ABN AMRO Capital Funding Trust V ABN AMRO Holding N.V.

or governmental charges of whatever nature, imposed or
levied by or on behalf a relevant jurisdiction or any authority
therein or thereof having the power to tax.
In this prospectus supplement, when we refer to "relevant
jurisdiction," we mean:
• the Netherlands, or
• during any period any intercompany security that is
not an initial intercompany security is outstanding,
the jurisdiction of residence of any obligor on such
intercompany security.
If withholding is required in respect of payments made on the
trust preferred securities, the Trust will pay, as further
distributions, such additional amounts as may be necessary
in order that the net amounts received by the holders of the
trust preferred securities after the withholding or deduction
will equal the amount which would have been received in
respect of the trust preferred securities in the absence of
such withholding or deduction.
However, no such additional amounts will be payable to a
holder of trust preferred securities (or to a third party on the
holder's behalf) with respect to any trust preferred securities
to the extent that:
• such relevant tax is imposed or levied by virtue of
such holder (or the beneficial owner of such trust
securities) having some connection with the relevant
jurisdiction, other than being a holder (or beneficial
owner) of such trust preferred securities;
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• such tax is imposed or levied by virtue of such
holder (or beneficial owner) not having made a
declaration of non- residence in, or other lack of
connection with, the relevant jurisdiction or any
similar claim for exemption, if Holding or its agent
has provided the beneficial owner of such trust
preferred securities or its nominee with at least 60
days' prior written notice of an opportunity to make
such a declaration or claim; or
• where such withholding or deduction is imposed on
a payment to an individual and is required to be
made pursuant to any European Union Directive on
the taxation of savings implementing the
conclusions of the ECOFIN Council meeting of June
3, 2003 or any law implementing or complying with,
or introduced in order to conform to, or substantially
similar to such Directive.
The LLC will pay such additional amounts to each holder of
the LLC preferred securities as may be necessary in order
that every net payment in respect thereof, after withholding
for any relevant tax, will not be less than the amount
otherwise required to be paid, subject to certain exceptions
described under "Description of the LLC Securities."
The Bank will pay such additional amounts to each holder of
the perpetual non- cumulative capital securities as may be
necessary in order that every net payment in respect
thereof, after withholding for any relevant tax, will not be less
than the amount otherwise required to be paid, subject to
certain exceptions described under "Description of the
Perpetual Non- Cumulative Capital Securities."