2006 Managing Board PrioritiesHugh Scott-Barrett

CFO, Member of the Managing Board

ING Benelux Financials DayLondon, 28 March 2006

2

2006 Priorities

Growth1. Drive organic growth from new Group Structure

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

Costs and Capital Management3. Realise synergies from integration of Banca Antonveneta

4. Realise cost synergies from Services and other initiatives

5. Strict capital discipline

Compliance6. 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

functions

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 & FIsthrough…

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

BU NL structure changes in line with newly implemented group structure

The new BU Region NL consists of the ‘old’ BU NL plus Bouwfonds Mortgages and the incoming parts as a result of the new Group structure (primarily Ex-WCS)

The Ex-WCS clients in the Netherlands will be serviced in the Value Center Commercial

Commercial clients from the BU NL will benefit from better access to products from Global Markets

These changes will ensure that we consistently strengthen our competitive advantage with our mid-market clients in the Netherlands. The new structure will enable us to further integrate and improve the services that we offer our mid-market clients

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BU NL benefits from strategic focus on the mid-market and strong cost control

Efficiency ratio (%)* Operating result (EUR mln)**

* Q2 05 adjusted for incidental interest income (interest income from previous years, EUR 45 mln)

** Q2 05 adjusted for incidental interest income (interest income from previous years, EUR 45 mln)

78%77%

75% 75%

76%

74%73%

70%

66%

68%

70%

72%

74%

76%

78%

80%

Q1 04 Q2 04 Q3 04 Q4 04 Q1 05 Q2 05 Q3 05 Q4 05

176187

207216 217

228

243

276

100

130

160

190

220

250

280

Q1 04 Q2 04 Q3 04 Q4 04 Q1 05 Q2 05 Q3 05 Q4 05

CAGR:+6% per quarter

8

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

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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

10

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

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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 2005

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

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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

functions

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

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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

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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

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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

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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)

01,0002,0003,0004,0005,000

2001 2002 2003 2004 2005

Services BAU Other supportServices investment Front office

3. Realise synergies from integration of Banca Antonveneta

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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

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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 78.1% of shares in Banca Antonveneta and 6.6% 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

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2005 results Banca Antonveneta impacted by one-off items The uncertainty surrounding the ownership of the bank has made 2005 a challenging year

for Banca Antonveneta. Results were impacted by one-off items. Positive underlying results: adjusted profit before tax increased more than 8%

BAPV was able to protect its customer base, which reflects:– Its strong client relationships in Northern Italy– Its highly motivated staff to service clients in difficult times– Management actions taken to prevent customers from leaving the bank

Interest spreads down to industry average due to:– Promotional offerings – Shift in business mix towards lower risk products,

Business volumes show healthy signs of growth– Loans to customers were up 1.3% (mortgages up 30%)– Total customer funding went up 3.2%

Provisioning went down due to improved quality of the loan portfolio

Banca Antonveneta expressed optimism about the forthcoming years and its confidence in the integration process, which will provide Banca Antonveneta with the right platform for further growth

4. Realise cost synergies from Services and other initiatives

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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

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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

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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

52.243.7

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

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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

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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

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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

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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

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2006 Priorities

Growth1. Drive organic growth from new Group Structure

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

Costs and Capital Management3. Realise synergies from integration of Banca Antonveneta

4. Realise cost synergies from Services and other initiatives

5. Strict capital discipline

Compliance6. Implement best-in-class compliance standards in all the jurisdictions in

which we operate

Unlocking the intrinsic potential of the Group

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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.