<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>6
<FILENAME>lon_asml-social.txt
<DESCRIPTION>SOCIAL REPORT 2003
<TEXT>
                                                                    Exhibit 99.4
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Social Report 2003
ASML Mission
Providing leading edge imaging solutions to continuously
improve our customers' global competitiveness
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Contents


 3 About ASML

 5 Message to Our Shareholders and Stakeholders

 6 Commitment to Relationships

 7 Smoothing the Transition

 9 Integration, Consolidation and Alignment

10 Encouraging Development, Fostering Leadership

12 Managing Our Resources

13 Maximizing Our Employees' Incentives

14 Controlling Information, Sharpening Our Tools

15 Improving Links, Communication, Interaction

17 Connecting with the Community

18 Revitalizing Our Commitment in 2004

19 ASML Worldwide Contact Information


(C) 2004, ASML Holding N.V. All Rights Reserved
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About ASML

ASML is the world's leading provider of lithography systems for the
semiconductor industry, manufacturing complex ASML technology transfers
circuit patterns onto silicon wafers to make every kind of chip used today and
tomorrow. As digital products, such as PCs and mobile phones, become more
pervasive, the technology behind chip manufacturing becomes more advanced.
With each generation of chips, personal and business products become smaller,
lighter, faster, more powerful, more precise, more reliable and easier to use.
In parallel, the global semiconductor industry is pursuing its long term
roadmap for imaging ever-finer circuit lines on silicon wafers.

Core business: semiconductor lithography

The technology behind our business is known as lithography, and we have always
been at the leading edge of that technology. ASML systems - called steppers
and Step & Scan tools (scanners) respectively - use a photographic process to
image nanometric circuit patterns onto a silicon wafer, much like a camera
prints an image on film.

ASML researches, develops, designs, manufactures, markets and services
lithography systems used by the semiconductor industry to fabricate
state-of-the-art chips. Most of the major global semiconductor manufacturers
are ASML customers. For chipmakers, technological advancement in imaging means
increased manufacturing productivity and improved profitability.

The ASML TWINSCAN(TM) lithography system exemplifies our technology
leadership. It is the industry's only dual-stage system that allows exposure
of one wafer while simultaneously measuring another wafer. This gives our
customers greater productivity and improved yield when producing high volumes
of chips.

ASML is committed to providing customers with the right technology that is
production-ready at the right time. Doing so enables our customers and their
customers to sustain their competitive edge in the marketplace.

ASML Special Applications focuses on solutions for application markets, where
it has evolved as the lithography market leader in serving the Thin Film Head
and Compound Semiconductor industry. We have also developed expertise to
certify and relaunch previously used ASML equipment into the market.

ASML MaskTools provides innovative mask technologies and software products
that extend the limits of optical lithography for chip manufacturing at 90
nanometer and beyond. These are optimized for ASML's advanced scanners,
enabling the delivery of complete and integrated mask design to wafer imaging
solutions.

ASML Optics is an extreme precision optical foundry offering design-to-image
solutions for the semiconductor and optical manufacturing industries. Expert
resources and capabilities in optical design and manufacturing, cleanroom
assembly, systems engineering, test and metrology offer solutions across a
range of application requirements.

ASML facilities, like its customers, are worldwide, in 14 countries and over
50 sales and service locations. We have experts on-site at customer
fabrication facilities, backed by a global pool of ASML engineers and other
professionals. ASML is committed to attracting and developing world-class
talent. We provide an environment in which employees can create opportunities
to challenge and develop themselves.

ASML is not only technically driven, but also expresses its long-term
commitment to the community we live in. ASML Trust is a foundation, which
operates in countries where ASML is present. Its purpose is to extend
financial support for projects that focus on technical education, as well as
charities in general. ASML Trust encourages self-reliance of parties involved.
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Headquartered in the Netherlands

ASML's corporate headquarters is in Veldhoven, the Netherlands. The company
has lithography research, development and manufacturing operations in Wilton,
Connecticut, U.S., and Veldhoven, the Netherlands. Technology development
centers and training and application facilities are located in Asia, Europe
and the United States.

ASML is traded on Euronext Amsterdam and NASDAQ under the symbol ASML.
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Message to Our Shareholders and Stakeholders

The year 2003 was a turbulent year for our company as we responded to the
challenges presented by an ongoing downward market and tough economic
conditions. Companies must be strong and healthy so their employees can
benefit. In 2003, some difficult decisions and key changes had to be made in
order to ensure that we remain a vital and valuable employer for our people.

The year behind us was therefore one of reorganization, integration and
international alignment as we worked to achieve the optimum structure to
reduce the risks and maximize the strengths of our global operations. Part of
this involved a reduction in workforce in Europe and the U.S. This was an
unfortunate necessity, which we tried to carry out in as balanced and
transparent a way as possible: saying goodbye to people with respect,
providing the best social plans the economy allowed, and offering maximum
assistance in helping employees go from work to work.
Our reputation is formed in part by how our former employees feel about us.
That's why an integral part of our Commitment to Leadership is a commitment to
having the best possible relationship with our employees - not just while they
are with us, but also at the end of that relationship. I trust that those who
had to leave feel that we did our best to achieve this.

We believe we've emerged from the downturn stronger than before. In the course
of streamlining the organization, we also established important new links
throughout the company - departmentally and geographically - that increase our
synergy, flexibility and the sharing of knowledge. This will stand us in very
good stead in many ways, which you can read more about elsewhere in this
report. By improving the quantity and quality of our international interaction
and communication, we increase our ability to make the most of markets when
they are strong, such as in Asia at the moment, and to respond more easily and
effectively whenever they are not.

Our determination to offer our employees maximum opportunities to develop and
grow remains unchanged.
In fact, we believe that it is more important than ever in difficult economic
times in order to ensure the sustainability of the company. In 2004, our focus
will be on revitalizing our relationship with our workforce: increasing their
sense of security, strengthening the bonds between us, and boosting a mutual
feeling of confidence in the future. It's a confidence that we believe is more
than justified.

The Board of Management would like to thank each and every employee for their
hard work, dedication and commitment to ASML over the last, sometimes
difficult, year. We look forward to building together on a better one ahead.
Doug J. Dunn
President, Chief Executive Officer and
Chairman of the Board of Management
ASML Holding N.V.
Veldhoven, January 30, 2004
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Commitment to Relationships

A good relationship is never one-sided - it must be mutually satisfying and
beneficial to both parties. It is the kind of bond we aim to establish with
every one of our employees. This starts by seeking people with the same values
and characteristics that define ASML as a company.
Many are at the top of their particular area of professional and technological
competence, as we are in our field. They are professional, pro-active and
autonomous, with a high level of motivation, involvement and commitment. These
qualities are the strengths that our company is built on, and we seek to
nurture and develop them further in our employees in every way we can.

At ASML, we provide our people with the ultimate challenge for their
knowledge, intellect and abilities - working at the cutting edge of
translating science into business for an international market leader. We aim
to offer them not just a "position," but personal and career development paths
that will enrich them and their lives. We encourage and help employees to
acquire new skills whenever we feel it will provide useful added value.

The benefits that career development offers to our employees are obvious, but
the benefits to us are no less important. It means we have the right people
with the right abilities ready for the right positions when we need them.
Well-trained successors contribute to the prosperity and sustainability of the
company. Our commitment to relationships is simply good business for all
concerned.
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Smoothing the Transition

Last year was a difficult period in which it was necessary to reduce and
streamline our workforce in order to safeguard our position in the
international market and maximize our viability and growth prospects as a
company. It is not only in times of growth and prosperity that a company has
the opportunity to prove its leadership - it is arguably even more important
during times such as these. In rising to the challenge of doing so, numerous
departments within the company were involved to one degree or another. All
worked together to support and assist affected employees, attempting to smooth
their transition to new employment on as many fronts as possible.

Layoffs in the U.S. in 2003 were largely connected with the divestiture of
Track and the discontinuation of Thermal operations acquired from our 2001
merger with SVG. In Europe, the first round of the reduction in workforce has
been completed, and the final one will take place in 2004. We anticipate
finalizing the current stage of our European reorganization in 2004. In Asia,
which is a very healthy market for us at the moment, no reduction is forecast
for the time being.

Negotiating and facilitating

A great deal of effort was made to ensure that the reorganization process was
as clear, fair and transparent as possible. Our Compensation & Benefits group
was deeply involved in helping to minimize the financial disadvantages to
employees: designing Voluntary Separation Plans, working together with the
Dutch Works Council, negotiating social plans with Dutch unions and
coordinating severance payment packages to help give equitable financial
compensation for possible loss of income.

The Compensation & Benefits group is also playing an important role in the
divestment and sale of some of our former SVG activities, ensuring the equable
transition for employees, from a compensation and benefits perspective, from
ASML to their new employer. Terms and conditions associated with this are an
integral aspect of negotiations conducted with potential buyers.

Providing training and resources

It is our responsibility to provide employees with the tools, training and
resources they need to help them find and get the jobs that are available.
This was particularly crucial since part of the workforce made redundant had
been hired at an early stage in their career, when ASML was rapidly expanding.
Helping them develop skills necessary to market themselves reflects our
commitment to assist employees' personal development at all stages of our
relationship with them.

o  In the United States, ASML contracted outplacement support specialists
Manchester and Right Management Consultants to provide counseling, information
and assistance in preparing employees to successfully re-enter the job market.
Surveys completed by those making use of these services show a very high level
of satisfaction with the help they received.
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o  A special Job Center was established in connection with the Dutch reduction
in force. Before selecting an outplacement specialist to coordinate this, we
first determined the particular sort of assistance that affected employees
needed and felt would benefit them the most. Based on our criteria, Capability
(formerly known as Kliq Employability) was selected as the supplier of choice.
The Job Center not only provided job counseling and skills training, but also
organized recruitment workshops and company presentations. Using newspapers,
the Internet and their existing networks, Capability and ASML recruiters even
undertook active cold canvassing to identify suitable positions for those laid
off in Europe.
At publication time, more than 75% of them have found new jobs.

Keeping in touch

As you will read elsewhere, over the last year we initiated activities to
improve tools, increase communication and forge useful new links within ASML.
Some of these, however, also extend to help us keep in touch with
ex-employees. This includes Mr. Ted TalentLink, our E-recruitment and
applicant tracking system. Since ASML is exploring possibilities offered by
using a Fixed versus Flex employment model in the future, this will help
foster good relationships with old employees.
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Integration, Consolidation and Alignment

As we reduced our workforce in 2003, we also implemented and/or finalized
other activities designed to further improve our position and prospects for
the future. All have to do with improved integration, consolidation and
alignment within ASML as a whole. Those that benefit employees and the company
in specific ways, such as more cohesive development and learning programs, are
discussed in more detail elsewhere in this report. A few, however, have a more
far-reaching, overall impact.

Finalization of global job alignment

To be a truly international employer, it is crucial to establish standard
defining factors for all jobs within ASML. This includes identifying the
associated career paths available to people in specific positions, whatever
their location. The job alignment process, begun in 2002, was finalized in the
course of 2003.

Achieving this helped speed up and facilitate the integration of former SVG
employees into the ASML culture, work processes and our Human Resources &
Organization (HR&O) system. Although we are divesting the Track and Thermal
operations acquired in the 2001 merger, the Sales, Customer Service,
Goodsflow, Engineering and Optics operations will be important parts of our
company in the future. By the end of 2003, the policies, procedures and
benefits for those employed in these operations were completely integrated.
The global job alignment is also improving our operations in Asia, where job
grades, descriptions and requirements have not always paralleled those used
elsewhere.

A well-defined, uniformly applied job structuring system gives our employees
better insight into what they can expect to accomplish and achieve working for
us. The steps they can take, not only upwards but sideways into other fields,
become more obvious, and their career path options and opportunities more
visible. Lastly, this alignment not only increases the transparency of what
ASML has to offer employees in the short and long term, but in the scope of
what the company can offer as well. When the competencies associated with a
specific position are clearly defined and their quality assured, it makes
international job rotation possible across different sectors and continents.

Business Go Direct

In 2003, we also implemented Business Go Direct - a strategic change in our
business model in Taiwan, Singapore and Malaysia. This will enable us to
operate in a faster, better and more direct way in the Asian market. Our sales
and customer support activities to first and second line centers, previously
provided by agents, were fully taken over by ASML in July 2003. We acquired
our own representatives, including a number of highly trained and experienced
engineers from our agency partners, and others from the local market. This
makes it possible to work in a much more proactive manner, providing more
direct and productive support to our customers and fostering closer line
relationships.

As part of the Business Go Direct process, we also experienced a practical
integration in Singapore and Taiwan. Since separate offices were no longer
needed for our outside agents, we were able to consolidate all ASML activities
and representatives into one office in each location, reducing duplicate
positions and increasing cost efficiency. More importantly, there is now
increased interaction, communication and synergy among the local employees,
which always makes for better business.
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Encouraging Development, Fostering Leadership

Development and learning has always had a very high priority at ASML. In
difficult times, we find it more important than ever to invest in Development
and Learning (D&L), both for the sake of our individual employees and for us
as a company. Our commitment to helping our people acquire new competencies
and grow is one of the key things that bind our talented employees to us.

In principle, we expect that those who work for ASML will already have
excellent job-oriented knowledge and skills. Our definition of learning,
therefore, is defined as a change in behavior based on further experience. In
the long run, the focus of our development and learning activities is aimed at
inviting behavior that is consistent with ASML culture and leadership
competencies. In our view, leadership is not a quality confined to a certain
position in the organization, but an attitude that is necessary in all
positions in a dynamic and innovative company.

This is why development and learning within ASML includes much more than just
training. Training simply provides a common frame of reference with which to
interpret key learning experiences. Development and learning goes further, and
also includes coaching, mentoring and succession planning.

Within ASML, development and learning is a responsibility that is shared
between employees, managers and D&L staff. ASML employees are encouraged to
take initiative for their own career development and learning, while managers
are responsible for encouraging and facilitating employees in the process.

Initiatives to support development and learning within ASML include:
o A Succession Planning Process
o Personal Development Plans
o Leadership Development Programs
o Job-Oriented Training

Succession Planning Process

In 2002, the Succession Planning Process, consisting of the Management
Development (MD) review process and the succession plan presentation, was
fully implemented on a worldwide scale.

The MD review process is used to identify leadership talent within ASML.
Employees that are reviewed include all those in job grade 92 and higher,
those in job grades 90 and 91 showing high potential, and participants in the
Professional Leadership Program. The review form is based on ASML's leadership
competency model, and the resulting information is used as input for
succession planning and for Personal Development Plans.

In 2003, from February onwards, some 300 employees in
the target group were reviewed. During the process, D&L was on hand to support
line managers and HR&O, and to consolidate the data into a succession plan. By
November 2003, 80% had been completed.

The succession plan was presented to the Board of Management in November of
2003. Its goal is to ensure continuity in critical positions, retain
intellectual capital and talent, and encourage development of talent.

Personal Development Plans

In 2003, employees in job grade 92 and higher and those with leadership
potential in job grade 89-91 developed a personal development plan together
with their managers. The Personal Development Plan (PDP) identifies strengths
and development areas, and includes a D&L action plan.
As such, it is an important tool that helps employees monitor and structure
their own development within ASML. Employees whose PDP defines leadership
development as a next step have priority when applying for leadership
programs.
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Leadership Development Programs

ASML offers three Leadership Development Programs:
a Tactical Leadership Program for job grades 88-89,
a Professional Leadership Program for job grades 90-91,
and a Strategic Leadership Program for job grades 92-93.
Employees in job grades 94 and higher have access to select programs at MBA
level.

The Tactical Leadership Program is currently facilitated by Achieve Global in
the U.S. and by Gustav Kaser Training in Europe. We are currently developing a
program for the Asian region.

The Professional Leadership Program has been developed with the Rotterdam
School of Management. It includes modules on performance improvement,
high-tech marketing, entrepreneurship, organizational renewal and innovation.
During the program, participants selected from all disciplines, locations and
backgrounds work together in project teams. It is therefore also an important
vehicle for integration across all regions and disciplines within ASML.

The Strategic Leadership Program will start its first run in Q2 2004. It
consists of a series of modules focused on business management, financial
management and leadership, and will include working on an action learning
project.

Job-Oriented Training

Besides the Leadership Development Programs, all employees can attend training
workshops or programs at accredited educational institutions to enhance their
job-oriented skills. Examples are personal effectiveness workshops, PC
training, and technical non-product-related education. Unlike the worldwide
initiatives, these trainings are paid for through the cost center budgets.
They are mostly provided by external suppliers, although in the U.S. and Asia,
Customer Support technical trainers and HR&O staff have also worked in-house
as non-product-related trainers.

A specific group of job-oriented training programs concerns the
business-critical modules. In 2003, managers and the Board identified four
modules as business critical: Project Management, Account Management, Customer
Satisfaction and Finance for non-Financials. The specifications of these
modules will be defined through interviews with potential participants
worldwide, and then outsourced in each country where relevant.

Challenges for 2004

In 2003, D&L has focused on creating a worldwide team and scope, and on
improving its contracting and evaluation processes for continuous improvement.
In 2004, we will face the challenge that while our capacity has diminished,
the work has increased. Development and Learning will remain an important tool
for retention and revitalization.
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Managing Our Resources

Even during times of workforce reduction, we are well aware there will always
be new positions within the company that need to be filled at different levels
and different locations. China, for instance, is a market for which we're
trying to build up a good pool of experienced engineers. Demand for new
employees may not be as high in Europe and the U.S., but if there's one thing
constant about economic cycles, it is that they always, eventually, change. In
2003, our Resource Center implemented new tools to guarantee that we always
have the talented people we need. It also focused on ways the organization can
be arranged to ensure it functions and performs equally well whatever the
economic conditions.

Web-based employment pool

ASML's web-based applicant tracking system, Mr. Ted TalentLink, went live in
Europe in 2003. Implementation is underway in the U.S. and Asia at the time of
this report's publication. The system will contain a complete pool of
registered candidates, employees and even ex-employees interested in
re-establishing a relationship with ASML. It will therefore be an extremely
useful tool in staffing worldwide.
The system will help us publicize and fill internal job openings as quickly
and efficiently as possible. At the same time, it will also keep us alert to
new opportunities within the company for current employees, which would allow
those employees to develop their potential even further.

Futurescan

Launched in summer 2003, Futurescan magazine was designed to keep people who
are interested in high technology aware of new developments in the field, and
how those developments impact what is going on within ASML. The intended
target group consists of people to whom we could be a potentially attractive
employer. Futurescan is a tool that will help us to develop new relationships
and to foster those we already have.

Fixed vs. Flex workforce

In 2003, we continued exploring the possibilities and requirements of the
Fixed vs. Flex employment model, which may be ideal for staffing our
organization worldwide in the face of fluctuating economic cycles. We began
investigating it in detail early in the economic downturn, mapping out
scenarios of how it could operate within ASML on the basis of marketing data
related to our sector and locations. The concept entails determining the
employee baseline (i.e., the fixed, permanent workforce needed to respond to
minimum company requirements). In good economic times, this workforce can be
supplemented by outsourcing the experienced talent we need. This enables the
organization to "breathe" through different cycles and makes it possible to
acquire the necessary capacity whenever it's needed, as cost-effectively as
possible.

This model also efficiently links supply chain management
to resource planning, by taking into account the needs and demands of line
management. It addresses the problems and issues they face, and makes the
resources to solve them available. Obviously, it's necessary to take local
standards and cultural values into consideration when implementing such a
model. However, we are optimistic that this model can provide us with the
scenarios and the structural, cost-effective flexibility we need to
successfully respond to conditions whenever they change, throughout the world.
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Maximizing Our Employees' Incentives

Since our international expansion, we have worked to align our compensation
and benefits policy worldwide to maximize the incentives we offer to all our
employees. Our policy continues to mature and become more uniform across
Europe, the U.S. and Asia. However, it is very important to keep local market
approaches and expectations in mind. We need to make sure that we offer our
employees compensation and benefits packages that are truly competitive in the
local market, and that we continue to respond to market trends and patterns
effectively.

The development and performance of our markets around the world varied greatly
in 2003. This situation may well continue to be the norm rather than the
exception in the future. How do you keep employees feeling motivated and
ensure the incentives they need in such fluctuating circumstances? In 2003, we
refined existing tools and developed new ones to help us effectively continue
doing so.

By balancing cost concerns with potential, we aimed to create justifiable
solutions that make the most of opportunities in growing markets, while
protecting and stabilizing stagnating ones. One aspect of this involves making
more performance-related use of the tools available to us. For instance, we're
now using budgets to stimulate autonomous performance within local
organizations, starting with Asia. We believe that this approach will not only
stimulate the pro-active qualities we value in our employees, but increase
their feeling of ownership and membership in ASML's success and awareness of
their own personal leadership potential.

Asian review and restructuring

An extensive review of the Asian market gave us important insight into our
position there and our local compensation and benefits policy. Based on this,
we developed a new combination plan that is still linked to our overall policy
but adapted to local needs and expectations.

ASML's expected career growth through career paths worldwide remains in place,
but our performance merit rates have been better attuned with local market
developments and employee expectations. Furthermore, performance is rewarded
by offering localized, variable bonus plans that are more in line with local
labor market practices and customs, while still fitting in with our total
remuneration approach and policy.
Targets are also being set closer to home, with bonuses tied to local and
personal performance criteria - not international goals, which can seem rather
abstract to individual employees. We believe this will greatly boost employee
motivation and make it easier for them to see how they are contributing to the
company. If successful, and in line with local market practices, we anticipate
implementing a similar, localized bonus approach in other parts of the world
as well.

Stock Option Plans

The Stock Option Plan incentive was used to its full potential in 2003.
Managers nominate employees in specific positions that are key to the
company's success for stock option awards on the basis of their outstanding
performance. The budget for these awards is set by the Supervisory Board, and
is designed for distribution across various job grades and salary levels. The
full budget was used this year, indicating a high level of effort and
achievement across all levels of the company.

Furthermore, as in 2002, a Stock Option for Salary Plan was implemented in
which all employees and management could participate.

Redesign of U.S. benefits plan

In the U.S., our challenge in 2003 was to continue providing competitive
benefits in light of costs that continue to increase sharply. Costs of U.S.
employee health-care benefits have been rising by over 15% annually. This is
due, among others things, to the demise of Health Management Organizations
(HMOs) and the high, still-rising costs of prescription drugs and the latest
cutting-edge medical technology. We conducted a comprehensive review and made
modifications to the benefits so that the financial impact is balanced between
employees and ASML, with costs shifted more to those who make relatively more
use of the program. This enabled us to continue offering employees a
competitive, cost-conscious package, while freezing - rather than raising -
their personal contribution. It even made it possible for us to introduce a
new insurance benefit for long-term care (nursing home and assisted care).
This benefit for which employees pay the premium, guarantees issue of
insurance - whatever the holder's current medical condition - at preferential
rates. Lastly, we also increased the ease and efficiency with which employees
can manage their benefits by rolling out a new, automated online benefits
enrollment program.
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Controlling Information, Sharpening Our Tools

The role that Information & Process Control plays in our activities is
somewhat invisible to our employees, but it is crucial to our company as a
whole. Effective IT tools and complete, correct and streamlined data is the
all-important oil that helps the wheels of our organization run smoothly. Our
growth over the last years was somewhat explosive, resulting in a massive
influx of new personnel data and information. During those years, our focus
was on developing tools and procedures to create and handle an effective
worldwide information system.

However, in 2003, our goal was to stabilize and optimize this system: to
confirm the worldwide quality of our information, finalize its standardization
and increase interactive access to it so it can be used to maximum benefit and
effect. Having current and comparable data was crucial to the successful
integration and alignment that took place over our different locations, and it
will be even more important in the future. The information in our systems
brings together all relevant data - global demographics, position-related
details and benefits, personal learning paths and more. Many of the tools we
use, such as Mr. TedTalent Link, are developed in close cooperation between
various departments in our organization. When these electronic resources work
together in perfect synergy, it makes it easier for management and staff to
get and exchange the vital information they need. We aim to ensure a dynamic
enterprise resource system that is of the utmost value in fostering our
employees' development and that of our company.

Management Development tracking system

This web-based tool went live in 2003, giving management worldwide complete
access and insight into employee training, performance and review processes.
This makes it easier to identify and develop leadership talent and manage
Personal Development Plans.

Manpower status reports

Bi-weekly manpower status reports give the Board of Management important,
consolidated information regarding targets, cutbacks per sector and
department, and insight into the effectiveness of these cutbacks. In the past,
Finance and Human Resources produced separate overviews. Implementation of a
SAP-driven Business Warehouse System made it possible to align our cost-center
structure and organizational structure, and integrate these divergent data for
the first time.
The information this provides is proving extremely valuable, enabling smarter
and more effective policy- and decision-making.

Workflow projects

We also continued automating steps of the personnel administrative processes
and the document flow associated with it in various ways. Standardizing and
digitalizing the application and approval steps for any given process
increases speed, transparency and efficiency. E-taf, which enables employees
to electronically apply for training programs, is an example of this. An
online survey in 2003 also gave Development and Learning more insight into the
kinds of programs our people want and need.

Similar automation is also being implemented in as many areas as possible of
non-sensitive (e.g., non-payroll-related) data processing. Employees have
faster, easier access to holiday registration, for instance. These kinds of
automated processes are also being used to simplify and facilitate logistics
connected with increasing our flexible work force, such as the issuing of
badges.
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Improving Links, Communication, Interaction

The year 2003 saw our company become more streamlined and integrated on a
global level. There was also an improvement in the transparency and
effectiveness of our tools.

Enhanced by additional company-wide initiatives, all this led to better
communication and closer links within ASML, not only across different
departments, but geographically as well. In the long run, the success we
achieve is based on the leadership demonstrated by both the organization and
the line, and on the partnership that exists between them around the world.
This leadership and partnership are what makes it possible to link goals and
activities to strategic business objectives. Over the last year, a number of
activities and initiatives helped make these connections even stronger.

Interactions Program

The Interactions Program was an Internal Communications initiative designed to
bring the Board of Management into closer contact with ASML employees around
the world and to help increase the exchange of ideas, opinions and knowledge
between Board members and employees. During the program, members of the Board
of management walked through employees' work areas, gave presentations to
groups of employees and had lunch in smaller, informal settings with employees
at all levels of the organization and at most major ASML facilities. Through
Interactions, ASML Board of Management had personal contact with over 1/3 of
ASML's employees worldwide in 2003.
This program will continue and be expanded in 2004.

Enhanced Intranet

The layout and navigation of our Intranet homepage was greatly improved this
year. This is now aligned along business groups and key areas of interest such
as technology, careers, events, etc., instead of geographically. This
increases the flow of information across locations.
In the U.S., the Intranet started playing an even more important role in
communicating with employees on HR&O-related topics in 2003. Employees now
have on-line access to benefit plan summaries and documents, and HR&O and
Administrative policies. This has reduced our reliance on print media and the
associated costs, and increased the timeliness and efficiency of our
communications.

New in-house publications

Two new internal newsletters were also launched in 2003, with the goal of
improving communication and increasing links within the company: Managing
Times and Focus. Managing Times is a bi-monthly publication designed to
support management worldwide in their day-to-day activities. It highlights the
priorities that they should be communicating to staff, provides background to
important issues, answers questions and gives details of where they can go for
more information. Focus is a quarterly regional publication for all employees.
Focus for the European region was rolled out in 2003, and the U.S. version
will be launched in the first quarter of 2004. Each has content specific to
the region, discussing local issues of interest to employees and recognizing
local achievements.

Professional Leadership Program

Our Professional Leadership Program once again proved
its value in 2003 as a means of increasing interaction, communication and
synergy across different disciplines and locations within ASML. The program
linked up individual employees from around the world in teams that
pro-actively addressed current issues and problems within the company and
proposed solutions. Their findings were extremely valuable, involving them in
a great deal of interaction with the Board. The ongoing success of this
initiative inspired the Business Process Steering Committee to establish
similar process improvement teams to address specific business issues and
needs.
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A successful local concept goes global

The Human Resources Leadership Team and the Business Leadership Council were
initially formed in the U.S. to deal with wide-ranging HR issues and to
develop and review policies and programs that cut across all sectors,
including Goodsflow, Finance, Sales and Customer Support. These two groups
played an important role in the successful integration of the SVG operations
that ASML is retaining. In 2003, the cross-sector concept was extended to form
a worldwide Human Resources Council. The first meeting to determine the
structure of the group took place in September 2003 and was attended by key
HR&O representatives from all locations. The Council's overall goal is to
create a truly global Human Resources organization that is linked by the same
set of responsibilities, and that delivers the same message and programs to
all its people. It will also help ensure that HR&O activities are linked to
and support the business objectives of ASML as a whole.
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Connecting with the Community

Our commitment to relationships not only applies to
those we have with our employees, it also extends to the relationship that
exists between ASML and the communities we live and operate in. Incorporating
community involvement into our activities contributes to the social
development of our company as a whole. This is taking place both on an
organizational level and on an individual level as many employees also show
personal initiative and commitment in their communities in various ways.

ASML Trust

The ASML Trust was established in 2002, with the aim of giving financial
support to non-profit organizations and societies located in countries where
ASML operates. Eligible projects are those that focus on technical education
and that improve the quality of life for children and the underprivileged. In
2003, representatives of the foundation worked on raising awareness regarding
the purpose and potential of the fund, and initiated discussions with local
governments and potential recipients in various countries.

Getting involved

Employees around the world make significant contributions of their time and
effort, participating in volunteer committees and activities that supported
various social causes. In addition, through company sponsored sport teams and
other community activities, we are active in our communities. For example, in
October of 2003, our CEO joined other ASML employees in running and completing
the Eindhoven Marathon in the Netherlands.
Other examples of our community activities include:

o  Blood drives
o  Habitat for Humanity: building homes for families that can least afford them
o  Collections for food banks and toy drives during the holidays
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Revitalizing Our Commitment in 2004

Everyone who remains with the company after a major restructuring will have
been touched by it one way or another. Some have lost valued colleagues -
perhaps even friends - and everyone is sure to have been affected by
uncertainty regarding their own future at the company.
At this point, it is extremely important to reorient, re-engage and recommit
to our relationship with each other.

The focus in 2004 will therefore be on revitalizing the commitment between
ASML and its employees.

There will, of course, be other new developments throughout the coming year.
We particularly expect to see even more integration of our Development and
Learning tools and systems in order to create a single, unified career
planning policy for ASML. Career and competency development has always been
one of the most important aspects of our relationship with our employees in
the past, and it will remain one of our top priorities in the future.
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ASML Worldwide
Contact Information

Corporate Headquarters

De Run 6501
5504 DR Veldhoven
The Netherlands

Mailing address

P.O. Box 324
5500 AH Veldhoven
The Netherlands

U.S. main offices

8555 South River Parkway
Tempe, AZ 85284
U.S.A.

77 Danbury Road
Wilton, CT 06897
U.S.A.

Asia main office

Suite 603, 6/F
One International Finance Center
1, Harbour View Street
Central, Hong Kong, SAR

Corporate Communications

phone: +31 40 268 4941
fax: +31 40 268 3655
e-mail: corpcom@asml.com

Investor Relations

phone: +31 40 268 3938
fax: +31 40 268 3655
e-mail: investor.relations@asml.com

For more information please visit our website
www.asml.com

Environmentally-friendly reporting
As part of our commitment to the environment, ASML produces its Social Report
in digital format only.
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