Playing to our strengths to deliver sustainable disciplined growth Rijkman Groenink Chairman of the Managing Board Merrill Lynch Banking & Insurance CEO Conference London, 6 October 2005 Advancing our mid-market strategy

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

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 tightened on mid-market segments ConsumerCommercial Mass Retail MNCs Top Private Clients Small Business Product innovation Feeder channelProvider of scale ‘SWEET SPOT’ Mid- Market/FIs PC / Mass Affluent

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 customers and products in mid-market segments  Creating internal and external scale for efficient delivery of trade and payment services  Optimising the delivery of internal support services across the SBUs within ABN AMRO worldwide

9 ABN AMRO’s new goals are a ROE of 20% and top 5 TRS for On 30 March 2005, ABN AMRO announced a new financial target for the 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 Linking management remuneration to growth and capital

Ability to deliver organic growth from our positions of market leadership

11 Strong organic growth driven by mid- market franchises Operating result (EUR mln)* * All figures are excl. consolidation effects of Private Equity holdings +10.5% Operating result per (S)BU (H1 2005, EUR mln, year-on-year change)* C&CC: +27.3%

12 Network of leading market positions is well positioned for further organic growth  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 US Midwest The Netherlands Asia  Top ranking US regional franchise Brazil  Top commercial bank for large SME and affluent clients  Top 3 privately owned bank  New Growth Markets European Private Banking: # 1 Netherlands # 3 France and Germany

Acquisition of Banca Antonveneta fully in line with mid-market strategy

14 ABN AMRO to acquire controlling stake in Banca Antonveneta  ABN AMRO announced on 26 September that it has signed an agreement with Banca Populare Italiana (BPI) and a number of other shareholders regarding the purchase of 39.37% in Banca Antonveneta. ABN AMRO will pay EUR 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 per share for the remaining outstanding share capital of Banca Antonveneta

15 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

16 Banca Antonveneta: strong fit with ABN AMRO’s mid-market strategy Commercial: 0.18mn clients Over 1.5 mln clients at year-end 2004; strong proportion of Affluent and Mid-Corporate customers Consumer: 1.33mn clients Legend: Private Banking (net worth > EUR 2.5 mln), Affluent (net worth within EUR mln), Mass (net worth EUR 75 mln), Mid-corporate (revenues of EUR mln), Small Business (small business with revenues < EUR 2.5 mln). (1) Comprising 3,000 Interbanca (Antonveneta’s Investment Banking arm) accounts Source: Company data Breakdown by deposit and loan volume:

17 CONSUMER LOANSMORTGAGES Size (1) (EUR bn) , , Penetration (per capita) (EUR) 9471,3904,0822,1181,4441,2532,4156,52417,1284,89212,96623,838 Percentage of GDP 4.2%7.5%15.5%8.2%5.6%4.5%11.1%37.6%65.2%19.3%50.7%87.2% Italian mid-market has significant untapped potential  High savings rate  Pension reform  Increased penetration rate in retail segment  Increased demand for more sophisticated products and longer debt maturities in SME segment Source: Countries Central Banks, brokers research report, and Datamonitor report 1.Size of the consumer loans market in 2003 and mortgage market in 2002 respectively 6% 5% 4% 3% 2% 13% 10% 8% 7% 2% ItalySpainUKFranceGermany Consumer Loans CAGR Mortgages CAGR CAGR of Consumer loans and mortgages Consumer loans Mortgages Key growth drivers

18 Banca Antonveneta: greater cross selling provides scope for revenue growth Peer comparison: AuM (1) per client (EUR) Peer comparison: average mortgage balance (2) per client (EUR) (7) Source: company data and analyst research 1.As of June As of December 2004; residential mortgages only 3.Based on peers shown in the graph 4.Based on breakdown per sector of domestic loan portfolio as of June Excludes New Europe 6.ABN AMRO estimate based on risk-weighted assets for residential mortgages as of June 2003 (3) (4)(5)(6) + 83% + 28% 7.Total mortgage outstandings / total number of bank clients

19 Value creation supported by estimated cost synergies of EUR 160 mln by 2007  Estimated annual gross cost synergies: EUR 160 mln  Efficiency benefits from leveraging economies of scale (incl. general admin.), GSS (incl. procurement) and IT related costs  Wholesale product suite, risk and credit portfolio management  Transaction Banking  Implementation of new servicing model  enhancement of the multi-channel approach  Funding synergies from ABN AMRO’ s superior credit rating  Total estimated restructuring charge: EUR 200 mln Cost Synergies Restructuring Charges Source: ABN AMRO estimate

20 Conservative estimates: revenue upside not included in EPS calculations  Preliminary estimate of EUR 100 mln (4.5% of target revenues)  Leverage ABN AMRO’s: –servicing model from affluent / private banking clients –wholesale product capabilities –international presence –expertise in asset management and derivatives –global consumer finance capabilities  Offer of standard banking services in Italy to ABN AMRO’s international clients through Antonveneta network  >10% upside of Banca Antonveneta’s Business Plan vs. IBES net profit consensus (EUR 600 mln vs. EUR 510 mln*) Revenues Synergies (1) Revenue synergies of 6.4% of target revenues announced in Santander / Abbey takeover; average of 5% of sample of selected European cross-border transactions since 2000 Business Plan Antonveneta * Dated 21 September 2005 Source: Banca Antonveneta analyst presentation, 12 September 2003

Disciplined approach to capital allocation, costs and funding growth

22 Disciplined capital management  Managing for Value (MfV) strongly embedded in the organisation –Resource allocation linked to MfV –Reward structure in place to change and influence behaviour  Capital structure –Tier 1 ratio target of 8.5% and core tier 1 ratio target of 6.5% –Selective growth/reduction in RWA  Disciplined approach to funding Antonveneta –Funding will be such that capital ratio’s after the proposed acquisition will be in line with current credit rating –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 –Resumption of the neutralisation of the scrip dividend will start with the interim stock dividend in 2006  Stable dividend with aim to increase over time

23 Disciplined approach to costs  Top quartile efficiency is key for sustainable competitive positions –as 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) is a core enabler of our disciplined growth strategy

24 What is GSS committed to deliver? GSS Savings achieved by 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 mln 1 – 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 Note 1: Excludes annualised savings relating to the EDS outsourcing deal (previously announced) Note 2: Savings net of investments and before tax deductions

Concluding remarks

26 What did we discuss last year for 2005? ChallengesOpportunities  NL: revenue growth  NA: mortgage business  USD hedge for 2005 lower than for 2004  Inclusion of some incidental items in 2004 results  Disappearance of LeasePlan and Bank of Asia contribution  NL: cost control  NA: commercial banking pick up  Brazil: well positioned post Sudameris  NGM: underlying market growth  WCS: further growth from a solid base  Disciplined capital management

27 What will we face in 2006? ChallengesOpportunities  Expected challenging interest rate environment  Challenging revenue growth environment  Expected increase in provisioning levels  Increased competition in Brazil and North America  NL – sluggish economic growth  Implement management review of WCS  Further align customers and products in mid-market segments  Harness operational efficiencies via Group Shared Services  Pursue potential upside in contribution of BAPV given initial conservative assessment  Leverage positive GDP and interest rate outlook to further drive Brazilian loan growth  Exploit significant growth potential in Asia

28 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 Strategic focus and discipline delivering sustainable growth

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