Good Overall Performance First Quarter Results April 2003

0 2 Table of Content  Operating Performance 4  Asset Quality and Capital 13  Recent Developments 16  Outlook19  Appendices21

0 3 Good overall performance  Revenues stable (+0.6%), underpinned by diversity of income stream  Strict cost control kept expenses flat (-0.3%)  Continued strong operating result (+2.6%)  Overall provisions lower (-10.7%)  Net profit slightly up (+0.7%)  For the sixth consecutive quarter, improvement of efficiency ratio (68.3%)  Tier 1 ratio marginally lower at 7.40%

Operating Performance

0 5 Good overall performance  Revenues stable, underpinned by the diversity of income stream  Operating expenses remained flat  Operating result up against the backdrop of the strongest operating performance in history in Q4 Revenues Q1 2003

0 6 Record operating performance in C&CC  Revenue growth achieved on the back of continued high mortgage production in the US and robust growth in Brazil  Sustained focus on cost control pays off across geographies  Efficiency ratio improves substantially Revenues Q1 2003

0 7 Flat expenses in BU NL despite pension and refurbishment costs  Adjusted for the transfer of RWA, net interest revenue were stable despite a weakening economic environment  Staff costs trend down, offsetting higher pension and refurbishment costs  Overall FTE and branch closure objectives of the restructuring programme achieved Revenues Q1 2003

0 8 Continued mortgage refinancing strength in BU US  Strong revenue growth led by sustained mortgage production  Modest, yet encouraging growth in the commercial banking activities  No increase in operating expenses despite growth in mortgage production  Operating result substantially up Revenues Q1 2003

0 9 Brazil resumes its growth path  Revenues driven by interest rate related gains and volume growth in retail banking  Expenses, in particular staff costs, substantially lower due to tight cost management  Significant improvement of the efficiency ratio Revenues Q1 2003

0 10 WCS performance affected by poor trading results  Improvement in market shares in key franchises  Client related revenues in FM and flow income remained resilient. However, not enough to offset decline in revenues due to lower market driven revenues and lower equity sales and trading results  Expenses further down, despite restructuring costs of EUR 38 mln  First quarter results are not indicative of full year run rate Revenues Q1 2003

0 11 PCAM affected by restructuring costs and difficult markets  PC revenues slightly up due to rise in net interest revenue and other revenue as result of higher transaction volumes. Increase in operating expenses primarily driven by restructuring costs in France  AM revenues primarily affected by reduced level of AuM. Continued tight cost control results in fall of operating expenses Revenues Q1 2003

0 12 Restructuring in France across all SBU’s  ABN AMRO started formal discussions with the Workers Council to implement a restructuring plan across all SBU’s in France in January  Early March, the Workers Council provided its advise. Discussions on the details of the social plan are expected to be finalised soon  The social impact is estimated to exceed 400 FTE’s, most of whom are expected to leave under a voluntary departure scheme  Total restructuring costs amount to EUR 75 mln in Q1

Asset Quality and Capital

0 14 Overall provisions lower  Provisioning substantially lower despite increase in Brazil, The Netherlands and WCS  Overall quality of the portfolio is satisfactory  Asset quality of C&CC portfolio remains stable  Weighted average UCR for WCS continues to be investment grade despite higher provisions in integrated energy sector Annualised provisions / RWA(%)

0 15 Tier 1 ratio marginally lower  Tier 1 ratio essentially unchanged primarily due to goodwill charge. Total capital ratio affected by increase of stake in Banca Antonveneta  Risk-weighted assets up in line with guidance, mainly due to increase in WCS following sharp decrease in 2002  The gearing ratio decreased for the fourth consecutive quarter to 33.0% (EUR bln) / % change / Total assets Shareholders’ equity Group capital Risk-weighted assets Tier 1 ratio Total capital ratio % 11.54% % 10.95% (4.2) 4.2 (9.4) (13.9) % 11.03%

Recent Developments

0 17 Banco Sudameris acquisition strengthens Brazilian franchise  Acquisition of a 94.57% stake from Banca Intesa to strengthen the position in the south-eastern region of Brazil  Total consideration will be fully locally funded: –BRL 527 mln in cash –BRL 1,766 mln in shares of Banco ABN AMRO Real (“AAR”)  Banca Intesa will have the right to swap the AAR shares in shares of ABN AMRO Holding N.V. in up to three installments, starting three years from closing  ABN AMRO will have the right to call Intesa’s shares at anytime, up to five years from closing

0 18 Impact on Tier 1 is negligible  Value of the call equals value of the put and amounts to the book value of AAR multiplied by 1.8  Total goodwill, excluding integration costs, is expected to be in the region of BRL 1,100 mln  Operating synergies are expected in excess of BRL 300 mln per annum as of 2005  Tier 1 impact is negligible  The proposed transaction will not have any dilutive impact on the earnings per share

Outlook

0 20 No outlook for 2003 “The general direction and the impact of the geo-political developments on the global economy are not clear. Although we are confident about our operational performance, it is difficult to be optimistic about the general state of the global economy. We will therefore continue to refrain from giving an outlook for the year at this point in time.”

Appendices First Quarter Results 2003

0 22 Appendices: table of contents  Details on WCS Operating Performance23  Currency Variations27  Cross Border and Sovereign Risk31  Asset Quality and Provisioning35  Asset Quality and Provisioning in WCS38  Asset Quality and Provisioning in C&CC45

Details on WCS Operating Performance

0 24 Client Performance  Overall client revenues for WCS are EUR 987 mln, representing 86% of WCS revenues  The revenue contribution of our Priority and Key clients represents 57% of total client revenues WCS Revenues (EUR 1,145 mln in Q1 2003) Revenues by Client (EUR 987 mln in Q1 2003) Priority & Key Revenues by Client (EUR 563 mln in Q1 2003)

0 25 Product Performance  Most important revenue contributor is Financial Markets  Priority and Key clients contributing 49% of total product revenue Revenues by Product (EUR 1,145 mln in Q1 2003) Priority & Key Revenues by Product (EUR 563 mln in Q1 2003)

0 26 RWA Reductions by Product  Most important capital user is FM  Increase in Working Capital reflects the switch of business from FM 4Q02 (EUR 67.2 bln) 1Q03 (EUR 71.0 bln)

Currency Variations

0 28 Impact of currency variations on Group performance Revenues Expenses Operating result Pre-tax profit (53) (61) (8) 29 Reported change (%) Currency impact (Eur mln) Organic growth (%) (0.3) Q1 03 / Q4 02 Note: Reported change is the arithmetic sum of currency impact and organic growth. In this case, revenues were negatively impacted by EUR 53 mln and costs were reduced by EUR 61 mln

0 29 Reported change (%) Currency impact (Eur mln) Organic growth (%) Q1 03 / Q4 02 Impact of currency variations on BU US performance Revenues Expenses Operating result Pre-tax profit (87) 40 (47) (41) (5.9) Note: Reported change is the arithmetic sum of currency impact and organic growth. Revenues were negatively impacted by EUR 87 mln and costs were increased by EUR 40 mln

0 30 Impact of currency variations on BU Brazil performance Revenues Expenses Operating result Pre-tax profit (13) 8 (5) (4) 8.1 (8.6) (11.7) Note: Reported change is the arithmetic sum of currency impact and organic growth. Revenues were negatively impacted by EUR 13 mln and costs were increased by EUR 8 mln Reported change (%) Currency impact (Eur mln) Organic growth (%) Q1 03 / Q4 02

Cross Border and Sovereign Risk

0 32 Brazilian cross border risk is largely mitigated  Latin America: Brazil, Mexico and Chile are the largest contributors  Extensive use of risk mitigants is sought and achieved when dealing with Brazilian counterparts  Mitigated exposure includes trade deals, transactions covered by credit default swaps and political risk insurance

0 33 Significant reduction of the Government Bond Position Brazilian Government Bond PositionBooked Portfolios (Mar 2003)

0 34 Cross Border Exposure - BrazilMitigated Exposure Breakdown - Mar 2003) Increased mitigation of already reduced exposure

Asset Quality and Provisioning

0 36 Private loans (EUR bn - by outstanding) Private loans March 2003March 2002December 2002

0 37 Overview of total loan loss provisioning per SBU Total ABN mainly includes Corporate Centre and Auto Lease Holland 1Q 2003 loan loss provisioning by SBUs

Asset Quality and Provisioning in WCS

0 39 Commercial banks exposure includes commercial lines, money market and OBSI facilities. Breakdown of Wholesale portfolio per client sector Wholesale - Corporate portfolioWholesale - Total portfolio

0 40 Asia Pacific Advanced 6.5% North America 29.3% Latin America 3.3% Eastern Europe 0.4% Africa 0.5% Europe 53.3% Middle East 0.9% Asia 5.8% Geographic exposure calculated based on the country lending office of each counterparty Wholesale Client base is predominantly OECD

0 41 As a % of total limits of Wholesale Corporate portfolio which excludes FIPS Wholesale corporate portfolio is well diversified

0 42 Stabilization of exposure after significant reduction Sector breakdown of wholesale portfolio - Total limits -28.9% -30.2% -22.8% -24.6% -26.9%

0 43 Average UCR of Wholesale Client sectors Average UCRs - Historical performanceAverage UCRs  Dedicated Task Force has substantially brought down the integrated energy exposure

0 44 Asset quality of Wholesale Client sectors Country CoverageIntegrated Energy Consumer Wholesale corporate portfolio (33% of WCS corp. portfolio) (26% of WCS corp. portfolio) (15% of WCS corp. portfolio) TMTH (22% of WCS corp. portfolio)

Asset Quality and Provisioning in C&CC

0 46 Overview of the C&CC consumer and commercial franchise Numbers may not add up due to rounding.

0 47 C&CC loan loss provisions - stable performance despite market conditions 1Q 2003 loan loss provision by Geography

0 48 Overview of the commercial portfolio of BU NL C&CC NL commercial portfolio by productC&CC NL commercial portfolio by UCR C&CC NL total portfolio

0 49 Overview of the portfolio of BU US C&CC - Asset quality Business mix

0 50 Overview of the portfolios of BU Brazil C&CC - Asset quality Business mixUCR breakdown