ABN AMRO: good operating result in a difficult environment

Full Year 2001
* Full year revenues up (+2%), operating result relatively stable (-3.9%);
* Expenses are trending down in the second half of 2001 due to effective cost management;
* Provisioning up, due to poor market conditions, affecting net profit;
* Full year dividend unchanged at EUR 0.90;

Further highlights:

Fourth quarter 2001
* Fourth quarter revenues, operating result and net profit up despite weak market conditions;
* Operating expenses stable, resulting in improved efficiency ratio;
* Provisioning up, due to the failure of several major corporates in the fourth quarter;
* Tier 1 ratio improved to 7.03%, in line with target;

New business model

* New business model proves its value;
* Client coverage model in place; integration of corporate and investment bank completed;
* First signs of success of new service concept in the Netherlands visible;
* Clustering of US retail operations succesfully completed;
* Divestiture programme in 11 countries successfully completed;
* WCSÂ' programme for capital management and reduction on course;
* Emergence of MfV as a key element in resource allocation and strategic decision making.

For further details please visit www.abnamro.com

(source: ABN AMRO)

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