1. Leading Growth in Europe The Executive Perspective Dolf Collee Member of the Managing Board Annual Conference of the Foundation for European Leadership Amsterdam, 23 September 2005

2. Leading Growth in Europe 1.The Road to Growth 2. Growth in Europe 3. Leading Growth 1

3. Leading Growth in Europe ABN AMRO’s Road to Growth - in three phases  Making the organisation transparent  Creating focus  Formulating and realising a growth strategy 2

4. ABN AMRO’s Road to Growth – Phase I Making the organisation transparent Before 2000  2000 Strategic Business Units Client lead Consumer & Commercial Clients Wholesale Clients Private Clients & Asset Management Divisions Geography lead Netherlands Investment Banking & Global Clients International 3 Introduction of “Managing for Value”  Visible revenue streams and profitability  Allocate capital and (human) resources to activities with highest (future) returns

5. ABN AMRO’s Road to Growth – Phase I Making the organisation transparent Consumer “Playing to our strengths” Mid-market Strategy Market lead Commercial Mid- Market Clients Multi- National Corporations Top Private Clients Mid-Market / Financial Institutions Private Clients / Mass Affluent Mass Retail Small Business Transparency led to:  Better and more open dialogues –Based on facts –Organisation and clients leading  Better-founded follow-up action  Started at the top  Reflected throughout organisation  Resulted in improved insight into our performance in - specific client segments - specific products - product-market combinations 4

6. ABN AMRO’s Road to Growth – Phase II Creating Focus ABN AMRO created focus supported by Managing for Value  Do activities add value in the short and long term? –Reorganisations, e.g. “No Detours” in the Netherlands –Divestments, e.g. WCS: From 10 to 3 BU’s and withdrawal from 10 countries  Are activities focused on our strengths? –Divestments and investments, e.g. US: Sale of European American Bank and investment in Michigan National.  Are activities part of our core business? –Divestments, e.g. Sale of Leaseplan, Bank of Asia and Trust  As a result, focus on mid-market segment of our consumer and commercial clients 5

7. ABN AMRO’s Road to Growth – Phase III Formulating a growth strategy Financial ambition Financial target To be in the top five An average Return on Equity of our self selected peer group of 20% over the period 2005 – 2008. in terms of total return to shareholders at the end of every four-year cycle. Our ambition and target The conditions: Client Intimacy and loyalty is key The value proposition for our mid-market customers:  Professional employees who create a long term partnership through innovative and competitive products and services. –Innovation example: Private Investor Products  Making more possible 6

8. Our Growth Strategy Growth in Europe  Growth of client base in the mid-market segment in our existing home markets;  Increasing the share of wallet of existing clients. Selling more products and services to the clients we already have in our portfolio;  Penetrating new markets, through organic growth;  Acquisitions in the selected segments or markets. 7

9. Growth in Europe Europe as single market from a banking perspective Europe:  Is the sum of several countries –Each country has own banking rules, authorities and competitors –Strong local markets, e.g. co-operatives Growth in Europe:  Is investigating your opportunities in every single country 8

10. Growth in Europe Sustainable growth opportunities in Europe based on our growth strategy: 1&2. Grow existing clients and new clients in existing markets - Is business as usual and limited by country boundaries  Conclusion: Tough competition 9 3. Organic growth - On average the European markets are too mature for organic growth, but markets like Romania are interesting growth markets  Conclusion: Few opportunities 4. Acquisitions - Depend on life cycle of a country’s banking industry and protection measures  Conclusion: Fragmented view

11. Leading Growth Sustainable Growth and Values Our Corporate Values and Business Principles are key in realising sustainable growth 10

12. Growth in Europe THE EUROPEAN DREAM Sustainability & quality of life “Thick” enough? Enough drive? Source: Het Financieele Dagblad 11

13. Leading Growth Continual and Cyclical Process with Value Focus 1 Clear Focus… 2 – 4 …Customer- Driven Plans… 5 – 6... Turning Plans Into Results… Select Growth Platforms Build Deep Customer Insight Remove Organisational Growth Barriers Target Headroom For Profitable Growth Aligning Operations Address Growth Priorities 1 2 3 4 5 6 Deliver Growth Strategies Develop Growth Strategies Value Focus 12

14. Leading Growth Leading growth through people and leadership 13

15. Leading Growth in Europe