2006 Managing Board PrioritiesHugh Scott-Barrett

CFO, Member of the Managing Board

Morgan Stanley ConferenceLondon, 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

Consumer Commercial

Mass Retail

MNCs

Mid-Market/FIs

PC /Mass Affluent

TopPrivateClients

Small Business

Product innovation

Feeder channel Provider of scale

‘SWEET SPOT’

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

1. Drive organic growth from new Group Structure

5

Drive organic growth from new group structure

Our new group structure Key Elements of the Strategy

fun

ction

s

Global Markets

Europe NorthAmerica

LatinAmerica

Asia PrivateClients

GlobalClients

NL

Asset Management

Group Functions

Services

Transaction Banking

Consumer Client Segment

Commercial Client Segment

Local Products

Local Products

Local Products

Local Products

Local Products

Local Products

M&A ECM

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

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

Consumer Client Segment: strong Preferred Banking growth in Brazil

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

No. of Mass Affluent Clients (000)692

435373

316

0

200

400

600

800

2002 2003 2004 2005*

Mass Affluent AuA (BRL bln)8.37.6

5.6

3.6

0

2

4

6

8

10

2002 2003 2004 Q3YTD2005* Number is Q3 YTD annualized

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

11

Unbundling will deliver continued performance improvement

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

fun

ction

s

Global Markets

Europe NorthAmerica

LatinAmerica

Asia PrivateClients

GlobalClients

NL

Asset Management

Group Functions

Services

Transaction Banking

Consumer Client Segment

Commercial Client Segment

Local Products

Local Products

Local Products

Local Products

Local Products

Local Products

M&A ECM

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

Case Study: Derivatives Step Change

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

0100200300400500600

2004 2005

Revenues IFRS reserves

15

Case study:Restricting business-as-usual costs

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)

0

1,000

2,000

3,000

4,000

5,000

2001 2002 2003 2004 2005

Services BAU Other support

Services investment Front office

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

4. Realise cost synergies from Services and other initiatives

20

Ensure efficient delivery of services

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

ratioNote 1: Excludes annualised savings relating to the EDS outsourcing deal (previously announced)Note 2: Savings net of investments and before tax deductions

115

300

600

750

0

100

200

300

400

500

600

700

800

2005 2006E 2007E 2008E

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

56.1

93.6

74.4

28.9

65.3

18.7

71.773.0

43.2

63.8

76.6

61.6

69.870.471.3

88.7

52.2

43.7

62.3

73.5

0

20

40

60

80

100

NL NA BR NGM BF WCS PE PC AM AA

2004 2005

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

Strong focus on ongoing operations will create room for share buy backs in 2006

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

8.47%

10.62%

13.14%

0% 5% 10% 15%

Core tier 1ratio

BIS tier 1 ratio

BIS capitalratio

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

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

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

32

Cautionary Statement regarding Forward-Looking Statements This announcement 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 announcement are made as of the date hereof, and we assume no obligation to update any of the forward-looking statements contained in this document.