First Half Results 2005

First Half Results 2005 Net profit up 9.8 compared with first half 2004 Tom de Swaan Chief Financial Officer, Member of the Managing Board Amsterdam/London, 1 August 2005

Group operating income rose by 8.1 due to continuing growth in C&CC Operating income ABN AMRO* (EUR mln) Operating income per (S)BU (H1 2005, EUR mln, y-o-y ) 9500 9285 250 200 C&CC: +14.1 9000 +8.1 150 100 50 8500 8587 0-50 -100 8000 H1 04 H1 05-150 NL NA BR NGM BF WCS PE PC AM GF *All figures are excl. consolidation effect controlled investments of BU Private Equity Decline operating income Group Functions (GF) was due to absence of the gain on sale of our stake in Bank Austria (EUR 115 mln) booked in Q1 2004 34

7.2 increase in expenses, mainly due to higher costs in BU NL and BU Brazil Expenses per (S)BU (H1 2005, EUR mln, y-o-y ) 140 120 100 80 Increase in expenses in BU NL, mainly caused by costs related to the CLA, partly of a one-off nature Sharp increase in expenses BU Brazil, mainly due to appreciation Brazilian real 60 40 20 0-20 -40 NL NA BR NGM BF WCS PE PC AM GF Increase in expenses at WCS on the back of higher IT expenses and higher bonuses, reflecting improved net performance Increase in expenses Group Functions due to rising costs related to compliance, audit, Sarbanes Oxley and Basel II. 35

Group operating result up by 10.5, reflecting strong performance of C&CC Operating result per (S)BU (H1 2005, EUR mln, y-o-y ) 150 C&CC: +27.3 100 50 0-50 -100-150 -200 NL NA BR NGM BF WCS PE PC A M GF 36

Lower provisioning due to releases and improvement of quality of loan portfolio WCS benefited from releases, primarily in loan portfolios of North America and EMEA Provisions in BU NA came down, due to an unusual low level of gross provisions and ongoing recoveries in the commercial banking portfolio Provisions in BU NL up, mainly related to the strong increase in RWAs Provisions in BU Brazil up due to an increase in delinquency rates in the consumer portfolio in the second quarter Loan loss provisions per (S)BU (EUR mln) Provisioning H1 04 H1 05 Change BU NL 94 128 34 BU NA 52 7-45 BU Brazil 113 150 37 BU NGM 13 27 14 Bouwfonds -2 6 8 WCS 33-131 -164 Other 8-26 -34 ABN AMRO 311 161-150 Annualised provisions / RWA () 0.5 0.0-0.5 2Q04 3Q04 4Q04 1Q05 2Q05 C&CC WCS ABN AMRO PC+AM&T 37

ROE and EPS impacted by pre-funding of BAPV Return on Equity (ROE, ) Earnings per Share (EPS, EUR) 30 25 24.9 22.3 1.10 1.05 1.04 3.8 1.08 20 15 1.00 10 0.95 5 0 2004 H1 05 ROE 0.90 H1 04 H1 05 EPS 38

Interim dividend und Dividend (EUR) Dividend yield 1.00 6.0 5.9 5.5 5.0 5.1 5.0 0.75 0.45 0.45 0.50 0.50 4.0 4.3 0.50 3.0 2.0 0.25 0.45 0.45 0.45 0.50 0.50 1.0 0.00 2001 2002 2003 2004 2005 0.0 2001 2002 2003 2004 H1 05 Interim Dividend Final Dividend Dividend yield (dividend/average share price) 39

Second quarter operating performance

Net profit increased by 10.3 in the second quarter of 2005 (EUR mln) Q2 2005 Q1 2005 Quarterly Year to date * H1 2005 H1 2004 * Total operating income 4,840 4,445 8.9 5.7 9,285 8,587 8.1 8.3 Operating expenses 3,406 3,096 10.0 6.6 6,502 6,068 7.2 6.8 Operating result 1,434 1,349 6.3 3.6 2,783 2,519 10.5 11.8 Provisioning loan losses 62 99 (37.4) (46.6) 161 311 (48.2) (56.2) Net operating profit 1,004 914 9.8 12.1 1,918 1,646 16.5 21.3 Net profit** 987 895 10.3 12.6 1,882 1,607 17.1 22.0 Net profit 987 895 10.3 12.6 1,882 1,714 9.8 14.4 *At constant forex rates; ** Excluding discontinued operations All figures are excluding consolidation effect of controlled private equity holdings Operating income up due to improved performances of C&CC and WCS Operating expenses up, mainly due to higher expenses in C&CC, WCS and Group Functions Operating result up due to improved performance of C&CC and WCS 41

Continuing solid performance C&CC, driven by BU NL and BU Brazil (EUR mln) Q2 2005 Q1 2005 Quarterly Year to date * H1 2005 H1 2004 * Total operating income 2,821 2,567 9.9 5.0 5,388 4,723 14.1 12.6 Operating expenses 1,823 1,647 10.7 5.9 3,470 3,216 7.9 6.5 Operating result 998 920 8.5 3.4 1,918 1,507 27.3 25.6 Provisioning loan losses 175 143 22.4 14.3 318 270 17.8 10.7 Net operating profit 542 534 1.5 4.6 1,076 896 20.1 24.5 Net profit 539 531 1.5 4.7 1,070 904 18.4 22.8 * At constant forex rates: Operating income up by 9.9, mainly due to rise in BU NL and BU Brazil Operating income BU NL benefited from loan growth and higher volumes and margins in savings products Operating income BU Brazil benefited from the growth of the retail loan portfolio Operating expenses up, mainly due to increase in BU NL and BU Brazil 42

BU NL Quarterly Year to date (EUR mln) Q2 2005 Q1 2005 H1 2005 H1 2004 Total operating income 969 869 11.5 1,838 1,622 13.3 Operating expenses 696 652 6.7 1,348 1,259 7.1 Operating result 273 217 25.8 490 363 35.0 Provisioning loan losses 64 64 128 94 36.2 Net operating profit 145 107 35.5 252 182 38.5 Net profit 145 108 34.3 253 182 39.0 Efficiency ratio 71.8 75.0 73.3 77.6 Staff (fte) 20,078 20,009 0.3 20,078 Risk-weighted assets (in bln) 59.9 57.6 4.0 59.9 Please note that the operating income and expenses were impacted by the transfer of Stater (mortgage processing business) to BU NL from 1 January 2005 43

Further improvement operating result and efficiency ratio BU NL Efficiency ratio ()* Operating result (EUR mln)** 90.0 85.0 80.0 75.0 86.9 82.2 80.9 75.4 76.1 75.2 250 220 190 160 176 187 207 216 217 228 70.0 130 65.0 2001 2002 2003 2004 H1 05 100 Q1 04 Q2 04 Q3 04 Q4 04 Q1 05 Q2 05 Dutch GAAP IFRS * 2003 is adjusted for sale of insurance business to Delta Lloyd (EUR 111 mln) and for the revenues related to the release of retained credit spreads related to the Amstel securitisation programme (EUR 120 mln), 2004 for GSS charge (EUR 287 mln) and H1 05 for interest income incidental ** Q2 05 adjusted for interest income incidental (EUR 45 mln) 44

BU NA (EUR mln) Q2 2005 Q1 2005 Quarterly Year to date * H1 2005 H1 2004 * Total operating income 839 828 1.3 (3.7) 1.667 1.569 6.2 10.6 Operating expenses 532 503 5.8 0.5 1.035 1.049 (1.3) 2.6 Operating result 307 325 (5.5) (10.2) 632 520 21.5 26.6 Provisioning loan losses 2 5 (60.0) (64.0) 7 52 (86.5) (86.0) Net operating profit 224 218 2.8 (2.5) 442 321 37.7 43.1 Net profit 224 217 3.2 (2.0) 441 320 37.8 43.2 Efficiency ratio 63.4 60.7 62.1 66.9 Staff (fte) 16.859 16.863 (0.0) 16.859 Risk-weighted assets (in bln) 64.8 57.8 12.1 64.8 * At constant forex rates: 45

Higher income BU NA driven by solid commercial banking results Operating income commercial banking (USD, Q1=100) Commercial loans (USD mln) and spreads () 120 110 100 100 110 105 115 110 116 21.0 20.5 20.0 19.7 20.1 20.6 90 80 19.5 19.0 18.9 19.1 19.3 70 18.5 60 Q1 04 Q2 04 Q3 04 Q4 04 Q1 05 Q2 05 18.0 Q1 04 Q2 04 Q3 04 Q4 04 Q1 05 Q2 05 46

BU Brazil (EUR mln) Q2 2005 Q1 2005 Quarterly Year to date * H1 2005 H1 2004 * Total operating income 648 525 23.4 8.8 1,173 944 24.3 9.0 Operating expenses 411 331 24.2 9.7 742 622 19.3 4.8 Operating result 237 194 22.2 7.3 431 322 33.9 16.9 Provisioning loan losses 87 63 38.1 21.4 150 113 32.7 15.3 Operating profit before tax 150 131 14.5 0.5 281 209 34.4 17.8 Regular taxes 54 44 98 59 Cayman taxes 38 (1) 37 (20) Net operating profit 58 88 (34.1) (0.2) 146 170 (14.1) (2.3) Net profit 56 86 (34.9) 0.1 142 165 (13.9) (1.4) Efficiency ratio 63.4 63.0 63.3 65.9 Staff (fte) 26,658 26,848 (0.7) 26,658 Risk-weighted assets (in bln) 12.6 9.9 27.3 12.6 * At constant forex rates: 47

BU Brazil continues its good performance due to strong loan growth & strict cost control Retail loans (BRL mln) and interest spread () Changes in expenses and inflation Brazil (H1=100) 15000 12000 Loan growth: H1 05 / H1 04: +30.8 Q2 05 / Q1 05: +7.6 108 104 100 100 100 104.8 107.6 9000 96 6000 92 88 3000 84 0 Q1 04 Q2 04 Q3 04 Q4 04 Q1 05 Q2 05 80 H1 04 H1 05 Retail loans (avg. balances) Interest spread Change in expenses at constant exs Inflation * Retail= Individuals and SME 48

BU NGM (EUR mln) Q2 2005 Q1 2005 Quarterly Year to date * H1 2005 H1 2004 * Total operating income 157 138 13.8 8.8 295 270 9.3 11.3 Operating expenses 88 77 14.3 9.6 165 161 2.5 4.0 Operating result 69 61 13.1 7.7 130 109 19.3 21.9 Provisioning loan losses 18 9 100.0 90.0 27 13 107.7 109.2 Net operating profit 40 40 0.0 (4.5) 80 78 2.6 5.5 Net profit 40 40 0.0 (4.5) 80 93 (14.0) (11.5) Efficiency ratio 56.1 55.8 55.9 59.6 Staff (fte) 5,020 4,371 14.8 5,020 Risk-weighted assets (in bln) 5.6 4.9 14.3 5.6 * At constant forex rates: Please note that the operating income and expenses were impacted by the transfer of Stater (mortgage processing business) to BU NL from 1 January 2005 49

Fast growth in NGM Asia underpinned by ongoing customer growth Revenue development NGM Asia (EUR mln) Customer and credit card development NGM Asia (in thousands) 120 90 83 88 92 93 105 118 3,000 2,500 2,000 60 1,500 1,000 30 500 0 Q1 04 Q2 04 Q3 04 Q4 04 Q1 05 Q2 05 0 Q1 04 Q2 04 Q3 04 Q4 04 Q2 04 Q2 05 Operating income Credit cards Customers 50

Bouwfonds Quarterly Year to date (EUR mln) Q2 2005 Q1 2005 H1 2005 H1 2004 Total operating income 208 207 0.5 415 318 30.5 Operating expenses 96 84 14.3 180 125 44.0 Operating result 112 123 (8.9) 235 193 21.8 Provisioning loan losses 4 2 100.0 6 (2) Net operating profit 75 81 (7.4) 156 145 7.6 Net profit 74 80 (7.5) 154 144 6.9 Efficiency ratio 46.2 40.6 43.4 39.3 Staff (fte) 2,075 1,798 15.4 2,075 Risk-weighted assets (in bln) 24.4 23.8 2.5 24.4 51

Growth of operating income Bouwfonds driven by improved results property development Income development Bouwfonds (EUR mln) 250 200 150 100 50 0 Q1 04 Q2 04 Q3 04 Q4 04 Q1 05 Q2 05 Interest income Other income Total operating income Steady development of net interest income is a reflection of strong mortgage refinancing activities. Quarterly increase in net interest income due to reclassifications Second quarter increase in other income reflects improved results in residential property development The transfer of the mortgage activities of Bouwfonds to the BU NL will be effective from 1 January 2006 52

Improved results WCS in Q2 05, but first half return needs to be further improved (EUR mln) Q2 2005 Q1 2005 Quarterly Year to date * H1 2005 H1 2004 * Total operating income 1,299 1,126 15.4 12.6 2,425 2,369 2.4 2.7 Operating expenses 1,135 1,079 5.2 3.2 2,214 2,118 4.5 5.7 Operating result 164 47 211 251 (15.9) (22.0) Provisioning loan losses (74) (57) (131) 33 Net operating profit 196 70 128.8 117.6 266 177 50.3 46.3 Net profit 192 67 186.6 172.9 259 172 50.6 46.6 Efficiency ratio 87.4 95.8 91.3 89.4 Risk weighted assets (in bln) 78.1 77.3 1.0 * At constant forex rates: Improved results primarily driven by the strong performance of structured derivatives, one of the key growth areas for WCS, and fixed income origination Higher expenses primarily driven by higher bonus accruals on the back of the improved performance of WCS in the second quarter 53

15.4 revenue increase WCS due to improvement in all value centers Operating income and results (EUR mln) Breakdown of revenues per value centre (EUR mln) 1400 1200 1237 1132 1241 1092 1126 1299 600 500 1000 800 400 600 300 400 200 200 152 99 159 47 164 100 0 0-200 -110 Q1 04 Q2 04 Q3 04 Q4 04 Q1 05 Q2 05 Commercial Banking FIFF* Equities & Investment Banking Q1 05 Q2 05 Operating income Operating result *FIFF (Fixed Income, Futures and FX) includes fixed income trading activities, structured derivatives, futures and foreign ex 54

Fair market value s main reason for decline in income BU Private Equity (EUR mln) Q2 2005* Q2 2005 Q1 2005 Quarterly Year to date H1 2005 H1 2004 Total operating income 692 96 113 (15.0) 209 221 (5.4) Operating expenses 636 32 17 88.2 49 59 (16.9) Operating result 56 64 96 (33.3) 160 162 (1.2) Provisioning loan losses (1) (1) 2 1 4 (75.0) Net operating profit 67 77 99 (22.2) 176 141 24.8 Net profit 77 77 94 (18.1) 171 131 30.5 Efficiency ratio * Including consolidation effect of private equity holdings; Total operating income down primarily driven by a decrease in results from financial transactions Operating expenses up due to a non-recurring catch-up of cross-(s)bu charges 55

BU Private Clients shows steady growth despite weak financial markets (EUR mln) Q2 2005 Q1 2005 Quarterly Year to date * H1 2005 H1 2004 * Total operating income 294 287 2.4 2.0 581 545 6.6 6.9 Operating expenses 209 201 4.0 3.5 410 394 4.1 4.2 Operating result 85 86 (1.2) (1.4) 171 151 13.2 13.8 Provisioning loan losses (1) (1) (2) 2 Net profit 62 63 (1.6) (1.9) 125 108 15.7 16.3 Efficiency ratio 71.1 70.0 70.6 72.3 Staff (fte) 4,003 3,941 1.6 4,003 Risk-weighted assets (in bln) 7.3 7.2 1.4 7.3 Assets under adm. (in bln) 125 120 4.2 125 * At constant forex rates: Operating income increased by 2.4, driven by higher net interest income 6.0 increase net interest income due to growth in average client balances Other revenue remained stable, mainly due to weak financial markets performance (in the US in particular) over the preceding quarter 56

Good results BU AM due to in asset mix towards more profitable products (EUR mln) Q2 2005 Q1 2005 Quarterly Year to date * H1 2005 H1 2004 * Total operating income 182 157 15.9 13.2 339 280 21.1 21.7 Operating expenses 124 114 8.8 6.2 238 211 12.8 13.6 Operating result 58 43 34.9 31.6 101 69 46.4 46.5 Net operating profit 50 31 61.3 57.7 81 51 58.8 58.2 Net profit 46 27 70.4 66.3 73 47 55.3 54.7 Efficiency ratio 68.1 72.6 70.2 75.4 Staff (fte) 1,678 1,934 (13.2) 1,678 Risk-weighted assets (in bln) 1.0 1.7 (41.2) 1.0 Assets under adm. (in bln) 167.1 159.6 4.7 167.1 * At constant forex rates: Results BU Asset Management positively impacted by net gain on sale of trust business in Q2 05 (EUR 17 mln) Operating income (adjusted for gain) up by 5.1 57

Summary

ABN AMRO is well positioned for sustainable profitable growth Continued strategic discipline - focus on mid-market segments Disciplined approach to capital Disciplined approach to raise returns of WCS Disciplined approach to deliver at least EUR 600 mln savings by 2007 Average ROE of 20 and top five TRS as targets for 2005-2008 59

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; s 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 Ex 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 Ex Commission and to any subsequent reports furnished or filed by us with the U.S. Securities and Ex 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. 60