Working CapitalRob van Paridon, SEVPGlobal Head of Working Capital

11 December, 2003

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The integrated ABN AMRO Working Capital offer

Our Working Capital offer integrates ABN AMRO’s expertise in cash flows, liquidity, global trade, financial markets and asset management to

meet the current demand for tailored working capital solutions in the market

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Bringing together our expertise in Working Capital Solutions

Cash Flow Advisory: Payments, collections, online transactions and reporting, current accounts, links into ERP systems

Global Trade Advisory: Risk mitigation, trade finance, trade document management and supply chain facilitation

Financial Markets: Advisory services on debt capital management and treasury services

Liquidity Advisory: Fund concentration, including netting, pooling & zero balancing and investment of surpluses

Asset management: A range of short term structured investment options

Our relationship bankers and sales consultants draw on this range of expertise to build solutions for the clients

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Recognised by the market in all aspects of Working Capital

We are recognised for quality and innovation across the Working Capital landscape:

April 2003Best Provider Outsourced Treasury Solutions in Europe(Treasury and Cash Management Awards)

November 2002No. 3 Overall Best Global International Cash Manager (Cash Management Poll)

June 2003Best Structured Trade Bank

November 2002Best Bank in FX in the Eurozone (voted by corporates)Best CLS bank ***

January 2003 Currency Derivatives House of the Year Award

April 2003Best Bank for Liquidity/Working Capital in Europe(Treasury and Cash Management Awards)

June 2003Best Online Trade Finance Provider

The Banker

September 2003

Best use of IT in wholesale

banking

November 2003No. 1 Cash Management- Western Europe (Cash Management Poll)

November 2003 & 2002No. 1 Best Electronic Services in Trade Finance

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Building for growth and profitability

Operational Excellence Centres of Operating Excellence Optimising low cost delivery

locations

Targeted Client Segments Leverage competitive FI position Priority & Key client focus

Client Experience Making customer service a

competitive differentiator

Geographic Focus Invest in identified growth markets Follow our clients around the world Leverage footprint, targeting

outflows

Integrated Working Capital Solutions

Risk management: Credit, Country & FX

Embedded Foreign Exchange

Liquidity & Asset Management

Outsourcing

Integrated delivery channels (Portal)

Payables and receivables management

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2003 Product Revenue Composition 2003 Client BU Revenue Composition

Source: BU Finance--Working Capital

Steady revenue growth in core businesses

Growth from diversified industry segments

Core Working capital Businesses show consistent growth despite challenging FX, interest rate and global geo-political environment

Diversified revenue base - growth from all client segments through strong alignment between Client and Product BUs

Futures12%

Global Custody

4%

CFA55%

Domestic Custody

5%

GTA24%

Industrials28%

FIPS49%

TMTH10%

Integrated Energy13%

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Source: BU Finance--Working Capital

Working Capital Current Targeted Growth Markets

Russia India China Turkey

Emerging Markets help drive faster growth

2003 Geographic Revenue Composition Growth Markets Focus

Attractive profitability dynamics

Local banks lack the solid ratings

enjoyed by ABN

Attractive GDP growth rates and new

client acquisition opportunities

Increasing in-bound investment by our

Priority & Key clients in these markets

Leverage network for competitive

advantageCentral & Eastern Europe

6%

Western Europe

48%

Asia Pacific9%

Latin America

6%

North America

31%

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Building on established customer relationships

Length of relationship with AAB Working Capital franchise has long-

standing client relationships. Two-thirds

of our global balances are generated

from clients that have been with the

bank for over a decade

7% 5%

88%

20%24%

57%

10% 10%

81%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

<5 5-9 >9

Years with AAB

% o

f b

ala

nc

e v

olu

me

EUR USD TOT

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Increased focus on Financial Institutions

ABN AMRO is well placed to become one of the leaders in the industry for

the delivery of Outsourcing / Strategic Partnership services

– global presence, outstanding brand recognition and award winning product capability

– not seen as competitive threat by local banks

– track record of delivery

– cost pressures in the industry requiring focus on core-competencies

Sixty percent of mid-tier FIs will outsource (part of) their non-strategic

processes (source BCG payment study & Deloitte Consulting)

Demonstrated success

– GTA has established 32 insourcing relationships in US, Asia, and Europe

– lite outsourcing deals won by CFA including X-border payment processing, CLS white

labelling and Corporate Account Services

– FX: initials steps made and a small number of mandates won

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AMERICAS

CFA

GTA

Client Service

6

39

10

EUROPE

CFA

GTA

Client Service

22

24

20

APAC

CFA

GTA

Client Service

12

57

12

INDIA

CFA

GTA

Client Service

13

2

1

% FTE in hubs: CFA 11.3 %; GTA 0%; CS 0%% FTE in low cost sites: CFA 2.2%; GTA 2%; CS 19%

Processing / service centers 2000

Improved profitability through cost-efficient delivery

Working Capital is executing its strategy to structurally reduce its costs base through

hubbing and off-shoring its processing activities

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Hubbing will further enable the low cost volume growth necessary to grow margins

and to deliver efficient service and reduced unit processing costs

AMERICAS

CFA

GTA

Client Service

Hub

1

2

2

EUROPE

CFA

GTA

1

1

1

APAC

CFA

GTA

0

0

1

INDIA

CFA

GTA

1

1

1

Major processing / service quality centers (sqc) 2005

Client Service

Hub

Client Service

Hub

Client Service

Hub

% FTE in hubs: CFA 34 %; GTA 85%; CS 55%% FTE in low cost sites: CFA 25%; GTA 65%; CS 24%

In order to stay close to the customer, local touch points will be maintained in local markets

Improved profitability through cost-efficient delivery

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Integrated access through a single delivery platform

New Integrated Delivery Channel Cash Flow Advisory Global Trade Advisory Financial Markets

Superior user experience Single sign-on Intuitive workflow Application not web-site Push technology and alerts Real-time updates Personalisation Multiple views Permanently on the desktop Maximise data, minimise branding on desktop Multi-bank

Working Capital Access brings together the Global Trade Portal (MaxTrad™), Cash Online Services and Financial Markets, following the workflow of a treasurer

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It’s Working Capital’s ambition to become “best in class” service provider in wholesale banking

Source: TRI*M index, NFO Worldwide"

Making client satisfaction a competitive differentiator

Working Capital has

established a process that

carefully tracks how clients

rate our performance

Annual and quarterly

Surveys

We have standardised

service processes to

increase the speed of

responsiveness to requests

A differentiated service

model for our 250 most

important clients with

dedicated service

consultants

762004

CEE

752003

732004

Asia

672003

642004

EMEA

552003

652004

US

582003

752004

Latam

722003

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Source: Euromoney cash management poll November 2003

Euromoney Cash Management Poll Shows improved competitive position

As ranked by European Corporates... Competitive position has improved over

2001 - 2003

ABN AMRO has seized competitive

ground from rivals in market share

– voted number 1 in Cash management in

Western Europe up from number 3 in 2002

– voted number 2 in Latin America, up from 4 in

2002

– voted number 3 globally Vs. number 4 in 2002

55%46%

37%

30%

21%

14%

18%

30%

15% 19%9%6%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2001 2002 2003

Citigroup Deutsche HSBC ABN AMRO

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Working Capital is well positioned to drive growth

The business is focused on a clear strategy that leverages core

competencies and reinforces our competitive advantages

– global network and a well established brand

– integrated solutions across conventional product silos

– proven capabilities and their success transfer to emerging markets

– focus on established Priority & Key client relationships

– service differentiation

– cost management through hubbing and off-shoring

Market and customer surveys demonstrate improved market

position

Financial results validate the success of this approach