Strong increase in net profit Second Quarter Results August 2004

0 2 Table of contents  Introduction3  Operating performance10  Asset quality, capital and interest rate sensitivity32  Outlook and strategic update38  Appendices49  GSS Presentation “Fuel for Growth” 85

0 3 Net profit increased for the 9th consecutive quarter Net profit (EUR mln)

0 4 Revenue increased despite strong decline in US mortage income Total revenues ABN AMRO (excl. US mortgage) and US mortgage revenues (EUR mln)

0 5 Continuing positive results due to well diversified business mix Operating result per (S)BU (H1 2004, y-o-y % change)

0 6 Leading to a gradual improvement of the efficiency ratio Efficiency ratio (%)

0 7 The performance is supported by top market positions All figures based on Brazilian GAAP TOP 4 PRIVATE BANK IN BRAZIL TOP RANKING US REGIONAL FRANCHISE IN THE MID-WEST EUROPEAN PRIVATE BANKING: # 1 Netherlands # 3 France and Germany Top 6 US mortgage originator Top 7 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 INDIA Growing mass affluent retail franchises (12 branches) Source: SNL financials

0 8 Shareholder returns have increased Return on equity (ROE, %) and Earnings per Share (EPS, EUR)

0 9 Interim dividend increased by 5 cents to 50 Euro cents Dividend and Dividend yield

Operating performance

0 11 Further increase in net profit due to lower provisioning  Revenues flat quarter on quarter as higher revenues in BU NA and CC offset lower revenues in WCS  Operating expenses were stable as higher expenses in BU NA and CC offset lower expenses in WCS and Brazil  Operating result flat, but net profit higher as a result of lower provisioning * At constant forex rates

0 12 C&CC * At constant forex rates

0 13 Strong C&CC results mainly due to BU NA and BU Brazil Operating result per BU (Q2 2004, q-o-q % change)

0 14 BU NL

0 15 Improvement efficiency ratio BU NL despite low GDP growth 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, and Q4 is adjusted for the unwinding of the security vehicle and EUR 23 mln restructuring costs.

0 16 BU NA * At constant forex rates

0 17 BU NA non-mortgage businesses have picked up in the second quarter Revenues US mortgages and total revenues BU NA excl. mortgages (in mln USD)

0 18 Increase in total commercial banking revenues Commercial banking and total loan commitments (USD bn) 10% 15%

0 19 BU Brazil * At constant forex rates

0 20 Lower interest rates in Brazil are leading to higher retail loan growth Selic interest rate (%) and retail loan growth (%) 14.7% 134.5%

0 21 BU Brazil consumer finance: higher volumes offsetting lower spreads Production and average outstanding (BRL Bn) and monthly spreads (%)

0 22 BU NGM * At constant forex rates

0 23 Strong growth in Greater China and India Credit cards in force and total clients in Greater China and India

0 24 Bouwfonds

0 25 Bouwfonds will build further on its strong results by acquisition of MAB  On 15 July, Bouwfonds announced the acquisition of MAB Group BV  The activities of MAB will become part of Bouwfonds Property Development, strengthening its position in commercial property in general and in the retail field in particular

0 26 WCS * At constant forex rates

0 27 Net profit WCS is in line but operating result is below our expectations Net profit and operating result WCS (EUR mln)

0 28 BU Private Clients * At constant forex rates

0 29 Revenues and AuA of BU PC stable q-o-q despite unfavourable market conditions Revenues and Assets under Administration (AuA) BU Private Clients Revenues 2003 are adjusted for the transfer of NGM France to BU PC

0 30 BU Asset Management * At constant forex rates

0 31 Operating result down q-o-q in BU AM due to one-off in Q1 and weaker markets Revenues and Assets under Management (AuM) BU Asset Management

Asset Quality, Capital and Interest rate Sensitivity

0 33 Provisions down in Q2, mainly due to decrease in WCS, BU NL and BU Brazil  WCS provisions decreased due to releases as a result of conservative provisioning policy in previous years and continuing improvement of loan portfolio  Provisions in BU NL came down as a result of lower provisions in corporate loan portfolio  Provisions in BU Brazil decreased due to marked improvement of credit quality of consumer finance portfolio  Provisioning level for the group is expected to remain low in H2 Annualised provisions / RWA (%) 0.0% 0.5% 1.0% 2Q033Q034Q031Q042Q04 C&CCWCS ABN AMRO SBU C&CC WCS PCAM Total AA Loan loss provisions per SBU (EURmln) 2Q Q Q Q Q

0 34 New capital targets of Tier 1 ratio of 8.5% and Core Tier 1 of 7% Core Tier 1 and Tier 1 ratio (%)

0 35 (1) : Ceteris paribus We will neutralise the dilutive effect of the full year stock dividend  Proceeds of sale of LeasePlan Corporation and Bank of Asia will increase Tier 1 and Core Tier 1 ratio by 110 basis points (1)  We increase our targets to a Tier 1 ratio of 8.5% and a Core Tier 1 of 7%  We will neutralise the dilutive effect of the interim stock dividend once sales proceeds of LeasePlan have been received

0 36 EUR interest rate sensitivity (12 months; EUR; base case = rates unchanged)

0 37 USD interest rate sensitivity (12 months; USD; base case = rates unchanged)

Outlook and Strategic Update

outlook “Based on our performance in the first half and our estimates for the second half of the year, we expect our 2004 operating result to be around that of Retaining our full year net profit outlook for the BU North America and for the Wholesale Clients SBU, we expect an increase in our net profit of at least 10% for 2004 compared to last year (excluding the profit on the sale of Bank of Asia and Leaseplan Corporation).”

0 40 Substantial cost synergies can still be extracted across SBUs  All restructuring programmes to date concentrated on establishing BUs and on improving their returns  Group Shared Services was established in January 2004 with the objective to optimise cross-(S)BU cost synergies whilst maintaining operational excellence  Benchmarking against top-quartile Banks conducted on technology spending revealed significant potential. Additional sources of savings in procurement and HR  Current estimates point to at least EUR 500 mln annual savings from 2007 onwards

0 41 Revenue growth is equally critical to improving operating efficiency  Growth in commercial banking revenues, especially in US and Brazil, driven by economic recovery and our relationship approach  Growth in retail banking revenues in Asia, due to rapid growth of a consumer and increasingly wealthy middle class in India and Greater China

0 42 Our business mix can deliver satisfactory organic revenue growth  BU NL : increase cross-selling to mass-affluent customers  BU NA : top ranking commercial banking franchise and market growth  BU Brazil : strong platform geared for economic growth  NGM : fast development of the mass-affluent retail franchises  PCAM : top quality brand names and growth of onshore market  WCS : Investments in FM and WoCa - ROE up to 15%-20% through the cycle  Cross-SBU synergies : 20 action tracks, 5 of which under the direct responsibility of the Managing Board

0 43 Our strategy aims at further strengthening our C&CC business  We are a multi-regional bank focused on consumer and commercial banking, supported by our international wholesale franchise  Our strategy therefore aims at further strengthening our consumer and commercial banking franchises, to optimise our business mix  This can be achieved by a combination of organic growth and M&A  Focus is on accelerating organic growth in the US and in Asia  M&A deals will be value creating

0 44 No acquisitions to be expected in Brazil and Europe  BU Brazil: No further acquisition needed or desired. After Sudameris, all Brazil needs is economic growth  Europe is unlikely to see any cross-border activity in the short-term  In Asia, organic growth in combination with acquisitions could accelerate the already rapid growth –The Indian franchise is building up quickly within limitations by the regulatory framework –In China, focus on Hong Kong and China

0 45 Organic growth in the US is a valid strategic option  Our US franchise has a very strong position in the Midwest  The strength of the US franchise gives 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 expected pick up in the commercial banking cycle

0 46 Long term, regional consolidation might require us to expand our US franchise  The core skill and value driver of the US franchise is commercial banking  In the long run, cost efficiencies derived from scale might be necessary to compete with super regional players in commercial and retail banking  Acquisitions in an adjacent state would strengthen our regional commercial banking franchise and deliver revenue and cost synergies  ABN AMRO will stick to its MfV principles as it has no reason to overpay for “strategic” considerations

0 47 Share Buy-Backs are an option  Excess capital is a new phenomenon for ABN AMRO  Unlike a number of other European players we started from a relatively low capital base  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

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