ABN AMRO Bank

“A full house of opportunities”

Rijkman GroeninkChairman of the Managing Board

Monte Carlo,10 June 2004

2

Overview of presentation

ABN AMRO 2001-2004, a true transformation

ABN AMRO may use M&A as an effective revenue enhancer

Concluding remarks

ABN AMRO 2001- 2004, a true transformation

4

We have successfully restructured the bank during a sharp downturn

Our main focus has been to

increase Economic Value :

– use MfV to frame and discipline decision making

– restructure our businesses, in particular BU NL and WCS

– reallocate capital from WCS into C&CC

– restore capital position

– improve Economic ProfitNet profit excluding extraordinary items in accordance with Dutch Gaap

ROE is calculated on the basis of reported net profit (inlcuding extraordinary items - Dutch GAAP)

EUR mln

28.5%

16.9%

23.7%26.5%

20.5%22.6%

0

500

1000

1500

2000

2500

3000

3500

1998 1999 2000 2001 2002 2003

0%

5%

10%

15%

20%

25%

30%

Net profit Return on Equity

5

The result: solid positions in markets with good growth potential

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 originatorTop 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

6

Further value creation will be driven by improvements in efficiency

Revenues of main US and European banks in 2003

Operating efficiency of main US and European banks in 2003

Source: Bloomberg, Annual accounts, ABN AMRO research. EUR1 = USD1.26; EUR1 = GBP 0.71; EUR1 = CHF1.56 NB: Numbers adjusted for goodwill amortisation

EUR bln

0

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42.0%47.2% 51.3% 52.8% 53.9% 54.5% 55.6% 56.4% 58.4% 58.7% 59.2% 62.9% 63.0% 65.3% 67.0% 67.6% 68.2% 69.4% 70.6% 71.8% 71.9% 73.3% 75.2%

81.8%

0%10%20%30%40%50%60%70%80%90%

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(*) Provisioning for loan losses not available and included in revenues as a negative item

7

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. Targets will be communicated with the Q2 04 results

8

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

69.4%

68.3%

71.9%

73.1%

71.5%

67.0%

0

3,000

6,000

9,000

12,000

15,000

18,000

21,000

1998 1999 2000 2001 2002 2003

63%

65%

67%

69%

71%

73%

75%

Revenue (EUR mln) Costs (EUR mln)

Efficiency ratio (%)

9

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

ABN AMRO may use M&A as an effective revenue enhancer

11

Proceeds from recent disposals will strengthen our capital ratios

Proceeds will increase Tier 1 and Core Tier 1 ratio by 110 basis points(1), well above stated targets for 2004 of 8.25% and 6.0% respectively

It is the intention to neutralise the dilutive effect of the stock dividend. For 2004, this is dependent upon the further strengthening of our capital ratios subsequent to the disposal of Leaseplan

We increase our minimum targets for 2004 to a Tier 1 ratio of 8.5% and a Core Tier 1 of 7%

As a result, only limited excess capital will be available(1) : Ceteris paribus

12

The proceeds also enable to enhance our C&CC platform

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

This can be achieved by a combination of organic growth and M&A

13

After Sudameris, all Brazil needs is economic growth

BU Brazil, as an emerging market exposure, is one of the growth engines of the portfolio

No further acquisitions needed or desired after the Sudameris deal (BRL 300 mln annual costs savings) from 2005 onwards

The growth potential of the franchise is driven by its exposure to the South East region and to the above market penetration of the mass affluent client base

The catalyst for value creation : economic growth fostered by structural reforms and sustainable low interest rates

14

Europe is unlikely to see any cross-border activity in the short term

In the short term, cross-border transactions are unlikely due to demanding premiums in comparison with potential synergies

In Italy, in-market consolidation is possible in the near-term. However, the position of ABN AMRO is in line with the terms and agreements of the shareholder pacts

Onshore Private Banking is an area of growth where potential is enhanced by the build-up of our European network of high-quality local franchises

15

In Asia, acquisitions could accelerate the already rapid growth

The Indian franchise is building up quickly within the limitations imposed by the regulatory framework

- Mass affluent franchise with 12 branches xin the main cities. Very high brand name recognition due to national mortgage operations

- Organic high growth strategy once local incorporation takes place

- In parallel, selective acquisitions (in the range of EUR 1 bln) could help speed up the development of the platform and of the brand name

In China, onshore activities are bound to develop- Our strategy is to make use of our city-bound banking license in

combination with our local Asset Management capabilities to expand our mass-affluent retail franchise

- Central processing capabilities are located in Taiwan. Small additions are possible in order to support the growth of the mainland activities

16

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 give 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 pick up in the commercial banking cycle

ABN AMRO is therefore in a position to stick to its MfV principles and has no reason to overpay for “strategic” considerations

17

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

18

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

Concluding remarks

20

Concluding remarks (1)

Strong capital base allows us to consider neutralising the dilutive effect of our stock dividend as a policy change

This also gives us the opportunity to optimise our business mix by further strengthening our consumer and commercial franchise

Deals should be value creative and should not exceed limited excess capital available

Focus is on accelerating organic growth potential in the US and in Asia

21

Concluding remarks (2)

Strong market position of the franchise in the US makes organic growth a valid strategic option

If no value creating opportunities can be found, we will consider share buy- backs