Results February 2002

Results Index ABN AMRO at a glance 3 Group & SBU Performance 4 Asset Quality and Provisioning11 Capital Management & Ratios18 Strategy and Strategic Initiatives22 Dividend 2001 & Outlook Annexes28

Results Solid Credit Rating Long-Term Moody’sAa2 Standard & Poor’sAA FitchIBCAAA ABN AMRO at a glance Net profit Earnings per share Strong Balance Sheet Total assetsEUR bn Group capital EUR 34.0 bn Risk-weighted assetsEUR bn BIS tier 1 ratio7.03% BIS total capital ratio10.91% Return on Equity Operating result 2001 per SBU

Results Operating result relatively stable in Revenues increased by 2.0% in 2001 compared to 2000 against the backdrop of weak market conditions and in the midst of a restructuring programme. Expenses are trending down in the second half of 2001, even though full year costs show an increase Operating result held up relatively well in 2001 due to client-product mix Operating result excluding contribution EAB and impact exchange rate, down by 0.7%

Results and up in the fourth quarter Revenues Expenses Operating result Efficiency ratio Revenues FY 2001 Interest (54%) Other (10%) Commissions (28%) Trading (8%) (EUR m)Q4 01Q3 01 % change 4, % 4, % 1.1 (0.3) (3.9) Q4 01/ Q3 01 FY 01/ FY 00  Fourth quarter revenues up despite worsening market conditions  Expenses remained relatively stable. Expenses down in WCS’ businesses where activity declined and up in C&CC businesses where activity increased  Improvement of efficiency ratio due to higher revenues and slightly lower costs

Results C&CC was the main contributor to the operating result in 2001

Results The relatively strong performance of C&CC reflects robustness of retail franchises... Operating result FY 2001 US (60%) RoW (8%) Brazil (20%) Netherlands (12%) Revenues Expenses Operating result Efficiency ratio 2,542 1, % 2,534 1, % 0.3 6,4 (13.1) (2.1) (EUR m)Q4 01Q3 01 % change Q4 01/ Q3 01 FY 01/ FY 00  Revenues held up well despite the economic slowdown in three home markets  NL: Revenues held up well in midst of restructuring programme  US: Strong increase in mortgage activity lead to higher revenues in 2001, but made increase in mortgage related expenses necessary  BR: Revenues held up well despite economic slowdown and crisis in Argentina

Results while in WCS the operating result was supported by the mix of clients/products  Revenues in WCS held up well despite difficult market conditions.  GFM and other flow-related income were strong, while equities related business and corporate finance were relatively weak.  Expenses and efficiency ratio are trending downwards Revenues Expenses Operating result Efficiency ratio Revenues FY 2001 Interest (38%) Other (5%) Commissions (36%) Trading (21%) (EUR m)Q4 01Q3 01 % change 1,505 1, % 1,540 1, % (2.3) (8.7) 45.4 (3.1) 2.5 (26.9) Q4 01/ Q3 01 FY 01/ FY 00

Results Expenses in WCS are trending down TOPS has reduced its cost base –Accumulated P&L savings of approx. EUR 150 mln Equities business and Corporate Finance have been right-sized –Measures have been taken to ensure an effective and sustainable presence in Asia and the United States –Cost base in Corporate Finance has been reduced by focusing on key sectors with best profit potential –Duplication between Corporate Finance and Client Coverage has been removed Reduction in headcount took place towards the end of the year, most of the cost savings will be realised in 2002

Results The operating result in PCAM was affected by weak market conditions  Revenues are market-related and affected by weak market conditions in 2001  Increase in expenses driven by build-up costs related to restructuring  Assets under Management increased by 34% to EUR 172 bn in 2001  Assets under Administration decreased by 2% to EUR 105 bn in 2001 Revenues Expenses Operating result Efficiency ratio Revenues FY 2001 Interest (23%) Other (5%) Commissions (69%) Trading (3%) (EUR m)Q4 01Q3 01 % change % % (2.2) 14.5 (38.3) Q4 01/ Q3 01 FY 01/ FY 00

Results Asset Quality and Provisioning

Results Higher provisioning reflects poor market conditions... Risk provisioning as a % of RWA (right hand scale) 26bp 39bp 35bp 23bp 52bp EUR bn RWA

Results Higher provisioning was driven by... WCS: defaulting of several large corporations during the year C&CC: high share of mortgages limits deterioration in asset quality. The main drivers are: –US: related to SME portfolio and leveraged finance book –Brazil: limited deterioration in consumer finance book in line with market developments –Netherlands: apart from foot & mouth disease in Q1, no significant deterioration PCAM: mainly driven by a few individual credit defaults in Q4 Corporate Centre: related to sovereign risk provisioning

Results WCS 38% C&CC 56% PCAM 1% CC / other 5% YTD Provisioning/ RWA 0.0% 0.1% 0.2% 0.3% 0.4% Q1Q2Q3Q4 C&CCWCSABN AMRO... but current provisioning remains within sustainable and acceptable levels SBU1Q012Q013Q014Q01YTD1Q012Q013Q014Q01YTD C&CC %0.13% 0.51% WCS %0.04%0.09%0.32%0.55% PCAM %-0.02%0.03%0.15%0.22% Group %0.09%0.11%0.22%0.52% EUR millionYTD Provisions / RWA

Results Limits/exposures are well diversified... (December 2001)

Results Asia Pacific Advanced 8% (8%) North America 30 % (26%) Africa 0.4 % (1%) Europe 49 % (50%) Eastern Europe 0.3 % (2%) Middle East 1% (1%) Asia 7% (6%) Latin America 5% (5%) ( ) December 2000 Limited exposure to non-OECD countries... (December 2001)

Results leading to only a slight deterioration of asset quality in the portfolio of WCS Dec.00 Jun.01 Sep.01 Dec.01 TMTECPACD Weighted average UCR by limits

Results Capital Management & Ratios

Results Capital allocation in line with asset gathering model (in 2001 per SBU) Capital AllocationRevenues

Results MfV-based capital management has meant... Pockets of surplus capital throughout the organisation have been identified for elimination Divestiture programme for a number of countries and (mainly retail) operations Reduction of capital allocation in WCS, using a.o. securitisation and loan pricing Freed-up capital will be used to support asset-gathering model Managing the level and quality of Tier I capital

Results improved level of Tier I capital and next step is to improve the quality of it Total assets Shareholders’ equity Group capital Risk-weighted assets Tier 1 ratio Total capital ratio (EUR bn) % 10.91% % 10.10% / (0.1) (0.3) 10.0 (5.9) % change /

Results Strategy & Strategic Initiatives

Results The two main components of ABN AMRO’s strategy are... Asset Gathering as the guiding strategy –C&CC is the central piece of the strategy –WCS and PCAM in support –Alignment to create synergies MfV and Economic Profit as the guiding principle –Capital and resource allocation –Rooting out of inefficiencies –Create sustainable business positions

Results Decisions taken in support of this strategy... Restructuring in the Netherlands and ‘Zonder Omwegen’ Clustering of US C&CC businesses and divestiture of EAB Reconfiguration and restructuring of WCS to create a long-term sustainable business position The strategic alignment process between the three SBU’s Reduction of capital in WCS Qualitative improvement of Tier I capital

Results Dividend 2001 & Outlook 2002

Results Dividend remains unchanged Full year dividend unchanged compared to 2000 at EUR 0.90 Reaffirming our believe in: –the potential of our business model –the restructuring process –the profitability in the years to come

Results Outlook 2002 No meaningful economic recovery until the end of the year Revenues expected to be in line with 2001 Operating performance in the first half of 2002 will be lower than the first half of 2001 Slightly higher provisioning, in line with economic outlook Lower expense level will offset the reinstated Dutch pension costs and slightly higher provisioning

ANNEXES

Results An update on the restructuring programme in the Netherlands 6,673 employees have opted to use voluntary staff reduction scheme Staffing new organisation and further implementation new service concept can be started Limited mismatch, which can be solved within the program or by limited recruiting

Results Award-winning Performance (Products)  Advised on 151 transactions worldwide with a total value of EUR 33 bn Thomson Financial Securities Data, January 2002  # 3 most impressive syndicate desk  # 3 best lead manager of bonds for European distribution  # 6 bookrunner of euro-denominated bond issues  # 8 arranger of worldwide syndicated loans Global Financial Markets  # 2 Best arranger of Project Finance Loans  # 3 Best Service in arranging Project & Structured Finance Loan Products Euroweek Review of the Year, Bond Poll, January 2002 IFR, January 5, 2002 Euroweek Review of the Year, 2001 M&A  Media Team ranked # 1 All-Europe Research Team in their sector  # 2 Global Co-ordinator/Bookrunner of all international equities in Transport sector Institutional Investors, February 2001 Capital Data Bondware Equities  In private equity, ABN AMRO is one of the few global players with a portfolio of over EUR 2.3 billion Private Equity Bondware, January 2002  # 5 bookrunner & Joint-Lead Manager of European equity issues  # 7 bookrunner & Joint-Lead Manager of international equity issues Equity Capital Markets Global Transaction Services  Best at Cash Management The Banker, September 2001  Cash Management - Service Contract of the Year: ABN AMRO - Shell The Banker, December 2001 Petroleum Economist June, 2001

Results Award-winning Performance (Clients)  ABN AMRO No. 3 in providing Best overall service to the Energy sector  ABN AMRO Rothschild No. 1 top Bookrunner and Joint Lead Manager of European Healthcare sector equity issues, 2001 Petroleum Economist Energy Finance Poll Capital Data Bondware 12/01 Energy, Chemicals and Healthcare (ECH)  For 2001 ABN AMRO had a top 10 position as a provider of EUR denominated International Bonds for Financial & Banking Institutions IFR Platinum Financial Institutions and Public sector (FIPS)  ABN AMRO Rothschild No. 1 top Bookrunner and Joint Lead Manager of all European Telecoms and Technology sector equity issues in 2001 Telecom, Media and Technology (TMT) Capital Data Bondware 12/01  ABN AMRO Rothschild No. 1 top Bookrunner and Joint Lead Manager of International equity issues in 2001 (ex US and Japan) Automotive, Consumer and Diversified (ACD) Capital Data Bondware 12/01

Results Revenues Expenses Operating result Pre-tax profit (692) (579) (113) (79) 2.4% 3.6% (0.7%) (20.3%) Published change Impact of currencies Organic growth (EUR m) (204) (1,112) Impact of acquisitions Impact of EAB Impact of acquisitions and currency translation on profit and loss account

Results Composition of revenue (EUR mln) Commissions (-11.3%) Other (+22.4%) Trading (-1.1%) Interest (+7.3%)

Results Composition of revenue (EUR mln)

Results Break-down net commissions Securities 32% Asset Mgt & Trust 17% Other 24% Payment Services 27%

Results Trading break down (EUR mln)

Results Stable portfolio composition (by outstanding) Dec % 5% 24% 69% Jun % 25% 5% 2% Sept % 24% 5% 2% WholesaleC&CCPCAMOther Dec.01 2% 5% 23% 70% 36 % 57 % 4% 3% Private Loans ( EUR bn - by outstandings) Dec-00Mar-01Jun-01Sep-01Dec-01 WholesaleC&CCPrivateOther NLUS BrazilOther

Results WCS: 4 Client BUs organised globally by sectors (by limits; December 2001) TMT ECP ACD WCS - Total PortfolioWCS - Corporate Portfolio TMT ECP ACD FIPS

Results WCS: Corporate exposure for selected sectors (by limits; December 2001) Oil & Gas Airlines 9.3% of portfolio10.5% of portfolio1.5% of portfolio Utilities

Results WCS: Corporate exposure for selected sectors (by limits; December 2001) Telecom Services 7.8% of portfolio7.3% of portfolio Technology UCR 1,2,3 81% UCR >=4 19% UCR 1,2,3 80% UCR >=4 20% 7.2% of portfolio Automotive UCR 1, 2,3 82% UCR >=4 18%

Results By ProductBy Geography USA 16.2% Brasil 5.4% Netherlands 73.2% Rest of Latin America 0.1% Rest of Europe,Mid dle East,Africa 0.9% Asia 4.3% Other 1% Loans against shares 1% Overdraft 1% Auto Loans 5% Personal Loans 9% Credit cards 1% Mortgage loans other 3% Mortgage loans USA 14% Mortgage loans NL 65% Consumer Credit Outstanding (December 2001)

Results C&CC NL - Outstanding (December 2001) C&CC NL Commerical Portfolio by Product December % 54% Corporate ClientsSME C&CC NL Commerical Portfolio by UCR December % 40.5% 59.1% UCR 1, 2 and 3UCR >= 4Not rated C&CC NL Total Portfolio December % 72% CommercialConsumer

Results C&CC US - Outstanding (December 2001) 0% 20% 40% 60% 80% Dec.99Dec.00Jun.01Sep.01Dec.01 UCR Percentage UCR 1, 2, and 3UCR >= 4 38% UCR 1/2/3 62% Standard Federal 45% LaSalle 55%

Results UCR 1/2/3 64% UCR >=4 29% Not rated 7% C&CC Brazil - Outstanding (December 2001; Amounts in BRL mln) - 1,000 2,000 3,000 4,000 5,000 6,000 Dec.00Jun.01Sep.01Dec.01 Car financingRetailMiddle Corp B R L M l n Middle Corp 17% Retail 39% Car financing 44%

Results