1. Rates Markets Graham Bird, MD - Global Head of Rates Markets 11 December 2003

2. 0 2 Rates Distribution & Origination Short-Term ProductGovernment BondsGovt & Agency OriginationDerivatives Rates Markets - Trading Activities Rates Markets’ vision is to grow client-driven revenues combined with a relative value approach to trading Rates Research

3. 0 3 Banking Book Revenues (2000 = 100) Commercial Banking Books  Main themes –revenues in Commercial Banking Books determined primarily by shape of yield curve and short-term interest rates –rate direction is largely counter-cyclical to economic developments –revenues are negatively correlated with other Value Centres (e.g. defaults) and BUs (e/g. Corp.Finance.) –revenues from Commercial Banking Books show low volatility  Rates markets strategic direction –increasing dedicated short-term distribution capability targeted at specific investor groups –reduce dependency on yield-curve levels and shape by increasing proportion of client-driven revenues 0 20 40 60 80 100 120 140 160 2000200120022003E

4. 0 4 Client-driven Revenues (2000 = 100) Market Making  Main themes –increased client-driven revenues –decreasing margins per trade increase importance of market-share (Economies of Scale) and margin retention  Rates markets strategic direction –competitive offering and effective product delivery leading to increased market share and associated leverage –optimisation of pricing and price-dissemination technology to further increase market share on electronic trading platforms –centralisation of back office infrastructure to reduce cost per ticket - completed for derivatives –relative-value approach to trading

5. 0 5 Client revenues from newly introduced product classes (2000 = 100) Structured Products  Main themes –size of the market continuing to increase with a plethora of new product variations –decreasing time-to-market leading to increasing rate of commoditisation - margins driven to levels on flow products more quickly  Rates markets strategic direction –providing more products to selected client base and increasing the proportion of tailor-made client solutions –expanding product range and increasing deal volume per product type –innovation by boosting new product introductions, such as: –weather derivatives (2001 introduction) –inflation products (2002 introduction) –commodity derivatives (2003 introduction)

6. 0 6. 3rd best derivatives bank overall and top ranked the bank in 8 separate categories June 2003 End User Survey 2nd overall in FX Forwards Best Bank Award June 2003 Interest Rate Derivatives Global Top Tier 3rd largest market share with higher share-of-wallet Enhanced Market Positions  ABN AMRO is the key gainer in this year's Risk magazine poll of derivatives users, the most closely followed industry survey of its kind –the survey shows that ABN AMRO has a strong corporate client base in Europe, and it is making inroads into the US market and the asset manager user base  Greenwich noted in its latest report that ABN AMRO’s penetration is improving with and deepening European relationships  Best Bank Award from FX Week showed encouraging result - improved one placing from previous year –no 2 best bank in FX Forwards (total votes), no 1 best bank with corporates and investors

7. 0 7 * Primary dealer for Federal and State Governments in Australia, no primary dealers in Denmark and Germany 1 Also trade, not as primary dealer  Ranked No. 1 for European Economic Research in most recent Extel Survey  Major Liquidity Provider: No. 2 in Bund auctions, top 3 in EU auctions overall  No.3 ranked market maker in execution of European Govt Bonds on TradeWeb  Lead managed €38bn EU Sovereign syndicated deals in 2003 year to date. (Finland, Belgium, Austria, Holland, Portugal, Denmark)  Strong presence in European and US Agency markets  Specialist global distribution team of 57 sales staff  Active participant in multi-contributor and proprietary E-commerce platforms; over 2000 client institutions and 10 000 users globally Primary dealerships  United States  United Kingdom  France  Italy  Spain  Holland  Belgium  Austria  Ireland  Sweden  Finland  Czech Republic  Poland  Portugal  Germany*  Denmark*  South Africa  Argentina  Colombia  India  Thailand  Australia*  Greece 1  Norway 1 E-commerce platforms Of 22 dealers on TradeWeb in European Govts, ABN AMRO is: No. 4 in Enquires No. 3 in trades done No.2 in hit ratio No.4 in time taken to respond to enquires. Enhanced Market Positions

8. 0 8 Accelerated Profitable Growth  Enhance mature, volume-driven business –Expand the distribution capability and invest in technology for Money Markets and Repo Trading –Expand the technology platform for Government Bond Trading –Expand the geographical scope of Derivatives distribution and upgrade the front-to-back infrastructure for vanilla derivatives  Building out material new growth spikes –Expand the trading and distribution capability for Commodity Derivatives –Expand the trading and distribution capability for Hybrid derivatives (cross Credit and Rates) –Grow revenues from exotic interest rate derivatives and `new’ structured products (such as dynamic guarantees)

9. 0 9 Summary  Client-driven revenues increasing  Revenues from newly introduced products increasing  Product positions in key markets increasing  Margins decreasing, particularly on flow products  Transaction volumes increasing  Technology critical for efficient product delivery  Innovation and product replication increasingly important