Analyst & Investor meeting

1. Analyst & Investor meeting Business Unit Brazil of C&CC BU Brazil, June 2003

2. Table of Contents 1 Current Brazilian Business Environment 2 Overview of ABN AMRO Brazil Companies (incl. Insurance) 3 Competitive Analysis 4 Business Unit C&CC Brazil 5 C&CC Brazil - Financial Performance Appendix 1 ABN AMRO Brazil Background Appendix 2 Sudameris Additional Information Appendix 3 C&CC Brazil - Financial Performance 3 15 24 30 59 70 72 76

3. 1Current Brazilian Business Environment

4. Economic environment • Uncertainty derived from the presidential run in 2002 led to a dramatic shrinkage in the capital inflows. Sources: Brazilian Central Bank, Bloomberg

5. Economic environment • Capital shortfall provoked a huge depreciation, resulting in high inflation indices and demanding a tight monetary policy. Sources: Brazilian Central Bank, IBGE

6. Economic environment • However, Real depreciation led to a significant upswing in the trade balance, enabling the adjustment of the current account. Sources: Brazilian Central Bank

7. Economic environment • As a result of the orthodox macroeconomic policy, inflows are gradually returning. Sources: Brazilian Central Bank, Bloomberg

8. Economic environment • Real is appreciating and sovereign spread is narrowing. Sources: Brazilian Central Bank, Bloomberg

9. Economic environment • The inflationary pressures due to the exchange rate overshooting are gradually receding. Sources: IBGE, ABN AMRO

10. Economic environment • Consequently, central bank will likely continue to ease monetary policy in the coming months, reducing interest rates. Sources: Brazilian Central Bank, Bloomberg, ABN AMRO

11. Economic environment • The declining interest rates will enable significant volume growth in the still underdeveloped Brazilian banking market. The penetration of total credit shows a large long term growth potential. Total Credit / GDP1 1. Data as of year- end 2001. Sources: World Bank, European Union Web site, IBGE

12. Political environment President Lula´s approval rating (%) Jan-03 Mar-03 Apr-03 Jun-03 Good/excellent 56.6 45.0 47.7 51.6 Regular 17.7 33.9 34.8 35.7 Bad/Negative 2.3 7.9 9.4 7.2 Don´t know 23.6 13.2 8.3 5.6 Favorable - Unfavorable 54 37 38 44 Source: CNT / Sensus. • In order to maintain favourable sentiment towards Brazilian assets, the government will need to speed up constitutional reform process. In this sense, it is important to take note of President Lula’s popular support.

13. Political environment The governing coalition in Congress Approve constitutional Pass draft amendment law Votes needed to: Senate 49 42 Governing coalition (PT, PL, PCdoB, PPS, PDT, PTB, PMN, PSB, PMDB) 53 53 + PP contingent (34 out of 48) 53 53 Lower House 308 257 Governing coalition (PT, PL, PCdoB, PPS, PDT, PTB, PMN, PSB, PMDB) 326 326 + PP contingent (34 out of 48) 357 357 Source: Santa Fé Idéias • In addition, President Lula can leverage a broad congressional coalition.

14. Political environment • The political environment will facilitate reform’s approval.

15. 2Overview of ABN AMRO Brazil Companies (incl. Insurance) Note: All figures included represent ABN AMRO Companies in Brazil, including Insurance Company and adjusted by goodwill amortization.

16. ABN AMRO Brazil – Overview • ABN AMRO Brazil has a leading presence in Brazil’s financial services sector, enhanced by the acquisition of Sudameris • Retail Banking - 1st largest foreign institution • Consumer Finance - Largest car financier in Brazil • Commercial Banking - Maintains relationship with more than 2,500 companies • Insurance - Fastest growing insurance company in Brazil currentlypositioned as the 9th largest insurer. 5th largest pension fund by reserves • Wholesale Banking - Maintains relationship with over 400 of the largest corporations in Brazil • Asset Management - 5th largest Asset Manager in Brazil, with R$ 19 bln of assets under management

17. ABN AMRO Brazil – Overview Total Assets (in R$ mln) Total Loans (in R$ mln) CAGR: 12,0% CAGR: 19,4% Net Income (in R$ mln) CAGR: 45,2% 1998 figuresadjusted to reflect full Banco Real results

18. Retail banking • ABN AMRO has a strong presence in Brazil, and is playing an important role among the top retail banks. Mini-branches: branches on companies’ premises

19. Consumer finance • ABN AMRO Consumer Finance division is Brazil’s largest car financier through its Aymoré brand, driven by strong customer service and a low efficiency ratio. Car Financing Market Share

20. Commercial banking • The commercial banking segment maintains relationship with non-WCS corporate customers, with annual sales higher than R$20mln (Euro 8mln). Gross revenue, R$ million Client base

21. Insurance Consolidated Revenues (2002) *Based on mathematical reserves Note: GWP (Gross Written Premiums) Total = R$ 1,268 mln

22. Wholesale banking • Commercial and Investment Banking products • Around 400 WCS clients • Around 80% of the WCS clients are subsidiaries of large multinational companies • Exploring synergies with other ABN AMRO businesses in Brazil Client segment Breakdown Product Breakdown

23. Asset management • 3rd largest privately owned retail driven asset manager • 5th largest asset manager after Sudameris acquisition

24. 3Competitive Analysis Note: All figures included represent ABN AMRO Companies in Brazil, including Insurance Company, all BUs and adjusted by goodwill amortization. All results according to Brazilian GAAP.

25. Size • ABN AMRO Brazil is the 4th largest privately owned Brazilian bank by total loans, and 5th by assets. Top 10 Privately owned banks Notes: Bradesco includes BBVA Itau includes BBA and Fiat All figures based on Brazilian GAAP as published by each institution and adjusted by the non-recurring results as disclosed in each financial statement.

26. Efficiency • The investments made after the acquisition of Banco Real continue to positively impact the efficiency ratio. Efficiency Ratio All figures based on Brazilian GAAP as published by each institution and adjusted by the non-recurring results as disclosed in each financial statement.

27. Client Focus • ABN AMRO has expanded its relationship with the clients prioritizing the credit portfolio. Loans / Total Assets ratio All figures based on Brazilian GAAP as published by each institution and adjusted by the non-recurring results as disclosed in each financial statement.

28. Asset quality • Despite showing the largest loans/assets ratio, ABN AMRO holds the best overdue loans ratio among peers. Ranking E-H Loans (as per Brazilian Central Bank rule) (criteria: > 90 days past due, a.o.) All figures based on Brazilian GAAP as published by each institution and adjusted by the non-recurring results as disclosed in each financial statement. Dec-02

29. Results • ABN AMRO Brazil achieved in 2002 a ROE of 25.2%, and a ROA of 3.2%. ROE Annualized ROA Annualized All figures based on Brazilian GAAP as published by each institution and adjusted by the non-recurring results as disclosed in each financial statement.

30. 4Business Unit C&CC Brazil

31. Our strategic vision • Focus on client satisfaction • Positioning among top players in the Brazilian banking market • Take advantage of ABN AMRO unique position as an international bank with a large retail distribution network • Integrated approach

32. Our strategic vision PEOPLESKILLED AND COMMITTED COMPETITIVEINFRASTRUCTURE CORPORATE VALUES CLIENT FOCUS CLIENT SATISFACTION RESULTS SHAREHOLDERS EMPLOYEES COMMUNITY

33. Employee satisfaction survey • Key achievements: - “I’m proud to work at AAB Brazil” - from favorable 92% in 2001 to favorable 93% (6% neutral) in 2002. - “I’m optimistic about the future of AAB Brazil” - stable at 87% (10% neutral in 2002). - “I clearly know the objectives of my area” - stable at 92% (5% neutral). - “The Bank has an ethical relationship with its clients” - from 86% to 87% (10% neutral). Surveys were conducted in 2002 and 2001, by the HR consultants Quota+, to evaluate employee satisfaction with ABN AMRO Brazil.

34. Our strategic vision PEOPLESKILLED AND COMMITTED COMPETITIVEINFRASTRUCTURE CORPORATE VALUES CLIENT FOCUS CLIENT SATISFACTION RESULTS SHAREHOLDERS EMPLOYEES COMMUNITY

35. Slide 35 - 40 with pictures of advertisement by ABN AMRO Banco Real left out in order to make file smaller & downloadable