Third quarter results 2001

12 November 2001

Revenues held up well despite weaker market conditions

Operating result excluding contribution EAB and impact

exchange rate, up by 2.3%

Efficiency ratio stable at 73.9% from 73.8% in Q2

Mix of clients and products proves its value,

despite…….

Increase in provisioning to EUR 308 mln, driven by one-off

items in WCS portfolio

Increase in effective tax rate to 38% due to losses not tax

deductible

Net profit was at EUR 476 mln, a decline of 29.1% from Q2

WCS client coverage model further refined

To strengthen co-ordination between the client and product

business units

To focus specialist sector resources on most significant

client relationships

To reinforce country coverage capabilities to support

greater focus on large cap corporate clients

C&CC (63%) WCS (24%)

PCAM (8%) AALH (4%)

CC (1%)

Capital allocation and operating result

C&CC (65%) WCS (15%)

PCAM (4%) AALH (5%)

CC (10%)

Capital Allocation Operating result

Higher provisioning

- specific bad debt provisioning- cross-border risks provisioning

Provisioning for loan lossesAddition to FARTotal

29513

308-

308

1540

154-

154

Q3 01(EUR m)

262(9)

253-

253

Q2 01 Q3 00

C&CCWCSPCA MAALHCC

20090

16

11

7560

514

0

Q3 01(EUR m)

22040(1)

5(11)

Q2 01 Q3 00

0

50

100

150

200

250

300

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

0

10

20

30

40

50

60EUR bn

Risk provisioning (2001: excl. changes in FAR)as a % of RWA (right hand scale)

Provisioning is within sustainable levels

RWA

26bp

39bp35bp

BASISPOINTS

* 2001 annualised

23bp

40bp

Tier 1 ratio affected by FX

Total assetsShareholders’ equityGroup capitalRisk-weighted assets

Total capital ratioTier 1 ratio

(EUR bn) 30 09 01

597.711.132.7

274.1

10.10%6.47%

30 06 01

614.611.634.7

286.1

10.19%6.55%

30 09 01/ 30 06 01

(2.7)(4.3)(5.8)(4.2)

10.0(11.6)

0.53.9

% change

30 09 01/31 12 00

Operating result

Provisioning

Pre-tax profit

RWA* (EUR bn)

Revenues Q3 2001Interest (66%)

Other (13%)

Commissions (18%)

Operating result excluding Q2 contribution of EAB, up by 8.3%

Strong performance of all three home markets (Netherlands, US and Brazil)

Overall quality of the portfolio remains strong, reflecting diversified client base.

Provisioning back to normal in Netherlands and stabilisation in US and Brazil

Trading (3%)

(EUR m) Q3 01 Q2 01

Strong performance C&CC reflects inherent strength

* RWA September 2001 compared to June 2001

% change

795

200

591

158.9

818

220

598

166.4

(2.8)

(9.1)

(1.2)

(4.5)

5.0

143.3

(11.3)

Q3 01/Q2 01

ytd 01/ytd 00

Restructuring within C&CC on track

Restructuring programme BU Netherlands on track– To date, 158 branches have been closed– Staff informed about option of voluntary retirement

Staff should make decision before 15 January

Closure of countries and disposal of retail businesses– Sale of retail business in Argentina completed– Exit of nine countries completed

Integration of MNC and Standard Federal completed– Standard Federal completed its merger with MNC in October– Number of branches has decreased by 59

Mix of clients, products and geography proves its value

Measures are being taken to bring costs in line with revenue development

Provisioning has risen, but credit quality has overall been holding up well

Sharp increase in effective tax rate due to losses not tax deductible

Increasing share of annuity business in WCS

Operating result

Provisioning

Pre-tax profit

RWA* (EUR bn)

Revenues Q3 2001

Interest (41%)

Other (6%)

Commissions (34%)

Trading (19%)

(EUR m) Q3 01 Q2 01

* RWA September 2001 compared to June 2001

% change

183

90

85

96.1

229

40

178

100.5

(20.1)

125.0

(52.2)

(4.3)

(43.5)

9.4

(61.7)

Q3 01/Q2 01

ytd 01/ytd 00

WCS cost target - at most zero growth

Equity related business in the US

– Focus research around key sectors

– Reduction of trading personnel to reflect smaller stock

footprint.

Equity related business in Asia

– Closure of domestic Japanese equity business

– Rationalisation of Asian (ex-Japan) equities operations

Corporate Finance

– Refocus on key sectors

WCS benefits from well diversified portfolio

Telecom Services8% (10%)

Media4% (3%)

Technology7% (8%)

Oil & Gas10% (9%)

Utilities10% (9%)

Pharma/Health3% (2%)

Chemical5% (5%)

Automotive7% (8%)

Food etc.7% (10%)

Services/Leisure 5% (6%)

Manufacturing11% (6%)

Agriculture/Raw Materials2% (2%)

Construction/Real Estate

6% (6%)

Retail2% (2%)

Consumer (Non) Durables3% (3%)

Transport7% (7%)

Metals & Mining3% (3%)

( ) December 2000

Decline in revenues, due to depressed market conditions

Migration from equities to bonds and cash leads to lower margins

Fall of assets under management/administration due to weaker market values

We expect the coming year to be challenging

Revenues PCAM affected by weak markets

Revenues

Operating result

Provisioning

Pre-tax profit

Revenues Q3 2001

Interest (21%)

Other (3%)

Commissions (74%)

Trading (2%)

(EUR m) Q3 01 Q2 01

% change

330

51

1

47

377

97

(1)

99

(12.5)

(47.4)

-

(52.5)

(3.8)

(43.4)

(80.0)

(42.7)

Q3 01/Q2 01

ytd 01/ytd 00

ANNEXES

RevenuesOperating expensesOperating resultProvisioning for loan lossesOperating profit before taxTaxesExtraordinary resultNet profitNet profit excl. sale EAB

EPS (x EUR)

(EUR m)

Key figures: profit and loss account

Q3 01 Q2 01

4,6743,4561,218

308858329

-476476

0.30

4,9013,6151,286253

1,039296962

1,633671

0.44

Q3 01/Q2 01

(4.6)(4.4)(5.3)21.7

(17.4)11.4

-(70.9)(29.1)

(31.8)

2.36.5

(7.8)75.1

(21.9)(15.3)

-15.315.3

(25.6)

% change

9 months 01/00

Operating result excluding contribution EAB and impact exchange rate, up by 2.3%

Revenues

Expenses

Operating result

Pre- tax profit

(168)

(106)

(62)

(17)

(134)

(99)

(35)

(19)

1.5

1.3

2.3

(14)

Publisheddecrease

Impact ofEAB

Organic growth (%)(EUR m)

Impact ofcurrencies

(227)

(159)

(68)

(181)

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.