Trust Preferred Securities

ABN AMRO has also issued Tier 1 capital in the form of Trust Preferred securities. These securities are issued indirectly through a Delaware Trust.

They provide investors with rights to distributions, redemption payments and liquidation payments that are similar to those to which they would be entitled if they had purchased the most senior ranking preferred securities of ABN AMRO Holding N.V.

At present, as a result of the successful public offer for ABN AMRO Holding N.V. by RFS Holdings B.V., only the ultimate ownership of the share capital of ABN AMRO Holding N.V. has changed. The acquisition has therefore, for now, no impact on the status of all debt and related securities currently issued and/or guaranteed by ABN AMRO Holding N.V. or any of its subsidiaries.

Attached is the ABN AMRO's position paper addressing US federal income taxation on distributions for Trust V, Trust VI, and Trust VII.

The ABN AMRO Trust Preferred Securities subject to the position paper are:

• ABN AMRO Capital Funding Trust V -- July 2003 Issue
• ABN AMRO Capital Funding Trust VI -- September 2003 Issue
• ABN AMRO Capital Funding Trust VII -- February 2004 Issue