1. First quarter results 2002 29 April 2002

2. First quarter results 2002 2 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%

3. First quarter results 2002 3... but underlying performance was mixed Revenues Expenses Operating result Efficiency ratio Revenues Q1 2002 Interest (56%) Other (12%) Commissions (25%) Trading (7%) (EUR m)Q1 02Q4 01 % change 4,744 3,396 1,348 71.6% 4,726 3,447 1,279 72.9% 0.4 (1.5) 5.4 4.7 4.4 5.3 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

4. First quarter results 2002 4 C&CC still the main contributor to the operating result in Q1...

5. First quarter results 2002 5 Driven by a strong performance in all its franchises - notably in the US Operating result Q1 2002 US (57%) RoW (10%) Brazil (19%) Netherlands (14%) Revenues Expenses Operating result Efficiency ratio 2,707 1,743 964 64.4% 2,542 1,851 691 72.8% 6.5 (5.8) 39.5 10.7 9.1 13.8 (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

6. First quarter results 2002 6 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 Q1 2002 Interest (43%) Other (7%) Commissions (33%) Trading (17%) (EUR m)Q1 02Q4 01 % change 1,384 1,263 121 91.3% 1,505 1,239 266 82.3% (8.0) 1.9 (54.5) (8.6) (2.9) (43.2) Q1 02/ Q4 01 Q1 02/ Q1 01

7. First quarter results 2002 7 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

8. First quarter results 2002 8 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 Q1 2002 Interest (26%) Other (4%) Commissions (68%) Trading (2%) (EUR m)Q1 02Q4 01 % change 384 270 114 70.3% 370 305 65 82.4% 3.8 (11.5) 75.4 12.3 (0.7) 62.9 Q1 02/ Q4 01 ytd 02/ ytd 01

9. First quarter results 2002 9 Asset Quality and Provisioning

10. First quarter results 2002 10 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

11. First quarter results 2002 11 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

12. First quarter results 2002 12 RWA have fallen, consequently provisioning as a percentage of RWA has risen Risk provisioning as a % of RWA (right hand scale) * Q1 2002 annualised 26bp 39bp 35bp 23bp 52bp EUR bn RWA 58bp

13. First quarter results 2002 13 Total assets Shareholders’ equity Group capital Risk-weighted assets Total capital ratio Tier 1 ratio (EUR bn)31 03 02 623.6 11.61 33.6 270.7 10.95 7.13 31 12 01 597.4 11.79 34.0 273.4 10.91% 7.03% 31 03 02/ 31 12 01 4.4 (1.5) (1.3) (1.0) 3.6 (4.9) (0.3) (2.8) % change 31 03 02/ 31 03 01 Tier 1 ratio has continued to improve

14. ANNEXES

15. First quarter results 2002 15 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 1,348 390 973 (205) 397 602 0.38 4,726 3,447 1,279 598 715 (95) 438 533 0.34 Q1 02/ Q4 01 0.4 (1.5) 5.4 (34.8) 36.1 115.8 (9.4) 12.9 11.8 4.7 4.4 5.3 46.1 (2.8) (41.9) (11.9) (15.6) % change Q1 02/ Q1 01 Key figures: profit and loss account

16. First quarter results 2002 16 Revenues Expenses Operating result Pre-tax profit (98) (51) (47) (38) Published change Impact of currencies (EUR m) 18 (51) 69 258 Organic growth (1.7%) (3.0%) 1.7% 30.8% Impact of currency translation on profit and loss account (Q1 2002 vs Q4 2001)

17. First quarter results 2002 17 Capital allocation and operating result Capital Allocation Operating result

18. First quarter results 2002 18 Total Specific Loan Loss Provisions Summary of total specific loan loss provisions by SBU (Including Netherlands BU; EUR million) SBU1Q01YTD 011Q021Q01YTD 011Q02 C&CC1768022550.43%0.51%0.64% WCS925431110.38%0.55%0.49% PCAM31310.20% 0.06% Total ABN AMRO2671,4263900.38%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

19. First quarter results 2002 19 Limits/exposures are well diversified... (March 2002)

20. First quarter results 2002 20 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 2001... and limited exposure to non-OECD countries (by limits; March 2002)

21. First quarter results 2002 21 Stable portfolio composition

22. First quarter results 2002 22 TMT ECP ACD WCS - Total Portfolio WCS - Corporate Portfolio TMT ECP ACD FIPS WCS: Client BUs organised globally by sectors (by outstanding)

23. First quarter results 2002 23 TMT ECP ACD WCS Corporate: exposure by client BU (by limits; March 2002)

24. First quarter results 2002 24 C&CC: Strong consumer franchise

25. First quarter results 2002 25 C&CC NL Commercial Portfolio - Outstanding (March 2002)

26. First quarter results 2002 26 Overview by legal entity UCR breakdown C&CC US - Outstanding (March 2002)

27. First quarter results 2002 27 Business mix C&CC portfolio performance - Total Outstanding UCR breakdown C&CC Brazil - Outstanding (March 2002)

29. First quarter results 2002 29