Explanatory Notes to 20F Disclosure on US Mortgage Business 2 April 2003

ACF5526AM 2 Information as presented in the 2002 Form 20-F of ABN AMRO Bank NV, Note 45 to the Consolidated Financial Statements. Income from Mortgage Banking Activities (Form 20-F)  Data provided in millions of Euros on a US GAAP basis.

ACF5526AM 3 Information as presented in the 2002 Form 20-F of ABN AMRO Bank NV, Note 45 to the Consolidated Financial Statements. Changes in MSR Balances (Form 20-F)  Data provided in millions of Euro on a US GAAP basis.

ACF5526AM 4 Amounts as of December 31, 2002, sourced from published Annual Reports or regulatory filings. This information is for illustrative purposes only and should not be relied upon. Comparisons are naturally limited by dissimilarities in underlying portfolios such as seasoning, composition, geographic concentrations, etc. Comparison of ABN AMRO Valuation to Peers  Selection of the Top Servicers in the US Mortgage Market

ACF5526AM 5 Accounting for risk management activities under Dutch GAAP differs from US GAAP. These variances create significant differences in the accounting for the hedged item, the MSR. Comparison of Dutch GAAP to US GAAP Dutch GAAP  Initial capitalization of the MSR based upon estimated fair value at date of securitization.  Amortization of the MSR in proportion to and over the life of the cash flows of the asset.  MSRs are to be carried at the lower of cost or fair value with declines in value charged to earnings.  Derivative hedge accrual income recognized as an offset to amortization expense.  Unrealized derivative hedge gains/losses considered in assessment of impairment for the MSR.  Realized derivative hedge gains/losses deferred as an adjustment to the basis of the MSR and amortized on the same method as the MSR. US GAAP  Initial capitalization of the MSR based upon estimated fair value at date of securitization.  Amortization of the MSR in proportion to and over the life of the cash flows of the asset.  MSRs are to be carried at the lower of cost or fair value with declines in value charged to earnings.  Derivative hedge accrual income recognized as an offset to amortization expense.  Unrealized derivative hedge gains/losses recognized in earnings immediately and offset by unrealized losses/gains on MSR resulting from hedged risk (SFAS 133 Basis Adjustments).  SFAS 133 Basis Adjustments amortized on the same method as the MSR. Risk management strategies are designed primarily to manage the economic risks in a manner that also minimizes the income statement volatility reported under Dutch GAAP. These strategies generally result in higher income statement volatility under US GAAP than would be reported under Dutch GAAP.

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