Playing to our strengths to deliver sustainable disciplined growth

1. Playing to our strengths to deliver sustainable disciplined growth Driving advantage from being one Group Hugh Scott-Barrett Chief Operating Officer, Member of the Managing Board Bernstein Conference, 28 September 2005

2. Agenda • Strategic focus on mid-market segments • Ability to deliver organic growth from our positions of market leadership • Acquisition Banca Antonveneta is fully in line with mid-market strategy • Disciplined approach to capital allocation, costs and funding growth

3. Strategic focus on mid-market segments

4. Our five-point Group strategy 1. Creating value for our clients by offering high-quality financial solutions which best meet their current needs and long-term goals 2. Focusing on: • consumer and commercial clients in our mid-market franchises (NL, US Midwest, Brazil) and selected growth markets around the world • selected wholesale clients with an emphasis on Europe, and financial institutions • private clients 3. Leveraging our advantages in products and people to benefit all our clients 4. Sharing expertise and operational excellence across the Group 5. Creating ‘fuel for growth’ by allocating capital and talent according to the principles of Managing for Value, our value-based management model

5. In February, we announced an increased focus, along with new financial targets • Tightening our strategic focus, by... • focusing on mid-market segments • the sale of non-core assets • Driving Group advantages through... • segment focus • creation of Transaction Banking Group • Group Shared Services • Setting new goals... • average RoE of 20% • top 5 Total Return to Shareholders

6. Strategic focus on mid-market segments 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

7. Mid-market segments represent ABN AMRO’s competitive advantage • The mid-market segments require a combination of local and international capabilities • local relationships • competitive anchor products suite • efficient delivery • sector knowledge (in the case of corporates) • international network • ABN AMRO is one of the few banks in the world that can deliver on all of these, in many cases uniquely so

8. Driving Group advantage through customer segment focus, Transaction Banking and GSS • Aligning customer and products in mid-market segments • Creating internal and external scale for efficient delivery of trade and payment services • Optimise the delivery of internal support services across the SBUs within ABN AMRO worldwide

9. ABN AMRO’s financial targets are a ROE of 20% and top 5 TRS for 2005-2008 • On 30 March 2005, ABN AMRO announced a new financial target for the 2005-2008 period: average return on equity (ROE) of 20% over the four-year TRS cycle • The ROE does not replace our top quartile TRS ambition. The new financial target further underpins our commitment to creating shareholder value • The ROE target and the top quartile TRS ambition are linked through growth, and via the allocation of resources to those areas with the highest incremental ROE

10. Ability to deliver organic growth from our positions of market leadership

11. Net profit (EUR mln)* Operating result (EUR mln)* Recent Group results demonstrate strong organic growth +10.5% +17.1% * All figures are excl. consolidation effects of Private Equity holdings

12. Operating result ABN AMRO* (EUR 2,783 mln) Operating result per (S)BU (H1 2005, EUR mln, year-on-year change)* Operating result up by 10.5%, reflecting strong performance of C&CC SBU C&CC: +27.3% * All figures are excl. consolidation effects of Private Equity holdings

13. Network of leading market positions is well positioned for further organic growth European Private Banking: # 1 Netherlands# 3 France and Germany • Adding new clients to our mid-market segments in existing markets • Enlarge share of wallet of our existing clients in the mid-market segments The Netherlands • Top commercial bank for large SME and affluent clients The US Midwest • Top ranking US regional franchise Brazil Asia • Top 3 privately owned bank • New Growth Markets

14. Acquisition Banca Antonveneta fully in line with mid-market strategy

15. ABN AMRO to acquire controlling stake in Banca Antonveneta • ABN AMRO announced on 26 September that it has signed an agreement with Banca Popolare Italiana (BPI) and a number of other shareholders regarding the purchase of 39.373% in Banca Antonveneta. ABN AMRO will pay EUR 26.50 per share, equal to a total cash consideration of EUR 3.2 bln • Combined with our current shareholding in Banca Antonveneta, ABN AMRO will own a total of nearly 70% after the completion of this transaction • ABN AMRO will launch a mandatory cash offer of EUR 26.50 per share for the remaining outstanding share capital of Banca Antonveneta

16. Acquisitions require strict criteria • Acquisitions have to fit with ABN AMRO’s mid-market strategy • Market has to be sizeable • Sustainable market position • Acquisition has to create value • EPS accretive within 2 years of ownership • EP positive within 3 years of ownership • conservative estimates, using cost synergies only • efficient and effective integration

17. Acquisition Banca Antonveneta fits with mid-market strategy and creates value • Strong fit with ABN AMRO’s mid-market strategy • ABN AMRO: increase European mid-market footprint • strong presence in one of the wealthiest areas of Europe • Antonveneta: profitable franchise with untapped growth potential • Acquisition creates value • EPS accretive as from 12 months after the finalisation of the bid for the remaining shares • cost synergies estimate of EUR 160 mln by end of 2007 • conservative estimates, revenue upside not included in EPS calculations • Capital discipline maintained • ABN AMRO is aiming to reach a core tier 1 ratio of 6% and a tier 1 ratio of 8%, well before the end of 2006 • the resumption of the neutralisation of the scrip dividend will start with the interim stock dividend in 2006

18. Disciplined approach to capital allocation, costs and funding growth

19. Disciplined capital management • Value creation and resource allocation • Managing for Value (MfV) measures institutionalised in organisation(ROE, TRS, Economic Profit and Economic Value) • Resource allocation linked to MfV • Reward structure in place to change and influence behaviour • Capital structure • Tier 1 ratio target of 8.5% • Core tier 1 ratio target of 6.5% • Selective growth/reduction in RWA

20. Disciplined approach to costs • Top quartile efficiency is key for sustainable competitive positions • as the Group efficiency is affected by business mix, top quartile efficiency is needed at (S)BU level • focus is on (S)BUs where we are outside the top quartile – WCS and BU NL • Increase in cost efficiencies is a central tenet of our MfV strategy • increase in cost efficiencies drives economic profit • increase in cost efficiencies will allow the release of funds to reinvest in growth • efficiency ratios are part of Key Performance Contracts for each BU • Group Shared Services (GSS) a source of funding growth

21. Driving Group advantages through... segment focus creation of Transaction Banking Group Group Shared Services Tightening our strategic focus, by... focusing on mid-market segment the sale of non-core assets Setting new goals... RoE and Top 5 Total Return to Shareholders Realisation of a shared, cross SBU, COO Agenda through 4 key objectives increased cost efficiencies improved service quality sharper operational risk management increased agility ...to deliver ‘Fuel for Growth’ GSS is a core enabler of ABN AMRO’s disciplined growth strategy... Efficiency Improvements Profitable Growth Release of Funds Net savings of at least EUR 600 mln By 2007 New Investments ABN AMRO Strategy GSS Strategy

22. GSS Savings achieved by 20072 Comments Savings represent minimum ~ 15% reduction across the Services cost base (~ EUR 4 bln assessed) Bulk of net savings delivered through the following programmes: IT ~ EUR 258 mln1 Global Real Estate ~ EUR 140 mln Offshoring ~ EUR 52 mln Other programmes ~ EUR 150 mln We are applying a range of tools/ techniques to deliver these savings What is GSS committed to deliver? Note 1: Excludes annualised savings relating to the EDS outsourcing deal (previously announced) Note 2: Savings net of investments and before tax deductions

23. GSS utilises a portfolio of tools to tackle the operational cost base Share Best Practice/ Reengineer Processes Increase capability & capacity of core processes internally, by product, geography or business line Internal consolidation/ Shared Services Create centres of excellence across organisation for certain core processing capabilities Outsource/ Joint Venture Move to operational model where previously in-house services are sourced from external parties Offshoring Utilisation of low cost locations to deliver quality services at a lower cost

24. Share Best Practice / Reengineer Processes Example:Global Real Estate Space Efficiency Programme • One of the market leaders in the financial services industry in implementing international best practice space efficiencies on a global scale • Targeting average 12 sq m per desk for offices globally and 1 desk to 1 fte ratio • Innovative desk sharing concept, launched for 180 GSS UK staff, whilst improving functionality of space

25. Internal consolidation / Shared Services Example:Payment Operations • GSS is leveraging from experience with the major programmes to identify new value opportunities and expand its scope • The European Payments Centre (EPC) Programme for example is already delivering year-on-year efficiencies for the front office (S)BUs • Building on EPC, investigations were executed in the first half of 2005 to review Payment Operations on a global basis

26. Outsource / Joint Venture Example:Evolution of a robust strategy for IT services delivery • The GSS IT programme aims to transform the delivery of IT services across the Group • IT specialists from across the (S)BUs confirmed existence of significant horizontal cost savings • ‘Lessons learnt’ and capabilities developed during the EDS IT transformation have been leveraged into our multi-vendor strategy • ABN AMRO has recently signed global service agreements valuing a total of approximately EUR 1.8 billion for a five year period with multiple vendors

27. Offshoring Example:ACES Captive Offshoring Capability • Utilising our own captive Indian offshore entity, ACES since 2001 • Operating out of three locations: Mumbai, Chennai, Delhi • Supporting Finance, Operations and other activities on behalf of more than 20 countries across three SBUs • Processes offshored to date include Trade Finance, Cash and Payments, Securities Processing, Investigations, HR, Equities Research Production • Projected 2,900 FTE by end of 2005

28. Early GSS successes drive momentum • GSS remains on track to realise at least EUR 600 mln of net savings by 2007 • For 2005, GSS programmes are on target to deliver the committed net savings of EUR 100 mln: • IT programme has led to the recent signing of global service agreements with a value of approximately EUR 1.8 billion for a five year period with multiple vendors • Global Real Estate savings programmes have been mobilised and accelerated, including the sale and leaseback of 250 Bishopsgate, London • offshoring initiatives are on track to deliver in excess of previously announced savings targets from 2005 onwards • The experience gained by GSS to date has highlighted other opportunities within banking operations with scope for further savings

29. Concluding remarks

30. Summary • Strategic focus on mid-market segment • Ability to deliver organic growth from our positions of market leadership • Acquisition Banca Antonveneta is fully in line with mid-market strategy • Disciplined approach to capital allocation, costs and funding growth Playing to our strengths to deliver sustainable disciplined growth

31. Appendix

32. ABN AMRO’s landmark IT sourcing deals are viewed by many as the model of the future • ‘The ABN AMRO deal takes forward the new thinking on outsourcing, where clients generally prefer to go with multiple vendors than with a big one’ - The Economic Times • ‘Highlights a new model for global sourcing for IT services’ - Information Week • ‘The deal also signifies a trend towards strategic global sourcing, as customers are selecting multiple, best of breed vendors to help improve efficiencies in IT service delivery’ – Infosys • ‘It’s the new model in outsourcing’ – IBM • ‘This is a bold step from a major European financial institution. This is going to set the stage for a lot of other global corporations looking at this model very seriously’ - TCS

33. Disclaimer (1) • Selling Restrictions: • These materials do not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares in ABN AMRO or Banca Antonveneta, nor shall these materials or any part of them nor the fact of their distribution form the basis of, or be relied upon in connection with, any contract or investment decision in relation thereto. • Recipients of these materials who are considering a purchase of shares in ABN AMRO are reminded that no reliance may be placed for any purposes whatsoever on the information contained in these materials or on their completeness. No representation or warranty, express or implied, is given by or on behalf of ABN AMRO, its shareholders, any of its directors, officers or employees or any other person as to the accuracy or completeness of the information or opinions contained in these materials, and no liability is accepted for any such information or opinions. • United States of America • The securities offered have not been and will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act. • United Kingdom • This communication does not contain or constitute any invitation or inducement to engage in investment activity. This communication is directed only at (i) persons who are outside the United Kingdom, (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (the "Order") (iii) high net worth entities and (iv) other persons to whom it may lawfully be communicated in accordance with the Order (all such persons together being referred to as "relevant persons"). The securities are only available to, and any invitation offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any or its contents. • No offering is being made, and no securities are to be offered or sold, in the United Kingdom other than to persons whose ordinary activities involve them in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of their businesses, or otherwise in circumstances which have not resulted and will not result in an offer to the public in the United Kingdom within the meaning of the Public Offers of Securities Regulations 1995. • Canada and Australia • This communication does not constitute an offer to sell or issue or the solicitation of an offer to buy or subscribe for the securities in any jurisdiction in which such offer or solicitation is unlawful and, in particular, is not for distribution into Canada or Australia. The securities have not been and will not be qualified by prospectus for sale to the public under applicable Canadian securities laws and, subject to certain exceptions, may not be, directly or indirectly offered or sold within Canada or Australia or to, or on behalf of, any national, resident or citizen, including any corporation or other entity, of Canada or Australia. The distribution of this communication in other jurisdictions may be restricted by law and therefore persons into whose possession this communication comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdictions, including the Australian Corporations Act 2001.

34. Disclaimer (2) • Japan • The securities have not been and will not be registered under the Securities and Exchange Law of Japan (the "SEL"). Accordingly, the securities may not be, directly or indirectly, offered or sold in Japan or to, or for the benefit of, any resident of Japan (including any Japanese corporation) or to others for re-offering or resale, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan (including any Japanese corporation), except in compliance with the SEL and other relevant laws and regulations. • Italy • This communication is not an offer or solicitation of the securities referred to herein and the tender offer referred to herein will be conducted only in Italy pursuant to an offer document authorized for publication by the Commissione Nazionale per le Società e la Borsa. • Cautionary Statement regarding Forward-Looking Statements • This document contains forward-looking statements. Forward-looking statements are statements that are not historical facts, including statements about our beliefs and expectations. Any statement in this document that expresses or implies our intentions, beliefs, expectations, forecasts, estimates or predictions (and the assumptions underlying them) is a forward-looking statement. These statements are based on plans, estimates and projections, as they are currently available to the management of ABN AMRO Holding N.V. Forward-looking statements therefore speak only as of the date they are made, and we take no obligation to update publicly any of them in light of new information or future events. • Forward-looking statements involve inherent risks and uncertainties. A number of important factors could therefore cause actual future results to differ materially from those expressed or implied in any forward-looking statement. Such factors include, without limitation, the conditions in the financial markets in Europe, the United States, Brazil and elsewhere from which we derive a substantial portion of our trading revenues; potential defaults of borrowers or trading counterparties; [the implementation of our restructuring including the envisaged reduction in headcount]; the reliability of our risk management policies, procedures and methods; changes resulting from the acquisition of Banca Antonveneta, including the risks associated with its business, as well as the difficulties of integrating its systems, operations functions and cultures with ours; and other risks referenced in our filings with the U.S. Securities and Exchange Commission. For more information on these and other factors, please refer to our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission and to any subsequent reports furnished or filed by us with the U.S. Securities and Exchange Commission. • The forward-looking statements contained in this document are made as of the date hereof, and we assume no obligation to update any of the forward-looking statements contained in this document.