1. Third quarter results 2001 12 November 2001

2.  Revenues held up well despite weaker market conditions  Operating result excluding contribution EAB and impact exchange rate, up by 2.3%  Efficiency ratio stable at 73.9% from 73.8% in Q2 Mix of clients and products proves its value,

3. despite…….  Increase in provisioning to EUR 308 mln, driven by one-off items in WCS portfolio  Increase in effective tax rate to 38% due to losses not tax deductible  Net profit was at EUR 476 mln, a decline of 29.1% from Q2

4. WCS client coverage model further refined  To strengthen co-ordination between the client and product business units  To focus specialist sector resources on most significant client relationships  To reinforce country coverage capabilities to support greater focus on large cap corporate clients

5. Capital allocation and operating result Capital Allocation Operating result

6. Higher provisioning - specific bad debt provisioning - cross-border risks provisioning Provisioning for loan losses Addition to FAR Total 295 13 308 - 308 154 0 154 - 154 Q3 01 (EUR m) 262 (9) 253 - 253 Q2 01Q3 00 C&CC WCS PCA M AALH CC 200 90 1 6 11 75 60 5 14 0 Q3 01 (EUR m) 220 40 (1) 5 (11) Q2 01Q3 00

7. EUR bn Risk provisioning (2001: excl. changes in FAR) as a % of RWA (right hand scale) Provisioning is within sustainable levels RWA 26bp 39bp 35bp BASIS POINTS * 2001 annualised 23bp 40bp

8. Tier 1 ratio affected by FX Total assets Shareholders’ equity Group capital Risk-weighted assets Total capital ratio Tier 1 ratio (EUR bn)30 09 01 597.7 11.1 32.7 274.1 10.10% 6.47% 30 06 01 614.6 11.6 34.7 286.1 10.19% 6.55% 30 09 01/ 30 06 01 (2.7) (4.3) (5.8) (4.2) 10.0 (11.6) 0.5 3.9 % change 30 09 01/ 31 12 00

9. Operating result Provisioning Pre-tax profit RWA* (EUR bn) Revenues Q3 2001 Interest (66%) Other (13%) Commissions (18%)  Operating result excluding Q2 contribution of EAB, up by 8.3%  Strong performance of all three home markets (Netherlands, US and Brazil)  Overall quality of the portfolio remains strong, reflecting diversified client base.  Provisioning back to normal in Netherlands and stabilisation in US and Brazil Trading (3%) (EUR m) Q3 01Q2 01 Strong performance C&CC reflects inherent strength * RWA September 2001 compared to June 2001 % change 795 200 591 158.9 818 220 598 166.4 (2.8) (9.1) (1.2) (4.5) 5.0 143.3 (11.3) Q3 01/ Q2 01 ytd 01/ ytd 00

10. Restructuring within C&CC on track  Restructuring programme BU Netherlands on track – To date, 158 branches have been closed – Staff informed about option of voluntary retirement Staff should make decision before 15 January  Closure of countries and disposal of retail businesses – Sale of retail business in Argentina completed – Exit of nine countries completed  Integration of MNC and Standard Federal completed – Standard Federal completed its merger with MNC in October – Number of branches has decreased by 59

11.  Mix of clients, products and geography proves its value  Measures are being taken to bring costs in line with revenue development  Provisioning has risen, but credit quality has overall been holding up well  Sharp increase in effective tax rate due to losses not tax deductible Increasing share of annuity business in WCS Operating result Provisioning Pre-tax profit RWA* (EUR bn) Revenues Q3 2001 Interest (41%) Other (6%) Commissions (34%) Trading (19%) (EUR m) Q3 01Q2 01 * RWA September 2001 compared to June 2001 % change 183 90 85 96.1 229 40 178 100.5 (20.1) 125.0 (52.2) (4.3) (43.5) 9.4 (61.7) Q3 01/ Q2 01 ytd 01/ ytd 00

12. WCS cost target - at most zero growth  Equity related business in the US – Focus research around key sectors – Reduction of trading personnel to reflect smaller stock footprint.  Equity related business in Asia –Closure of domestic Japanese equity business –Rationalisation of Asian (ex-Japan) equities operations  Corporate Finance – Refocus on key sectors

13. WCS benefits from well diversified portfolio Telecom Services 8% (10%) Media 4% (3%) Technology 7% (8%) Oil & Gas 10% (9%) Utilities 10% (9%) Pharma/Health 3% (2%) Chemical 5% (5%) Automotive 7% (8%) Food etc. 7% (10%) Services/Leisure 5% (6%) Manufacturing 11% (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 2000

14.  Decline in revenues, due to depressed market conditions  Migration from equities to bonds and cash leads to lower margins  Fall of assets under management/administration due to weaker market values  We expect the coming year to be challenging Revenues PCAM affected by weak markets Revenues Operating result Provisioning Pre-tax profit Revenues Q3 2001 Interest (21%) Other (3%) Commissions (74%) Trading (2%) (EUR m)Q3 01Q2 01 % change 330 51 1 47 377 97 (1) 99 (12.5) (47.4) - (52.5) (3.8) (43.4) (80.0) (42.7) Q3 01/ Q2 01 ytd 01/ ytd 00

15. ANNEXES

16. 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 Q3 01Q2 01 4,674 3,456 1,218 308 858 329 - 476 0.30 4,901 3,615 1,286 253 1,039 296 962 1,633 671 0.44 Q3 01/ Q2 01 (4.6) (4.4) (5.3) 21.7 (17.4) 11.4 - (70.9) (29.1) (31.8) 2.3 6.5 (7.8) 75.1 (21.9) (15.3) - 15.3 (25.6) % change 9 months 01/00

17. Operating result excluding contribution EAB and impact exchange rate, up by 2.3% Revenues Expenses Operating result Pre- tax profit (168) (106) (62) (17) (134) (99) (35) (19) 1.5 1.3 2.3 (14) Published decrease Impact of EAB Organic growth (%) (EUR m) Impact of currencies (227) (159) (68) (181)