ABN AMRO reports pro-forma 2005 results under the new structure Hugh Scott-Barrett Chief Financial Officer, Member of the Managing Board London, 7 April

ABN AMRO reports pro-forma 2005 results under the new structureHugh Scott-BarrettChief Financial Officer, Member of the Managing Board

London, 7 April 2006

2

Pro-forma 2005 results under the new structure

7 February 2005: strategic focus on mid-market presented

14 October 2005: new organisational structure announced

31 January 2006: full-year results 2005

Today: pro-forma 2005 results under new structure

26 April 2005: Q1 2006 results released under new structure

3

Consumer Commercial

Mass Retail

MNCs

Mid-Market/FIs

PC /Mass Affluent

TopPrivateClients

Small Business

Strategic focus on mid-market segments

Product innovation

Feeder channel Provider of scale

‘SWEET SPOT’

4

Global Markets

Europe North

America Latin

AmericaAsia Private

ClientsGlobal Clients

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

New Group structure reflects strategic focus on mid-market clients

Our new group structure Key Elements of the Strategy

Advantaged

model:

Using local

client

engagement

while

delivering

additional

value by

leveraging

our global

capabilities

in products /

services

Growth in Our Customer ‘Sweet Spot’

– Where we are advantaged and most profitableConsumer: PC/Mass Affluent ClientsCommercial: SMEs, Mid-large corporates & FIs

Client-led strategy based on local engagement

– Geographic distribution model

Value driven through working as ‘One Bank’

– World-class products

– International network capabilities

– Spreading of successful formulas

– High quality and more efficient services

through…

and…

5

Unbundling WCS will deliver continued performance improvement

Opening up former 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

sustainable 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

Global Markets

Europe North

America Latin

AmericaAsia Private

ClientsGlobal Clients

NL

Asset Management

Group Functions

Services

Transaction Banking



Local Products

Local Products

Local Products

Local Products

Local Products

Local Products

M&A ECM

External reporting under the new Group structure

7

Quarterly financial reporting on all Client BUs, Asset Management and Group Functions

ABN AMRO will publish financial

accounting information on:

BU NL (incl. Bouwfonds

mortgages)

BU Europe (incl. BAPV)

BU North America

BU Latin America

BU Asia

BU Private Clients

BU Global Clients

BU Asset Management

BU Private Equity

Bouwfonds non-mortgages*

Group Functions, incl. Services

Global Markets

Europe North America

Latin America

Asia PC Global Clients

NL

Asset Management

Group Functions

Services

Transaction Banking



* Bouwfonds non-mortgage will be divested, and until that time shown separately

8

Major changes in the new structure

The major changes in the new structure are:

The mortgage related activities of Bouwfonds will be part of BU NL

Banca Antonveneta will be part of BU Europe. We will also report Banca Antonveneta

separately which will make it possible to track progress against commitments

WCS has been unbundled in three parts:

1. Global Clients

2. Commercial Clients spread over the 5 regional client BUs

3. Global Markets

– BU Global Markets will be reported in the regional client BUs or BU Global Clients

– Proprietary trading and futures income of Global Markets will be reported in Group Functions

– Commercial Clients have been transferred to and will be reported in the regional client BUs

9

ABN AMRO will also report on Global Markets and the segments to track progress against commitments

ABN AMRO will provide

financial information on BU

Global Markets on a quarterly

basis which will make it possible

to track progress against

commitments*


financial information on the

segments on an bi-annual basis


financial information on

Transaction Banking on an

annual basis

Europe NorthAmerica

LatinAmerica

Asia PC GlobalClients

NL

Global Markets

Asset Management

Transaction Banking



Group Functions

Services

* Full P/L with half year and full year results and efficiency ratio with first quarter and third quarter results

Pro-forma 2005 results

11

Regions

(EUR mln) NL* Europe NA LA Asia

Global Clients

Private Clients

Asset Mngt

Private Equity

BF** GF/GS

Total Bank

Operating income 4,629 1,109 3,897 3,064 1,235 2,348 1,297 712 381 505 650 19,827

Operating expenses 3,282 1,208 2,594 1,848 914 1,765 915 501 129 287 74 13,517

Operating result 1,348 (99) 1,303 1,216 321 583 382 211 252 218 576 6,310

Provisioning 286 (35) (87) 348 27 (50) 16 0 34 13 96 648

Net operating profit 739 (104) 1,086 603 204 553 279 171 263 136 513 4,443

Efficiency ratio 70.9% 108.9% 66.6% 60.3% 74.0% 75.2% 70.6% 70.4% 33.9% 56.8% 68.2%

RWA (EUR bln) 65.8 28.1 74.2 18.7 11.9 26.2 9.4 0.8 2.7 12.9 7.1 257.9

Breakdown of 2005 results under the new structure

All figures are excluding consolidation effect of private equity holdings*NL is incl. Bouwfonds mortgage** BF is Bouwfonds non-mortgage

12

Regions

(EUR mln) Global Clients NL Europe NA LA Asia

Group Functions

Former

WCS

Total operating income 2,279 582 1,073 421 88 630 268 5,341

Operating expenses 1,764 513 1,164 364 118 606 170 4,699

Operating result 515 69 (91) 57 (30) 24 98 642

Provisioning (50) (5) (37) (108) (15) (27) 1 (241)

Net operating profit 485 52 (96) 216 (41) 8 82 705

Efficiency ratio 77.4% 88.1% 108.5% 86.5% 134.1% 96.2% 63.4% 88.0%

Risk-weighted assets (bln) 25.8 5.1 27.7 7.5 4.0 8.0 (1.1) 77.0

Breakdown of 2005 profit and loss account of former WCS activities

13

Breakdown of RWAs under the former and new structure

Risk weighted assets under the former structure (2005, EUR 257.9 bln)*

Risk weighted Assets under the new structure (2005, EUR 257.9 bln)*

All figures are excl. consolidation effects of controlled Private Equity holdings*Excl. significant disclosed one-off items used for normalisation as specified in FY 05 results press release on page 4 (see also appendix this presentation)** BU NL is incl. Bouwfonds mortgage; Other incl. Group Functions, Services and Bouwfonds non-mortgage

NL18%

NA26%

BR6%NGM

3%

AM0%

GF3%

PE1%

PC3%

WCS30%

BF10%

NL**26%

NA28%LA

7%

Europe11%

Global Clients10%

PC4%PE

1%

Other**8%

AM0%

Asia5%

2005 Pro-forma results per BU

15

Former structure Former Structure New structure

(EUR mln) BU NL

WCS NL*

Bouwfonds mortgages

Other

BU NL

Total operating income 3,684 582 366 (3) 4,629

Operating expenses 2,675 513 94 0 3,282

Operating result 1,009 69 272 (2) 1,348

Provisioning 277 (5) 13 1 286

Net operating profit 509 52 179 (1) 739

Efficiency ratio 72.6% 88.1% 25.7% 70.9%

Risk-weighted assets (in bln) 47.3 5.1 13.0 0.4 65.8

BU Netherlands (BU NL)

BU NL includes the following businesses from the former structure: BU NL (C&CC), WCS NL (excl. Global Clients), mortgage related activities of Bouwfonds and other

*Excl. Global Clients

16

Former Structure New structure

(EUR mln) WCS Europe* Other Europe Europe**

Total operating income 1,073 36 1,109 1,066

Operating expenses 1,164 44 1,208 1,208

Operating result (91) (8) (99) (142)

Provisioning (37) 2 (35) (35)

Net operating profit (96) (8) (104) (143)

Efficiency ratio 108.5% 108.9% 113.3%

Risk-weighted assets (in bln) 27.7 0.4 28.1

BU Europe

BU Europe includes the following businesses from the former structure: WCS Europe (excluding Global Clients) and other (former NGM Europe)

The reported results of the BU Europe reflect the fact that a significant part of the WCS business has been transferred to the BU Europe and that this part was a high efficiency ratio business. Management of the BU Europe, in cooperation with the management teams of Global Markets, Transaction Banking and Services will focus on improving the financial performance of the business in 2006. Further details on initiatives planned to improve infrastructural efficiency, including any investments associated with those initiatives, will be given with the first quarter results

*Excl. Global Clients** Adjusted for gain on sale of Bishopsgate (EUR 43 mln gross and EUR 39 mln net)

17

Former structure Former Structure New structure

(EUR mln) BU NA WCS NA* Other BU NA

Total operating income 3,483 421 (7) 3,897

Operating expenses 2,236 364 (6) 2,594

Operating result 1,247 57 (1) 1,303

Provisioning 21 (108) 0 (87)

Net operating profit 871 216 0 1,086


Risk-weighted assets (in bln) 66.7 7.5 0.0 74.2

BU North America (BU NA)

BU NA includes the following businesses from the former structure: BU NA (C&CC), WCS NA (excl. Global Clients) and other


18

Former structure Former structure New structure New structure

(EUR mln) BU BR WCS LA* BU LA BU LA**


Operating expenses 1,730 118 1,848 1,848

Operating result 1,245 (30) 1,216 987

Provisioning 363 (15) 348 348

Net operating profit 644 (41) 603 407



BU Latin America (BU LA)

BU LA includes the following businesses from the former structure: BU Brazil (C&CC) and WCS LA (excl. Global Clients)

*Excl. Global Clients** Adjusted for sale of Real Seguros (EUR 229 mln gross and EUR 196 mln net)

19

Former structure New structure

(EUR mln) WCS Asia* Other Asia

Total operating income 630 605 1,235

Operating expenses 606 308 914

Operating result 24 297 321

Provisioning (27) 54 27

Net operating profit 8 196 204



BU Asia

BU Asia includes the following businesses from the former structure: WCS Asia (excl. Global Clients) and other (former NGM Asia)


20

Former structure New structure

(EUR mln) WCS GC* KEB** Global Clients

Total operating income 2,279 69 2,348

Operating expenses 1,764 1 1,765


Provisioning (50) 0 (50)


Efficiency ratio 77.4% 75.2%


BU Global Clients (BU GC)

As of 1 January 2006 our shareholding in Korean Exchange Bank (KEB) has been transferred from the BU Private Equity to the BU Global Clients. In the pro-forma 2005 results we have already included KEB in the BU Global Clients

On 14 December 2005, we set capital constraint and minimum return targets 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

*WCS Global Clients**Under former structure reported under BU Private Equity

21

BU Private Clients (BU PC)


(EUR mln) BU PC Other BU PC BU PC*


Operating expenses 891 24 915 870

Operating result 334 48 382 389

Provisioning 6 10 16 16

Net operating profit 255 24 279 271



* Adjusted for gain (EUR 38 mln gross and net) on the sale of Nachenius Tjeenk and a charge (EUR 45 mln operating expenses and EUR 30 mln net profit) related to the merger of Banque Neuflize and OBC in France

22

BU Private Equity (BU PE)

Former structure Former structure New structure

(EUR mln) BU PE KEB BU PE

Total operating income 450 69 381

Operating expenses 130 1 129


Provisioning 34 0 34


Efficiency ratio 28.9% 33.9%


As of 1 January 2006 our shareholding in Korean Exchange Bank (KEB) has been transferred from the BU Private Equity to the BU Global Clients. In the pro-forma results we have already included KEB in the BU Global Clients

23


(EUR mln) GF WCS* Other GF GF***

Total operating income 379 268 3 650 736

Operating expenses (95) 170 (1) 74 343

Operating result 474 98 4 576 392

Provisioning 95 1 0 96 96

Net operating profit 429 82 3 513 313

Risk-weighted assets (in bln) 8.6 (1.1) (0.4) 7.1

Group Functions, incl Group Services (GF)

Group Functions includes the following businesses from the former structure: Group Functions and non-client related WCS activities (proprietary trading and futures)

Group Functions includes the stakes in Banca Antonveneta*, Capitalia, and K&H Bank

*Non-client related WCS activities (proprietary trading and futures)*** Adjusted for provisioning for balance sheet adjustment (EUR 86 mln operating income and EUR 60 mln net operating profit), release healthcare benefit provision (EUR 392 mln operating expenses and EUR 268 mln net operating profit), holiday provision (EUR 56 mln operating expenses and EUR 40 mln net operating profit), US regulatory fine (EUR 67 mln operating expenses and net operating profit) and release of tax provisions (EUR 100 mln)

As of the first quarter results, Banca Antonveneta will be reported under BU Europe

24

Former structure New Structure New Structure

(EUR mln) WCS Global Markets Other*

Total operating income 5,341 3,294 2,047

Operating expenses 4,699 2,994 1,705


Provisioning (241) (15) (226)



BU Global Markets

On 14 December 2005, we set the following targets for Global Markets: improved efficiency ratio for Global Markets activities – improving at least 5 percentage points in 2006, and below 80% by end 2008

*Other includes Transaction Banking, Lending and M&A/ECM

Appendices

26

Appendices: table of contents

Breakdown of 2005 results under the former and new structure

Breakdown of pro-forma 2005 results per quarter

Significant disclosed one-off items

Breakdown of 2005 results under the former and new structure

28

Breakdown of operating income under the former and new structure

Operating income under the former structure (2005, EUR 19,603 mln)*

All figures are excl. consolidation effects of controlled Private Equity holdings*Excl. significant disclosed one-off items used for normalisation as specified in FY 05 press release on page 4 (see also appendix of this presentation)** BU NL is incl. Bouwfonds mortgage; Other is incl. Bouwfonds non-mortgage

Operating income under the new structure (2005, EUR 19,603 mln)*

NL19%

NA18%

BR14%

BF4%

WCS27%

PC6%

PE2%

GF2%

AM4%

NGM4%

NL**25%

NA20%

LA14%

Asia6%

AM4%

Other**6%

PE2%

PC6%

Global Clients12%

Europe5%

29

Breakdown of operating expenses under the former and new structure

Operating expenses under the former structure (2005, EUR 13,786 mln)*

Operating expenses under the new structure (2005, EUR 13,786 mln)*

All figures are excl. consolidation effects of controlled Private Equity holdings*Excl. significant disclosed one-off items used for normalisation as specified in FY 05 press release on page 4 (see also appendix of this presentation)** BU NL is incl. Bouwfonds mortgage; Other is incl. Bouwfonds non-mortgage

NL19%

NA16%

BR13%NGM*

3%

AM4%

GF1%PE

1%

PC6%

WCS34%

BF3%

NL**23%

NA18%

LA13%

Europe9%

Global Clients

13%

PC7%

PE1%

Other**5%

AM4%

Asia7%

30

Breakdown of operating result under the former and new structure

Operating result under the former structure (2005, EUR 5,817 mln)*

Operating result under the new structure (2005, EUR 5,817 mln)*

All figures are excl. consolidation effects of controlled Private Equity holdings*Excl. significant disclosed one-off items used for normalisation as specified in FY 05 press release on page 4 (see also appendix of this presentation)** BU NL is incl. Bouwfonds mortgage; Other is incl. Bouwfonds non-mortgage and the negative result of BU Europe

NL17%

NA22%

BR17%

BF8%

WCS10%

PC5%

PE6%

GF5%

AM4%

NGM6%

NL**23%

LA17%

NA22%

Asia6%

AM4%

Other**8%

PE4%

PC6%

Global Clients

10%

31

Breakdown of net operating result under the former and new structure

Net operating profit under the former structure (2005, EUR 3,969 mln)*

All figures are excl. consolidation effects of controlled Private Equity holdings*Excl. significant disclosed one-off items used for normalisation as specified in FY 05 press release on page 4 (see also appendix of this presentation)** BU NL is incl. Bouwfonds mortgage; Other is incl. Bouwfonds non-mortgage and the negative results of BU Europe

Net operating profit under the new structure (2005, EUR 3,969 mln)*

NL13%

NA23%

BR11%NGM

5%

AM4%

GF6%

PE8%

PC5%

WCS17%

BF8%

NA27%

NL**18%

LA10%

Global Clients14%

PC6%

PE7%

Other**9%AM

4%

Asia5%

Breakdown of pro-forma 2005 results per quarter

33

Regions


Global Clients

Private Clients

Asset Mngt

Private Equity

BF** GF/GS

Total Bank

Operating income 1,135 226 887 543 259 505 303 157 123 125 188 4,451

Operating expenses 788 240 587 357 199 444 206 114 17 66 77 3,096

Operating result 347 (14) 300 187 60 60 96 43 106 59 111 1,356

Provisioning 69 (5) (40) 63 4 (5) (1) 0 2 0 12 99

Net operating profit 191 (18) 253 75 25 59 70 31 110 39 86 921


Breakdown of first quarter 2005 results under the new structure


34

Regions


Global Clients

Private Clients

Asset Mngt

Private Equity

BF** GF/GS

Total Bank

Operating income 1,125 334 878 672 298 555 312 182 98 118 259 4,830


Operating result 281 15 266 244 57 156 97 58 66 44 141 1,425

Provisioning 67 (17) 15 75 (4) (38) 3 0 0 (1) (37) 63

Net operating profit 153 28 218 56 36 153 67 50 78 31 124 993


Breakdown of second quarter 2005 results under the new structure


35

Regions


Global Clients

Private Clients

Asset Mngt

Private Equity

BF** GF/GS

Total Bank

Operating income 1,237 247 1,024 989 352 544 341 186 49 123 215 5,308



Provisioning 72 26 (46) 86 9 (14) 13 0 16 7 31 199

Net operating profit 235 (93) 341 331 115 58 57 54 (5) 28 88 1,208


Breakdown of third quarter 2005 results under the new structure


36

Regions


Global Clients

Private Clients

Asset Mngt

Private Equity

BF** GF/GS

Total Bank

Operating income 1,132 301 1,107 860 326 745 342 187 112 138 (12) 5,238

Operating expenses 819 326 805 586 259 446 229 141 39 78 (201) 3,527


Provisioning 78 (38) (15) 124 18 7 1 0 16 6 90 288

Net operating profit 160 (21) 274 142 29 282 84 37 82 38 214 1,322


Breakdown of fourth quarter 2005 results under the new structure


Overview of significant one-off items as specified in FY 2005 results press release

38

Overview of significant one-off items as specified in FY 05 results press release*

*As the reported 2005 numbers are impacted by various incidental items, and therefore not a fair reflection of the underlying trends, we have adjusted the 2005 figures for significant disclosed one-off items (any item greater than EUR 35 mln in net operating profit terms). These items were specified in Full Year 2005 results press release on page 4 (published on 31 January 2006)

Documents

ABN AMRO reports pro-forma 2005 results under the new structure Hugh Scott-Barrett Chief Financial Officer, Member of the Managing Board London, 7 April