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

een so cured, waived or otherwise eliminated, the property trustee shall act solely on behalf of the holders of the trust
preferred securities and not on behalf of the holder of the trust common securities, and only the holders of the trust preferred
securities will have the right to direct the property trustee to act on their behalf.
Liquidat ion Dist ribut ion Upon Dissolut ion
In the event of any voluntary or involuntary liquidation, dissolution, winding up or termination of the Trust, the holders of
the trust securities will be entitled to receive out of the assets of the Trust, after satisfaction of liabilities to creditors, if any,
the LLC preferred securities on a pro rata basis, except, in the case of the holders of trust common securities, in the limited
circumstances described above under "—Subordination of Trust Common Securities."
Pursuant to the trust agreement, the Trust shall dissolve:
• upon the bankruptcy of Holding or the Bank,
• upon the filing of a certificate of cancellation with respect to the LLC or the filing of a certificate of cancellation
with respect to the Trust after having obtained the consent of at least a majority of the outstanding trust
securities, voting together as a single class, to file such certificate of cancellation,
• upon the distribution of all of the LLC preferred securities upon the occurrence of a Trust Special Redemption
Event,
• upon the distribution of perpetual non- cumulative capital securities upon the occurrence of a Regulatory Event,
• upon the entry of a decree of a judicial dissolution of the LLC or the Trust, or
• upon the redemption of all of the trust securities.
Vot ing Right s
Except as described herein, under the Delaware Trust Act, the Trust Indenture Act and under "Description of the
Guarantees and the Contingent Guarantee—Amendment," and as otherwise required by law and the trust agreement, the
holders of the trust preferred securities will have no voting rights.
Subject to the requirement of the property trustee obtaining a tax opinion as set forth in the last sentence of this
paragraph, the holders of a majority of the outstanding trust preferred securities have the right to direct the time, method and
place of conducting any proceeding for any remedy available to the property trustee, or direct the exercise of any trust or
power conferred upon the property trustee under the trust agreement, including the right to direct the property trustee, as
holder of the LLC preferred securities, to (i) exercise the remedies available to it under the LLC agreement as a holder of
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the LLC preferred securities, and (ii) consent to any amendment, modification or termination of the LLC agreement or the
LLC preferred securities where such consent shall be required; provided, however, that, where a consent or action under the
LLC agreement would require the consent or act of the holders of more than a majority of the LLC preferred securities
affected thereby, only the holders of the percentage of the aggregate number of the trust securities outstanding which is at
least equal to the percentage of the LLC preferred securities required under the LLC agreement may direct the property
trustee to give such consent or take such action on behalf of the Trust. See "Description of the LLC Securities—Preferred
Securities—Voting Rights." Except with respect to directing the time, method and place of conducting a proceeding for a
remedy as described above, the property trustee shall be under no obligation to take any of the actions described in
clauses (i) or (ii) above unless the property trustee has obtained an opinion of independent tax counsel to the effect that as
a result of such action, the Trust will not fail to be classified as a grantor trust for United States federal income tax purposes
and that after such action each holder of trust securities will continue to be treated as owning an undivided beneficial
ownership interest in the LLC preferred securities.
Any required approval or direction of holders of trust preferred securities may be given at a separate meeting of
holders of trust preferred securities convened for such purpose, at a meeting of all of the holders of trust securities or
pursuant to a written consent. The regular trustees will cause a notice of any meeting at which holders of trust preferred
securities are entitled to vote, or of any matter upon which action by written consent of such holders is to be taken, to be
mailed to each holder of record of trust preferred securities. Each such notice will include a statement setting forth the
following information: (i) the date of such meeting or the date by which such action is to be taken; (ii) a description of any
resolution proposed for adoption at such meeting on which such holders are entitled to vote or of such matter upon which
written consent is sought; and (iii) instructions for the delivery of proxies or consents. No vote or consent of the holders of
trust preferred securities will be required for the Trust to redeem and cancel trust preferred securities or distribute LLC
preferred securities in accordance with the trust agreement.
Notwithstanding that holders of trust preferred securities are entitled to vote or consent under any of the circumstances
described above, any of the trust preferred securities that are beneficially owned at such time by Holding or any entity