2006 Managing Board Priorities

1. 2006 Managing Board Priorities Hugh Scott-Barrett CFO, Member of the Managing Board Morgan Stanley Conference London, 24 March 2006

2. 2006 Priorities • Growth 1. Drive organic growth from new Group Structure 2. Further improve the returns from our former wholesale banking activities • Costs and Capital Management 3. Realise synergies from integration of Banca Antonveneta 4. Realise cost synergies from Services and other initiatives 5. Strict capital discipline • Compliance 6. Implement best-in-class compliance standards in all the jurisdictions in which we operate

3. Group Strategy Our Group Strategy is to drive growth in our customer ‘sweet spot’, using local client intimacy while delivering additional value by leveraging our global capabilities in products / services Product innovation Top Private Clients MNCs ‘SWEET SPOT’ Mid- Market/FIs PC / Mass Affluent Small Business Mass Retail Feeder channel Provider of scale Consumer Commercial

4. 1. Drive organic growth from new Group Structure

5. Our new group structure Key Elements of the Strategy Drive organic growth from new group structure NL Europe North America Latin America Asia Private Clients Global Clients • Growth in Our Customer ‘Sweet Spot’ • Where we are advantaged and profitable • Consumer: PC/Mass Affluent Clients • Commercial: SMEs, Mid-large corporates & FIs • through… • Client-led strategy based on Local Intimacy • Geographic distribution model • and… • Value driven through working as ‘One Bank’ • World-class products • International Network capabilities • Spreading of successful formulas • High quality and more efficient Services • Advantaged model: • Using local client intimacy while delivering additional value by leveraging our global capabilities in products / services Consumer Client Segment Commercial Client Segment Local Products Local Products Local Products Local Products Local Products Local Products M&A ECM Global Markets functions Transaction Banking Asset Management Services Group Functions

6. Growth opportunity example for the Commercial Client Segment: Regional Treasury Desk (RTD) (1) • The bedrock of this RTD in the Netherlands is a single distribution model which incorporates two components; a Local Multi-Product Sales force in each region and a Hubbed Product Marketing and Development team, both of which report into the same functional Global Markets sales head. This promotes: • Shared Ambition – Common goals /shared P&L (Client and Product BU) • Trust and Teamwork – Integrated Sales and Product Marketing/Development team • Link with Relationship Banking – Product MBOs given to Bankers and a reporting link from the Product Sales to the Client BU (secondary) • Product Development for Smaller Clients – Focus on standardized products for a smaller client segment • Greater Efficiency – Greater use of electronic product delivery

7. Growth opportunity example for the Commercial Client Segment: Regional Treasury Desk (2) • Since inception in 2002 the RTD’s have more than doubled the Treasury revenue from Commercial Clients with a step change in 2005. • Following initial investigation we will commence RTD initiatives outside of The Netherlands • Early 2006: India, Brazil • Later in the year: France • Once the Banca Antonveneta acquisition process is finalised, we plan to make this service available to our Italian clients • The revenue delta from this simple structure replication could be in excess of EUR 50 mln

8. Growth opportunity example for the Consumer Client Segment: Preferred Banking • Preferred Banking was first invented and rolled out in India. Later it was introduced in Greater China, Southeast Asia, Latin America, the Netherlands and currently in North America • The Preferred Banking offer to Mass Affluent clients leverages the bank’s global strengths and local client intimacy • Mass Affluent clients have attractive demographics in all markets • Sophisticated global products have market appeal • Based on personalised service and distinctive branding • Shared best practices for relationship management • Common standards and practices for roll-out

9. 58,000 new Mass Affluent clients in 2005 73 branches with Van Gogh lounges Mass Affluent clients (or Van Gogh clients) bring in higher balances (both investments and lending) than other Mass Retail Consumer Client Segment: strong Preferred Banking growth in Brazil No. of Mass Affluent Clients (000) Mass Affluent AuA (BRL bln) * Number is Q3 YTD annualized

10. 2. Further improve the returns from our former wholesale banking activities

11. Opening up WCS to the Group will result in greater leverage of wholesale banking products across a wider set of clients The unbundling will contribute to a continued improvement in the efficiency ratio Arm’s length interaction between Global Markets and the Client Units will increase the transparency of each product’s economics Unbundling will deliver continued performance improvement NL Europe North America Latin America Asia Private Clients Global Clients Consumer Client Segment Commercial Client Segment Local Products Local Products Local Products Local Products Local Products Local Products M&A ECM Global Markets functions Transaction Banking Asset Management Services Group Functions

12. Performance commitments for Global Clients, Global Markets and Commercial Clients • Capital constraint and minimum returns for Global Clients • RWAs on average less than 10% of Group total by end 2006 and beyond, with a return above our 10.5% assumed cost of equity • Improved efficiency ratio for Global Markets • improving by at least 5 percentage points in 2006, and below 80% by end 2008 • Improved efficiency ratio for commercial clients in 2006 • to be achieved through revenue uplift and tight cost control in the Regional Client Units

13. What are we doing in 2006 to improve former WCS results? • Following through on our revenue growth initiatives facilitated by the new organisation, in particular Derivatives, Equities and Fixed Income • the products of Global Markets are now driven and distributed by the Regional Client Units • continue the improvements we have made with Global Clients through more focused coverage • bring capital markets solutions to a broader range of clients and increase our capital velocity • Following through on cost reduction initiatives in the new Services organisation • deliver further savings through continued outsourcing, procurement and real estate programmes • fund investment in growth initiatives, IT infrastructure, and compliance • Arm’s length interaction between Global Markets and the Client Units will increase the transparency of each product’s economics • clarity on which products we can consistently deliver at the right price and the right quality to our sweet spot clients • for products that do not meet this standard, we will pursue alternative solutions, potentially including exit, downsizing, joint ventures, in-sourcing

14. We have invested in derivatives product development, sales, marketing and coverage: New hires and re-aligning skills for our current staff Spreading derivatives literacy across WCS and related support functions Formed Derivatives Sales & Solutions Group to drive sales capability Upgraded risk processes and improved IT infrastructure Co-located corporate derivatives in Equity Capital Markets Structured Derivatives development (EUR mln) Awarded 2005 “House of the Year” for credit derivatives by Structured Products Awarded 2005 “Best Bank” for Structured FX products by FX Week Case Study: Derivatives Step Change

15. Since 2001, we have reduced our business-as-usual services and other support costs to free up investment in front office staff and services investment We announced a restructuring in December 2004 aimed at exiting 1,100 FTEs, which will be completed in Q1 2006 This has freed up resources for investment in Derivatives, in IT to upgrade trading infrastructure (EUR 95 mln), and in mandatory compliance activities (Basel II, Sarbanes Oxley, etc., EUR 75 mln) WCS costs (EUR mln) Case study:Restricting business-as-usual costs

16. 3. Realise synergies from integration of Banca Antonveneta

17. Antonveneta: unique opportunity to grow profitably ABN AMRO’s mid-market footprint • Acquisition has strong growth potential • Northern Italy: one of the wealthiest areas in Europe with low penetration rate for banking products • Antonveneta is a profitable franchise with untapped growth potential • Increase ABN AMRO’s European mid-market footprint • ABN AMRO brings extensive skills to Banca Antonveneta • superior credit skills • cost management and efficiency platform • extensive product suite • Cost synergies program of EUR 160 mln by 2007 on track • 50% of cost synergies will be realised in 2006 • ABN AMRO expects to use less than the previously indicated EUR 200 mln restructuring costs • BAPV will release its 2005 numbers later today

18. Where do we currently stand in the offer process for BAPV • ABN AMRO started the mandatory offer for all Banca Antonveneta shares on 27 February 2006, the offer period ends on 31 March 2006. ABN AMRO will pay EUR 26.50 per share for each Banca Antonveneta ordinary share to be purchased through the offer • ABN AMRO currently owns 77.7% of shares in Banca Antonveneta and 6.1% has been tendered into the offer to date • If ABN AMRO owns more than 91% but not more than 98% of Banca Antonveneta’s share capital after the offering period, ABN AMRO must launch a residual offer. Completion of the residual offer will lead to a de-listing of the Banca Antonveneta shares • If ABN AMRO owns more than 98% of Banca Antonveneta’s share capital after a tender/mandatory offer, ABN AMRO can exercise the Squeeze-out Right • ABN AMRO will provide an update on the integration of Banca Antonveneta later this year when the transaction is completed and the integration is underway

19. 4. Realise cost synergies from Services and other initiatives

20. GSS Savings (EUR mln) Comments Realisation of Services cost synergies in line with the announced programme Continue to assess the potential for further costs savings in the operational costs base Results of assessment of additional savings from remaining EUR 1.7 bln services costs base will be announced with Q1 2006 results Success of programme to be judged by significant improvement in efficiency ratio Ensure efficient delivery of services Note 1: Excludes annualised savings relating to the EDS outsourcing deal (previously announced) Note 2: Savings net of investments and before tax deductions

21. Examples of progress of GSS initiatives • Outsourcing: • At the end of last year we announced that contracts with a total value of EUR 1.8 bln have been signed with selected vendors: • IBM for IT Infrastructure • Infosys and Tata Consultancy Services (TCS) for Application Support and Enhancements • five preferred vendors have been chosen for Application Development: Accenture, IBM, Infosys, Patni and TCS • Real Estate Track: • In the first quarter of 2006 the consolidation of the office accommodation in Sao Paulo was completed. The Sao Paulo City plan involved the relocation of 10,000 people and consolidation of 7 buildings down to 2

22. Costs savings have already resulted in improving efficiency ratios in most BUs • Efficiency ratio 2005 and 2004 (%)* *Adjusted for disclosed significant one-off items used for normalisation as specified in press release on page 4 (see also appendix presentation); In addition, BU NL, BU NA and BU Brazil are adjusted for other incidental items and BU NL and BU NGM are adjusted for transfer of Stater from BU NGM to BU NL

23. 5. Strict capital discipline

24. Focus on capital discipline • We will selectively grow Risk Weighted Assets in attractive mid-market growth areas, whilst continuing to look at opportunities to securitise Risk Weighted Assets • ABN AMRO has an active approach to selling non-core assets • sale of 40% in K&H • intended sale of Bouwfonds • further opportunities are being looked into • We will further improve our capital ratios

25. Capital ratios (end of December 2005) ABN AMRO has strong capital ratios With 60% ownership of BAPV the Tier I ratio would have been 8.7% and the core tier I ratio would have been 6.8% ABN AMRO is committed to have a core tier 1 ratio of 6% and a tier 1 ratio of 8% well before the end of 2006 ABN AMRO will resume the neutralisation of the stock dividend with effect from the interim stock dividend of 2006 ABN AMRO will also buy back EUR 600 mln of its own shares in H1 06. As per 20 March 2006, EUR 80.3 mln had been bought back at an average price of 24.13 A succesful execution of the 2006 priorities will generate a capital surplus which will create room for additional share buy backs in H2 2006 Strong focus on ongoing operations will create room for share buy backs in 2006

26. 6. Implement best-in-class compliance standards

27. Implementing best in class standards through dedicated action tracks • Ensured compliance is managed at the top levels of the organization • formation of the Compliance Oversight Committee (COC) in the Supervisory Board • formation of the Compliance Policy Committee (CPC) in the Managing Board, chaired by Rijkman Groenink • Established independence of the compliance function • the independent Group Compliance function is responsible for the strategy and implementation of ABN AMRO’s Compliance Programme • Group Compliance will provide regular reporting to COC and Managing Board on compliance strategy, implementation and risks • Developing the compliance mindset in every employee • development of an enterprise-wide compliance policy • mandatory training for all staff • Compliance objectives incorporated into performance evaluations and compensation enhancements for all staff

28. Long term targets

29. Group Level Targets • Average ROE of 20% for the period 2005-2008 • Top five position in our self-chosen peer group for Total Return to Shareholders (TRS) for the period 2005-2008 • EUR 750 mln cost savings by 2008 from our Services initiatives, which will lead to an improved efficiency ratio

30. Conclusion

31. 2006 Priorities • Growth 1. Drive organic growth from new Group Structure 2. Further improve the returns from our former wholesale banking activities • Costs and Capital Management 3. Realise synergies from integration of Banca Antonveneta 4. Realise cost synergies from Services and other initiatives 5. Strict capital discipline • Compliance 6. Implement best-in-class compliance standards in all the jurisdictions in which we operate Unlocking the intrinsic potential of the Group