1. Analyst & Investor Meeting Wholesale Clients SBU Wilco Jiskoot - Member of the Managing Board (Chairman of WCS) 11 December, 2003

2. 0 2 New WCS Business model was implemented in 2001  A client-led approach and focus on profitable Financial Institutions and Large Caps  Integrated wholesale offering  Significant proportion of revenues from annuity and flow products  Efficient resource management and allocation process (capital and people)  Focus on asset quality and independent risk management  Supported by a transformation in infrastructure

3. 0 3 Restructuring has clearly improved performance, thanks to … Net profit WCS (EUR mln) Q1 02 was negatively affected by restructuring costs related closure of US Equities and Corporate Finance businesses, while Q2 02 was negatively affected by high provisioning related to unexpected losses in the US.

4. 0 4 … focus on selected clients  Client service is differentiating factor –client satisfaction surveys show overall service improvement with selected clients across a number of products –we have been able to improve our market share and rankings  Client revenues account for 83% of WCS revenues, generating relatively stable and high quality earnings

5. 0 5 * Loan book only (calculation based on nii run rate) … active capital management  The constant turnover of capital made it possible to increase revenues whilst reducing RWA, thereby improving the ‘Annualised Net Interest Income / RWA’ over time  Credit RAROC of deals originated in 2003 has increased substantially compared to the average RAROC of the portfolio in 2002 Ann. NII / Av. RWA*

6. 0 6 and strict cost control FTEs and operating expenses since Q1 01

7. 0 7 Momentum will increase in 2004, driven by higher revenue growth  WCS revenues are expected to increase on the back of further improvements across all client and product BUs –We expect a continuing increase in market share with our P&K clients –higher revenues from the BU FM are based on specific new initiatives in Credit, Rates and FX activities as well as continuing benefits from repricing in PMG –higher revenues from the BU WoCa expected from enhanced offer, geographic and client focus and cost efficient delivery –the BU Equities and BU Corporate Finance are well positioned to benefit from better market conditions. The BU Equities will also benefit from investments in derivatives –Private Equity should benefit from increased exit opportunities  Structural approach to cost savings provides cushion to invest further in core clients and product franchises  Provisioning is expected to trend lower

8. 0 8 Supported by growth initiatives Financial Markets  Enhancing mature businesses (incl. FX, MM/Repo, Vanilla IRD)  Investing in growth spikes (Derivatives, Retail, Structured Credit) Working Capital  Working Capital Offer  C&P initiatives  FI insourcing FIPS  Hedge Funds  Investor Coverage  Financial Sponsors Services  Offshoring  EMEA Footprint  EDS Outsourcing  European Payments  Structured Risk Interface

9. 0 9 And Business Portfolio Optimisation  Sale of Prime Brokerage  Exit of non core countries/business  New strategy PE  Continuing review of client portfolio

10. 0 10 1 These statements are based on the underlying revenue and cost base (excluding Prime Brokerage business) We expect WCS to provide a significant delta in 2004  Net Profit in Q4 2003 is expected to be higher than in Q3 2003 1  We expect net profit in 2004 to be in line with the Q4 2003 run rate 1 –revenues are expected to increase in 2004 compared to FY 2003 on the basis of growing market share with our clients, investments and a differentiated business model –the cost base will be managed on a dynamic basis –provisioning as % of RWA is expected to be below 50 basis points

11. Appendices

12. 0 12 We are delivering on our commitments Commitments: WCS Model:  Client focus and client-led, P&K in particular  Integrated wholesale offering  Integrating BU Loan Products and BU Global Financial Markets  Develop and grow a new working capital offer  Re-position Equities and Corporate Finance to defensible positions Achievements: WCS Model:  Client BU revenues account for over 80% of total WCS revenues, with P&K over 50%  Integrated delivery of corporate and investment banking products and services  Integration is implemented and new BU Financial Markets is showing positive results  Working Capital offer is implemented and will be further developed in 2004  Closure of US Equities and Corporate Finance business and focus on Europe

13. 0 13 We are delivering on our commitments Commitments: Reduction of cost base:  Closure of unprofitable businesses  Transformation in infrastructure (a.o.TOPS savings of EUR 430 mln and IT outsourcing to EDS) Decrease in RWA:  Decrease in RWA to EUR 70 bn by 2004, from EUR 100 bn (Q2 01) EP positive returns:  WCS should be EP positive from 03 onwards Achievements: Reduction of cost base:  Cost base down by 22% from EUR 4.063 mln in Sept YTD 01 to EUR 3,178 mln in Sept YTD 03. Savings from EDS will be seen from 2004 onwards Decrease in RWA:  RWA at EUR 65.0 bn (end Q3 03) EP positive returns:  Q3 03 was EP positive. Q4 03 and FY 2004 are expected to be at least EP positive

14. 0 14 2.6 2.7 2.8 2.9 3.0 3.1 3.2 Jun. 02Sep. 02Dec. 02Mar. 03Jun. 03Sep. 03 TMTHInt. Energy Automotive & IndustrialsConsumer WCS Portfolio Lower provisioning on the back of improved asset quality ProvisioningAsset quality (average UCRs)

15. 0 15 Reduction in RWA largely due to autonomous change Changes in RWA: Impact of FX-effect, CLO, Credit Default Swaps and Secondary Loan Sales on reduction in RWA -30000 -25000 -20000 -15000 -10000 -5000 0 5000 H2 01FY 2002Sept 03 YTD Autonomous changeCLO impactFX-effect Credit Default SwapsSecondary Loan Sales

16. 0 16 WCS consensus forecast