Results 2001

14 February 2002

Results 2001

2

Index

ABN AMRO at a glance 3

Group & SBU Performance 4

Asset Quality and Provisioning 11

Capital Management & Ratios 18

Strategy and Strategic Initiatives 22

Dividend 2001 & Outlook 2002 25

Annexes 28

Results 2001

3

Solid Credit Rating

Long-TermMoody’s Aa2Standard & Poor’s AAFitchIBCA AA

C&CC (62%)

WCS (18%)

PCAM (5%)

AALH (5%)

CC (10%)

ABN AMRO at a glance

1,7481,828

2,570

3,097

2,363

1997 1998 1999 2000 2001

Net profit 1997 - 2001

1.20 1.23

1.72

2.04

1.53

1997 1998 1999 2000 2001

Earnings per share 1997 - 2001

15.7%16.9%

23.7%26.5%

20.5%

1997 1998 1999 2000 2001

Strong Balance Sheet

Total assets EUR 597.4 bnGroup capital EUR 34.0 bnRisk-weighted assets EUR 273.4 bnBIS tier 1 ratio 7.03%BIS total capital ratio 10.91%

Return on Equity 1997 - 2001

Operating result 2001 per SBU

Results 2001

4

Operating result relatively stable in 2001 . . .

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 2001

5

. . . 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 01 Q3 01

% change

4,726

3.447

1.279

72.9%

4,674

3.456

1.218

73.9%

1.1

(0.3)

5.0

2.0

4.3

(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 2001

6

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

C&CC (62%)

WCS (18%)

PCAM (5%)

AALH and CC (15%)

Results 2001

7

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

1,851

691

72.8%

2,534

1,739

795

68.6%

0.3

6,4

(13.1)

1.8

3.6

(2.1)

(EUR m) Q4 01 Q3 01

% changeQ4 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 2001

8

. . . 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 01 Q3 01

% change

1,505

1,239

266

82.3%

1,540

1,357

183

88.1%

(2.3)

(8.7)

45.4

(3.1)

2.5

(26.9)

Q4 01/Q3 01

FY 01/FY 00

Results 2001

9

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 2001

10

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 01 Q3 01

% change

370

305

65

82.4%

330

279

51

84.5%

12.1

9.3

27.5

(2.2)

14.5

(38.3)

Q4 01/Q3 01

FY 01/FY 00

Results 2001

11

Asset Quality and Provisioning

Results 2001

12

Higher provisioning reflects poor market conditions . . .

0

50

100

150

200

250

300

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

0

10

20

30

40

50

60

Risk provisioning as a % of RWA (right hand scale)

26bp

39bp35bp

23bp

52bp

EUR bnRWA

Results 2001

13

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 2001

14

WCS38%

C&CC56%

PCAM1%

CC / other5%

YTD Provisioning/ RWA

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

Q1 Q2 Q3 Q4

C&CC WCS ABN AMRO

. . . but current provisioning remains within sustainable and acceptable levels

SBU 1Q01 2Q01 3Q01 4Q01 YTD 1Q01 2Q01 3Q01 4Q01 YTDC&CC 176 220 200 206 802 0.11% 0.13% 0.13% 0.13% 0.51%WCS 92 40 90 320 542 0.09% 0.04% 0.09% 0.32% 0.55%PCAM 3 -1 2 10 14 0.05% -0.02% 0.03% 0.15% 0.22%Group 267 253 308 598 1426 0.10% 0.09% 0.11% 0.22% 0.52%

EUR million YTD Provisions / RWA

Results 2001

15

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

Telecom7.8%

Media4.2%

Technology7.3%

Oil & gas9.3%

Utilities10.5%

Chemical5.7%

Services 3.7%

Manufacturing (general)8.6%

Real estate1.4%

Automotive (oem+supply)

7.2%

Manuf other transport means1.8%

Tobacco0.7%

(Non) durables3.4%

Transport services7.1%

Leisure0.8%

Metals & Mining3.6%

Retail1.9%

Construction3.8%

Agri/raw materials2.5%

Health/pharma2.6%

Food6.0%

Results 2001

16

Asia Pacific Advanced8% (8%)

North America30% (26%)

Africa0.4% (1%)

Europe 49% (50%)

Eastern Europe

0.3% (2%)

Middle East

1% (1%)

Asia7% (6%)

Latin America5% (5%)

( ) December 2000

Limited exposure to non-OECD countries . . .(December 2001)

Results 2001

17

. . . leading to only a slight deterioration of asset quality in the portfolio of WCS

2.20

2.40

2.60

2.80

3.00

3.20

Dec.00 Jun.01 Sep.01 Dec.01

TMT ECP ACD

Weighted average UCR by limits

Results 2001

18

Capital Management & Ratios

Results 2001

19

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

C&CC (63%) WCS (23%)

PCAM (9%) AALH (4%)

CC (1%)

Capital Allocation Revenues

C&CC (54%) WCS (33%)

PCAM (8%) AALH (4%)

CC (1%)

Results 2001

20

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 2001

21

. . . improved level of Tier I capital and next step is to improve the quality of it

Total assetsShareholders’ equityGroup capitalRisk-weighted assets

Tier 1 ratioTotal capital ratio

(EUR bn) 31 12 01

597.411.834.0

273.4

7.03% 10.91%

30 09 01

597.711.132.7

274.2

6.47% 10.10%

31 12 01/ 30 09 01

(0.1)6.34.0

(0.3)

10.0(5.9)

4.53.6

% change

31 12 01/31 12 00

Results 2001

22

Strategy & Strategic Initiatives

Results 2001

23

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 2001

24

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 2001

25

Dividend 2001 & Outlook 2002

Results 2001

26

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 2001

27

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 2001

29

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 2001

30

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 BondwareEquities

In private equity, ABN AMRO is one of the few global players with a portfolio of over EUR 2.3 billionPrivate Equity

Bondware, January 2002

# 5 bookrunner & Joint-Lead Manager of European equity issues # 7 bookrunner & Joint-Lead Manager of international equity issuesEquity 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 2001

31

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 - 2001 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 PlatinumFinancial 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 2001Telecom, 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 2001

32

Revenues

Expenses

Operating result

Pre-tax profit

487

288

199

189

(692)

(579)

(113)

(79)

2.4%

3.6%

(0.7%)

(20.3%)

Publishedchange

Impact ofcurrencies

Organicgrowth(EUR m)

365

569

(204)

(1,112)

Impact of acquisitions

281

200

81

42

Impact ofEAB

Impact of acquisitions and currency translation on profit and loss account

Results 2001

33

Composition of revenue(EUR mln)

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

96 97 98 99 00 '01

Commissions (-11.3%)

Other (+22.4%)

Trading (-1.1%)

Interest (+7.3%)

Results 2001

34

Composition of revenue(EUR mln)

0%

25%

50%

75%

100%

97-1 97-2 98-1 98-2 99-1 99-2 00-1 00-2 01-1 01-2

Other

Trading

Commissions

Interest

Results 2001

35

Break-down net commissions

Securities32%

Asset Mgt& Trust

17%Other24%

PaymentServices

27%

Results 2001

36

Trading break down 1997 - 2001(EUR mln)

-400

-200

0

200

400

600

800

1,000

1,200

Other

Derivatives

Securities

Forex

97-1 97-2 98-1 98-2 99-1 99-2 00-1 00-2 01-1 01-2

Results 2001

37

Stable portfolio composition(by outstanding)

Dec 2000

2%

5%

24%

69%

Jun 2001

68%

25%

5%

2%

Sept 2001

69%

24%

5%2%

Wholesale C&CCPCAM Other

Dec.01

2%

5%

23% 70%

36%

57%

4%3%

Private Loans( EUR bn - by outstandings)

0

20

40

60

80

100

120

140

160

180

200

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

Wholesale C&CC Private Other

NL US

Brazil Other

Results 2001

38

WCS: 4 Client BUs organised globally by sectors(by limits; December 2001)

Public Sector

5%

NBFI17%

Commercial Banks33%

Automotive, Consumer, Diversif ied

23%

Energy, Chemical, Pharma

13%

Telecom, Media,

Technology9%

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

Telecom, Media,

Technology19%

Energy, Chemical, Pharma

28%

Automotive, Consumer, Diversif ied

53%

TMT

ECP

ACD

WCS - Total Portfolio WCS - Corporate Portfolio

TMT

ECP

ACD

FIPS

FIPS

FIPS

Results 2001

39

WCS: Corporate exposure for selected sectors

(by limits; December 2001)

Oil & Gas Airlines 9.3% of portfolio 10.5% of portfolio 1.5% of portfolio

UCR >=414%

UCR 1, 2, 386%

UCR >=415%

UCR 1, 2, 385%

Other secured

6%

Cash / ECA33%

Unsecured

14%

Treasury10%

Aircraft secured

37%

Utilities

Results 2001

40

WCS: Corporate exposure for selected sectors (by limits; December 2001)

Telecom Services7.8% of portfolio 7.3% of portfolio

Technology

UCR 1,2,3 81%

UCR >=419%

UCR 1,2,3

80%

UCR >=420%

7.2% of portfolio

Automotive

UCR 1, 2,3 82%

UCR >=418%

Results 2001

41

By ProductBy Geography

USA16.2%

Brasil5.4%

Netherlands73.2%

Rest of Latin

America0.1%

Rest of Europe,Mid

dle East,Africa

0.9%

Asia4.3%

Other1%

Loans against shares

1%

Overdraft1%

Auto Loans5%

Personal Loans

9%

Credit cards1%

Mortgage loans other

3%

Mortgage loans USA

14%

Mortgage loans NL

65%

Consumer Credit Outstanding (December 2001)

Results 2001

42

C&CC NL - Outstanding(December 2001)

C&CC NL Commerical Portfolio by Product December 2001

46%54%

Corporate Clients SME

C&CC NL Commerical Portfolio by UCR December 2001

0.4%

40.5%

59.1%

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

C&CC NL Total PortfolioDecember 2001

28%

72%

Commercial Consumer

Results 2001

43

C&CC US - Outstanding(December 2001)

0%

20%

40%

60%

80%

Dec.99 Dec.00 Jun.01 Sep.01 Dec.01

UC

R P

erce

nta

ge

UCR 1, 2, and 3 UCR >= 4

UCR >= 438%

UCR 1/2/362%

Standard Federal

45%LaSalle

55%

Results 2001

44

UCR 1/2/364%

UCR >=429%

Not rated7%

C&CC Brazil - Outstanding(December 2001; Amounts in BRL mln)

-

1,000

2,000

3,000

4,000

5,000

6,000

Dec.00 Jun.01 Sep.01 Dec.01

Car financing Retail Middle Corp

BRL Mln

Middle Corp17%

Retail39%

Car financing

44%

Results 2001

46

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.