Record Operating Performance Fourth Quarter Results February 2003

0 2 Table of Content  Chairman’s Introduction3  Operating Performance 4  Asset Quality and Capital 13  Strategic Update20 Note: Appendices to this document are provided in a separate book

0 3 Total assetsEUR bn Group capital EUR 30.1 bn Risk-weighted assetsEUR bn BIS tier 1 ratio7.48% BIS total capital ratio11.54% Return on equityEarnings per share Operating result 2002 per SBU ABN AMRO at a glance Net profit Return on equity/earnings per share Long-Term Moody’sAa3 Standard & Poor’sAA- FitchIBCAAA- Solid credit rating Strong balance sheet NB: Balance sheet items as at 31/12/2002

0 4 Record high operating performance in 2002  Revenues slightly down (-2.9%)  Strict cost control drove expenses down (-6.9%)  Record high operating result (EUR 5.5 bln up 7.8%)  Provisioning up in line with the outlook (EUR 1.7 bln)  Net profit excl. extraordinary result up (2.1%)  Substantial improvement in efficiency ratio (70.1%)  Tier 1 at 7.48% exceeding target for the year  Dividend unchanged at EUR 0.90

0 5 One of the best performing European Financial stocks Note:prices as at market closure 13 May 2003

0 6 What is the ABN AMRO proposition?  High proportion of annuity and flow products in total revenues  Execution risk largely eliminated  Prudent risk management and good asset quality  Sustainable organic capital generating capabilities  Genuinely client-led business model  Attractive dividend yield backed by sustainable strong operating performance

Operating Performance

0 8 Record operating performance in 2002 Revenues FY 2002  Overall revenue lower primarily due to a lower level of commission income  Operating expenses driven largely by a substantial decline in WCS and C&CC  Operating result up reflecting the best operating result in history

0 9 Efficiency ratio falls for the fifth consecutive quarter Revenues Q  Operating result increases substantially  Efficiency ratio has reached a new low  Net profit excluding extraordinary result strongly up

0 10 C&CC posts another quarter of strong performance  Robust organic revenue growth fuelled by continued high mortgage origination, spread and volume gains in the Netherlands and Brazil  Expenses up in line with the high level of mortgage activity  Further improvement of the efficiency ratio Revenues Q4 2002

0 11 With the restructuring largely behind, BU NL focuses on growth  Revenue growth achieved in the context of pricing pressure  Stable staff costs over the quarter as FTE departures occurred in December  Substantial improvement of the efficiency ratio  Restructuring (FTE reduction and branch closure) almost finalised, client satisfaction up Revenues Q4 2002

0 12 Mortgages helped BU US to deliver strong revenue growth  Revenues driven by gains on the mortgages business  Expenses up due to year-end advertising costs and one-off items (write-off on existing leasehold improvement)  Efficiency ratio up but remains competitive Revenues Q4 2002

0 13 Volatility restrains BU Brazil  Revenues were impacted by the interest rate increases  Expenses stable despite increase in labour costs and branch openings  Efficiency ratio affected by decrease in revenues Revenues Q4 2002

0 14 PCAM maintains revenue growth despite difficult market conditions  PC revenues are largely stable while expenses are substantially up. Expenses were largely driven by reclassification of direct expenses  AM delivers a substantially better performance driven by revenue growth Revenues Q4 2002

0 15 WCS restructuring continues to deliver  Revenues relatively stable despite a sharp fall in RWA  Expenses further down as restructuring is rolled out  Operating result increases for the third consecutive quarter Revenues Q4 2002

Asset Quality and Capital

0 17 Annualised provisions / RWA(%) Provisioning is in line with the outlook  Provisioning slightly up in Q4  Overall quality of the portfolio remains satisfactory  WCS corporate portfolio continues to be investment grade  Quality of the C&CC portfolio is stable  Lower level of annualised provisions/RWA than the peer group average

0 18 Tier 1 ratio exceeds target  Tier 1 ratio increase led by fall of RWA and by high retained earnings  Tier 1 ratio gains 45 basis points despite pension (EUR 804 mln) and currency related (EUR 2.6 bln) charges in 2002  Simultaneous decline in proportion of hybrid instruments (EUR bln) / % change / Total assets Shareholders’ equity Group capital Risk-weighted assets Tier 1 ratio Total capital ratio % 10.87% % 10.91% (6.9) (8.5) (11.5) (16.0) (8.0) (0.7) (2.6) (8.9) % 11.54%

0 19 Pensions are accounted for under US GAAP  Accounting policy migrated to US GAAP on 1 January US GAAP allows the spreading of potential increases of the annual pension costs  Accrued Benefit Cost is fully accounted for in the liabilities under provisions  Annual pension costs have to increase as and when unrecognised net actuarial gains / (losses) are greater than 10% of the Projected Benefit Obligation  Any such increase would then be spread over the average remaining service term - 11 years at present  Value of Plan Assets should always be equal to or greater than Accumulate Benefit Obligation. Any shortfall in the Value of Plan Assets has to be funded by a Tier 1 haircut after capitalised prior service costs and provisions have been deducted

0 20 Pensions had a negative impact on Tier 1 in 2002  In 2002, pensions had a total negative impact on Tier 1 of EUR 804 mln (net of taxes) Q1 02 provision (EUR mln) migration to US GAAP Q4 02 provision (EUR mln) coverage of accumulated benefit obligation Under US GAAP, value of Plan Assets should be at all time equal to or greater than accumulated benefit obligation. Treatment of pensions is more conservative under US GAAP. Migration required this one-off provision. Note:Q402 provision is related to the Netherland Plan Assets only

0 21  Due to sustainability of our income stream and high stock dividend ( %), retained earnings will continue to accrue rapidly  Coverage ratios improved in the course of 2002  We remain committed to achieving our Tier 1 target of 7.50% by end of 2003 High profit retention reflects strong coverage ratios Note: Ratios calculated on the basis of a 60% stock dividend

Strategic Update

0 23 Our strategy remains unchanged  Focus on Retail and Asset Gathering businesses - to deliver above average returns through cycles  WCS continues to play a supportive role with respect to the Retail and Asset Gathering focus as a principal provider of product capabilities and intellectual capital  With the cost restructuring plan largely behind us, the focus has shifted to revenue and capital generation

0 24 Focus shifts to revenue growth  Increase capital allocation to Retail and Asset Gathering activities –Increase BU NL penetration of the high-value added client and product segments –Increase market share of BU US in the retail mass affluent segment –Expand BU Brazil client base –Push product capabilities through distribution networks in Italy  Support new business initiatives in WCS –In particular in Financial Markets and Working Capital  Selective and MFV-based acquisitions to supplement the existing operations

0 25 A re-branding has been initiated to reinforce common identity  Re-branding process has been initiated to ensure the projection of the same corporate values and business principles to our clients and to underline the synergies between the SBU’s

0 26 Re-branding

0 27 No outlook for 2003 Despite the momentum in our businesses, we believe that given the geo-political uncertainties at this point and the potential impact of these uncertainties on the global economy, a net profit outlook based on economic assumptions only is not very realistic. We, therefore, refrain from giving an outlook for the year at this point in time.

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