Appendices Fourth Quarter Results 2002

0 2 Appendices: table of contents  Details on Annual Operating Performance3  Details on WCS Operating Performance9  Developments in BU NL Operating Expenses13  Currency Variations15  Cross Border and Sovereign Risk21  Asset Quality and Provisioning25  Asset Quality and Provisioning in WCS28  Asset Quality and Provisioning in C&CC35  EDS Outsourcing41  Rebranding44

Details on Annual Operating Performance

0 4 Record operating performance Revenues FY 2002  Lower overall revenue primarily due to a lower level of commission income  Operating expenses driven largely by a substantial decline in WCS and decrease in C&CC  Operating result up reflecting the best operating performance in history

0 5 Revenues impacted by write- downs, FX effect and adjustments

0 6 C&CC posts a strong performance  Revenues increase despite challenging economic environment and currency variations  Costs came down substantially helped by strict cost control and currency variations Revenues FY 2002

0 7 WCS performs well in light of challenging market conditions  Revenues down due to a decrease in net commissions but partly offset by the annuity component of the income stream  Sharp fall in expenses reflecting the positive impact of the restructuring process Revenues FY 2002

0 8 PCAM posts strong result despite market volatility  Revenues remained stable partly as result of an overweight cash allocation and the sale of high margin products  Decrease in operating expenses reflects sustained cost control  Strong improvement in operating result Revenues FY 2002

Details on WCS Operating Performance

0 10 Client Performance  Overall client revenues for WCS are EUR 4.4 bln, representing 83% of WCS revenues in 2002  We continue to see an improvement in the revenue contribution of our Priority and Key clients, representing 63% of total client revenues WCS Revenues (EUR 5,296 mln in 2002) Revenues by Client (EUR 4,412 mln in 2002) Priority & Key Revenues by Client (EUR 2,800 mln in 2002)

0 11 Product Performance  Most important revenue contributors are GFM and GTS  Priority and Key clients contributing 53% of total product revenue Revenues by Product (EUR 5,296 mln in 2002) Priority & Key Revenues by Product (EUR 2,800 mln in 2002)

0 12 RWA Reductions by Product  Most important capital users are Loan Products and GFM  Reduction in RWA largely in Loan Products and GFM December 2001 (EUR 95.2 bln) December 2002 (EUR 67.2 bln)

Developments in BU NL Operating Expenses

0 14 Savings in staff costs will be offset by increases in wages and pension Note (1): Based on FTEs as at YE00 +78% +13%

Currency Variations

0 16 Impact of acquisitions and currency variations on Group performance (1,085) (779) (306) (29) Revenues Expenses Operating result Pre-tax profit Reported change (%) Currency impact (EUR mln) Impact of EAB (EUR mln) (338) (203) (135) (90) (2.9) (6.9) FY 02 / FY 01 Impact of acquisition (EUR mln) Organic growth (%) 3.2 (1.4)

0 17 Impact of currency variations on Group performance Revenues Expenses Operating result Pre-tax profit 18 (23) Reported change (%) Currency impact (EUR mln) Organic growth (%) Q4 02 / Q3 02 Note: Reported change is the arithmetic sum of currency impact and organic growth. In this case, revenues were favourably impacted by currency variations (by +18) as well as costs which we reduced by 23

0 18 Impact of currency variations on BU US performance Revenues Expenses Operating result Pre-tax profit (32) (17) (15) (11) Reported change (%) Currency impact (EUR mln) Organic growth (%) (6.8) (9.3) Q4 02 / Q3 02 Note: Reported change is the arithmetic sum of currency impact and organic growth

0 19 Impact of currency variations on BU Brazil performance Revenues Expenses Operating result Pre-tax profit (26) (20) (6) (4) Reported change (%) Currency impact (EUR mln) Organic growth (%) (3.6) 8.2 (26.9) (24.1) (10.4) 0.4 (31.5) (28.9) Q4 02 / Q3 02 Note: Reported change is the arithmetic sum of currency impact and organic growth

0 20 Fx had a strong impact on RWA reduction in 2002

Cross Border and Sovereign Risk

0 22 Brazilian cross border risk is largely mitigated  Latin America: Brazil, Mexico and Chile are the largest contributors  Extensive use of risk mitigants is sought and achieved when dealing with Brazilian counterparts  Mitigated exposure includes trade deals, transactions covered by credit default swaps and political risk insurance

0 23 Significant reduction of the Government Bond Position Brazilian Government Bond PositionBooked Portfolios Note: Figures at FY02, unless otherwise stated  Portfolio is locally funded and invested in Brazilian real denominated notes NB: currency linked notes are notes denominated in Brazilian real

0 24 Exposure was reduced, mitigation was increased Cross border exposure - BrazilMitigated exposure breakdown - Dec 2002

Asset Quality and Provisioning

0 26 Private loans December 2001September 2002December 2002 Private loans (EUR bln - by outstanding)

0 27 Overview of total loan loss provisioning per SBU Total ABN mainly includes Corporate Centre and Auto Lease Holland YTD 2002 loan loss provisioning by SBUs

Asset Quality and Provisioning in WCS

0 29 Breakdown of Wholesale portfolio per client sector TMTH Wholesale - Total portfolioWholesale - Corporate portfolio Commercial banks exposure includes commercial lines, money market and OBSI facilities Note: By limits as at FY 02

0 30 Asia Pacific Advanced 6.6% North America 28.2% Latin America 3.5% Eastern Europe 0.4% Africa 0.5% Europe 53.7% Middle East 1.0% Asia 6.1% Wholesale Client base is predominantly OECD Note: By limits at FY02 Geographic exposure calculated based on the country lending office of each counterparty

0 31 Wholesale corporate portfolio is well diversified Note: By limits at FY02 As a % of total limits of Wholesale Corporate portfolio which excludes FIPS

0 32 Sector breakdown of wholesale portfolio - Total limits Wholesale corporate exposure has substantially come down across sectors

0 33 Average UCR of Wholesale Client sectors Average UCRs - Historical performanceAverage UCRs Note: By limits as at FY 02 unless otherwise stated

0 34 Asset Quality of Wholesale Client sectors Country CoverageIntegrated Energy Consumer Wholesale corporate portfolio (35% of WCS corp. portfolio) (27% of WCS corp. portfolio) (15% of WCS corp. portfolio) TMTH (23% of WCS corp. portfolio) Note: By UCRs, limits at FY02

Asset Quality and Provisioning in C&CC

0 36 Overview of the C&CC consumer and commercial franchise

0 37 C&CC loan loss provisions - stable performance despite market conditions Annualised provisioning / RWALoan loss provisioning per SBU (EUR mln) YTD2002 loan loss provision by Geography

0 38 Overview of the commercial portfolio of BU NL C&CC NL commercial portfolio by productC&CC NL commercial portfolio by UCR C&CC NL total portfolio Note: By outstanding at FY 02

0 39 Overview of the portfolio of BU US C&CC - Asset quality Overview by legal entityBusiness mix Note: By outstanding at FY 02

0 40 C&CC - Asset quality Business mixUCR breakdown Overview of the portfolios of BU Brazil Note: as a % of loan outstanding at FY 02

EDS Outsourcing

0 42 Outsourcing to EDS  The scope of the transaction includes both IT Infrastructure and Application maintenance and development functions in the major financial centers in which WCS operates  Through outsourcing large components of technology to EDS we plan to make a step change in the cost and quality of service provision  The intellectual properties of the software and the ownership of the hardware will be maintained

0 43 Outsourcing to EDS  Transaction was closed in December 2002 with a total financial scope of Euro 1.3bln over a period of 5 years  permanent staff and contractors in the Netherlands, the United Kingdom, the United States, Germany, Singapore and Hong Kong will transfer to EDS gradually  We expect that we will be able to reduce the cost of the outsourced functions with % over the life of the contract (based on 2002 volumes); the majority of these savings are expected to materialise after 2004

Rebranding

0 45 Key elements of the rebranding  Better recognition as members of the same group  Projecting the same corporate values and business principles  Maintaining local brand names to build on history and client relationships  Adopting a style which is already in use in the Netherlands and Brazil

0 46 Before the rebranding

0 47 After the rebranding

0 48