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

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Debt securities 76,228 71,147 71,209 72,495 60,283 54,228 37,947 Capit alizat ion Fund for general banking risks 1,229 1,391 1,255 1,381 1,319 1,232 1,140 Shareholders' equity(2) 11,559 11,607 10,781 11,787 12,523 11,987 10,723 Minority interests 4,030 4,617 3,810 4,556 5,287 4,945 3,530 Subordinated debt 13,991 15,950 14,278 16,283 13,405 10,717 8,980 Group capital(2) 30,809 33,565 30,124 34,007 32,534 28,881 24,373 Ordinary Shares outstanding (in millions) 1,591.3 1,537.0 1,585.6 1,535.5 1,500.4 1,465.5 1,438.1 (1) We have re state d in e uro the amo unts we o rig inally re po rte d in Dutch g uilde rs (NLG ), using the fixe d co nve rsio n rate o f NLG 2.20 371 pe r e uro . (2) Pursuant to a ne w dire ctive o f the Dutch " Raad vo o r de Jaarve rslag g e ving " (Co uncil fo r Annual Re po rting ), we calculate d share ho lde rs' e quity at March 31, 20 0 3 be fo re pro fit appro priatio n inste ad o f afte r pro fit appro priatio n, which is ho w we pre se nt o ur financials in this table at De ce mbe r 31, 20 0 2, 20 0 1, 20 0 0 , 19 9 9 and 19 9 8 , and at March 31, 20 0 2. The co nse que nce o f this ne w dire ctive is that the pro fit during the ye ar will be adde d to share ho lde rs' e quity fo r the full amo unt until share ho lde rs have appro ve d the pro po se d pro fit appro priatio n. Calculate d be fo re pro fit appro priatio n, share ho lde r's e quity and g ro up capital at De ce mbe r 31, 20 0 2 wo uld be EUR 11,0 8 1 millio n and EUR 30 ,424 millio n, re spe ctive ly, at De ce mbe r 31, 20 0 1 wo uld be EUR 12,0 9 8 millio n and EUR 34,318 millio n, re spe ctive ly, and at March 31, 20 0 2 wo uld be EUR 12,0 75 millio n and EUR 34,0 33 millio n, re spe ctive ly. S- 26 Select ed Rat ios At or For t he Ye ar Ende d De ce mbe r 31, 2002 2001 2000 1999 1998 Prof it abilit y Rat ios Net interest margin(1) 1.8 1.8 1.7 2.1 1.7 Non- interest revenue to total revenue 46.1 46.4 49.1 44.1 42.6 Efficiency ratio(2) 70.1 73.1 71.5 68.3 69.4 Return on average total assets(3) 0.39 0.36 0.51 0.56 0.41 Return on average Ordinary Shareholders' equity(4) 22.6 20.5 26.5 23.7 16.9 Capit al Rat ios Average Ordinary Shareholders' equity on average total assets 1.69 1.75 2.08 2.43 2.71 Dividend payout ratio(5) 64.7 42.9 55.2 46.5 46.9 Tier 1 capital ratio(6) 7.48 7.03 7.20 7.20 6.94 Total capital ratio(6) 11.54 10.91 10.39 10.86 10.48 Credit Qualit y Rat ios Specific provision for loan losses (net) to private sector loans (gross)(7)(8)(9) 0.67 0.51 0.33 0.32 0.35 Non- performing loans to private sector loans (gross)(8)(10) 2.44 2.21 2.05 2.26 2.39 Specific allowance for loan losses to private sector loans (gross)(8)(11) 1.64 1.70 1.68 2.11 2.25 Specific allowance for loan losses to non- performing loans (gross)(11) 67.3 76.8 81.9 93.0 93.9 Write- offs to private sector loans (gross)(8) 0.68 0.44 0.63 0.36 0.29 Consolidat ed Rat ios of Earnings t o Fixed Charges Excluding interest on deposits(12) 1.82 1.95 1.76 2.09 1.96 Including interest on deposits(12) 1.19 1.18 1.14 1.21 1.16 (1) Ne t inte re st re ve nue as a pe rce ntag e o f ave rag e inte re st e arning asse ts. (2) O pe rating e xpe nse s as a pe rce ntag e o f ne t inte re st re ve nue and to tal no n-inte re st re ve nue . (3) Ne t pro fit as a pe rce ntag e o f ave rag e to tal asse ts. Exclude s e xtrao rdinary ite ms in 20 0 2, 20 0 1 and 20 0 0 . Including such e xtrao rdinary ite ms, the re turn o n ave rag e to tal asse ts was 0 .36 in 20 0 2, 0 .50 in 20 0 1 and 0 .42 in 20 0 0 . (4) Ne t pro fit attributable to O rdinary Share s as a pe rce ntag e o f ave rag e o rdinary share ho lde rs' e quity. Exclude s e xtrao rdinary ite ms in 20 0 2, 20 0 1 and 20 0 0 . Including such e xtrao rdinary ite ms, the re turn o n ave rag e O rdinary Share s was 20 .7 in 20 0 2, 28 .1 in 20 0 1 and 21.2 in 20 0 0 . (5) Divide nd pe r O rdinary Share as a pe rce ntag e o f ne t pro fit pe r O rdinary Share . Include s e xtrao rdinary ite ms in 20 0 2, 20 0 1 and 20 0 0 . Excluding such e xtrao rdinary ite ms, the divide nd payo ut ratio was 59 .2 in 20 0 2, 58 .8 in 20 0 1 and 44.1 in 20 0 0 . (6 ) Tie r 1 capital and to tal capital as a pe rce ntag e o f risk-we ig hte d asse ts unde r BIS g uide line s. Fo r mo re info rmatio n o n o ur capital ratio s, se e " Ite m 5. O pe rating and Financial Re vie w and Pro spe cts—Liquidity and Capital Re so urce s" in o ur 20 -F fo r 20 0 2. (7) Exclude s spe cific pro visio n fo r so ve re ig n risk. (8 ) Exclude s pro fe ssio nal se curitie s transactio ns. (9 ) Exclude s additio ns to and re le ase s fro m the fund fo r g e ne ral banking risks.
(9 ) (10 ) No n-pe rfo rming lo ans are no n-accrual lo ans and no n-pe rfo rming lo ans fo r which inte re st has be e n suspe nde d. Fo r mo re info rmatio n o n no n-pe rfo rming lo ans se e " Ite m 5. O pe rating and Financial Re vie w and Pro spe cts—Se le cte d Statistical Info rmatio n—Analysis o f Lo an Lo ss Expe rie nce : Pro visio ns and Allo wance s fo r Lo an Lo sse s—No n-pe rfo rming Lo ans" o f o ur 20 -F fo r 20 0 2. (11) Exclude s the amo unt o f the fund fo r g e ne ral banking risks. (12) De po sits include banks and to tal custo me r acco unts. S- 27 RISK FACTORS In addition to the other information contained in or incorporated by reference into this prospectus supplement or the accompanying prospectus, you should carefully consider the following risk factors in deciding whether to purchase the trust preferred securities. Risks Relat ed t o t he Trust Pref erred Securit ies The Trust's ability to pay you distributions depends on the Bank's and Holding's financial condition The Trust will rely on payments made to it by the LLC, which, in turn, will rely on the payments made to it by the Bank under the initial intercompany securities and Holding's ability to pay its obligations under the guarantees. Our obligations under the guarantees and the ability of the LLC's board of directors to declare dividends with respect to the LLC preferred securities will be junior in right of payment to all of our existing and future senior debt. This means you will not receive any payments on the trust preferred securities and we cannot make any payments to you under the guarantees if we are in default on any of our senior debt. Therefore, in the event of our bankruptcy, liquidation or dissolution, our assets must be used to pay off our senior debt in full before any payments may be made on the intercompany securities or the guarantees. Furthermore, since Holding is a holding company, its obligations under the guarantees will be structurally subordinated to the obligations of its subsidiaries. Holding's rights, and the rights of its creditors, to participate in the distribution of assets of any subsidiary upon the liquidation or reorganization of such subsidiary will be effectively subordinated to all existing and future liabilities, including trade payables, of such subsidiary, except to the extent that Holding is itself recognized as a creditor of such subsidiary. For more information, see "—The LLC is not required to pay dividends in all circumstances and dividends are not cumulative," and "Description of the Guarantees and the Contingent Guarantee—General." The LLC is not required to pay dividends in all circumstances and dividends are not cumulative The LLC is not required to pay dividends on the LLC preferred securities unless Holding or a subsidiary declares or makes a payment in respect of, or redeems, purchases or acquires any of Holding's ordinary shares or any parity securities. If, under those circumstances, the LLC does not declare and is not deemed to have declared any dividends on its preferred securities there will not be any payments due under the guarantees for such unpaid dividends. Although Holding has made regular dividend payments on its issued and outstanding ordinary shares and preferred and preference shares since its establishment in 1990, it is not obligated to continue to do so. Distributions on the trust preferred securities and the dividends on the LLC preferred securities are not cumulative. You will therefore not be entitled to recover any distribution payments for any periods for which dividends on the LLC preferred securities or the trust preferred securities have not been declared or deemed declared, even if funds subsequently become available to the Trust or the LLC, as the case may be. For more information, see "Description of the Trust Securities," "Description of the LLC Securities—Preferred Securities —Dividends" and "Description of the Guarantees and the Contingent Guarantee." Holding and its subsidiaries are subject to regulatory restrictions Holding's assets consist primarily of its investments in the Bank. Accordingly, Holding's ability to service its obligations, including those arising under the guarantees and the contingent guarantee, are S- 28 primarily dependent upon the earnings of the Bank and the distributions of those earnings to Holding. The Bank is a separate and distinct legal entity and has no obligation to pay any amounts due pursuant to the guarantees and the contingent guarantee or to make any funds available for such purpose, whether by dividends, loans or any other payments. The Bank's ability to pay dividends and to make loans and other advances to Holding is subject to statutory and
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Page 3 and 4: Taxation S- 70 Certain ERISA Consid
Page 5 and 6: GAAP for the Three Month Period End
Page 7 and 8: ABN AMRO Capital Funding Trust will
Page 9 and 10: ABN AMRO Bank traces its origin to
Page 11 and 12: or makes a dividend or other paymen
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Page 27 and 28: members. For more information, see
Page 29 and 30: exhibit to the registration stateme
Page 31 and 32: S- 37 CAPITALIZATION The following
Page 33 and 34: delay), except that, if such busine
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Page 41 and 42: securities will be printed and deli
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Page 47 and 48: implementing or complying with, or
Page 49 and 50: If the LLC preferred securities are
Page 51 and 52: against the LLC, the Trust, the Ban
Page 53 and 54: occur contemporaneously with the is
Page 55 and 56: securities. Under current law, such
Page 57 and 58: Netherlands or carried on through a
Page 59 and 60: Advest, Inc. 90,000 BB&T Investment
Page 61 and 62: it has not offered or sold and will
Page 63 and 64: S- 82 Lit igat ion Legal proceeding
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Page 67 and 68: identified by the use of forward- l
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Page 71 and 72: The Trusts will not have any indepe
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• if applicable, the designation
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• the payment of fees, taxes, and
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egistration of transfer, combinatio
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authority or stock exchange, the pr
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The applicable prospectus supplemen
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debt securities to be due and payab
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• change the currency in which th
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• is owned by a United States per
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prospectus. The prospectus suppleme
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DESCRIPTION OF LLC PREFERRED SECURI
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guarantee agreement by reference to
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Terminat ion of t he Pref erred Sec
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companies, pension funds, investmen
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47 50,000,000 Trust Preferred Secur
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ABN AMRO Capital Funding Trust V ABN AMRO Holding N.V.

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