First quarter results 2002 29 April 2002. First quarter results 2002 2 Strong operating result......

First quarter results 2002

29 April 2002


2

Strong operating result ...

Revenues remain resilient (+0.4%)

Operating expenses continued to trend down (-1.5%)

Operating result up (+5.4%)

Provisions fell to EUR 390 mln, from EUR 598 mln in fourth quarter 2001

Efficiency ratio improves to 71.6%

Tier I ratio improved further to 7.13%


3

. . . but underlying performance was mixed

Revenues

Expenses

Operating result

Efficiency ratio

Revenues Q1 2002

Interest (56%)

Other (12%)

Commissions (25%)

Trading (7%)

(EUR m) Q1 02 Q4 01

% change

4,744

3,396

1,348

71.6%

4,726

3,447

1,279

72.9%

0.4

(1.5)

5.4

4.7

4.4

5.3

Q1 02/Q4 01

Q1 02/ Q1 01

Revenues up in C&CC and PCAM, while WCS continued to suffer from weak markets

Expenses down in C&CC and PCAM, while WCS experienced an increase in expenses due to higher bonus accrual

Efficiency ratio down for the second consecutive quarter


4

C&CC still the main contributor to the operating result in Q1...

C&CC (72%)

WCS (9%)

PCAM (8%)

AALH and CC (11%)


5

Driven by a strong performance in all its franchises - notably in the US

Operating result Q1 2002

US (57%)

RoW (10%)

Brazil (19%)

Netherlands (14%)

Revenues

Expenses

Operating result

Efficiency ratio

2,707

1,743

964

64.4%

2,542

1,851

691

72.8%

6.5

(5.8)

39.5

10.7

9.1

13.8

(EUR m) Q1 02 Q4 01

% changeQ1 02/Q4 01

Q1 02/ Q1 01

All four business units (NL, US, Brazil and Rest of the World) have contributed to this strong performance

US: Very strong performance driven by mortgage activity

NL: Sharp decline in expenses led to improvement in efficiency ratio

Brazil: Continuation of its growth path


6

WCS has continued to suffer due to difficult market conditions …

Revenues were affected by weak market conditions and low issue volumes

Expenses up due to higher level of bonus accrual

Risk weighted assets decreased by 5% to EUR 90.4 bn, in line with objective of bringing down the level of RWA by EUR 20 bn by the end of 2004

Revenues

Expenses

Operating result

Efficiency ratio

Revenues Q1 2002

Interest (43%)

Other (7%)

Commissions (33%)

Trading (17%)

(EUR m) Q1 02 Q4 01

% change

1,384

1,263

121

91.3%

1,505

1,239

266

82.3%

(8.0)

1.9

(54.5)

(8.6)

(2.9)

(43.2)

Q1 02/Q4 01

Q1 02/Q1 01


7

Difficult steps were taken to improve profitability

In the US, WCS will be offering a slightly narrower product range

– Closure of domestic US cash equities and US M&A businesses

– In US, concentration on GFM, GTS and structured lending business

– International equity sales to US institutional client, equity derivatives and cross-border M&A advisory services will also be retained

WCS well positioned and able to create value as market picks up

– Measures taken during past year will release significant economic value

– Released resources will be used to further strengthen European Equities and Corporate Finance activities


8

Profitability of PCAM has clearly improved

PC: Higher revenues on the back of moderate recovery in client sentiment

PC: Assets under Administration increased to EUR 107 bn (end of quarter)

AM: Revenues remained relatively stable

AM: Assets under Management increased to EUR 175 bn (end of quarter)

Revenues

Expenses

Operating result

Efficiency ratio

Revenues Q1 2002

Interest (26%)

Other (4%)

Commissions (68%)

Trading (2%)

(EUR m) Q1 02 Q4 01

% change

384

270

114

70.3%

370

305

65

82.4%

3.8

(11.5)

75.4

12.3

(0.7)

62.9

Q1 02/Q4 01

ytd 02/ytd 01


9

Asset Quality and Provisioning


10

Level of provisioning lower ...

WCS: decrease due to absence of any major corporate failures

C&CC: difficulties with the SME portfolio. The main drivers are:– Netherlands: strong increase in provisioning related to SME portfolio

(provisioning in 2001 was historical low)

– Brazil: slight increase in provisioning, partly due to increase in credit volumes and deterioration in asset quality of consumer loan portfolio

– US: decrease in provisioning, partly due to leveraged finance book

Corporate Centre: decrease due to absence of provisioning related to country risk provisioning


11

But absolute amount continuous to be affected by economic conditions

Time lag continuous to affect provisions

Economic conditions have improved in the first quarter, but the overall state of the economy remained sluggish

With respect to the economic outlook, we remain cautious


12

RWA have fallen, consequently provisioning as a percentage of RWA has risen

0

50

100

150

200

250

300

92 93 94 95 96 97 98 99 '00 '01 '02*

0

10

20

30

40

50

60

Risk provisioning as a % of RWA (right hand scale)* Q1 2002 annualised

26bp

39bp35bp

23bp

52bp

EUR bnRWA

58bp


13

Total assetsShareholders’ equityGroup capitalRisk-weighted assets

Total capital ratioTier 1 ratio

(EUR bn) 31 03 02

623.611.61

33.6270.7

10.957.13

31 12 01

597.411.7934.0

273.4

10.91%7.03%

31 03 02/ 31 12 01

4.4(1.5)(1.3)(1.0)

3.6(4.9)(0.3)(2.8)

% change

31 03 02/31 03 01

Tier 1 ratio has continued to improve

ANNEXES


15

RevenuesOperating expensesOperating resultProvisioning for loan lossesOperating profit before taxExtraordinary resultNet profitNet profit excl. extraord. result

EPS (x EUR)

(EUR m) Q1 02 Q4 01

4,7443,3961,348

390973

(205)397602

0.38

4,7263,4471,279598715(95)438533

0.34

Q1 02/Q4 01

0.4(1.5)

5.4(34.8)

36.1115.8(9.4)12.9

11.8

4.74.45.3

46.1(2.8)

(41.9)(11.9)

(15.6)

% change

Q1 02/Q1 01

Key figures: profit and loss account


16

Revenues

Expenses

Operating result

Pre-tax profit

(98)

(51)

(47)

(38)

Publishedchange

Impact ofcurrencies(EUR m)

18

(51)

69

258

Organicgrowth

(1.7%)

(3.0%)

1.7%

30.8%

Impact of currency translation on profit and loss account (Q1 2002 vs Q4 2001)


17

C&CC (62%) WCS (27%)

PCAM (6%) AALH (4%)

CC (1%)

Capital allocation and operating result

C&CC (72%) WCS (9%)

PCAM (8%) AALH (4%)

CC (7%)

Capital Allocation Operating result


18

Total Specific Loan Loss Provisions

Summary of total specific loan loss provisions by SBU(Including Netherlands BU; EUR million)

SBU 1Q01 YTD 01 1Q02 1Q01 YTD 01 1Q02C&CC 176 802 255 0.43% 0.51% 0.64%WCS 92 543 111 0.38% 0.55% 0.49%PCAM 3 13 1 0.20% 0.20% 0.06%Total ABN AMRO 267 1,426 390 0.38% 0.52% 0.58%

Provisions - EUR million YTD Provisions / RWA

Other6%

PCAM0%

C&CC66%

WCS28%

0.0%0.1%0.1%0.2%0.2%0.3%0.3%0.4%

1Q01 2Q01 3Q01 4Q01 1Q02

C&CC WCS ABN AMRO

YTD Provisions / RWA


19

Limits/exposures are well diversified . . .(March 2002)

Telecom9.2% Media

3.7%

Technology6.5%

Oil & gas8.4%

Utilities11.0%

Chemical4.9%

Services 3.9%

Manufacturing (general)8.8%

Real estate1.8%

Automotive (oem+supply)

6.9%

Manuf other transport means1.5%

Tobacco1.4%

(Non) durables4.3%

Transport services7.1%

Leisure1.0%

Metals & Mining3.1%

Retail2.0%

Construction3.7%

Agri/raw materials2.1%

Health/pharma3.1%Food

5.6%


20

Asia Pacific Advanced8% (8%)

North America29% (30%)

Africa0.6% (0.4%)

Europe 50% (50%)

Eastern Europe

0.3% (0.3%)

Middle East

1% (1%)

Asia7% (7%)

Latin America5% (5%)

( ) December 2001

... and limited exposure to non-OECD countries(by limits; March 2002)


21

Mar-01

2%

5%

24%

69%

Wholesale C&CCPCAM Other

Private Loans in Eur's( Eur bln - by outstandings)

0

20

40

60

80

100

120

140

160

180

200

Dec-00 Mar-01 Jun-01 Sep-01 Dec-01 Mar-02

Wholesale C&CC Private Other

Mar-02

2%

5%

23% 70%


34%

59%

4%3%

NL USBrazil Other

Dec-01

2%

5%

23%

70%


Stable portfolio composition


22

Telecom, Media,

Technology20%

Energy, Chemical, Pharma

27%

Automotive, Consumer, Diversif ied

53%

Public Sector

5%

NBFI17%

Commercial Banks35%

Automotive, Consumer, Diversif ied

23%

Energy, Chemical, Pharma

12%

Telecom, Media,

Technology8%

Commercial banks exposure includes commercial lines, money market and OBSI facilities.

TMT

ECP

ACD

WCS - Total Portfolio WCS - Corporate Portfolio

TMT

ECP

ACD

FIPS

FIPS

FIPS

WCS: Client BUs organised globally by sectors (by outstanding)


23

UCR 1, 2, 3

83%

UCR >=417%

UCR 1, 2, 3

82%

UCR >=418%

UCR 1, 2, 3

78%

UCR >=422%

TMT ECP ACD

WCS Corporate: exposure by client BU (by limits; March 2002)


24

C&CC: Strong consumer franchise

C&CC - Total Private Loans(in billions of Eur)

1Q02 Netherlands North America Brazil OtherCommercial 77.8 30.1 40.5 1.9 5.3Consumer 103.0 74.5 21.9 3.9 2.7

Total Private Loans 180.8 104.6 62.4 5.8 8.0

Consumer57%

Commercial43%

Other4%Brazil

3%

Netherlands58%

North America

35%


25

29%

71%

Commercial Consumer

C&CC NL Total Portfolio

C&CC NL Commercial Portfolio by Product

42%

58%

Corporate Clients SME

C&CC NL Commercial Portfolio by UCR

57.7%

41.9%

0.4%

UCR 1, 2 and 3 UCR >= 4 Not rated

C&CC NL Commercial Portfolio - Outstanding(March 2002)


26

Asset Quality

0%

20%

40%

60%

80%

Dec.99 Dec.00 Jun.01 Sep.01 Dec.01 Mar.02

UCR 1, 2, and 3 UCR >= 4

UC

R P

erc

en

tag

e

Standard Federal

42%

LaSalle58%

UCR >= 4

40%

UCR 1/2/360%

Overview by legal entity UCR breakdown

C&CC US - Outstanding(March 2002)


27

-

1,000

2,000

3,000

4,000

5,000

6,000

Dec.00 Mar.01 Jun.01 Sep.01 Dec.01 Mar.02

Car financing Retail Middle Corp

BRL Mln

Car financing

44%

Retail38%

Middle Corp18%

Not rated6%

UCR >=431% UCR 1/2/3

63%

Business mix

C&CC portfolio performance - Total Outstanding

UCR breakdown

C&CC Brazil - Outstanding(March 2002)


29

Cautionary Statement regarding Forward-Looking Statements

This announcement contains forward-looking statements. Forward-looking statements arestatements that are not historical facts, including statements about our beliefs and expectations.Any statement in this announcement that expresses or implies our intentions, beliefs,expectations or predictions (and the assumptions underlying them) is a forward-lookingstatement. These statements are based on plans, estimates and projections, as they are currentlyavailable to the management of ABN AMRO. Forward-looking statements therefore speak only asof the date they are made, and we take no obligation to update publicly any of them in light ofnew information or future events.

Forward-looking statements involve inherent risks and uncertainties. A number of importantfactors could therefore cause actual future results to differ materially from those expressed orimplied in any forward-looking statement. Such factors include, without limitation, the conditions inthe financial markets in Europe, the United States, Brazil and elsewhere from which we derive asubstantial portion of our trading revenues; potential defaults of borrowers or tradingcounterparties; the implementation of our restructuring including the envisaged reduction inheadcount; the reliability of our risk management policies, procedures and methods; and otherrisks referenced in our filings with the U.S. Securities and Exchange Commission. For moreinformation on these and other factors, please refer to our Annual Report on Form 20-F filed withthe U.S. Securities and Exchange Commission and to any subsequent reports furnished or filedby us with the U.S. Securities and Exchange Commission.

The forward-looking statements contained in this announcement are made as of the date hereof,and the companies assume no obligation to update any of the forward-looking statementscontained in this announcement.

First quarter results 2002 29 April 2002. First quarter results 2002 2 Strong operating result......

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