1. Second quarter results 2001 16 August, 2001

2.  Broad mix of clients and products proves its value  Strategy continuous dynamic process  Overriding objective Top 5; annual performance targets published at full year results 2001  Changes in Managing Board Second quarter results 2001

3. Highlights second quarter 2001  Second quarter reflects quality and sustainability of the income stream  Restructuring programmes in SBUs are beginning to bear fruit  Michigan National Corporation consolidated in BU United States  Excluding consolidation, divestitures and currency translation effects RWA contracted by EUR 4.2 bn  Revenues up 8.1% despite weak market conditions  Operating profit before taxes increased by 3.8%  EUR 962 mln extraordinary gain from the sale of EAB  Interim dividend per share at EUR 0.45

4. Status report on strategic initiatives: Strategy Wholesale Clients SBU  Revenue enhancement – strong focus on European client base – emphasis on financial institutions and large/medium cap corporate clients – emphasis on annuity products and selective investment banking products  Cost control – decrease in headcount from TOPS, equity business and disposal of certain international operations  Capital allocated will be reduced

5. Status report on strategic initiatives  Restructuring programme BU Netherlands – new service concept: 10 pilots launched – agreement with staff council and the trade unions – general programme to stimulate natural attrition  Closure of countries and disposal of retail businesses – Morocco, Panama and Sri Lanka announced in second quarter – rationalisation/disposal of another 8 countries in the pipeline  Integration of MNC, Alleghany and ING Barings business in US – integration (systems, back office and closure/sale of branches) of MNC expected to be completed in October – integration Alleghany and ING Barings US on track; cost synergies expected in second half

6. Revenues Operating expenses Operating result Provisioning for loan losses Operating profit before tax Taxes Extraordinary result Net profit Net profit excl. sale EAB EPS (x EUR) (EUR m) Key figures: profit and loss account Q2 01 4,901 3,615 1,286 253 1,039 296 962 1,633 671 0.44 Q1 01 4,533 3,253 1,280 267 1,001 247 - 683 0.45 Q2 01/ Q1 01 8.1 11.1 0.5 (5.2) 3.8 19.8 - 139.1 (1.8) (2.2) 8.7 14.4 (4.8) 78.2 (15.9) (1.0) - 91.9 (21.2) (22.8) % change Q2 01/ Q2 00

7. Revenues and Capital Allocation in Q2 2001 per SBU Capital AllocationRevenues

8. EUR 1,039 mln (+3.8%) Operating profit before tax Q2 2001 in %

9. Provisioning second quarter 2001 - specific bad debt provisioning - cross-border risks provisioning Provisioning for loan losses Addition to FAR Total 262 (9) 253 - 253 160 (36) 124 18 142 Q2 01 (EUR m) 280 (13) 267 - 267 Q1 01Q2 00 Consumer & Commercial Clients Wholesale Clients Private Clients & Asset Management AA Lease Holding Corporate Centre 220 40 (1) 5 (11) 80 90 10 4 (42) Q2 01 (EUR m) 176 92 3 4 (8) Q1 01Q2 00

10. EUR bn Risk provisioning (2001: excl. changes in FAR) as a % of RWA (right hand scale) Risk provisioning as a % of RWA RWA 26bp 39bp 35bp BASIS POINTS * 2001 annualised 23bp 36bp

11. Key figures: balance sheet * -1.5% adjusted for impact of acquisitions and exchange rates Total assets Shareholders’ Equity Group capital Risk-weighted assets* Total capital ratio Tier 1 ratio (EUR bn)30 06 01 614.6 11.6 34.7 286.1 10.19% 6.55% 31 03 01 601.7 12.2 33.7 278.4 10.19% 6.82% 30 06 01/ 31 03 01 2.1 (5.1) 2.9 2.8 13.2 (7.6) 6.6 8.4 % change 30 06 01/ 31 12 00

12. Operating result Provisioning Pre-tax profit RWA* (EUR bn) Revenues Q2 2001 Interest Other Commissions  Diversified, stable and consistent income stream  Costs are strictly monitored and under control  Higher provisioning levels, but overall quality of the portfolio remains strong  Performance BU Netherlands stabilising, US and Brazil perform well Trading (EUR m)Q2 01Q1 01 Consumer & Commercial Clients * RWA June 2001 compared to March 2001 % change 818 220 598 166.4 847 176 671 163.3 (3.4) 25.0 (10.9) 1.9 10.4 175.0 (9.5) Q2 01/ Q1 01 Q2 01/ Q2 00

13. EUR 598 mln (-10.9%) C&CC operating profit before tax split-up by market

14.  Aligning clients with products has led to the choice of high margin products and better allocation of capital  Negative impact of depressed equity markets is partly offset by broad mix of clients and products in general and the performance of GFM in particular  Strong increase in interest income and lowering of provisioning drive profitability Wholesale Clients Operating result Provisioning Pre-tax profit RWA* (EUR bn) Revenues Q2 2001 Interest Other Commissions Trading (EUR m)Q2 01Q1 01 * RWA June 2001 compared to March 2001 % change 229 40 178 100.5 213 92 113 96.9 7.5 (56.5) 57.5 3.7 (38.8) (55.6) (42.6) Q2 01/ Q1 01 Q2 01/ Q2 00

15.  Healthy increase in revenues despite difficult market conditions  Integration of businesses within Private Clients and integration of Alleghany within Asset Management well under way  Assets under Management rose 4.5% to EUR 175.8 bn  Assets under Administration remained stable at EUR 110 bn Private Clients & Asset Management Operating result Provisioning Pre-tax profit RWA* (EUR bn) Revenues Q2 2001 Interest Other Commissions Trading (EUR m)Q2 01Q1 01 * RWA June 2001 compared to March 2001 % change 97 (1) 99 6.0 70 3 66 6.1 38.6 - 50.0 (1.6) (41.6) - (36.5) Q2 01/ Q1 01 Q2 01/ Q2 00

16. Wholesale limits by region as per June 2001 Asia Pacific Advanced 8% (8%) North America 27 % (26%) Africa 1 % (1%) Europe 48 % (50%) Eastern Europe 1 % (2%) Middle East 1% (1%) Asia 7% (6%) Latin America 6% (5%) ( ) December

17. Wholesale limits by sector Telecom Services 9% (10%) Media 4% (3%) Technology 8% (8%) Oil & gas 9% (9%) Utilities 10% (9%) Pharma/Health 3% (2%) Chemical 5% (5%) Automotive 8% (8%) Food etc. 6% (10%) Services/Leisure 5% (6%) Manufacturing 10% (6%) Agriculture/Raw Materials 2% (2%) Construction/Real Estate 6% (6%) Retail 2% (2%) Consumer (Non) Durables 3% (3%) Transport 7% (7%) Metals & Mining 3% (3%) ( ) December

18. Outlook full year 2001 The much hoped for improvements, in the economic and market conditions, have not materialised in the first half of the year and it is unlikely that there will be a significant improvement in the remainder of the year. Consequently, we expect our full year results to be broadly in line with our performance in the first half of this year.

19. ANNEXES

20. Internal credit risk ratings Telecom Service Industry UCR 1 >AA UCR 2 >A- UCR 3 >BBB UCR 4 >BB- UCR 5 >B- UCR 6 >CC UCR 7 <C Investment grade 78% 81% Non-investment grade 22% 19% Jun Dec

21. Internal credit risk ratings Automotive Industry UCR 1 >AA UCR 2 >A- UCR 3 >BBB UCR 4 >BB- UCR 5 >B- UCR 6 >CC UCR 7 <C Investment grade 85% 89% Non-investment grade 15% 11% Jun Dec

22. Internal credit risk ratings Wholesale Clients UCR 1 >AA UCR 2 >A- UCR 3 >BBB UCR 4 >BB- UCR 5 >B- UCR 6 >CC UCR 7 <C ( ) December Investment grade 86% 89% Non-investment grade 14% 11% Jun Dec

23. ( ) December UCR 1 >AA UCR 2 >A- UCR 3 >BBB UCR 4 >BB- UCR 5 >B- UCR 6 >CC UCR 7 <C Investment grade 84% 86% Non-investment grade 16% 14% Jun Dec Internal credit risk ratings Wholesale United States

24. ( ) December UCR 1 >AA UCR 2 >A- UCR 3 >BBB UCR 4 >BB- UCR 5 >B- UCR 6 >CC UCR 7 <C Investment grade 64% 66% Non-investment grade 36% 34% Jun Dec Internal credit risk ratings C&CC BU United States

25. Loan portfolio C&CC BU United States 2%

26. Internal credit risk ratings C&CC BU United States 2%

27. Composition of revenue (EUR m)

28. Trading break down 1996 - 2001 (EUR m) 97-197-298-198-299-199-200-100-201-1