Revenue development NGM Asia (EUR mln)

26 Attractive Characteristics of Greater China and India Greater China and India represent a large, fast growing and profitable opportunity in Asia for ABN AMRO  Rapid growth of Personal Financial Services Revenues coupled with weak incumbent competitive offerings, customers willingness to switch providers and easing of regulations for foreign players  ABN AMRO Focus on Greater China and India:  Target (Mass) Affluent Customers with: 1.Van Gogh Preferred Banking Offering 2.Credit Card Offering 3.Consumer Credit Offering - Primarily India

27 WCS can grow from a good base  83% of total WCS revenues is client related  WCS is an important source of product knowledge for C&CC  A stable business mix  New initiatives are drivers for future growth (WoCa) – further insourcing – further efficiency improvements

28 BU Private Clients continues to build up its on-shore network  ABN AMRO Private Clients ranks among the world’s top 10, with EUR 114 bn assets under administration (AuA)  In The Netherlands, we are the clear market leader  In France, we are a leading private bank, well positioned after restructuring completed in 2003  In Germany, we are building a leading position via the integration of Delbrück Bethmann Maffei into ABN AMRO Private Banking  Further acquisitions in Europe to build up onshore Private Banking Network.

29 Disciplined capital management (1)  Excess capital is a new experience for ABN AMRO  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  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 Share buy-backs are now an option

30 Disciplined capital management (2)  Europe is unlikely to see significant cross border activity in the short-term  No further acquisitions in Brazil as we are well positioned for growth after the Sudameris acquisition  In Asia, acquisitions in India and Greater China could accelerate the already rapid organic growth  Longer-term, regional consolidation may require us to expand our US franchise

Cost and revenue synergies

32 GSS - vehicle for delivering cross-SBU operational synergy opportunities  Restructuring programmes to date concentrated within (S)BUs, focus is now on broader agenda of cross-(S)BU synergies  Group COO, GSS and Group Business Team (GBT) established Jan 2004 to realise (S)BU synergies  Real opportunity to deliver step-change in performance across Services cost base of ~EUR 5bln  Benchmarking against top-quartile banks revealed significant potential to take out costs  Current estimates point to at least EUR 500 mln annual savings from 2007 onward

33 Synergies between C&CC and other BU’s to further increase C&CC and WCS  WCS product expertise is used to create innovative products for commercial clients C&CC and Private Clients  Improved co-ordination makes it possible to manufacture innovative private banking products C&CC and Asset Management  Asset Management products are streamlined to closely fit the C&CC clients needs WCS and Asset Management  Co-operate to leverage the WCS client base for Asset Management products

Concluding Remarks

35 Sustainable, disciplined growth Summary  Solid track record established  2004 net profit growth >10%  2005 opportunities can outweigh challenges  Long-term profitable growth options, especially outside Europe  Group synergies from network  MfV capital allocation culture well embedded

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