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

2. 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

3. 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

4. 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

5. 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

6. 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

7. 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

8. 0 8 Domestic Credit to Private Sector / GDP 1 1. Data as of year- end 2002. 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

9. 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

10. 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,

11. 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

12. 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

13. 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 +2500 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

14. 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

15. 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

16. 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

17. 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

18. 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

19. 0 19 C&CC Brazil Profit & Loss

20. 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

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

22. 0 22 Efficiency On a standalone basis ABN AMRO Brazil showed a significantly lower efficiency ratio in 2003. The integration of Sudameris shall impact this ratio temporarily All figures based on Brazilian GAAP as published by each institution

23. 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

24. 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

25. 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

26. 0 26 Sudameris Acquisition Highlights

27. 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

28. 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

29. 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

30. 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 2004 13.5%pa, Dec 2005 12%pa)  Growing credit portfolio maintaining standards of credit quality (25% growth forecast for 2004) Outlook 2004 / 2005

31. 0 31 Thank You

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