Banking Conference Business Unit Brazil of C&CC April 21 and 22, 2004

0 2 Current Brazilian Business Environment Overview of ABN AMRO Brazil C&CC Brazil Financial Performance Competitive Analysis Sudameris Acquisition Outlook 2004 / 2005 Table of Contents

0 3 Sovereign Spread Economic Environment After the election period in 2002, the Real appreciated and the sovereign spread narrowed nearing the 500 bps level Sources: Brazilian Central Bank, Bloomberg

0 4 Trade and Current Account Balances Economic Environment High commodity prices, export diversification and a stable exchange rate have favored a positive trade and current account balance

0 5 External Private Debt Rollover Rate Economic Environment Sources: Brazilian Central Bank, ABN AMRO ( * ) External private debt defined Bonds, Notes, Commercial Papers, Direct Loans and Commercial Credit After a sluggish 2002 performance external private debt* rollover picked up reflecting the renewed appetite for Brazil which has resulted in narrowing spreads

0 6 Foreign Exchange and Inflation Economic Environment The inflationary pressures due to the exchange rate overshooting receded significantly and are expected to stabilize along 2004 Sources: Brazilian Central Bank, IBGE, ABN AMRO

0 7 Central Bank will likely continue to gradually ease monetary policy in 2004, reducing interest rates with caution and assessing recovery of economic activity Interest Rate and Inflation Economic Environment

0 8 Domestic Credit to Private Sector / GDP 1 1. Data as of year- end Source: World Bank Declining interest rates will enable significant volume growth in the still underdeveloped Brazilian banking market. The penetration of total credit shows a large long term growth potential Business Environment Economic Environment

0 9 Strengthened Resilience to Shocks Economic Environment Brazil is in much better shape to deal with adverse external factors, compared to mid-90s and early 00s

0 10 FX and Inflation Targeting Economic Environment Real effective exchange rate depreciation of 25% from 1999 to 2003 has not translated into permanent inflation rise due to monetary policy; inflation targeting framework Sources: Brazilian Central Bank, IBGE,

0 11  Firm commitment to stabilization and primary surplus  Continuous effort to complete reforms  Revision of mortgage legal framework  New regulation to reduce number of court actions against the financial system regarding interest rates  New Bankruptcy Law  Labor regulation reform  Judiciary reform  Public and Private Partnership regulation  Power sector framework Government Agenda Political Environment

0 12 Current Brazilian Business Environment Overview of ABN AMRO Brazil C&CC Brazil Financial Performance Competitive Analysis Sudameris Acquisition Outlook 2004 / 2005 Table of Contents

0 13 ABN AMRO Real has a leading positions and strong market shares in the full range of financial services, to be further enhanced by Sudameris ABN AMRO Brazil Overview  Retail Banking  Consumer Finance  Commercial Banking  Insurance  Wholesale Banking  Asset Management 1st foreign financial institution in terms of branch network 1st car financier in Brazil with a 20.4% market share Maintains relationship with companies 7th largest insurer; 5th largest pension fund by reserves Relationship with +400 largest corporation in Brazil 4th largest with R$25.8 bio in AUM as of Jan 04

0 14  ABN AMRO Brazil focuses on being one of the most efficient and valued banks among the top 3 privately owned retail banks in the Brazilian market, through a segmented approach  ABN AMRO aims to maintain a leadership position in the Auto Consumer Finance segment in Brazil, through its Aymoré Financiamentos brand  ABN AMRO Brazil focuses on value creation through synergies among the Commercial Banking, Retail and Wholesale segments (i.e. payroll, value chain) Retail Consumer Finance Commercial Banking ABN AMRO Brazil Strategy

0 15 * June 2003 figures. Mini-branches: branches on companies’ premises ABN AMRO has a strong presence in Brazil, and is playing an important role among the top retail banks ABN AMRO BRAZIL Retail Banking

0 16 ABN AMRO consumer finance division is Brazil’s largest car financier through its Aymoré brand, driven by strong customer service Source: DETRAN ABN AMRO BRAZIL Consumer Finance

0 17 Current Brazilian Business Environment Overview of ABN AMRO Brazil C&CC Brazil Financial Performance Competitive Analysis Sudameris Acquisition Outlook 2004 / 2005 Table of Contents

0 18 Total Assets (in R$ mln)Total Loans (in R$ mln) Net Income (in R$ mln) All figures based on Brazilian GAAP Average inflation in the period: 8.9% ABN AMRO Brazil Overview

0 19 C&CC Brazil Profit & Loss

0 20 Current Brazilian Business Environment Overview of ABN AMRO Brazil C&CC Brazil Financial Performance Competitive Analysis Sudameris Acquisition Outlook 2004 / 2005 Table of Contents

0 21 Position ABN AMRO Brazil is the 4th largest privately owned Brazilian bank by total loans and assets, and 3rd by deposits

0 22 Efficiency On a standalone basis ABN AMRO Brazil showed a significantly lower efficiency ratio in The integration of Sudameris shall impact this ratio temporarily All figures based on Brazilian GAAP as published by each institution

0 23 Client Focus In a scenario of declining interest rates ABN AMRO Real has pursued to build on its loan portfolio, expanding client relationship and capturing cross-selling opportunities All figures based on Brazilian GAAP as published by each institution

0 24 Asset Quality Expansion of the loan portfolio was implemented with no prejudice to asset quality; overdue loans ratio continues in line with market peers

0 25 Current Brazilian Business Environment Overview of ABN AMRO Brazil C&CC Brazil Financial Performance Competitive Analysis Sudameris Acquisition Outlook 2004 / 2005 Table of Contents

0 26 Sudameris Acquisition Highlights

0 27 Sudameris Acquisition Highlights  ABN AMRO acquired 94.57% of Banco Sudameris Brasil S.A. in a R$ 2.2 billion transaction: R$ 527 million cash and balance through share exchange for AAR shares (11.58%)  Estimated synergies: R$ 300 mln p.a. starting in 2005  Global integration plan designed June 2003 along with due diligence  Creation of 18 working fronts, of which 8 have fully executed, 6 depend on other migrations (e.g. IT) and 4 are currently detailing migration.  Implementation started as of closing in December 2003  ABN AMRO Real is ahead of schedule regarding implementation, capturing synergies both in the scope of revenues, personnel and administrative expenses

0 28 Sudameris Acquisition Highlights  In October 2003 a career orientation program was created to support personnel reallocation  A ‘Best Practice’ approach is being followed, e.g. for FX and Trade Finance Sudameris’ integrated operational model will be adopted  Complementary businesses will be maintained, e.g. Sudameris retail driven equity brokerage is already fully operational under ABN AMRO Real  The two banks/operations shall be fully integrated by year end 2004

0 29 Current Brazilian Business Environment Overview of ABN AMRO Brazil C&CC Brazil Financial Performance Competitive Analysis Sudameris Acquisition Outlook 2004 / 2005 Table of Contents

0 30  Inflation under control (IPCA forecast 6.0% eop 2004; 5.1% eop 2005)  Lower volatility in FX rate (BRL/USD forecast 3.05 eop 2004; at 3.25 eop 2005)  Lower interest rates (Selic forecast Dec %pa, Dec %pa)  Growing credit portfolio maintaining standards of credit quality (25% growth forecast for 2004) Outlook 2004 / 2005

0 31 Thank You

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