EXHIBIT 4.4









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                COMPANY PREFERRED SECURITIES GUARANTEE AGREEMENT

                        ABN AMRO CAPITAL FUNDING LLC VI

                         Dated as of September 30, 2003


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                               TABLE OF CONTENTS

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                                                                            PAGE
                                                                            ----

                                   ARTICLE 1
                         DEFINITIONS AND INTERPRETATION

Section 1.01.  Definitions and Interpretation..................................1

                                   ARTICLE 2
                              TRUST INDENTURE ACT

Section 2.01.  Trust Indenture Act; Application................................6
Section 2.02.  Lists of Holders of Securities..................................6
Section 2.03.  Reports by the Guarantee Trustee................................6
Section 2.04.  Periodic Reports to Guarantee Trustee...........................7
Section 2.05.  Evidence of Compliance with Conditions Precedent................7
Section 2.06.  Events of Default; Waiver.......................................7
Section 2.07.  Event of Default; Notice........................................8
Section 2.08.  Rights of Holders...............................................8
Section 2.09.  Conflicting Interests...........................................8
Section 2.10.  Guarantee Trustee May File Proofs Of Claims.....................9

                                   ARTICLE 3
                 POWERS, DUTIES AND RIGHTS OF GUARANTEE TRUSTEE

Section 3.01.  Powers, Duties and Rights of Guarantee Trustee..................9
Section 3.02.  Certain Rights of Guarantee Trustee............................11
Section 3.03.  Not Responsible for Recitals or Issuance of Guarantee..........13

                                   ARTICLE 4
                               GUARANTEE TRUSTEE

Section 4.01.  Guarantee Trustee; Eligibility.................................13
Section 4.02.  Appointment, Removal and Resignation of  Guarantee Trustee.....13

                                   ARTICLE 5
                                   GUARANTEE

Section 5.01.  Guarantee......................................................14
Section 5.02.  Delivery of Guarantor Certificate; Dividends Deemed Declared...15
Section 5.03.  Waiver of Notice and Demand....................................17
Section 5.04.  Obligations Not Affected.......................................17
Section 5.05.  Action Against Guarantor.......................................18
Section 5.06.  Independent Obligations........................................18
Section 5.07.  Taxes..........................................................19


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Section 5.08.  Article 6:251 of DCC...........................................19
Section 5.09.  Article 6:253 of DCC...........................................20

                                   ARTICLE 6
                      LIMITATION OF TRANSACTIONS; RANKING

Section 6.01.  Limitation of Transactions.....................................20
Section 6.02.  Ranking........................................................21

                                   ARTICLE 7
                                  TERMINATION

Section 7.01.  Termination....................................................22

                                   ARTICLE 8
                                INDEMNIFICATION

Section 8.01.  Exculpation....................................................23
Section 8.02.  Indemnification................................................23

                                   ARTICLE 9
                                 MISCELLANEOUS

Section 9.01.  Successors and Assigns.........................................23
Section 9.02.  Amendments.....................................................23
Section 9.03.  Judgment Currency Indemnity....................................24
Section 9.04.  Assignment of the Guarantor....................................25
Section 9.05.  Notices........................................................25
Section 9.06.  Governing Law..................................................26
Section 9.07.  Jurisdiction...................................................26

EXHIBIT A        Guarantor's Officers' Certificate...........................A-1


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                           CROSS-REFERENCE TABLE(1)

                       Section of Trust Indenture Act
                             of 1939, as amended            Section of Guarantee
310(a)...................................................          4.01(a)
310(b)...................................................       2.09, 4.01(c)
310(c)...................................................       Inapplicable
311(a)...................................................          2.02(b)
311(b)...................................................          2.02(b)
311(c)...................................................       Inapplicable
312(a)...................................................          2.02(a)
312(b)...................................................          2.02(b)
313......................................................           2.03
314(a)...................................................           2.04
314(b)...................................................       Inapplicable
314(c)...................................................           2.05
314(d)...................................................       Inapplicable
314(f)...................................................       Inapplicable
315(a)...................................................     3.01(c), 3.01(d)
315(b)...................................................           2.07
315(c)...................................................          3.01(c)
315(d)...................................................          3.01(d)
316(a)...................................................           2.08

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         1 This Cross-Reference Table does not constitute part of the Guarantee
and shall not affect the interpretation of any of its terms or provisions.


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         This COMPANY PREFERRED SECURITIES GUARANTEE AGREEMENT (the
"Guarantee") dated as of September 30, 2003, is executed and delivered by ABN
AMRO HOLDING N.V., a public limited liability company incorporated under the
laws of The Netherlands (the "Guarantor"), BNY MIDWEST TRUST COMPANY, an
Illinois trust company (the "Initial Holder"), in its capacity as property
trustee pursuant to the Trust Agreement (as defined below) and BNY MIDWEST
TRUST COMPANY, an Illinois trust company, as trustee (the "Guarantee Trustee"),
for the benefit of the Initial Holder and any subsequent holders from time to
time of the Company Preferred Securities (as defined herein) of ABN AMRO
Capital Funding LLC VI, a Delaware limited liability company (the "Issuer" or
the "Company").

         WHEREAS, pursuant to an amended and restated limited liability company
agreement (the "LLC Agreement"), dated as of September 30, 2003, among ABN AMRO
North America Holding Company ("AANAH"), ABN AMRO Capital Funding Trust VI (the
"Trust") and BNY Midwest Trust Company, as manager trustee, the Issuer is
issuing on the date hereof 8,000,040 Non-cumulative Guaranteed Preferred
Securities, having an aggregate liquidation amount of $200,001,000, designated
the 6.25% Non-cumulative Guaranteed LLC Preferred Securities, and may issue up
to an additional 1,200,000 such securities pursuant to an over-allotment option
(the "Company Preferred Securities"); and

         WHEREAS, as incentive for the Initial Holder to purchase the Company
Preferred Securities, the Guarantor desires irrevocably and unconditionally to
agree, to the extent set forth herein, to pay to the Initial Holder and any
subsequent Holders from time to time of the Company Preferred Securities the
Guarantee Payments (as defined herein) and to make certain other payments on
the terms and conditions set forth herein.

         NOW, THEREFORE, in consideration of the purchase by the Initial Holder
and any subsequent Holder from time to time of Company Preferred Securities,
which purchase the Guarantor hereby agrees shall benefit the Guarantor, the
Guarantor executes and delivers this Guarantee for the benefit of the Initial
Holder and any subsequent Holders from time to time of the Company Preferred
Securities.

                                   ARTICLE 1
                         DEFINITIONS AND INTERPRETATION

         Section 1.01. Definitions and Interpretation. In this Guarantee,
unless the context otherwise requires:

         (a) capitalized terms used in this Guarantee but not defined in the
preamble above have the respective meanings assigned to them in this Section
1.01;


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         (b) a term defined anywhere in this Guarantee has the same meaning
throughout;

         (c) all references to "the Guarantee" or "this Guarantee" are to this
Guarantee as modified, supplemented or amended from time to time;

         (d) all references in this Guarantee to Articles and Sections are to
Articles and Sections of this Guarantee, unless otherwise specified; and

         (e) a reference to the singular includes the plural and vice versa.

         "Additional Amounts" means an amount paid as further Dividends in
order that the net amounts received by the Holders of the Company Preferred
Securities after withholding or deduction of any Relevant Tax required by law
equal the amount which would have been received in respect of the Company
Preferred Securities in the absence of such withholding or deduction, except
that no Additional Amounts are payable to a Holder of Company Preferred
Securities (or to a third party on the Holder's behalf) with respect to any
Company Preferred Securities (i) to the extent that such Relevant Tax is
imposed or levied by virtue of such Holder (or the beneficial owner of such
Company Preferred Securities) having some connection with the Relevant
Jurisdiction, other than being a Holder (or beneficial owner) of such Company
Preferred Securities, (ii) to the extent that 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 the Guarantor or its agent has provided
the beneficial owner of such Company Preferred Security or its nominee with at
least 60 days' prior written notice of an opportunity to make such a
declaration or claim, or (iii) 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.

         "Administrative Action" means any judicial decision, official
administrative pronouncement, published or private ruling, regulatory
procedure, notice or announcement (including any notice or announcement of
intent to adopt such procedures or regulations).

         "Affiliate" means, with respect to any specified person, any other
person that directly or indirectly controls or is controlled by, or is under
common control with, such specified person.

         "Authorized Officer" of a Person means any Person that is authorized
to bind such Person.


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         "Bank" means ABN AMRO Bank N.V., a public limited liability company
incorporated under the laws of The Netherlands.

         "Company Common Securities" means the voting common securities
representing ownership interests in the Company.

         "Contingent Guarantee" means the contingent guarantee agreement among
the Guarantor, the Company and BNY Midwest Trust Company (as Guarantee Trustee)
relating to the Company Preferred Securities dated September 30, 2003.

         "Corporate Trust Office" means the principal trust office of the
Guarantee Trustee at which, at any particular time, its corporate trust
business shall be administered, which office at the date hereof is located at 2
North LaSalle Street, Suite 1020, Chicago, Illinois 60602, Attention: Corporate
Finance Group.

         "Covered Person" means any Holder or beneficial owner of Company
Preferred Securities.

         "Dividends" means cash income distributions with respect to the
Company Preferred Securities.

         "Dividend Date" means the last day of each of March, June, September
and December of each year.

         "Dividend Rate" means 6.25% per annum.

         "Dividend Period" means each period beginning on the date of original
issuance of the Company Preferred Securities or on a Dividend Date and ending
on the day that precedes the next succeeding Dividend Date.

         "Euronext" means the Official Segment of Euronext Amsterdam N.V.'s
Stock Market.

         "Event of Default" means a default by the Guarantor on any of its
payment or other obligations under this Guarantee.

         "Guarantee Trustee" means BNY Midwest Trust Company, an Illinois trust
company, until a Successor Guarantee Trustee has been appointed and has
accepted such appointment pursuant to the terms of this Guarantee by executing
a counterpart hereof and becoming a party hereto and thereafter means each such
Successor Guarantee Trustee.

         "Holder" shall mean the Initial Holder or any subsequent holder, as
registered on the books and records of the Issuer, of any Company Preferred
Securities; provided, however, that, in determining whether the holders of the
requisite percentage of Company Preferred Securities have given any request,


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notice, consent or waiver hereunder, "Holder" shall not include the Guarantor
or any Affiliate of the Guarantor (other than the Trust).

         "Indemnified Person" means the Guarantee Trustee, the Initial Holder,
any Affiliate of the Guarantee Trustee, or any officer, director, shareholder,
member, partner, employee, representative, nominee, custodian or agent of the
Guarantee Trustee.

         "Initial Intercompany Security" means the 6.375% Intercompany Security
issued by the Bank.

         "Intercompany Securities" means the Initial Intercompany Security and,
upon maturity or redemption thereof, any successor intercompany securities that
will constitute the assets of the Company.

         "Majority in liquidation amount of the Company Preferred Securities"
means, except as provided by the Trust Indenture Act, a vote by Holder(s) of
Company Preferred Securities, voting separately as a class, of more than 50% of
the liquidation amount (including the stated amount that would be paid on
redemption, liquidation or otherwise, plus accrued and unpaid Dividends to the
date upon which the voting percentages are determined) of all Company Preferred
Securities.

         "1940 Act" means the U.S. Investment Company Act of 1940, as amended
from time to time, or any successor legislation.

         "Officers' Certificate" means, with respect to any Person, a
certificate signed by two Authorized Officers of such Person.

         "Ordinary Shares" means the ordinary shares of the Guarantor, any
other shares of the Guarantor's capital stock ranking junior to the Parity
Preferred Shares, if any, and any guarantees of the Guarantor ranking junior to
the Parity Guarantees and this Guarantee.

         "Parity Guarantee" means any guarantee issued by the Guarantor of any
preferred securities, preferred or preference shares or any other securities
that qualify as Tier 1 capital of the Guarantor issued by any subsidiary of the
Guarantor, if such guarantee ranks pari passu with the Guarantor's obligations
under this Guarantee.

         "Parity Preferred Shares" means the most senior ranking preferred or
preference shares or other securities that qualify as Tier 1 capital issued by
the Guarantor.

         "Parity Securities" means, collectively, the Parity Guarantees, the
Parity Preferred Shares and the Parity Subsidiary Securities.


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         "Parity Subsidiary Securities" means any securities issued by a
subsidiary of the Guarantor guaranteed by the Guarantor under a Parity
Guarantee.

         "Perpetual Non-Cumulative Capital Securities" means the perpetual
non-cumulative capital securities into which the Trust Preferred Securities
shall be exchanged upon the occurrence of a "Regulatory Event" as described in
the Prospectus Supplement dated September 25, 2003.

         "Person" means a legal person, including any individual, corporation,
estate, partnership, joint venture, association, joint stock company, limited
liability company, trust, unincorporated association, or government or any
agency or political subdivision thereof, or any other entity of whatever
nature.

         "Qualified Subsidiaries" means one or more subsidiaries of the
Guarantor, the Bank or AANAH which are deemed to be a "company controlled by
the parent company" under Rule 3a-5, as amended, of the 1940 Act.

         "Relevant Jurisdiction" means The Netherlands and, during any period
any Intercompany Security other than the Initial Intercompany Security is
outstanding, the jurisdiction of residence of any obligor on any such
Intercompany Security.

         "Relevant Tax" means any present or future taxes, duties, assessments
or governmental charges of whatever nature, imposed or levied by or on behalf
of any Relevant Jurisdiction or any authority therein or thereof having power
to tax.

         "Responsible Officer" means, with respect to the Guarantee Trustee,
any officer within the Corporate Trust Office of the Guarantee Trustee,
including any vice president, any assistant vice president, any secretary, any
assistant secretary, the treasurer, any assistant treasurer or other officer of
the Guarantee Trustee customarily performing functions similar to those
performed by any of the above designated officers and also means, with respect
to a particular corporate trust matter, any other officer to whom such matter
is referred because of that officer's knowledge of and familiarity with the
particular subject.

         "Successor Guarantee Trustee" means a successor Guarantee Trustee
possessing the qualifications to act as Guarantee Trustee under Section 4.01.

         "Trust" means ABN AMRO Capital Funding Trust VI.

         "Trust Agreement" means the amended and restated trust agreement dated
as of September 30, 2003, among the trustees of the Trust named therein, the
sponsor of the Trust named therein, the Guarantor and the holders from time to
time of undivided beneficial interests in the assets of the Trust, as amended
from time to time.


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         "Trust Indenture Act" means the U.S. Trust Indenture Act of 1939, as
amended.

         "Trust Common Securities" means the 6.25% Common Securities issued by
the Trust.

         "Trust Preferred Securities" means the 6.25% Non-cumulative Guaranteed
Trust Preferred Securities issued by the Trust.

         "Trust Securities" means the Trust Preferred Securities and the Trust
Common Securities.

                                   ARTICLE 2
                              TRUST INDENTURE ACT

         Section 2.01. Trust Indenture Act; Application. (a) This Guarantee is
subject to the provisions of the Trust Indenture Act that are required to be
part of this Guarantee and shall, to the extent applicable, be governed by such
provisions. A term defined in the Trust Indenture Act has the same meaning when
used in this Guarantee, unless otherwise defined in this Guarantee or unless
the context otherwise requires.

         (b) If and to the extent that any provision of this Guarantee limits,
qualifies or conflicts with the duties imposed by Sections 310 to 317,
inclusive, of the Trust Indenture Act, such imposed duties shall control.

         Section 2.02. Lists of Holders of Securities. (a) The Guarantee
Trustee shall preserve in as current a form as is reasonably practicable the
most recent list available to it of the names and addresses of Holders of
Company Preferred Securities. If the Guarantee Trustee is not the Registrar,
the Guarantor shall furnish to the Guarantee Trustee quarterly on or before the
last day of March, June, September, and December in each year, and at such
other times as the Guarantee Trustee may request in writing, a list, in such
form and as of such date as the Guarantee Trustee may reasonably require,
containing all the information in the possession or control of the Registrar,
the Guarantor or any of its paying agents other than the Guarantee Trustee as
to the names and addresses of Holders of Company Preferred Securities.

         (b) The Guarantee Trustee shall comply with its obligations under
Sections 311(a), 311(b) and 312(b) of the Trust Indenture Act.

         Section 2.03. Reports by the Guarantee Trustee. Within 60 days after
May 15 of each year, the Guarantee Trustee shall provide to the Holders of the
Company Preferred Securities (and, for so long as the Trust is the Holder of
the Company Preferred Securities, also to the Holders of the Trust Preferred
Securities) such reports as are required by Section 313 of the Trust Indenture
Act,


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if any, in the form and in the manner provided by Section 313 of the Trust
Indenture Act. The Guarantee Trustee shall also comply with the requirements of
Section 313(d) of the Trust Indenture Act.

         Section 2.04. Periodic Reports to Guarantee Trustee. The Guarantor
shall provide to the Guarantee Trustee such documents, reports and information
as required by Section 314 (if any) and the compliance certificate required by
Section 314 of the Trust Indenture Act in the form, in the manner and at the
times required by Section 314 of the Trust Indenture Act. Delivery of such
reports, information and documents to the Guarantee Trustee is for
informational purposes only, and the Guarantee Trustee's receipt of such shall
not constitute constructive notice of any information contained therein or
determinable from information contained therein, including the Guarantor's
compliance with any of its covenants hereunder (as to which the Guarantee
Trustee is entitled to rely exclusively on Officers' Certificates).

         Section 2.05. Evidence of Compliance with Conditions Precedent. The
Guarantor shall provide to the Guarantee Trustee such evidence of compliance
with any conditions precedent, if any, provided for in this Guarantee that
relate to any of the matters set forth in Section 314(c) of the Trust Indenture
Act. Any certificate or opinion required to be given by an officer pursuant to
Section 314 (c) (1) may be given in the form of an Officers' Certificate and
shall include:

         (a) a statement that each officer signing the Officers' Certificate
has read the covenant or condition and the definition relating thereto;

         (b) a brief statement of the nature and scope of the examination or
investigation undertaken by each officer in rendering the Officers'
Certificate;

         (c) a statement that each such officer has made such examination or
investigation as, in such officer's opinion, is necessary to enable such
officer to express an informed opinion as to whether or not such covenant or
condition has been complied with; and

         (d) a statement as to whether, in the opinion of each such officer,
such condition or covenant has been complied with.

         Section 2.06. Events of Default; Waiver. The Holders of a Majority in
liquidation amount of the Company Preferred Securities may, by vote, on behalf
of the Holders of all of the Company Preferred Securities, waive any past Event
of Default and its consequences except an Event of Default in respect of a
covenant or provision hereof which cannot be modified or amended without the
consent of each Holder of Company Preferred Securities (and, for so long as the
Trust is the Holder of the Company Preferred Securities, also of each Holder of
the Trust Securities). Upon such waiver, any such Event of Default shall cease
to exist, and any Event of Default arising therefrom shall be deemed to have
been cured, for every purpose of this Guarantee, but no such waiver shall
extend to any


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subsequent or other default or Event of Default or impair any right consequent
thereon.

         Section 2.07. Event of Default; Notice. (a) The Guarantee Trustee
shall, within 90 days after the occurrence of an Event of Default, transmit by
mail, first class postage prepaid, to the Holders of the Company Preferred
Securities (and, for so long as the Trust is the Holder of the Company
Preferred Securities, also to the Holders of the Trust Securities) notices of
all Events of Default actually known to a Responsible Officer of the Guarantee
Trustee, unless such defaults have been cured before the giving of such notice,
provided, that, the Guarantee Trustee shall be protected in withholding such
notice if and so long as a Responsible Officer of the Guarantee Trustee in good
faith determines that the withholding of such notice is in the interests of the
Holders of the Company Preferred Securities.

         (b) The Guarantee Trustee shall not be deemed to have knowledge of any
Event of Default unless a Responsible Officer of the Guarantee Trustee shall
have received written notice, or a Responsible Officer of the Guarantee Trustee
charged with the administration of the Guarantee shall have obtained actual
knowledge, of such Event of Default.

         Section 2.08. Rights of Holders. (a) The Holders of a Majority in
liquidation amount of the Company Preferred Securities have the right to direct
the time, method and place of conducting any proceeding for any remedy
available to the Guarantee Trustee in respect of this Guarantee or exercising
any trust or power conferred upon the Guarantee Trustee under this Guarantee.

         (b) If the Guarantee Trustee fails to enforce its rights under the
Guarantee after a Holder of Company Preferred Securities has made a written
request, such Holder of Company Preferred Securities may institute a legal
proceeding directly against the Guarantor to enforce the Guarantee Trustee's
rights under Article 5 of this Guarantee, without first instituting a legal
proceeding against the Issuer, the Guarantee Trustee or any other person or
entity. Notwithstanding the foregoing, if the Guarantor has failed to make a
Guarantee Payment, a Holder of Company Preferred Securities may directly
institute a proceeding in such Holder's own name against the Guarantor for
enforcement of Article 5 of this Guarantee for such payment.

         (c) For so long as the Trust is the Holder of Company Preferred
Securities, and any Trust Preferred Securities remain outstanding, a Holder of
Trust Preferred Securities may exercise directly any right or power of a Holder
of Company Preferred Securities under this Section 2.08.

         Section 2.09. Conflicting Interests. The LLC Agreement shall be deemed
to be specifically described in this Guarantee for the purposes of clause (i)
of the first proviso contained in Section 310(b) of the Trust Indenture Act.


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         Section 2.10. Guarantee Trustee May File Proofs Of Claims. Upon the
occurrence of an Event of Default, the Guarantee Trustee is hereby authorized
to (a) recover judgment, in its own name and as a trustee of an express trust,
against the Guarantor for the whole amount of any Guarantee Payments remaining
unpaid and (b) file such proofs of claim and other papers or documents as may
be necessary or advisable in order to have its claims and those of the Holders
of the Company Preferred Securities allowed in any judicial proceeding relative
to the Guarantor, its creditors or its property.

                                   ARTICLE 3
                 POWERS, DUTIES AND RIGHTS OF GUARANTEE TRUSTEE

         Section 3.01. Powers, Duties and Rights of Guarantee Trustee. (a) This
Guarantee shall be held by the Guarantee Trustee for the benefit of the Holders
of the Company Preferred Securities, and the Guarantee Trustee shall not
transfer this Guarantee to any Person except a Holder of Company Preferred
Securities exercising his or her rights pursuant to Section 2.08(b) or to a
Successor Guarantee Trustee on acceptance by such Successor Guarantee Trustee
of its appointment to act as Successor Guarantee Trustee. The right, title and
interest of the Guarantee Trustee shall automatically vest in any Successor
Guarantee Trustee, and such vesting and cessation of title shall be effective
whether or not conveyancing documents have been executed and delivered pursuant
to the appointment of such Successor Guarantee Trustee.

         (b) If an Event of Default actually known to a Responsible Officer of
the Guarantee Trustee has occurred and is continuing, the Guarantee Trustee
shall enforce this Guarantee for the benefit of the Holders of the Company
Preferred Securities.

         (c) The Guarantee Trustee, before the occurrence of any Event of
Default and after the curing or waiver of all Events of Default that may have
occurred, shall undertake to perform only such duties as are specifically set
forth in this Guarantee, and no implied covenants shall be read into this
Guarantee against the Guarantee Trustee. In case an Event of Default has
occurred (that has not been cured or waived pursuant to Section 2.06 and is
actually known to a Responsible Officer of the Guarantee Trustee), the
Guarantee Trustee shall exercise such of the rights and powers vested in it by
this Guarantee, and use the same degree of care and skill in its exercise
thereof, as a prudent person would exercise or use under the circumstances in
the conduct of his or her own affairs.

         (d) No provision of this Guarantee shall be construed to relieve the
Guarantee Trustee from liability for its own grossly negligent action, its own
grossly negligent failure to act, or its own willful misconduct, except that:


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                  (i) Prior to the occurrence of any Event of Default and after
         the curing or waiving of all such Events of Default that may have
         occurred:

                           (A) the duties and obligations of the Guarantee
                  Trustee shall be determined solely by the express provisions
                  of this Guarantee, and the Guarantee Trustee shall not be
                  liable except for the performance of such duties and
                  obligations as are specifically set forth in this Guarantee,
                  and no implied covenants or obligations shall be read into
                  this Guarantee against the Guarantee Trustee; and

                           (B) in the absence of bad faith on the part of the
                  Guarantee Trustee, the Guarantee Trustee may conclusively
                  rely, as to the truth of the statements and the correctness
                  of the opinions expressed therein, upon any certificates or
                  opinions furnished to the Guarantee Trustee and conforming to
                  the requirements of this Guarantee; but in the case of any
                  such certificates or opinions that by any provision hereof
                  are specifically required to be furnished to the Guarantee
                  Trustee, the Guarantee Trustee shall be under a duty to
                  examine the same to determine whether or not they conform to
                  the requirements of this Guarantee (but need not confirm or
                  investigate the accuracy of any mathematical calculations or
                  other facts stated therein);

                  (ii) The Guarantee Trustee shall not be liable for any error
         of judgment made in good faith by a Responsible Officer of the
         Guarantee Trustee, unless it shall be proved that the Guarantee
         Trustee was grossly negligent in ascertaining the pertinent facts upon
         which such judgment was made;

                  (iii) The Guarantee Trustee shall not be liable with respect
         to any action taken or omitted to be taken by it in good faith in
         accordance with the direction of the Holders of a Majority in
         liquidation amount of the Company Preferred Securities relating to the
         time, method and place of conducting any proceeding for any remedy
         available to the Guarantee Trustee, or the exercise of any trust or
         power conferred upon the Guarantee Trustee under this Guarantee; and

                  (iv) No provision of this Guarantee shall require the
         Guarantee Trustee to expend or risk its own funds or otherwise incur
         personal financial liability in the performance of any of its duties
         or in the exercise of any of its rights or powers, if the Guarantee
         Trustee shall have reasonable grounds for believing that the repayment
         of such funds or liability, or indemnity, satisfactory to the
         Guarantee Trustee, against such expense, risk or liability, is not
         assured to it under the terms of this Guarantee.


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         Section 3.02. Certain Rights of Guarantee Trustee. (a) Subject to the
provisions of Section 3.01:

                  (i) The Guarantee Trustee may conclusively rely, and shall be
         fully protected in acting or refraining from acting upon, any
         resolution, certificate, statement, instrument, opinion, report,
         notice, request, direction, consent, order, bond, debenture, note,
         other evidence of indebtedness or other paper or document (whether in
         its original or facsimile form) believed by it to be genuine and to
         have been signed, sent or presented by the proper party or parties.

                  (ii) Any direction or act of the Guarantor contemplated by
         this Guarantee shall be sufficiently evidenced by an Officers'
         Certificate.

                  (iii) Whenever, in the administration of this Guarantee, the
         Guarantee Trustee shall deem it desirable that a matter be proved or
         established before taking, suffering or omitting any action hereunder,
         the Guarantee Trustee (unless other evidence is herein specifically
         prescribed) may, in the absence of bad faith on its part, request and
         conclusively rely upon an Officers' Certificate which, upon receipt of
         such request, shall be promptly delivered by the Guarantor.

                  (iv) The Guarantee Trustee shall have no duty to see to any
         recording, filing or registration of any instrument (or any
         rerecording, refiling or registration thereof).

                  (v) The Guarantee Trustee may, at the expense of the
         Guarantor, consult with counsel of its selection, and the advice or
         opinion of such counsel with respect to legal matters shall be full
         and complete authorization and protection in respect of any action
         taken, suffered or omitted by it hereunder in good faith and in
         accordance with such advice or opinion. Such counsel may be counsel to
         the Guarantor or any of its Affiliates and may include any of its
         employees. The Guarantee Trustee shall have the right at any time to
         seek instructions concerning the administration of this Guarantee from
         any court of competent jurisdiction.

                  (vi) The Guarantee Trustee shall be under no obligation to
         exercise any of the rights or powers vested in it by this Guarantee at
         the request or direction of any Holder, unless such Holder shall have
         provided to the Guarantee Trustee such security and indemnity,
         satisfactory to the Guarantee Trustee, against the costs, expenses
         (including attorneys' fees and expenses and the expenses of the
         Guarantee Trustee's agents, nominees or custodians) and liabilities
         that might be incurred by it in complying with such request or
         direction, including such reasonable advances as may be requested by
         the Guarantee Trustee; provided, that nothing contained in this
         Section 3.02(a)(vi) shall be taken to relieve the


                                      11
<PAGE>

         Guarantee Trustee, upon the occurrence of an Event of Default, of its
         obligation to exercise the rights and powers vested in it by this
         Guarantee.

                  (vii) The Guarantee Trustee shall not be bound to make any
         investigation into the facts or matters stated in any resolution,
         certificate, statement, instrument, opinion, report, notice, request,
         direction, consent, order, bond, debenture, note, other evidence of
         indebtedness or other paper or document, but the Guarantee Trustee, in
         its discretion, may make such further inquiry or investigation into
         such facts or matters as it may see fit but shall incur no liability
         or additional liability of any kind by reason of such inquiry or
         investigation.

                  (viii) The Guarantee Trustee may execute any of the trusts or
         powers hereunder or perform any duties hereunder either directly or by
         or through agents, nominees, custodians or attorneys, and the
         Guarantee Trustee shall not be responsible for any misconduct or
         negligence on the part of any agent or attorney appointed with due
         care by it hereunder.

                  (ix) Any action taken by the Guarantee Trustee or its agents
         hereunder shall bind the Holders of the Company Preferred Securities,
         and the signature of the Guarantee Trustee or its agents alone shall
         be sufficient and effective to perform any such action. No third party
         shall be required to inquire as to the authority of the Guarantee
         Trustee to so act or as to its compliance with any of the terms and
         provisions of this Guarantee, both of which shall be conclusively
         evidenced by the Guarantee Trustee or its agent taking such action.

                  (x) Whenever in the administration of this Guarantee the
         Guarantee Trustee shall deem it desirable to receive instructions with
         respect to enforcing any remedy or right or taking any other action
         hereunder, the Guarantee Trustee (i) may request written instructions
         from the Holders of a Majority in liquidation amount of the Company
         Preferred Securities, (ii) may refrain from enforcing such remedy or
         right or taking such other action until such written instructions are
         received and (iii) shall be protected in conclusively relying on or
         acting in accordance with such written instructions.

                  (xi) The Guarantee Trustee shall not be liable for any action
         taken, suffered, or omitted to be taken by it in good faith and
         reasonably believed by it to be authorized or within the discretion or
         rights or powers conferred upon it by this Guarantee.

         (b) No provision of this Guarantee shall be deemed to impose any duty
or obligation on the Guarantee Trustee to perform any act or acts or exercise
any right, power, duty or obligation conferred or imposed on it in any
jurisdiction in which it shall be illegal, or in which the Guarantee Trustee
shall be unqualified or incompetent in accordance with applicable law, to
perform any such act or acts or


                                      12
<PAGE>


to exercise any such right, power, duty or obligation. No permissive power or
authority available to the Guarantee Trustee shall be construed to be a duty.

         Section 3.03. Not Responsible for Recitals or Issuance of Guarantee.
The recitals contained in this Guarantee shall be taken as the statements of
the Guarantor, and the Guarantee Trustee does not assume any responsibility for
their correctness. The Guarantee Trustee makes no representation as to the
validity or sufficiency of this Guarantee.

                                   ARTICLE 4
                               GUARANTEE TRUSTEE

         Section 4.01. Guarantee Trustee; Eligibility. (a) There shall at all
times be a Guarantee Trustee which shall:

                  (i) not be an Affiliate of the Guarantor; and

                  (ii) be a corporation organized and doing business under the
         laws of the United States of America or any State thereof or of the
         District of Columbia, or a corporation or Person permitted by the
         Securities and Exchange Commission to act as an institutional trustee
         under the Trust Indenture Act, authorized under such laws to exercise
         corporate trust powers, having a combined capital and surplus of at
         least 50 million U.S. dollars ($50,000,000), and subject to
         supervision or examination by Federal, State or District of Columbia
         authority. If such corporation publishes reports of condition at least
         annually, pursuant to law or to the requirements of the supervising or
         examining authority referred to above, then, for the purposes of this
         Section 4.01(a)(ii), the combined capital and surplus of such
         corporation shall be deemed to be its combined capital and surplus as
         set forth in its most recent report of condition so published.

         (b) If at any time the Guarantee Trustee shall cease to be eligible to
so act under Section 4.01(a), the Guarantee Trustee shall immediately resign in
the manner and with the effect set out in Section 4.02(c).

         (c) If the Guarantee Trustee has or shall acquire any "conflicting
interest" within the meaning of Section 310(b) of the Trust Indenture Act, the
Guarantee Trustee and Guarantor shall in all respects comply with the
provisions of Section 310(b) of the Trust Indenture Act.

         Section 4.02. Appointment, Removal and Resignation of Guarantee
Trustee. (a) Subject to Section 4.02(b), the Guarantee Trustee may be appointed
or removed without cause at any time by the Guarantor except during an Event of
Default.


                                      13
<PAGE>


         (b) The Guarantee Trustee shall not be removed in accordance with
Section 4.02(a) until a Successor Guarantee Trustee has been appointed and has
accepted such appointment by written instrument executed by such Successor
Guarantee Trustee and delivered to the Guarantor.

         (c) The Guarantee Trustee appointed to office shall hold office until
a Successor Guarantee Trustee shall have been appointed or until its removal or
resignation. The Guarantee Trustee may resign from office (without need for
prior or subsequent accounting) by an instrument in writing executed by the
Guarantee Trustee and delivered to the Guarantor, which resignation shall not
take effect until a Successor Guarantee Trustee has been appointed and has
accepted such appointment by instrument in writing executed by such Successor
Guarantee Trustee and delivered to the Guarantor and the resigning Guarantee
Trustee.

         (d) If no Successor Guarantee Trustee shall have been appointed and
accepted appointment as provided in this Section 4.02 within 60 days after
delivery of an instrument of removal or resignation, the Guarantee Trustee
resigning or being removed may petition, at the expense of the Guarantor, any
court of competent jurisdiction for appointment of a Successor Guarantee
Trustee. Such court may thereupon, after prescribing such notice, if any, as it
may deem proper, appoint a Successor Guarantee Trustee.

         (e) No Guarantee Trustee shall be liable for the acts or omissions to
act of any Successor Guarantee Trustee.

         (f) Upon termination of this Guarantee or removal or resignation of
the Guarantee Trustee pursuant to this Section 4.02, and before the appointment
of any Successor Guarantee Trustee, the Guarantor shall pay to the Guarantee
Trustee all amounts to which it is entitled to the date of such termination,
removal or resignation.

                                   ARTICLE 5
                                   GUARANTEE

         Section 5.01. Guarantee. The Guarantor irrevocably and unconditionally
agrees, subject to the limitations set forth in this Guarantee, to pay in full
to the Initial Holder and each subsequent Holder from time to time, whether
such rights under this Guarantee are asserted by the Guarantee Trustee or
directly by any such Holder (without duplication of amounts theretofore paid by
the Issuer), if, as and when due, regardless of any defense, right of setoff or
counterclaim that the Issuer may have or assert:

                  (i) any accumulated but unpaid Dividends on the Company
         Preferred Securities, whether declared by the Issuer or deemed
         declared pursuant to Section 5.02 hereof, plus Additional Amounts
         thereon, if any;


                                      14
<PAGE>


                  (ii) the $25.00 redemption price per each Company Preferred
         Security called for redemption by the Issuer, plus an amount equal to
         any accumulated and unpaid Dividends thereon for the then current
         Dividend Period through the date of redemption, on the Company
         Preferred Securities, plus Additional Amounts thereon, if any (the
         "Redemption Price"); and

                  (iii) the $25.00 liquidation amount per each Company
         Preferred Security upon any voluntary or involuntary dissolution,
         liquidation or winding up of the Issuer, plus Additional Amounts
         thereon, if any;

(collectively, the "Guarantee Payments"). All Guarantee Payments shall include
interest accrued on such Guarantee Payments, at a rate per annum equal to the
stated Dividend rate of the Company Preferred Securities, since the date of the
claim asserted under this Guarantee relating to such Guarantee Payments.

         The Guarantor's obligation to make any of the payments listed in (i)
through (iii) above may be satisfied either by direct payment of the required
amounts by the Guarantor to the Holders or by causing the Issuer to pay such
amounts to the Holders.

         Section 5.02. Delivery of Guarantor Certificate; Dividends Deemed
Declared. (a) As of each Dividend Date with respect to which the Issuer has not
paid Dividends in full at the Dividend Rate, the Guarantor shall deliver an
Officers' Certificate to the Guarantee Trustee substantially in the form
attached as Exhibit A hereto (the "Guarantor Certificate"); provided that
failure to deliver the Guarantor Certificate on or prior to any Dividend Date
with respect to which the Issuer has not paid Dividends in full at the Dividend
Rate, shall not constitute an Event of Default but shall result in Dividends on
all the Company Preferred Securities then outstanding being deemed declared in
full at the Dividend Rate on such Dividend Date for the purposes of Section
5.01(i) hereof.

         (b) If on any Dividend Date (i) the Issuer has not paid Dividends in
full at the Dividend Rate and (ii)(A) the Guarantor or one of its subsidiaries
declares or makes a dividend or other payment on its Ordinary Shares that pay
dividends annually or (B) the Guarantor or any of its subsidiaries has
redeemed, repurchased or otherwise acquired (other than (I) in connection with
transactions effected by or for the account of customers of the Guarantor or
any of its subsidiaries or in connection with the distribution, trading or
market-making in respect of such securities, (II) in connection with the
satisfaction by the Guarantor or any of its subsidiaries of its obligations
under any employee benefit plans or similar arrangements with or for the
benefit of employees, officers, directors or consultants, (III) as a result of
a reclassification of the capital stock of the Guarantor or any of its
subsidiaries or the exchange or conversion of one class or series of such
capital stock for another class or series of such capital stock or (IV) the
purchase of fractional interests in shares of the capital stock of the
Guarantor or any of its subsidiaries pursuant to the conversion or exchange
provisions of


                                      15
<PAGE>


such capital stock or the security being converted or exchanged) for any
consideration (or moneys have been paid to or made available for a sinking fund
or for redemption of any such shares) any Ordinary Shares or any Parity
Securities during the twelve month period immediately preceding and including
such Dividend Date, then Dividends will be deemed declared in full at the
Dividend Rate on such Dividend Date for the purposes of Section 5.01(i) hereof
and for three consecutive Dividend Dates thereafter.

         (c) If on any Dividend Date (i) the Issuer has not paid Dividends in
full at the Dividend Rate and(ii) the Guarantor or any of its subsidiaries has
declared or made a dividend or other payment in respect of any Ordinary Shares
that pay dividends semi-annually during the six month period immediately
preceding and including such Dividend Date, then Dividends will be deemed
declared in full at the Dividend Rate on such Dividend Date for the purposes of
Section 5.01(i) hereof and for the next consecutive Dividend Date thereafter.

         (d) If on any Dividend Date (i) the Issuer has not paid Dividends in
full at the Dividend Rate and (ii) the Guarantor or any of its subsidiaries has
declared or made a dividend or other payment in respect of any Ordinary Shares
that pay dividends quarterly during the three month period immediately
preceding and including such Dividend Date, then Dividends will be deemed
declared in full at the Dividend Rate on such Dividend Date for the purposes of
Section 5.01(i) hereof.

         (e) If on any Dividend Date (i) the Issuer has not paid Dividends in
full at the Dividend Rate and (ii) the Guarantor or any of its subsidiaries has
declared or made a dividend or other payment in respect of Parity Securities
that pay dividends annually during the twelve month period immediately
preceding and including such Dividend Date, either in full or at a percentage
of a dividend rate stated thereon, as set forth in paragraph 8 of the Guarantor
Certificate delivered as of such Dividend Date, then Dividends will be deemed
declared in full at the Dividend Rate or pro rata in accordance with Section
5.02(i) hereof, as the case may be, on such Dividend Date for the purposes of
Section 5.01(i) hereof and for the three consecutive Dividend Dates thereafter.

         (f) If on any Dividend Date (i) the Issuer has not paid Dividends in
full at the Dividend Rate and (ii) the Guarantor or any of its subsidiaries has
declared or made a dividend or other payment in respect of the Parity
Securities that pay dividends semi-annually during the six month period
immediately preceding and including such Dividend Date, either in full or at a
percentage of a dividend rate stated thereon, as set forth in paragraph 9 of
the Guarantor Certificate delivered as of such Dividend Date, then Dividends
will be deemed declared in full at the Dividend Rate or pro rata in accordance
with Section 5.02(i) hereof, as the case may be, on such Dividend Date for the
purposes of Section 5.01(i) hereof and for the next consecutive Dividend Date
thereafter.


                                      16
<PAGE>


         (g) If on any Dividend Date (i) the Issuer has not paid Dividends in
full at the Dividend Rate and (ii) the Guarantor or any of its subsidiaries has
declared or made a dividend or other payment in respect of the Parity
Securities that pay dividends quarterly during the three month period
immediately preceding and including such Dividend Date, either in full or at a
percentage of a dividend rate stated thereon, as set forth in paragraph 10 of
the Guarantor Certificate delivered as of such Dividend Date, then Dividends
will be deemed declared in full at the Dividend Rate or pro rata in accordance
with Section 5.02(i) hereof, as the case may be, on such Dividend Date for the
purposes of Section 5.01(i) hereof.

         (h) The amount of Dividends declared or deemed declared for purposes
of Section 5.01(i) hereof on all the Company Preferred Securities then
outstanding with respect to any Dividend Date shall be equal to the greater of
(i) the amount of Dividends declared on such Dividend Date by the Company or
(ii) the amount of Dividends deemed declared on such Dividend Date pursuant to
subsection (a), (b), (c), (d), (e), (f), or (g) hereof.

         (i) In the event that Dividends are deemed declared on any Dividend
Date pursuant to this Section 5.02 pro rata with dividends and other payments
on the Parity Securities, such Dividends shall be deemed declared in proportion
that the aggregate amount available for payment of dividends on the Company
Preferred Securities and the Parity Securities in the fiscal year in which such
Dividend Date falls bears to the aggregate full amount of stated dividends on
the Company Preferred Securities and the Parity Securities payable in such
fiscal year. If Dividends are deemed declared on a pro rata basis, the
Guarantor will select, in its sole discretion, the date of the applicable
market exchange rate to make the calculations described above.

         Section 5.03. Waiver of Notice and Demand. The Guarantor hereby waives
notice of acceptance of this Guarantee and of any liability to which it applies
or may apply, presentment, demand for payment, any right to require a
proceeding first against the Issuer or any other Person before proceeding
against the Guarantor, protest, notice of nonpayment, notice of dishonor,
notice of redemption and all other notices and demands. This Guarantee creates
a guarantee of payment and not of collection.

         Section 5.04. Obligations Not Affected. The obligations, covenants,
agreements and duties of the Guarantor under this Guarantee shall in no way be
affected or impaired by reason of the happening from time to time of any of the
following:

         (a) the release or waiver, by operation of law or otherwise, of the
performance or observance by the Issuer of any express or implied agreement,
covenant, term or condition relating to the Company Preferred Securities to be
performed or observed by the Issuer;


                                      17
<PAGE>


         (b) the extension of time for the payment by the Issuer of all or any
portion of the Dividends, Redemption Price, liquidation preference or any other
sums payable under the terms of the Company Preferred Securities or the
extension of time for the performance of any other obligation under, arising
out of, or in connection with, the Company Preferred Securities; provided that
nothing in this Guarantee shall affect or impair any valid extension;

         (c) any failure, omission, delay or lack of diligence on the part of
the Holders to enforce, assert or exercise any right, privilege, power or
remedy conferred on the Holders pursuant to the terms of the Company Preferred
Securities, or any action on the part of the Issuer granting indulgence or
extension of any kind;

         (d) the voluntary or involuntary liquidation, dissolution, sale of any
collateral, receivership, insolvency, bankruptcy, assignment for the benefit of
creditors, reorganization, arrangement, composition or readjustment of debt of,
or other similar proceedings affecting, the Issuer or any of the assets of the
Issuer;

         (e) any invalidity of, or defect or deficiency in, the Company
Preferred Securities;

         (f) the settlement or compromise of any obligation guaranteed hereby
or hereby incurred; or

         (g) any other circumstance whatsoever that might otherwise constitute
a legal or equitable discharge or defense of a guarantor, it being the intent
of this Section 5.04 that the obligations of the Guarantor hereunder shall be
absolute and unconditional under any and all circumstances.

         There shall be no obligation of the Holders to give notice to, or
obtain consent of, the Guarantor with respect to the happening of any of the
foregoing.

         No setoff, counterclaim, reduction or diminution of any obligation, or
any defense of any kind or nature that the Guarantor has or may have against
any Holder shall be available hereunder to the Guarantor against such Holder to
reduce the payments to it under this Guarantee; provided that nothing herein
shall prevent the assertion of any such claim by separate suit or compulsory
counterclaim.

         Section 5.05. Action Against Guarantor. The Guarantor waives any right
or remedy to require that any action be brought first against the Issuer or any
other person or entity before proceeding directly against the Guarantor.

         Section 5.06. Independent Obligations. The Guarantor acknowledges that
its obligations hereunder are independent of the obligations of the Issuer with
respect to the Company Preferred Securities, and that the Guarantor shall be
liable as principal and as debtor hereunder to make Guarantee Payments pursuant
to the


                                      18
<PAGE>


terms of this Guarantee notwithstanding the occurrence of any event referred to
in subsections (a) through (g), inclusive, of Section 5.04 hereof.

         Section 5.07. Taxes. All payments in respect of the Guarantee Payments
(including interest accrued thereon, if any) by the Guarantor shall be made
without withholding or deduction for or on account of any Relevant Tax, unless
the withholding or deduction of such Relevant Tax is required by law. In that
event, the Guarantor shall pay, as further Guarantee Payments, such additional
amounts as may be necessary in order that the net amounts received by a Holder
(or a third party on its behalf) after such withholding or deduction will equal
the amount which would have been received in respect of the Guarantee Payments
(including interest accrued thereon, if any) in the absence of such withholding
or deduction ("Guarantee Additional Amounts"), except that no such Guarantee
Additional Amounts shall be payable to a Holder (or a third party on its
behalf) with respect to any Guarantee Payments (including interest accrued
thereon, if any) (i) to the extent that such Relevant Tax is imposed or levied
by virtue of such Holder (or the beneficial owner of Company Preferred
Securities to which such Guarantee Payments relate) having some connection with
the Relevant Jurisdiction, other than being a LLC Securityholder (or beneficial
owner of such Company Preferred Securities), (ii) to the extent that such the
Relevant Tax is imposed or levied by virtue of such Company Preferred
Securityholder (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 the Guarantor or its agent has provided
the beneficial owner of such Company Preferred Securities or its nominee with
at least 60 days' prior written notice of any opportunity to make such a
declaration or claim, or (iii) 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.

         Section 5.08. Article 6:251 of DCC. This Guarantee is a guarantee for
the benefit of each Holder from time to time of Company Preferred Securities
with respect to each Company Preferred Security held by such Holder. Upon
transfer of any Company Preferred Securities to a third party, the previous
Holder thereof shall no longer have any rights hereunder with respect to such
Company Preferred Securities. The rights under this Guarantee with respect to a
Company Preferred Security are not separately transferable from such Company
Preferred Security. The Initial Holder, by its execution of this Guarantee,
hereby accepts the rights under this Guarantee as initial purchaser of the
Company Preferred Securities with the understanding that such rights shall be
transferred by operation of law to any subsequent Holder acquiring a Company
Preferred Security from the Initial Holder or from a subsequent Holder. It is
specifically intended by the parties hereto that the rights under this
Guarantee with respect to a Company Preferred


                                      19
<PAGE>

Security shall be transferred by operation of law under Article 6:251 of the
Dutch Civil Code ("DCC") to a subsequent Holder of that Company Preferred
Security.

         Section 5.09. Article 6:253 of DCC. It is hereby irrevocably agreed
and stipulated, for free ("om niet" in the sense of the article referred to),
by way of third party stipulation ("derdenbeding") in the meaning of Article
6:253 of DCC, for the benefit of each Holder (whether present or future) of a
Company Preferred Security that, to the extent that any such Holder should not
become entitled to the rights under this Guarantee with respect to that Company
Preferred Security (whether by operation of Article 6:251 of DCC as referred to
in Section 5.08 hereof or otherwise), such Holder shall become a beneficiary of
the rights under (and accordingly a party to) this Guarantee as set forth in
Article 6:253 of DCC upon having become a Holder of such Company Preferred
Security (unless such Holder has rejected such stipulation without delay upon
having become aware of it).

                                   ARTICLE 6
                      LIMITATION OF TRANSACTIONS; RANKING

         Section 6.01. Limitation of Transactions. (a) The Guarantor, for so
long as any Company Preferred Securities remain outstanding, shall not issue
any preferred securities, preferred or preference shares or any securities that
qualify as Tier 1 capital for the Guarantor ranking senior on liquidation to
its obligations under this Guarantee or give any guarantee in respect of any
preferred securities, preferred or preference shares or any securities that
qualify as Tier 1 capital for the Guarantor issued by any of its subsidiaries
if such guarantee would rank senior to this Guarantee, unless this Guarantee is
amended to give the Holders of the Company Preferred Securities such rights and
entitlements as are contained in or attached to such other guarantee so that
this Guarantee ranks pari passu with such guarantee and pari passu with such
preferred securities, preferred or preference shares or any securities that
qualify as Tier 1 capital for the Guarantor.

         (b) The Guarantor shall pay all amounts required to be paid pursuant
to this Guarantee in respect of any Dividends on the Company Preferred
Securities payable in respect of the most recent Dividend Period prior to any
dividend or other payment (except dividends in the form of the Ordinary Shares)
upon the Ordinary Shares (whether issued directly or by a subsidiary of the
Guarantor and entitled to the benefits of a guarantee ranking junior to this
Guarantee).

         (c) The Guarantor, for so long as any Trust Securities or Company
Preferred Securities remain outstanding, shall maintain, or shall cause the
Bank or any one or more Qualified Subsidiaries or branches of the Bank (each, a
"Potential Securityholder") to maintain, 100% ownership of the Company Common
Securities and the Trust Common Securities. The Guarantor may transfer and
permit the transfer of the Company Common Securities from one Potential
Securityholder to another Potential Securityholder, provided that prior to


                                      20
<PAGE>

such transfer it has received an opinion of a nationally recognized law firm
experienced in such matters to the effect that (A) the Company will continue to
be treated as a partnership for United States federal income tax purposes and
such transfer will not cause the Company to be classified as an association or
publicly traded partnership taxable as a corporation for United States federal
income tax purposes, (B) such transfer will not cause the Company or the Trust
to be required to register under the 1940 Act and (C) such transfer will not
adversely affect the limited liability of the Holders of the Company Preferred
Securities.

         (d) The Guarantor for so long as any Trust Securities or Company
Preferred Securities remain outstanding, (i) shall cause the Company to remain
a limited liability company, (ii) shall use its commercially reasonable efforts
to ensure that the Company will not be an association or a publicly traded
partnership taxable as a corporation for United States federal income tax
purposes, (iii) shall cause the Company to remain a limited liability company
and not to voluntarily dissolve, wind up, liquidate or be terminated, except as
permitted by the LLC Agreement, and (v) shall use its commercially reasonable
efforts to ensure that the Trust will not be classified as other than a grantor
trust for United States federal income tax purposes.

         (e) The Guarantor, for so long as any of the Company Preferred
Securities are outstanding, shall not permit, or take any action to cause, the
dissolution, liquidation, termination or winding up of the Company, unless the
Guarantor is itself in liquidation and the approval of the Dutch Central Bank,
if then required, to such action has been received.

         (f) If the Company Preferred Securities are distributed to Holders of
Trust Preferred Securities in connection with the involuntary or voluntary
dissolution, winding-up or liquidation of the Trust, the Guarantor shall use
its commercially reasonable best efforts to cause the Company Preferred
Securities to be listed on the New York Stock Exchange, Euronext or on such
other national securities exchange or similar organization as the Trust
Preferred Securities are then listed or quoted on.

         Section 6.02. Ranking. This Guarantee will constitute an unsecured
obligation of the Guarantor and will rank (i) subordinate and junior in right
of payment to indebtedness of the Guarantor (other than any guarantee or
contractual right expressed to rank pari passu with or junior to this
Guarantee), (ii) pari passu with the Guarantor's obligations under the Parity
Guarantees, including, without limitation, (A) the Trust Securities Guarantee
Agreement dated as of August 17, 1998, among the Guarantor, the Initial Holders
(as defined therein) of the 7 1/2% Noncumulative Guaranteed Trust Preferred
Securities and the 7 1/2% Trust Common Securities of ABN AMRO Capital Funding
Trust I, and The Bank of New York, as guarantee trustee, (B) the Class B
Preferred Securities Guarantee Agreement dated as of August 17, 1998 among the
Guarantor, ABN AMRO Capital Funding Trust I, as initial holder of the 7 1/2%
Noncumulative Guaranteed Class B Preferred Securities of ABN AMRO Capital
Funding LLC I, and The


                                      21
<PAGE>

Bank of New York, as guarantee trustee, (C) the Contingent Guarantee Agreement
dated as of August 17, 1998 among the Guarantor, ABN AMRO Capital Funding LLC I
and The Bank of New York, as guarantee trustee, (D) the Trust Securities
Guarantee Agreement dated as of April 1, 1999, among the Guarantor, the Initial
Holders (as defined therein) of the 7 1/8% Noncumulative Guaranteed Trust
Preferred Securities and the 7 1/8% Trust Common Securities of ABN AMRO Capital
Funding Trust II, and The Bank of New York, as guarantee trustee, (E) the Class
B Preferred Securities Guarantee Agreement dated as of April 1, 1999 among the
Guarantor, ABN AMRO Capital Funding Trust II, as initial holder of the 7?%
Noncumulative Guaranteed Class B Preferred Securities of ABN AMRO Capital
Funding LLC II, and The Bank of New York, as guarantee trustee, (F) the
Contingent Guarantee Agreement dated as of April 1, 1999 among the Guarantor,
ABN AMRO Capital Funding LLC II and The Bank of New York, as guarantee trustee,
(G) the Trust Securities Guarantee Agreement dated as of July 3, 2003, among
the Guarantor, the Initial Holders (as defined therein) of the 5.90%
Non-cumulative Guaranteed Trust Preferred Securities and the 5.90% Trust Common
Securities of ABN AMRO Capital Funding Trust V, and BNY Midwest Trust Company,
as guarantee trustee, (H) the Company Preferred Securities Guarantee Agreement
dated as of July 3, 2003 among the Guarantor, BNY Midwest Trust Company, in its
capacity as property trustee pursuant to the Trust Agreement (as defined
therein), as initial holder of the 5.90% Non-cumulative Guaranteed LLC
Preferred Securities of ABN AMRO Capital Funding LLC V, and BNY Midwest Trust
Company, as guarantee trustee, and (I) the Contingent Guarantee Agreement dated
as of July 3, 2003 among the Guarantor, ABN AMRO Capital Funding LLC V and BNY
Midwest Trust Company, as guarantee trustee, and (iii) senior to the Ordinary
Shares. Any guarantee given hereafter by the Guarantor with respect to
preferred securities issued by a subsidiary of the Guarantor and treated as
Tier 1 regulatory capital by the Guarantor that is silent as to seniority will
rank pari passu with this Guarantee.

                                   ARTICLE 7
                                  TERMINATION

         Section 7.01 Termination. This Guarantee shall terminate upon, and be
of no further force and effect from the earlier of (i) full payment of the
Redemption Price of all Company Preferred Securities or purchase and
cancellation of all Company Preferred Securities or (ii) upon full payment of
the $25.00 liquidation amount, plus any accumulated and unpaid Dividends
thereon, plus Additional Amounts thereon, if any, as payable upon liquidation
of the Issuer. Notwithstanding the foregoing, this Guarantee will continue to
be effective or will be reinstated, as the case may be, if at any time any
Holder of Company Preferred Securities must restore payment of any sums paid
under the Company Preferred Securities or under this Guarantee for any reason
whatsoever.


                                      22
<PAGE>


                                   ARTICLE 8
                                INDEMNIFICATION

         Section 8.01. Exculpation. (a) No Indemnified Person shall be liable,
responsible or accountable in damages or otherwise to the Guarantor or any
Covered Person for any loss, liability, expense, damage or claim incurred by
reason of any act or omission performed or omitted by such Indemnified Person
in good faith in accordance with this Guarantee and in a manner that such
Indemnified Person reasonably believed to be within the scope of the authority
conferred on such Indemnified Person by this Guarantee or by law, except that
an Indemnified Person shall be liable for any such loss, liability, expense,
damage or claim incurred by reason of such Indemnified Person's gross
negligence or willful misconduct with respect to such acts or omissions.

         (b) An Indemnified Person shall be fully protected in relying in good
faith upon the records of the Guarantor and upon such information, opinions,
reports or statements presented to the Guarantor by any Person as to matters
the Indemnified Person reasonably believes are within such other Person's
professional or expert competence and who has been selected with reasonable
care by or on behalf of the Guarantor, including information, opinions, reports
or statements as to the value and amount of the assets, liabilities, profits,
losses, or any other facts pertinent to the existence and amount of assets from
which Dividends to Holders of Company Preferred Securities might properly be
paid.

         Section 8.02. Indemnification. The Guarantor agrees to indemnify each
Indemnified Person for, and to hold each Indemnified Person harmless against,
any and all loss, liability, damage, claim or expense incurred without gross
negligence or bad faith on its part, arising out of or in connection with the
acceptance or administration of the trust or trusts hereunder, including the
costs and expenses (including reasonable legal fees and expenses) of defending
itself against, or investigating, any claim or liability in connection with the
exercise or performance of any of its powers or duties hereunder. The
obligation to indemnify as set forth in this Section 8.02 shall survive the
termination of this Guarantee or the earlier resignation or removal of the
Guarantee Trustee.

                                   ARTICLE 9
                                 MISCELLANEOUS

         Section 9.01. Successors and Assigns. All guarantees and agreements
contained in this Guarantee shall bind the successors, assigns, receivers,
trustees and representatives of the Guarantor and shall inure to the benefit of
the Holders of the Company Preferred Securities then outstanding.

         Section 9.02. Amendments. Except for those changes (i) required under
Section 6.01(a) above or (ii) provided for in the two penultimate sentences of
this paragraph, this Guarantee may be modified by the Guarantor and the
Guarantee


                                      23
<PAGE>

Trustee only with the prior approval of the Holders of not less than 662/3% in
liquidation amount of the Company Preferred Securities (excluding any Company
Preferred Securities held by the Guarantor or any of its Affiliates, other than
Company Preferred Securities purchased or acquired by the Guarantor or its
Affiliates in connection with transactions effected by or for the account of
customers of the Guarantor or any of its Affiliates in connection with the
distribution or trading of or market-making in connection with such securities
and except that persons (other than Affiliates of the Guarantor) to whom the
Guarantor or any of its Affiliates have pledged Company Preferred Securities
may vote or convert with respect to such pledged securities pursuant to the
terms of such pledge). This Guarantee may be amended without the consent of the
Holders of the Company Preferred Securities to (i) cure any ambiguity, (ii)
correct or supplement any provision in this Guarantee that may be defective or
inconsistent with any other provision of this Guarantee, (iii) add to the
covenants, restrictions or obligations of the Guarantor, (iv) conform to any
change in the 1940 Act, the Trust Indenture Act or the rules or regulations of
either such Act and (v) modify, eliminate and add to any provision of this
Guarantee to such extent as may be necessary or desirable; provided that no
such amendment shall have a material adverse effect on the rights, preferences
or privileges of the Holders of the Company Preferred Securities. Sections
5.01, 5.02, 5.07 and the form of Exhibit A hereto may not be amended without
the prior approval of the Holders of 100% in liquidation amount of the Company
Preferred Securities. Any amendment hereof in accordance with this Section 9.02
shall be binding on all Holders.

         Section 9.03. Judgment Currency Indemnity. (a) If, for the purposes of
obtaining judgment in any court, it is necessary to convert an amount due from
the Guarantor under any provision of this Guarantee to a currency other than
U.S. Dollars, the parties agree, to the fullest extent that they may
effectively do so, that the rate of exchange used shall be that at which in
accordance with normal banking procedures the Guarantee Trustee could purchase
such other currency with U.S. Dollars at its New York office on the second
Business Day preceding the day on which final judgment is given.

         (b) The obligations of the Guarantor in respect of any amount due to
the Guarantee Trustee or any Holders under this Agreement shall,
notwithstanding any judgment in a currency other than U.S. Dollars, be
discharged only to the extent that on the Business Day following receipt by the
Guarantee Trustee or such Holders, as the case may be, of any amount adjudged
to be so due in such other currency the Guarantee Trustee or such Holders, as
the case may be, may in accordance with normal banking procedures purchase U.S.
Dollars with such other currency.

         (c) If the amount of U.S. Dollars so purchased is less than the amount
originally due to the Guarantee Trustee or such Holders, as the case may be, in
U.S. Dollars, the Guarantor agrees, to the fullest extent that it may
effectively do


                                      24
<PAGE>


so, as a separate obligation and notwithstanding any such judgment, to
indemnify the Guarantee Trustee or such Holders, as the case may be, against
such loss.

         (d) If the amount of Dollars so purchased exceeds the amount
originally due to the Guarantee Trustee or such Holders, as the case may be, in
U.S. Dollars, agree to remit any remaining amount to the Guarantor.

     Section 9.04. Assignment of the Guarantor. The Guarantor will not assign
its obligations under the Guarantee, except in the case of a merger,
consolidation or a sale of substantially all of its assets, where the Guarantor
is not the surviving entity.

         Section 9.05. Notices. All notices provided for in this Guarantee
shall be in writing, duly signed by the party giving such notice, and shall be
delivered, telecopied or mailed by first class mail, as follows:

         (a) If given to the Guarantee Trustee, at the Guarantee Trustee's
mailing address set forth below:

                  BNY Midwest Trust Company
                  2 North LaSalle Street
                  Suite 1020
                  Chicago, Illinois 60602
                  Facsimile:  (312) 827-8542
                  Attention:  Corporate Finance Group

         (b) If given to the Guarantor, at the Guarantor's mailing address set
forth below (or such other address as the Guarantor may give notice of to the
Holders of the Company Preferred Securities):

                  ABN AMRO Holding N.V.
                  Gustav Mahlerlaan 10
                  1082 PP Amsterdam
                  The Netherlands
                  Fax: +31 20 383 48 30
                  Attention: Group Asset and Liability Management

         with a copy to:

                  Davis Polk & Wardwell
                  450 Lexington Avenue
                  New York, New York 10017
                  Fax: +1 212 450 3800
                  Attention: Margaret Tahyar, Esq.


                                      25
<PAGE>

         (c) If given to any Holder of Company Preferred Securities, at the
address set forth on the books and records of the Issuer.

         All such notices shall be deemed to have been given when received in
person, telecopied with receipt confirmed, or mailed by first class mail,
postage prepaid except that if a notice or other document is refused delivery
or cannot be delivered because of a changed address of which no notice was
given, such notice or other document shall be deemed to have been delivered on
the date of such refusal or inability to deliver.

         Section 9.06. Governing Law. THIS GUARANTEE SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE NETHERLANDS,
EXCEPT THAT ARTICLES 2, 3 AND 4, AND THE DEFINITIONS OF TERMS AS USED THEREIN,
SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES
THEREOF.

         Section 9.07. Jurisdiction. Any claim or proceeding brought by the
Guarantee Trustee on behalf of Holders or a Holder to enforce the obligations
of the Guarantor hereunder shall be brought in a court of competent
jurisdiction in Amsterdam, The Netherlands. Any claim or proceeding relating to
the application of Articles 2, 3, 4, and the definitions of terms as used
therein, including, without limitation, any claims, counter-claims and
cross-claims asserted against the Guarantee Trustee in connection therewith,
shall be brought in a court of competent jurisdiction in the State of New York.


                           [SIGNATURE PAGE TO FOLLOW]




                                      26
<PAGE>



         THIS GUARANTEE is executed as of the day and year first above written.


                                                    ABN AMRO HOLDING N.V.,
                                                         as Guarantor

                                                    By:
                                                        ------------------------
                                                        Name:
                                                        Title:

                                                    By:
                                                        ------------------------
                                                        Name:
                                                        Title:


BNY MIDWEST TRUST COMPANY,
     as Guarantee Trustee

By:
    --------------------------------------------
    Name:
    Title:



BNY MIDWEST TRUST COMPANY,
    as Initial Holder (in its
    capacity as property trustee pursuant to the
    Trust Agreement)

By:
    --------------------------------------------
    Name:
    Title:



<PAGE>


                                                                       EXHIBIT A


                             ABN AMRO HOLDING N.V.

                             OFFICERS' CERTIFICATE

         [March 31], [June 30], [September 30], [December 31],(1) __________


         The undersigned, [name of Authorized Officer], [title of Authorized
Officer], and [name of Authorized Officer], [title of Authorized Officer], of
ABN AMRO Holding N.V., a public limited liability company incorporated under
the laws of The Netherlands (the "Company"), pursuant to Section 5.02 of the
Guarantee Agreement dated as of September 30, 2003 (the "Guarantee"), executed
and delivered by the Company, as guarantor, BNY Midwest Trust Company, in its
capacity as property trustee pursuant to the Trust Agreement, and BNY Midwest
Trust Company, as guarantee trustee, for the benefit of the holders from time
to time of the 6.25% Non-cumulative Guaranteed LLC Preferred Securities (the
"Company Preferred Securities") of ABN AMRO Capital Funding LLC VI, do hereby
certify as of the date hereof on behalf of the Company as follows (capitalized
terms used herein without definitions have the meanings assigned to them in the
Guarantee):

         1. We have read and are familiar with the provisions of the Guarantee
(including, without limitation, Section 5.02 thereof) and all definitions
therein.

         2. We have reviewed all corporate documents necessary to state the
facts contained herein and are duly authorized to certify to those facts.

         3. In our opinion, we have made such examination or investigation as
is necessary to enable us to express an informed opinion as to the facts
certified herein.

         4. [Neither][Either]1 the Company [nor][or]1 any of its subsidiaries
(A) has declared or made a dividend or other payment on its Ordinary Shares
that pay dividends annually, or (B) has redeemed, repurchased or otherwise
acquired (other than (I) in connection with transactions effected by or for the
account of customers of the Guarantor or any of its subsidiaries or in
connection with the distribution, trading or market-making in respect of such
securities, (II) in connection with the satisfaction by the Guarantor or any of
its subsidiaries of its obligations under any employee benefit plans or similar
arrangements with or for the benefit of employees, officers, directors or
consultants, (III) as a result of a reclassification of the capital stock of
the Guarantor or any of its subsidiaries or the exchange or conversion of one
class or series of such capital stock for another

-------------------------
     1 Delete, if not applicable.


                                      A-1
<PAGE>


class or series of such capital stock or (IV) the purchase of fractional
interests in shares of the capital stock of the Guarantor or any of its
subsidiaries pursuant to the conversion or exchange provisions of such capital
stock or the security being converted or exchanged) for any consideration (and
moneys [have][have not]2 been paid to or made available for a sinking fund or
for redemption of any such shares) any Ordinary Shares or any Parity Securities
during the twelve month period immediately preceding and including the date
hereof.

         5. [Neither][Either](2) the Company [nor][or](2) any of its
subsidiaries has declared or made a dividend or other payment in respect of the
Ordinary Shares that pay dividends semi-annually, if any, during the six month
period immediately preceding and including the date hereof.

         6. [Neither][Either](2) the Company [nor][or](2) any of its
subsidiaries has declared or made a dividend or other payment in respect of the
Ordinary Shares that pay dividends quarterly, if any, during the three month
period immediately preceding and including the date hereof.

         7. (a) [Neither][Either](2) the Company [nor][or](2) any of its
subsidiaries has declared or made a dividend or other payment in respect of the
Parity Securities that pay dividends annually, if any, during the twelve month
period immediately preceding and including the date hereof.

         (b) A dividend or other payment in respect of the Parity Securities
that pay dividends annually, if any, was declared or made [in full](2) [at __%
of the stated dividend rate for such Parity Securities].(3)

         8. (a) [Neither][Either](2) the Company [nor][or](2) any of its
subsidiaries has declared or made a dividend or other payment in respect of its
Parity Securities that pay dividends semi-annually, if any, during the six
month period immediately preceding and including the date hereof.

         (b) A dividend or other payment in respect of the Parity Securities
that pay dividends semi-annually, if any, was declared or made [in full](4) [at
__% of the stated dividend rate for such Parity Securities].(5)

-------------------------
         2 Delete, if not applicable.

         3 To be filled in only if a dividend or other payment was declared or
made on the Parity Securities that pay dividends annually.

         4 Delete, if not applicable.

         5 To be filled in only if a dividend or other payment was declared or
made on the Parity Securities that pay dividends semi-annually.


                                      A-2
<PAGE>


         9. (a) [Neither][Either](4) the Company [nor][or](4) any of its
subsidiaries has declared or made a dividend or other payment in respect of the
Parity Securities that pay dividends quarterly, if any, during the three month
period immediately preceding and including the date hereof.

         (b) A dividend or other payment in respect of the Parity Securities
that pay dividends quarterly, if any, was declared or made [in full](4) [at __%
of the stated dividend rate for such Parity Securities.](6)

         IN WITNESS WHEREOF, the undersigned have duly executed as of the date
first set forth above.

                                                    ABN AMRO HOLDING N.V.

                                                    By:
                                                        ------------------------
                                                        Name:
                                                        Title:

                                                    By:
                                                        ------------------------
                                                        Name:
                                                        Title:















-------------------------

         6 To be filled in only if a dividend or other payment was declared or
made on the Parity Securities that pay dividends quarterly.


                                      A-3