Explanatory Notes to 20F Disclosure on US Mortgage Business

2 April 2003

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Information as presented in the 2002 Form 20-F of ABN

AMRO Bank NV, Note 45 to the Consolidated Financial

Statements.

Income from Mortgage Banking Activities (Form 20-F)

Data provided in millions of Euros on a US GAAP basis.

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Information as presented in the 2002 Form 20-F of ABN

AMRO Bank NV, Note 45 to the Consolidated Financial

Statements.

Changes in MSR Balances (Form 20-F)

Data provided in millions of Euro on a US GAAP basis.

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Amounts as of December 31, 2002, sourced from published Annual Reports or regulatory filings.

This information is for illustrative purposes only and should not be relied upon.

Comparisons are naturally limited by dissimilarities in underlying portfolios such

as seasoning, composition, geographic concentrations,

etc.

Comparison of ABN AMRO Valuation to Peers

Selection of the Top Servicers in the US Mortgage Market

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Accounting for risk management activities

under Dutch GAAP differs from US GAAP. These

variances create significant differences in the

accounting for the hedged item, the MSR.

Comparison of Dutch GAAP to US GAAP

Dutch GAAP

Initial capitalization of the MSR based upon

estimated fair value at date of securitization.

Amortization of the MSR in proportion to and over

the life of the cash flows of the asset.

MSRs are to be carried at the lower of cost or fair

value with declines in value charged to earnings.

Derivative hedge accrual income recognized as

an offset to amortization expense.

Unrealized derivative hedge gains/losses

considered in assessment of impairment for the

MSR.

Realized derivative hedge gains/losses deferred

as an adjustment to the basis of the MSR and

amortized on the same method as the MSR.

US GAAP

Initial capitalization of the MSR based upon

estimated fair value at date of securitization.

Amortization of the MSR in proportion to and over

the life of the cash flows of the asset.

MSRs are to be carried at the lower of cost or fair

value with declines in value charged to earnings.

Derivative hedge accrual income recognized as

an offset to amortization expense.

Unrealized derivative hedge gains/losses

recognized in earnings immediately and offset by

unrealized losses/gains on MSR resulting from

hedged risk (SFAS 133 Basis Adjustments).

SFAS 133 Basis Adjustments amortized on the

same method as the MSR.

Risk management strategies are designed primarily to manage the economic risks in a manner that also

minimizes the income statement volatility reported under Dutch GAAP. These strategies generally result

in higher income statement volatility under US GAAP than would be reported under Dutch GAAP.

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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.