Positioning the ABN AMRO

wholesale banking franchise

Piero Overmars
Member of the Managing Board
Head of Global Markets

Credit Suisse Investment Banking and Diversified Financials Conference 2006

London, 1 March 2006
Overview

Significantly improved performance by wholesale in 2005

Drivers of the performance uplift in 2005

Opening up wholesale will continue the positive momentum

Further improvement our commitments

Future drivers of growth

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A significantly improved
performance in 2005
We have delivered an uplift over 2004
2004 2005
In 2005 WCS delivered a Commercial Banking 1,833 1,976 7.8%
material improvement in Fixed Income, Futures, FX 1,351 1,822 34.9%
revenue, operating result
Equities and Inv. Banking 1,382 1,456 5.4%
and consequently Efficiency
Ratio vs 2004 Other 136 87 -36.0%
Total operating income 4,702 5,341 13.6%
However, an Efficiency Operating costs 4,402 4,699 6.7%
Ratio of 88% still leaves the Operating result 300 642 114.0%
wholesale franchise
Net operating profit 270 705 161.1%
vulnerable to cyclical
movements RWAs (EUR bln) 72.9 77.0 5.6%
Efficiency ratio 93.6% 88.0%

Note: IFRS basis. Excludes Private Equity. All 2004 figures are as per relevant press releases, excluding the 2004 restructuring charge. Not
corrected for disposals and exceptionals. See Appendix for detailed breakdown of product categories

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Improvements in 2004 loss-making
product areas
2005 delivered an operating Efficiency Ratio 2004 and 2005 (%)
result uplift and an efficiency
ratio improvement in loss-
making product areas

Reduced dependency on
Treasury and Lending -
revenue shift towards Fixed
Income & Treasury and
Equities & Equity-related
ry ted ng n g
In the first year of Transaction as
u
l a nd
i
nki
e re e a
Banking as a cross-SBU Tr it y
- L B
& u i on
product group we succeeded m
e Eq act
c o & s
in moving that product area In s an
d tie Tr
xe qui
close to profitability Fi E

5
Drivers of performance uplift
Delivering the wholesale agenda
Growth initiatives Rationalisation of Group synergies
resources
Derivatives Step Change Capital Transaction Banking
programme Services Consumer & Commercial
Network Leverage Front Office Client segments
Investment Banking - Empresas
Agenda - LaSalle
Asia Strategy
- BU Netherlands
Trading Private Investor Product
(PIP)

7
Case Study:
Derivatives Step Change
We have invested in derivatives product Structured Derivatives development (EUR mln)
development, sales, marketing and
coverage:
New hires and upskilling our current
staff
Spreading derivatives literacy
across WCS and related support
functions
Formed Derivatives Sales & Solutions Awarded 2005 House of the Year for
Group to drive sales capability
credit derivatives by Structured
Upgraded risk processes and improved Products
IT infrastructure Awarded 2005 Best Bank for
Co-located corporate derivatives in Structured FX products by FX Week
Equity Capital Markets

8
Case study:
Restricting business-as-usual costs
Since 2001, we have reduced our WCS cost development (EUR mln)
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)

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Case Study:
Driving Group synergies
During 2005 in the home markets, we have: Sales of WCS FI and FX derivatives products
to non-WCS clients 2004-5% (EUR mln)
Merged coverage of WCS and BU
Netherlands commercial clients
+23%
Integrated WCS and LaSalle corporate
distribution and enhanced the LaSalle sales
force with derivatives hires and training
Driven up derivatives revenues from BU Brazil
clients by over 50% Sales of WCS Private Investor products to
C&CC clients 2004-5 (EUR mln)
Our Private Investor Product group has also
worked closely with the other Group SBUs to
deliver a strong year on year improvement

Although from a low base, 2005 demonstrated the

potential of our strategy to cascade the innovation
from Global Clients to our chosen sweet spot
clients

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Opening up wholesale will
continue the positive momentum
Unbundling will deliver continued
performance improvement
In 2005 we have delivered a significant turnaround in WCS performance
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 ER
Arms length interaction between Global Markets and the Client Units will
increase the transparency of the product 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 and others as
necessary

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 We have unbundled WCS to deliver on
the Groups sweet spot strategy
Global Clients
550 former WCS clients with
most demanding needs,
inspiring product innovation

Product Innovation Top Product Innovation Regional Client Units

Private MNCs
Clients Serving the former WCS
commercial clients better and
Sweet Private Client Mid-Market / more efficiently
Spot Mass Affluent FIs

Global Markets
Scale/Feeder Scale/Feeder
Mass Retail Small Business
Product platform,
Consumer Commercial developing and delivering
products for all the Groups
clients

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 New organisation: playing systematically
to our strengths
NL Europe North Latin Asia Private Global Global Markets
America America Clients Clients includes fixed
income (trading and
Consumer Client Segment capital markets), FX,
treasury, equity,
Commercial Client Segment
structured lending
Local Local Local Local Local Local M&A and derivatives
Products Products Products Products Products Products ECM
In line with our client-
Global Markets
led strategy, Global
Transaction Banking
Markets activities
will be reported
Asset Management under Client Units
and Group Functions
Services

Group Functions

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Further improvement our
commitments
What are we doing in 2006?
Following through on our revenue growth initiatives, Derivatives, Equities
and Fixed Income, facilitated by the new organisation
Using the local cross-sell expertise of the Regional Client Units to drive up the
penetration of the Global Markets products to all the Groups clients
Continuing the improvements we have made with Global Clients through more
focused coverage
Bringing capital markets solutions to our clients and increasing our capital velocity
Following through on cost reduction initiatives in the new Services
organisation
Delivering further run rate savings through continued outsourcing, procurement
and real estate programmes
To fund investment in growth initiatives, IT infrastructure, compliance and
compensation for our critical talent

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Commitments
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 (targets to be confirmed with Q1 2006 results)

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Future drivers of growth

Rates markets main themes
Observations
Global liquidity conditions remain
expansive, despite central banks
pushing rates higher in 2006
Increasing risk appetite investor
demand for new asset classes and
products within asset classes
Japan - BoJ expected to eliminate
quantitative easing and raise rates in
2006
Pension fund reform/move to ALM
frameworks gathering momentum
Short Term
Our response
We have focused on being an
idea driven niche unit,
particularly in ALM area
By putting an increasing focus
on trading, ABN AMRO has
been able to combat margin
compression
ABN AMRO has built new JPY
business to take advantage of
our perceived growing
importance of the Yen market
over the next years
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Credit markets main themes
Observations
Credit fundamentals remain supportive
for the continuation of tight spreads,
but M&A activity will continue to cause
spread shocks
Demand for credit product remains
healthy albeit selective (eg structured
credit due to diversification benefits)
Yield hunting has supported demand
for HY and EM assets
Increased liquidity - a result of growing
influence of CDS indices and
electronic trading
Short Term
Our response
Focus on leveraging electronic
platforms, freeing traders to offer
integrated credit trading products
Expanded our innovative product
set through a newly created
Structured Finance Trading team
Expanded our financial sponsor
coverages Leveraged Finance
and High Yield activity
Expansion of Structured Capital
platforms with strong distribution
focus covering Inf. Cap. / SF and
Real Estate Finance
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Emerging markets main themes
Observations
Increased corporate issuance as
sovereigns are running surpluses on
budget and current accounts
Application of credit derivatives to
create synthetic assets
Hedge funds to play an increased role
in project and principal financing
Growth of asset securitisation, CDO
and CLO in view of Basel II
Growing investor acceptance and
appetite for local market assets
Short Term
Our response
Integrated our local markets currency
product sales and trading to provide
a one-stop shop for clients
We are also expanding the product
offer (e.g. EM asset securitisation,
CLO/CDO), especially focusing on
Access products leveraging the
Banks network
As Emerging Market clients needs
become increasingly sophisticated,
ABN AMRO offers them tailored
solutions across equities, fixed
income and FX
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Foreign exchange markets
main themes
Observations
The slump in the ISK has rung alarm
bells in the FX market about carry
trades but there is no sign of lasting
knock-on effects
Risks could emerge from the huge
volume of speculative open interest
Implied volume remains very low in
most G10 FX , with market focusing on
other FX pairs to generate risk
Continued margin compression driving
business to e-platforms
Short Term
Our response
We have automated a greater
volume of business, focusing on
the development of more
sophisticated structured FX
solutions eg. algorithmic
trading, FX overlay
We have increased our risk
appetite through smarter
proprietary trading
Hubbing our trading desks has
improved efficiency whilst
bringing clients 24 hour trading
in over 150 currencies
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Equity markets main themes
Observations
Equity Markets to remain robust (client
activity levels will continue at these
high levels)
Increase in market volatility and
continuation of recent high levels of
M&A transactions
Continued growth of hedge funds and
the range of their activities
Unbundling to go from a UK regulatory
requirement to a global market
standard
Short Term
Our response
Seeing the benefits from our
integrated equity platform,
upgrading trading capabilities,
increased automation and new
equity derivative products
Attracting sustainable Hedge
Fund business, we benefit from
higher commissions of the
broader product range Hedge
Funds demand
We have developed and marketed
innovative and commercially
focused research that has
received many market accolades
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Derivatives markets main themes
Observations
Rise in equity markets has increased
demand for structured equity products
High commodity prices driving demand
for commodity hedging as well as
investment products
Tighter credit spreads encouraging
investors to leverage credit exposure
new products such as Leveraged
Super Senior and Forward CDOs
Managing wealth for an ageing
population leads to demand for a
variety of new products with longevity
risk and inflation sensitivity
Short Term
Our response
Structured Equity is for us an
established strength
In 2004 and 2005 we
established a commodity
derivatives capability which is
now fully functioning
We are at the leading edge with
structured credit derivatives
We have developed both
inflation and insurance risk
management capability and an
initial series of transactions has
been completed
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Continuing industry growth drivers
Description
Product lifecycles dramatically
Commoditis- shortened, limiting the window in
ation which to capture attractive
returns
Proliferation of products (OTC,
Growth of structured, exchange traded) and
derivatives end-users (retail, institutional,
corporates)
Investor/client groups that did not Effective client segmentation and
exist five years ago are now the
New client must serve customer segments
segments (mid-market, FI, Public Sector,
EM commercial clients)
Continuing
Trends
Implications
Premium on innovation, product
pipeline and rapid
industrialisation of commoditising
business lines
Scope and depth of product set
and distribution channels
significantly increased
account planning across products
and geographies
Building capabilities to capture
high growth opportunities
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 Commoditisation cash equity
example
A commoditising product - Equity
commissions, US vs Europe
Basis Points
Europe
US
Year
Cash equity commissions have declined
rapidly as cheaper execution channels
have emerged and buyer power increased
Unbundling looks set to accelerate this
process
Source: Merrill Lynch
Continuing
Trends
Value chain unbundling - the story so far
Regulatory concern that fund managers
provide no transparency on brokerage
services purchased with client funds
Institutional investors have offered to
separate the purchasing of execution and
content. Commission Sharing Agreements
(CSA) have emerged as the preferred
method of separation
Fund managers agree to focus almost all
execution with a small number of brokers
These brokers agree to pay a pre-agreed
percentage of that commission to other
brokers who have provided the fund
manager with non-execution services
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Why value chain unbundling is Continuing

attractive for ABN AMRO Trends

Implications of cash equity unbundling ABN AMRO has been

an early adopter and
In a pre-unbundled world fund managers demanded full
advocate of unbundling
waterfront research services
An unbundled business
This has disadvantaged mid-tier players who had to
model is attractive for
support the same large cost base of the market leaders
ABN AMRO
with lower revenues, whilst only being rewarded for
research in sectors where they were strong Seeing the benefits
from our integrated
CSAs have allowed brokers to scale the research product
equity platform and
to where they have a competitive advantage, without
focus on execution
incurring high de minimus cost of waterfront coverage
Every major client we
With CSAs, excellence in execution is critical
have approached who
Firms on the execution lists will see growth in market share is setting up CSAs has
Firms who are excluded will see a rapid contraction told us we will be on
their list

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 Derivatives developing and Continuing

supporting client demand Trends

Credit Derivatives notional outstandings, 2001 1H 2005, US$Trn

12.4
128% p.a.
8.4

105% p.a. 5.4

3.8
2.2 2.7
0.9 1.6
0.6

1H 01 2H 01 1H02 2H 02 1H 03 2H 03 1H 04 2H 04 1H 05

Overall growth in derivatives revenues reflects the emergence, and rapid acceptance, of new
asset classes and continued innovation, particularly in higher margin structured products
We are committed to further developing our derivatives offer across the client spectrum
Serving our Global Clients and institutional investors with the innovative derivatives solutions they
demand e.g. dedicated, cross asset class, Derivative Sales and Solution Group
Using our local intimacy to bring these products to sweet spot client segment both mid-market and
FIs. Evolution and replication of in-house best practice to new clients e.g. PIP to commercial

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Source: ISDA
 Continuing

Serving new client segments Trends

Global financial sponsor-backed acquisition

Financial sponsors were the key client
volume, $bn driver behind the upturn in M&A over 2005
Financial sponsor backed acquisitions,
globally, were valued at $346bn in 2005, a
40% increase on 2004
Leveraged loans have become the most
important source of funding

Global financial sponsor-backed loan Global Markets is well placed to serve this
financing volume, $bn segment through the sweet spot strategy

Well placed as it fits with our longstanding

credit structuring & distribution expertise

Financial sponsor backed M&A volume

typically focused on the mid market
Network clear competitive advantage in
originating and financing deals

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Source: ABN AMRO Equity Research, Dealogic Loanware
Conclusions
WCS improved significantly in 2005 on the back of growth initiatives,
resource rationalisation and Group synergies
Efficiency ratio improved from 93.6% to 88.0%, but will improve further

Opening up WCS to the Group WCS unbundled into three groups; Global
Markets, Global Clients and Regional Client Units
Specific performance commitments made for each

We are well positioned to drive further growth in 2006 and beyond by

aligning ourselves with identified market trends
In particular : emerging markets; new client segments; leveraged finance;
equity unbundling; ALM and derivative product growth

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Appendix:

Definition product groups

Definition of the product groups
Commercial Banking : Loan products and all transaction banking services.
In the presentation, this is split between Lending and Transaction Banking
Fixed Income, Futures and FX (FIFF) : Fixed income trading activities,
structured derivatives, futures and foreign exchange. In the presentation, all
of this except futures is included in Fixed Income & Treasury; futures is
included in Other
Equities & Investment Banking : Cash equities, equity derivatives, debt and
equity origination and corporate finance. In the presentation, all of this
except debt origination is shown as Equity & Equity-related; debt origination
is included in Fixed Income & Treasury

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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.

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