First quarter results April 2002

First quarter results Strong operating result... Revenues remain resilient (+0.4%) Operating expenses continued to trend down (-1.5%) Operating result up (+5.4%) Provisions fell to EUR 390 mln, from EUR 598 mln in fourth quarter 2001 Efficiency ratio improves to 71.6% Tier I ratio improved further to 7.13%

First quarter results but underlying performance was mixed Revenues Expenses Operating result Efficiency ratio Revenues Q Interest (56%) Other (12%) Commissions (25%) Trading (7%) (EUR m)Q1 02Q4 01 % change 4,744 3,396 1, % 4,726 3,447 1, % 0.4 (1.5) Q1 02/ Q4 01 Q1 02/ Q1 01  Revenues up in C&CC and PCAM, while WCS continued to suffer from weak markets  Expenses down in C&CC and PCAM, while WCS experienced an increase in expenses due to higher bonus accrual  Efficiency ratio down for the second consecutive quarter

First quarter results C&CC still the main contributor to the operating result in Q1...

First quarter results Driven by a strong performance in all its franchises - notably in the US Operating result Q US (57%) RoW (10%) Brazil (19%) Netherlands (14%) Revenues Expenses Operating result Efficiency ratio 2,707 1, % 2,542 1, % 6.5 (5.8) (EUR m)Q1 02Q4 01 % change Q1 02/ Q4 01 Q1 02/ Q1 01  All four business units (NL, US, Brazil and Rest of the World) have contributed to this strong performance  US: Very strong performance driven by mortgage activity  NL: Sharp decline in expenses led to improvement in efficiency ratio  Brazil: Continuation of its growth path

First quarter results WCS has continued to suffer due to difficult market conditions …  Revenues were affected by weak market conditions and low issue volumes  Expenses up due to higher level of bonus accrual  Risk weighted assets decreased by 5% to EUR 90.4 bn, in line with objective of bringing down the level of RWA by EUR 20 bn by the end of 2004 Revenues Expenses Operating result Efficiency ratio Revenues Q Interest (43%) Other (7%) Commissions (33%) Trading (17%) (EUR m)Q1 02Q4 01 % change 1,384 1, % 1,505 1, % (8.0) 1.9 (54.5) (8.6) (2.9) (43.2) Q1 02/ Q4 01 Q1 02/ Q1 01

First quarter results Difficult steps were taken to improve profitability In the US, WCS will be offering a slightly narrower product range –Closure of domestic US cash equities and US M&A businesses –In US, concentration on GFM, GTS and structured lending business –International equity sales to US institutional client, equity derivatives and cross-border M&A advisory services will also be retained WCS well positioned and able to create value as market picks up –Measures taken during past year will release significant economic value –Released resources will be used to further strengthen European Equities and Corporate Finance activities

First quarter results Profitability of PCAM has clearly improved  PC: Higher revenues on the back of moderate recovery in client sentiment  PC: Assets under Administration increased to EUR 107 bn (end of quarter)  AM: Revenues remained relatively stable  AM: Assets under Management increased to EUR 175 bn (end of quarter) Revenues Expenses Operating result Efficiency ratio Revenues Q Interest (26%) Other (4%) Commissions (68%) Trading (2%) (EUR m)Q1 02Q4 01 % change % % 3.8 (11.5) (0.7) 62.9 Q1 02/ Q4 01 ytd 02/ ytd 01

First quarter results Asset Quality and Provisioning

First quarter results Level of provisioning lower... WCS: decrease due to absence of any major corporate failures C&CC: difficulties with the SME portfolio. The main drivers are: –Netherlands: strong increase in provisioning related to SME portfolio (provisioning in 2001 was historical low) –Brazil: slight increase in provisioning, partly due to increase in credit volumes and deterioration in asset quality of consumer loan portfolio –US: decrease in provisioning, partly due to leveraged finance book Corporate Centre: decrease due to absence of provisioning related to country risk provisioning

First quarter results But absolute amount continuous to be affected by economic conditions Time lag continuous to affect provisions Economic conditions have improved in the first quarter, but the overall state of the economy remained sluggish With respect to the economic outlook, we remain cautious

First quarter results RWA have fallen, consequently provisioning as a percentage of RWA has risen Risk provisioning as a % of RWA (right hand scale) * Q annualised 26bp 39bp 35bp 23bp 52bp EUR bn RWA 58bp

First quarter results Total assets Shareholders’ equity Group capital Risk-weighted assets Total capital ratio Tier 1 ratio (EUR bn) % 7.03% / (1.5) (1.3) (1.0) 3.6 (4.9) (0.3) (2.8) % change / Tier 1 ratio has continued to improve

ANNEXES

First quarter results Revenues Operating expenses Operating result Provisioning for loan losses Operating profit before tax Extraordinary result Net profit Net profit excl. extraord. result EPS (x EUR) (EUR m)Q1 02Q4 01 4,744 3,396 1, (205) ,726 3,447 1, (95) Q1 02/ Q (1.5) 5.4 (34.8) (9.4) (2.8) (41.9) (11.9) (15.6) % change Q1 02/ Q1 01 Key figures: profit and loss account

First quarter results Revenues Expenses Operating result Pre-tax profit (98) (51) (47) (38) Published change Impact of currencies (EUR m) 18 (51) Organic growth (1.7%) (3.0%) 1.7% 30.8% Impact of currency translation on profit and loss account (Q vs Q4 2001)

First quarter results Capital allocation and operating result Capital Allocation Operating result

First quarter results Total Specific Loan Loss Provisions Summary of total specific loan loss provisions by SBU (Including Netherlands BU; EUR million) SBU1Q01YTD 011Q021Q01YTD 011Q02 C&CC %0.51%0.64% WCS %0.55%0.49% PCAM % 0.06% Total ABN AMRO2671, %0.52%0.58% Provisions - EUR millionYTD Provisions / RWA Other 6% PCAM 0% C&CC 66% WCS 28% 0.0% 0.1% 0.2% 0.3% 0.4% 1Q012Q013Q014Q011Q02 C&CCWCSABN AMRO YTD Provisions / RWA

First quarter results Limits/exposures are well diversified... (March 2002)

First quarter results Asia Pacific Advanced 8% (8%) North America 29 % (30%) Africa 0.6 % (0.4%) Europe 50 % (50%) Eastern Europe 0.3 % (0.3%) Middle East 1% (1%) Asia 7% (7%) Latin America 5% (5%) ( ) December and limited exposure to non-OECD countries (by limits; March 2002)

First quarter results Stable portfolio composition

First quarter results TMT ECP ACD WCS - Total Portfolio WCS - Corporate Portfolio TMT ECP ACD FIPS WCS: Client BUs organised globally by sectors (by outstanding)

First quarter results TMT ECP ACD WCS Corporate: exposure by client BU (by limits; March 2002)

First quarter results C&CC: Strong consumer franchise

First quarter results C&CC NL Commercial Portfolio - Outstanding (March 2002)

First quarter results Overview by legal entity UCR breakdown C&CC US - Outstanding (March 2002)

First quarter results Business mix C&CC portfolio performance - Total Outstanding UCR breakdown C&CC Brazil - Outstanding (March 2002)

First quarter results