Document:

Registration Rights Agreement

 

Exhibit 4.1

 EXECUTION
  COPY 

 REGISTRATION
  RIGHTS AGREEMENT
   

 Dated
  as of June 2, 2003

  by and among  

 ABN
  AMRO BANK N.V. 

 and
   

  ABN AMRO
  BANK N.V.

   CITIGROUP
  GLOBAL MARKETS INC.  

  LEHMAN BROTHERS INC.  

  MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED

 as
  Initial Purchasers  

 TABLE
  OF CONTENTS 

  _______________

	 	 	PAGE	 
	 	 	
	 
	 	 	 	 
	 	 	 	 
	Section 1.	Definitions.	1	 
	Section 2.	Registered Exchange Offer.	3	 
	Section 3.	Shelf Registration.	6	 
	Section 4.	Registration Default Interest.	7	 
	Section 5.	Registration Procedures.	8	 
	Section 6.	Registration Expenses.	17	 
	Section 7.	Indemnification.	18	 
	Section 8.	Rule 144A and Rule 144.	21	 
	Section 9.	Miscellaneous.	21	 

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     This Registration Rights Agreement (this “Agreement”) is made and entered into as of June 2, 2003 , by and among ABN AMRO Bank N.V., a limited liability company incorporated in the Netherlands (the “Bank”), and ABN AMRO Bank N.V., Citigroup Global Markets Inc., Lehman Brothers Inc. and (each an
“Initial Purchaser” and, collectively, the “Initial Purchasers”), each of whom has agreed to purchase the Bank’s 4.65% Subordinated Notes due 2018 pursuant
to the Purchase Agreement (as defined below) which, when issued will be Restricted Notes (as defined below). The term “Subordinated Notes” means all of the Bank’s 4.65% Subordinated Notes due 2018 issued pursuant to the Indenture, whether Restricted Notes or Exchange Notes (as defined below). 

     This Agreement is made pursuant to the Purchase Agreement, dated May 23, 2003, (the “Purchase Agreement”), by and among the Bank and the Initial Purchasers. In order to induce the Initial Purchasers to purchase the Subordinated Notes,
the Bank has agreed to provide the registration rights set forth in this Agreement. Capitalized terms used herein and not otherwise defined shall have the meaning assigned to them the Indenture, dated the Closing Date, between the Bank and The Bank
of New York, as Trustee, relating to the Restricted Notes and the Exchange Notes (the “Indenture”). 

      The
  parties hereby agree as follows:  

     Section
  1.
  Definitions.
   

     As used in this Agreement, the following capitalized terms shall have the following meanings: 

     Affiliate:
  As defined in Rule 144 of the Securities Act.  

     Affiliated Market Maker: A Broker-Dealer who is deemed to be an Affiliate of
the Bank and who is, therefore, required to deliver a prospectus in connection with sales or market making activities. 

     Broker-Dealer: Any broker or dealer registered under the Exchange Act. 

     Business Day: any day that is not a Saturday, Sunday or other day on which
commercial banks in New York City are authorized or required by law to remain closed. 

     Closing Date: The date hereof. 

     Consummate: An Exchange Offer shall be deemed “consummated” for
purposes of this Agreement upon the occurrence of (a) the filing and effectiveness under the Securities Act of the Exchange Offer Registration Statement relating to the Exchange Notes to be issued in the Exchange Offer, (b) the maintenance of such
Exchange Offer Registration Statement continuously effective and the keeping of the Exchange Offer open for a period not less than the period required 

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pursuant to Section 2(b) and (c) the delivery by the Bank to the Registrar under the Indenture of Exchange Notes in the same aggregate principal amount as the aggregate principal amount
of Subordinated Notes tendered by Holders thereof pursuant to the Exchange Offer. 

     Effectiveness
  Deadline:
  As defined in Section 2(a) and Section 3(a). 

     Exchange
  Act:
  The Securities Exchange Act of 1934, as amended. 

     Exchange Dates:
  As defined in Section 2(a)(iv).  

     Exchange Notes: The Bank’s 4.65% Subordinated Notes due 2018 to be
issued pursuant to the Indenture (i) in exchange for Restricted Notes pursuant to the Exchange Offer, (ii) to a purchaser of Subordinated Notes pursuant to a Shelf Registration Statement as contemplated by Section 5(b) or (iii) to the purchaser of a
Subordinated Note distributed to the public pursuant to Rule 144 under the Securities Act (or any similar provision then in force, but not Rule 144A). 

     Exchange Offer: The exchange and issuance by the Bank of a principal amount
of Exchange Notes (which shall be registered pursuant to the Exchange Offer Registration Statement) equal to the outstanding principal amount of Subordinated Notes that are tendered by such Holders in connection with such exchange and issuance.

     Exchange Offer Registration Statement: The Registration Statement relating
to the Exchange Offer, including the related Prospectus. 

     Exempt Resales: The transactions in which the Initial Purchasers propose to
sell the Subordinated Notes to certain “qualified institutional buyers,” as such term is defined in Rule 144A under the Securities Act and pursuant to Regulation S under the Securities Act. 

     Filing Deadline: As defined in Section 2(a) and Section 3(a) hereof. 

     Holders: Each holder of a Restricted Note from time to time. 

     Prospectus: The prospectus included in a Registration Statement at the time
such Registration Statement is declared effective, as amended or supplemented by any prospectus supplement and by all other amendments thereto, including post-effective amendments, and all material incorporated by reference into such Prospectus.

     Recommencement
  Date:
  As defined in Section 5(d) hereof. 

     Registration
  Default:
  As defined in Section 4 hereof. 

      Registration
  Default Interest:
  As defined in Section 4 hereof.  

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     Registration Statement: Any registration statement of the Bank relating to
(a) an offering of Exchange Notes pursuant to an Exchange Offer or (b) the registration for resale of Restricted Notes pursuant to the Shelf Registration Statement, in each case (i) that is filed pursuant to the provisions of this Agreement and (ii)
including the Prospectus included therein, all amendments and supplements thereto (including post-effective amendments) and all exhibits and material incorporated by reference therein. 

     Regulation S: Regulation S promulgated under the Securities Act. 

     Restricted Note: Each Subordinated Note, until the earliest to occur of (a)
the date on which such Subordinated Note is exchanged in the Exchange Offer for an Exchange Note which is entitled to be resold to the public by the Holder thereof without complying with the prospectus delivery requirements of the Securities Act,
(b) the date on which such Subordinated Note has been disposed of in accordance with a Shelf Registration Statement (and the purchasers thereof have been issued Exchange Notes), or (c) the date on which such Subordinated Note is distributed to the
public pursuant to Rule 144 under the Securities Act (or any similar provision then in force, but not Rule 144A) (and purchasers thereof have been issued Exchange Notes) and each Exchange Note until the date on which such Exchange Note is disposed
of by a Broker-Dealer pursuant to the “Plan of Distribution” contemplated by the Exchange Offer Registration Statement (including the delivery of the Prospectus contained therein). 

     Rule 144: Rule 144 promulgated under the Securities Act. 

     SEC: The Securities and Exchange Commission. 

     Securities
  Act:
  The Securities Act of 1933, as amended. 

     Shelf Registration Statement:
  As defined in Section 3 hereof. 

     Suspension Notice:
  As defined in Section 5(d) hereof.  

     TIA: The Trust Indenture Act of 1939 as in effect on the date of the
Indenture. 

      
  Section 2.
  Registered Exchange Offer.  

     (a) Unless the Exchange
Offer shall not be permitted by applicable federal law (after the procedures set forth in Section 5(a)(i) have been complied with), the Bank shall: 

        (i)
    cause
    the Exchange Offer Registration Statement to be filed with the SEC as
    soon as practicable after the Closing Date, but in no event later than
    90 days after the Closing Date (such 90th
    day being the “Filing
    Deadline”), 

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        (ii)
    use
    its best efforts to cause such Exchange Offer  Registration
    Statement to become effective at the earliest possible time, but in
    no event later than 180 days after the initial filing with the SEC (such
    180th
    day being the “Effectiveness
    Deadline”),
  

        (iii)
    in
    connection with the foregoing, 

  
          (A)
      file
      all pre-effective amendments to such Exchange Offer Registration Statement
      as may be necessary in order to cause it to become effective,
    

          (B)
      file,
      if applicable, a post-effective amendment to such Exchange Offer Registration
      Statement pursuant to Rule 430A under the Securities Act, and
    

          (C)
      cause
      all necessary filings, if any, in connection with the registration
      and qualification of the Exchange Notes to be made under the Blue
      Sky laws of such jurisdictions as are necessary to permit Consummation
      of the Exchange Offer, and  

  

        (iv)
    upon
    the effectiveness of such Exchange Offer Registration Statement, commence
    and Consummate the Exchange Offer. The Bank shall commence the Exchange
    Offer by mailing the related Prospectus, appropriate letters of transmittal
    and other accompanying documents to each Holder stating, in addition
    to such other disclosures as are required by applicable law (A) that
    the Exchange Offer is being made pursuant to this Agreement and that
    all Restricted Notes validly tendered and not properly withdrawn will
    be accepted for exchange; (B) the dates of acceptance for exchange (which
    shall be a period of at least 20 Business Days from the date such notice
    is mailed) (the “Exchange
    Dates”);
    (C) that any Restricted Notes not tendered will remain outstanding and
    continue to accrue interest but will not retain any rights under this
    Agreement; (D) that any Holder electing to have Restricted Notes exchanged
    pursuant to the Exchange Offer will be required to surrender such Restricted
    Notes, together with the appropriate letters of transmittal, to the
    institution and at the address (located in the Borough of Manhattan,
    The City of New York) and in the manner specified in the notice, prior
    to the close of business on the last Exchange Date; and (E) that any
    Holder will be entitled to withdraw its election, not later than the
    close of business on the last Exchange Date, by sending to the institution
    and at the address (located in the Borough of Manhattan, The City of
    New York) specified in the notice, a telegram, telex, facsimile transmission
    or letter setting forth the name of such Holder, the principal amount
    of Restricted Notes delivered for exchange and a statement that such
    Holder is withdrawing its election to have such Restricted Notes exchanged.
     

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        The
    Exchange Offer shall be on the appropriate form permitting (i) registration
    of the Exchange Notes to be offered in exchange for the Subordinated
    Notes that are Restricted Notes and (ii) resales of Exchange Notes by
    Broker-Dealers that tendered into the Exchange Offer Subordinated Notes
    that such Broker-Dealer acquired for its own account as a result of
    market making activities or other trading activities (other than Subordinated
    Notes acquired directly from the Bank or any of its Affiliates) as contemplated
    by Section 2(b).  

     (b) The Bank shall use its
best efforts to cause the Exchange Offer Registration Statement to be effective continuously, and shall keep the Exchange Offer open for a period of not less than the minimum period required under applicable federal and state securities laws to
Consummate the Exchange Offer; provided, however, that in no event shall such period be less than 20 Business Days. The Bank shall cause the Exchange Offer to comply with all applicable federal
and state securities laws, including the laws of the Netherlands, and the regulations of Euronext Amsterdam N.V.. No securities other than the Exchange Notes shall be included in the Exchange Offer Registration Statement. 

     (c) The Bank shall include a
“Plan of Distribution” section in the Prospectus contained in the Exchange Offer Registration Statement and indicate therein that any Broker-Dealer who holds Restricted Notes that were acquired for the account of such Broker-Dealer as a
result of market-making activities or other trading activities (other than Subordinated Notes acquired directly from the Bank or any Affiliate of the Bank), may exchange such Restricted Notes pursuant to the Exchange Offer. Such “Plan of
Distribution” section shall also contain all other information with respect to such sales by such Broker-Dealers that the SEC may require in order to permit such sales pursuant thereto, but such “Plan of Distribution” shall not name
any such Broker-Dealer or disclose the amount of Restricted Notes held by any such Broker-Dealer, except to the extent required by the SEC as a result of a change in policy, rules or regulations after the date of this Agreement. See the Shearman
& Sterling no-action letter referred to in Section 5(a)(ii). 

     Because such Broker-Dealer may be deemed to be an “underwriter” within the meaning of the Securities Act and must, therefore, deliver a prospectus
meeting the requirements of the Securities Act in connection with its initial sale of any Exchange Notes received by such Broker-Dealer in the Exchange Offer, the Bank shall permit the use of the Prospectus contained in the Exchange Offer
Registration Statement by such Broker-Dealer to satisfy such prospectus delivery requirement. To the extent necessary to ensure that the prospectus contained in the Exchange Offer Registration Statement is available for sales of Exchange Notes by
Broker-Dealers, the Bank agrees to use its best efforts to keep the Exchange Offer Registration Statement continuously effective, supplemented, amended and current as required by and subject to the provisions of Section 5(a) and Section 5(c) and in
conformity with the requirements of this Agreement, the Securities Act and the policies, rules and regulations of the SEC as announced 

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from time to time, for a period of one year from the date of Consummation of the Exchange offer or such shorter period as will terminate when all Restricted Notes covered by such
Registration Statement have been sold pursuant thereto. The Bank shall provide sufficient copies of the latest version of such Prospectus to such Broker-Dealers, promptly upon request, and in no event later than one day after such request, at any
time during such period. 

      Section
  3.
  Shelf Registration.
   

      (a)
  Shelf
  Registration. If 

        (i)
    The
    Exchange Offer is not permitted by applicable law (after the Bank has
    complied with the procedures set forth in Section 5(a)(i)), or 
  

        (ii)
    any
    Initial Purchaser of Restricted Notes shall notify the Bank within 20
    Business Days following the Consummation of the Exchange Offer that:
     

  
          (A)
      such
      Initial Purchaser was prohibited by law or SEC policy from participating
      in the Exchange Offer or 

          (B)
      such
      Initial Purchaser may not resell the Exchange Notes acquired by it
      in the Exchange Offer to the public without delivering a prospectus
      and the Prospectus contained in the Exchange Offer Registration Statement
      is not appropriate or available for such resales by such Initial Purchaser
      or  

          (C)
      such
      Initial Purchaser is a Broker-Dealer and holds Subordinated Notes
      acquired directly from the Bank or any of its Affiliates, 

  

   then
    the Bank shall:  

        (1)
    cause
    to be filed with the SEC, on or prior to 90 days after the earlier of
    (i) the date on which the Bank determines that the Exchange Offer Registration
    Statement cannot be filed as a result of Section 3(a)(i) and (ii) the
    date on which the Bank receives the notice specified in Section 3(a)(ii)
    (such earlier date, the “Filing
    Deadline”),
    a shelf registration statement pursuant to Rule 415 under the Securities
    Act (which may be an amendment to the Exchange Offer Registration Statement
    (the “Shelf
    Registration Statement”)),
    relating to all Restricted Notes, and  

        (2)
    shall
    use its best efforts to cause such Shelf Registration Statement to become
    effective on or prior to 180 days after the Filing Deadline for the
    Shelf Registration Statement (such 180th
    day the  “Effectiveness
    Deadline”).  

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      If,
  after the Bank has filed an Exchange Offer Registration Statement that
  satisfies the requirements of Section 2(a), the Bank is required to file
  and make effective a Shelf Registration Statement solely because the Exchange
  Offer is not permitted under applicable federal law (i.e., Section 3(a)(i)), then
  the filing of the Exchange Offer Registration Statement shall be deemed
  to satisfy the requirements of clause (1) above; provided
  that, in such event, the Bank shall remain obligated to meet the Effectiveness
  Deadline set forth in clause (2).  

      To
  the extent necessary to ensure that the Shelf Registration Statement is
  available for sales of Restricted Notes by the Initial Purchasers thereof
  entitled to the benefit of this Section 3(a) and the other securities
  required to be registered therein pursuant to Section 5(b)(ii). the Bank
  shall use its best efforts to keep any Shelf Registration Statement required
  by this Section 3(a) continuously effective, supplemented, amended and
  current as required by and subject to the provisions of Section 5(b) and
  Section 5(c) and in conformity with the requirements of this Agreement,
  the Securities Act and the policies, rules and regulations of the SEC
  as announced from time to time, for so long as any Initial Purchaser is
  deemed to be an Affiliate of the Bank but in no event sooner than the
  first to occur of (i) two years (as extended pursuant to Section 5(d))
  following the Closing Date, or (ii) the date on which all Restricted Notes
  covered by such Shelf Registration Statement have been sold pursuant thereto.
   

      (b)
  Provision
  by Initial Purchasers of Certain Information in Connection with the Shelf
  Registration Statement.
  No Initial Purchaser of  Restricted
  Notes may include any of its Restricted Notes in any Shelf Registration
  Statement pursuant to this Agreement unless and until such Initial Purchaser
  furnishes to the Bank in writing, within 20 days after receipt of a request
  therefor, the information specified in Item 507 or 508 of Regulation S-K,
  as applicable, of the Securities Act for use in connection with any Shelf
  Registration Statement or Prospectus or preliminary Prospectus included
  therein. No Initial Purchaser of Restricted Notes shall be entitled to
  Registration Default Interest pursuant to Section 4 unless and until such
  Initial Purchaser shall have provided all such information. Each selling
  Initial Purchase agrees to promptly furnish additional information required
  to be disclosed in order to make the information previously furnished
  to the Bank by such Initial Purchaser not materially misleading. 

      Section 4. Registration Default Interest. 

      If
  (a) any Registration Statement required by this Agreement is not filed
  with the SEC on or prior to the applicable Filing Deadline, (b) any such
  Registration Statement has not been declared effective by the SEC on or
  prior to the applicable Effectiveness Deadline or (c) any Registration
  Statement required by this Agreement is filed and declared effective but
  shall thereafter cease to be effective or the Prospectus therein ceases
  to be usable for more than 30 days (each such event referred to in clauses
  (a) through (c), a “Registration
  Default”),
  then the interest rate on the Restricted Notes will be increased by 50
  basis points per annum (“Registration Default Interest”)
  commencing (i) on the Filing Deadline 

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 in the
  case of clause (a), (ii) on the Effectiveness Deadline in the case of
  clause (b), (iii) on the 31st day following the failure of the Registration
  Statement to be effective or the failure of the Prospectus to be usable
  in the case of clause (c); provided
  that the Bank shall in no event be required to pay Registration Default
  Interest for more than one Registration Default at any given time.
  Notwithstanding
  anything to the contrary set forth herein, (i) upon filing of the Exchange
  Offer Registration Statement (and/or, if applicable, the Shelf Registration
  Statement), in the case of clause (a) above, (ii) upon the effectiveness
  of the Exchange Offer Registration Statement (and/or, if applicable, the
  Shelf Registration Statement), in the case of clause (b) above, (iii)
  upon the filing of a post-effective amendment to the Registration Statement
  or an additional Registration Statement that causes the Exchange Offer
  Registration Statement (and/or, if applicable, the Shelf Registration
  Statement) to again be declared effective or the Prospectus therein made
  usable in the case of clause (c) above, the Registration Default Interest
  payable with respect to the Restricted Notes as a result of such clause
  (a), (b), or (c), as applicable, shall cease.  

     All accrued Registration Default Interest shall be paid to the Holders entitled thereto, in the manner provided for the payment of interest in the Indenture,
on each Interest Payment Date, as more fully set forth in the Indenture and the Subordinated Notes. Notwithstanding the fact that any Subordinated Notes for which Registration Default Interest is due cease to be Restricted Notes, all obligations of
the Bank to pay Registration Default Interest with respect to such Subordinated Notes shall survive until such time as such obligations with respect to such Subordinated Notes shall have been satisfied in full. 

      Section
  5.
  Registration Procedures.
   

     (a) Exchange Offer
Registration Statement. In connection with the Exchange Offer, the Bank shall (x) comply with all applicable provisions of Section 5(c), (y) use its best efforts to effect such
exchange and to permit the resale of Exchange Notes by Broker-Dealers that tendered in the Exchange Offer Subordinated Notes that such Broker-Dealer acquired for its own account as a result of its market making activities or other trading activities
(other than Subordinated Notes acquired directly from the Bank or any of its Affiliates) being sold in accordance with the intended method or methods of distribution thereof, and (z) comply with all of the following provisions: 

        (i)
    If,
    following the date hereof there has been announced a change in SEC policy
    with respect to exchange offers such as the Exchange Offer, that in
    the reasonable opinion of counsel to the Bank raises a substantial question
    as to whether the Exchange Offer is permitted by applicable federal
    law, the Bank hereby agrees to seek a no-action letter or other favorable
    decision from the SEC allowing the Bank to Consummate an Exchange Offer
    for such Restricted Notes. The Bank hereby agrees to pursue the issuance
    of such a decision to the SEC staff level. In connection with the foregoing,
    the Bank hereby agrees to take all  

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   such
    other actions as may be requested by the SEC or otherwise required in
    connection with the issuance of such decision, including without limitation
    (A) participating in telephonic conferences with the SEC, (B) delivering
    to the SEC staff an analysis prepared by counsel to the Bank setting
    forth the legal bases, if any, upon which such counsel has concluded
    that such an Exchange Offer should be permitted and (C) diligently pursuing
    a resolution (which need not be favorable) by the SEC staff. 
  

        (ii)
    As
    a condition to its participation in the Exchange Offer, each Holder
    of Restricted Notes (including, without limitation, any Holder which
    is a Broker Dealer) shall furnish, upon the request of the Bank, prior
    to the Consummation of the Exchange Offer, a written representation
    to the Bank (which may be contained in the letter of transmittal contemplated
    by the Exchange Offer Registration Statement) to the effect that (A)
    it is not an Affiliate of the Bank, (B) it is not engaged in, and does
    not intend to engage in, and has no arrangement or understanding with
    any person to participate in, a distribution of the Exchange Notes to
    be issued in the Exchange Offer and (C) it is acquiring the Exchange
    Notes in its ordinary course of business. As a condition to its participation
    in the Exchange Offer, each Holder using the Exchange Offer to participate
    in a distribution of the Exchange Notes shall acknowledges and agrees
    that, if the resales are of Exchange Notes obtained by such Holder in
    exchange for Subordinated Notes acquired directly from the Bank or an
    Affiliate thereof, it (1) could not, under SEC policy as in effect on
    the date of this Agreement, rely on the position of the SEC enunciated
    in Morgan Stanley and
    Co., Inc.
    (available June 5, 1991) and Exxon Capital Holdings Corporation
    (available May 13, 1988), as interpreted in the SEC’s letter to
    Shearman & Sterling
    dated July 2, 1993, and similar no-action letters (including, if applicable,
    any no-action letter obtained pursuant to Section 5(a)(i)), and (2)
    must comply with the registration and prospectus delivery requirements
    of the Securities Act in connection with a secondary resale transaction
    and that such a secondary resale transaction must be covered by an effective
    registration statement containing the selling security holder information
    required by Item 507 or 508, as applicable, of Regulation S-K.
  

        (iii)
    Prior
    to effectiveness of the Exchange Offer Registration Statement, the Bank
    shall provide a supplemental letter to the SEC (A) stating that the
    Bank is registering the Exchange Offer in reliance on the position of
    the SEC enunciated in Exxon Capital Holdings
    Corporation
    (available May 13, 1988), Morgan Stanley and Co., Inc.
    (available June 5, 1991) as interpreted in the SEC’s letter to
    Shearman & Sterling
    dated July 2, 1993, and, if applicable, any no-action letter obtained
    pursuant to Section 5(a)(i), (B) including a representation that the
    Bank has not entered into any arrangement or understanding with any
    Person to distribute the Exchange Notes to be received in the Exchange
    Offer and  

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   that,
    to the best of the Bank’s information and belief, each Holder participating
    in the Exchange Offer is acquiring the Exchange Notes in its ordinary
    course of business and has no arrangement or understanding with any
    Person to participate in the distribution of the Exchange Notes received
    in the Exchange Offer and (C) any other undertaking or representation
    required by the SEC as set forth in any no-action letter obtained pursuant
    to Section 5(a)(i) if applicable.  

     (b) Shelf
Registration Statement. In connection with the Shelf Registration Statement, the Bank shall: 

        (i)
    comply
    with all the provisions of Section 5(c) and use its best efforts to
    effect such registration to permit the sale of the Restricted Notes
    being sold in accordance with the intended method or methods of distribution
    thereof (as indicated in the information furnished to the Bank pursuant
    to Section 3(b)), and pursuant thereto the Bank will prepare and file
    with the SEC a Registration Statement relating to the registration on
    any appropriate form under the Securities Act, which form shall be available
    for the sale of the Restricted Notes in accordance with the intended
    method or methods of distribution thereof within the time periods and
    otherwise in accordance with the provisions hereof, and  

        (ii)
    issue,
    upon the request of any Holder or purchaser of Subordinated Notes covered
    by any Shelf Registration Statement contemplated by this Agreement,
    Exchange Notes having an aggregate principal amount equal to the aggregate
    principal amount of Subordinated Notes sold pursuant to the Shelf Registration
    Statement and surrendered to the Bank for cancellation; the Bank shall
    register Exchange Notes on the Shelf Registration Statement for this
    purpose and issue the Exchange Notes to the purchaser(s) of securities
    subject to the Shelf Registration Statement in the names as such purchaser(s)
    shall designate.  

     (c) General
Provisions. In connection with any Registration Statement and any related Prospectus required by this Agreement, the Bank shall: 

        (i)
    use
    its best efforts to keep such Registration Statement continuously effective
    and provide all requisite financial statements for the period specified
    in Section 2 or Section 3 of this Agreement, as applicable. Upon the
    occurrence of any event that would cause any such Registration Statement
    or the Prospectus contained therein (A) to contain an untrue statement
    of material fact or omit to state any material fact necessary to make
    the statements therein not misleading or (B) not to be effective and
    usable for resale of Restricted Notes during the period required by
    this Agreement, the Bank shall file promptly an appropriate amendment
    to such Registration Statement curing such defect, and, if SEC review
    is required, use its best efforts to cause such amendment to be declared
    effective as soon as practicable.  

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        (ii)
    prepare
    and file with the SEC such amendments and post-effective amendments
    to the applicable Registration Statement as may be necessary to keep
    such Registration Statement effective for the applicable period set
    forth in Section 2 or Section 3, as the case may be; cause the Prospectus
    to be supplemented by any required Prospectus supplement, and as so
    supplemented to be filed pursuant to Rule 424 under the Securities Act,
    and to comply fully with Rules 424, 430A and 462, as applicable, under
    the Securities Act in a timely manner; and comply with the provisions
    of the Securities Act with respect to the disposition of all securities
    covered by such Registration Statement during the applicable period
    in accordance with the intended method or methods of distribution by
    the sellers thereof set forth in such Registration Statement or supplement
    to the Prospectus;  

        (iii)
    advise
    each Holder and each Initial Purchaser who is an Affiliated Market Maker
    promptly and, if requested by such Person, confirm such advice in writing:
     

  
          (A)
      when
      the Prospectus or any Prospectus supplement or post-effective amendment
      has been filed, and, with respect to any applicable Registration Statement
      or any post-effective amendment thereto, when the same has become
      effective, 

          (B)
      of
      any request by the SEC for amendments to the Registration Statement
      or amendments or supplements to the Prospectus or for additional information
      relating thereto, 

          (C)
      of
      the issuance by the SEC of any stop order suspending the effectiveness
      of the Registration Statement under the Securities Act or of the suspension
      by any state securities commission of the qualification of the Restricted
      Notes for offering or sale in any jurisdiction, or the initiation
      of any proceeding for any of the preceding purposes, and  

          (D)
      of
      the existence of any fact or the occurrence of any event that makes
      any statement of a material fact made in the Registration Statement,
      the Prospectus, any amendment or supplement thereto or any document
      incorporated by reference therein untrue, or that requires the making
      of any additions to or changes in the Registration Statement in order
      to make the statements therein not misleading, or that requires the
      making of any additions to or changes in the Prospectus in order to
      make the statements therein, in the light of the circumstances under
      which they were made, not misleading. 

  

 11
   

        If
    at any time the SEC shall issue any stop order suspending the effectiveness
    of the Registration Statement, or any state securities commission or
    other regulatory authority shall issue an order suspending the qualification
    or exemption from qualification of the Restricted Notes under state
    securities or blue sky laws, the Bank shall use its best efforts to
    obtain the withdrawal or lifting of such order at the earliest possible
    time;  

        (iv)
    subject
    to Section 5(c)(i), if any fact or event contemplated by Section 5(c)(iii)(D)
    above exist or have occurred, prepare a supplement or post-effective
    amendment to the Registration Statement or related Prospectus or any
    document incorporated therein by reference or file any other required
    document so that, as thereafter delivered to the purchasers of Restricted
    Notes, the Prospectus will not contain an untrue statement of a material
    fact or omit to state any material fact necessary to make the statements
    therein, in the light of the circumstances under which they were made,
    not misleading;  

        (v)
    furnish
    to each Affiliated Market Maker and to any Holder that may so request
    in connection with such exchange or sale, if any, before filing with
    the SEC, copies of any Registration Statement or any Prospectus included
    therein or any amendments or supplements to any such Registration Statement
    or Prospectus (including all documents incorporated by reference after
    the initial filing of such Registration Statement), which documents
    will be subject to the review and comment of such Persons in connection
    with such sale, if any, for a period of at least five Business Days,
    and the Bank will not file any such Registration Statement or Prospectus
    or any amendment or supplement to any such Registration Statement or
    Prospectus (including all such documents incorporated by reference)
    to which such Persons shall reasonably object within five Business Days
    after the receipt thereof. Such Person shall be deemed to have reasonably
    objected to such filing if such Registration Statement, amendment, Prospectus
    or supplement, as applicable, as proposed to be filed, contains an untrue
    statement of a material fact or omit to state any material fact necessary
    to make the statements therein not misleading or fails to comply with
    the applicable requirements of the Securities Act;  

        (vi)
    promptly
    prior to the filing of any document that is to be incorporated by reference
    into a Registration Statement or Prospectus, provide copies of such
    document to each Affiliated Market Maker and to any Holder that may
    so request in connection with such exchange or sale, if any, make the
    Bank’s representatives available for discussion of such document
    and other customary due diligence matters, and include such information
    in such document prior to the filing thereof as such Persons may reasonably
    request;  

 12
   

        (vii)
    make
    available, at reasonable times, for inspection by each Holder and each
    Affiliated Market Maker and any attorney or accountant retained by such
    Persons, all financial and other records, pertinent corporate documents
    of the Bank and cause the Bank’s officers, directors and employees
    to supply all information reasonably requested by any such Persons,
    attorney or accountant in connection with such Registration Statement
    or any post-effective amendment thereto subsequent to the filing thereof
    and prior to its effectiveness;  

        (viii)
    if
    requested by any Holder in connection with such exchange or sale or
    any Affiliated Market Maker, promptly include in any Registration Statement
    or Prospectus, pursuant to a supplement or post-effective amendment
    if necessary, such information as such Persons may reasonably request
    to have included therein, including, without limitation, information
    relating to the “Plan of Distribution” of the Restricted Notes
    and the use of the Registration Statement or Prospectus for market making
    activities; and make all required filings of such Prospectus supplement
    or post-effective amendment as soon as practicable after the Bank is
    notified of the matters to be included in such Prospectus supplement
    or post-effective amendment;  

        (ix)
    furnish
    to each Affiliated Market Maker and to any Holder that may so request
    in connection with such exchange or sale, without charge, at least one copy of the Registration
    Statement, as first filed with the SEC, and of each amendment thereto,
    including all documents incorporated by reference therein and all exhibits
    (including exhibits incorporated therein by reference);  

        (x)
    deliver
    to each Affiliated Market Maker and to any Holder that may so request
    without charge, as many copies of the Prospectus (including each preliminary
    prospectus) and any amendment or supplement thereto as such Persons
    reasonably may request; the Bank hereby consents to the use (in accordance
    with law) of the Prospectus and any amendment or supplement thereto
    by each selling Person in connection with the offering and the sale
    of the Restricted Notes covered by the Prospectus or any amendment or
    supplement thereto and all market making activities of such Affiliated
    Market Maker, as the case may be;  

        (xi)
    upon
    the request of any Initial Purchaser, enter into such agreements (including
    underwriting agreements) and make such representations and warranties
    and take all such other actions in connection therewith in order to
    expedite or facilitate the disposition of the Restricted Notes pursuant
    to any applicable Registration Statement contemplated by this Agreement
    as may be reasonably requested by any Initial Purchaser in connection
    with any sale or resale pursuant to any applicable Registration Statement.
    In such connection, and also in  

 13
   

   connection
    with market making activities by any Affiliated Market Maker, the Bank
    shall:  

  
          (A)
      upon
      request of any Initial Purchaser or Affiliated Market Maker, furnish
      (or in the case of Section 5(c)(xi)(A)(1) and Section 5(c)(xi)(A)(3),
      use its efforts to cause to be furnished) to each Initial Purchaser,
      upon Consummation of the Exchange Offer or upon the effectiveness
      of the Shelf Registration Statement, as the case may be:  

    
            (1)
        a
        certificate, dated such date, signed on by executives of the Bank,
        confirming, as of the date thereof, the matters set forth in Section
        5(d) of the Purchase Agreement and such other similar matters as
        such Person may reasonably request;  

            (2)
        an
        opinion, dated the date of Consummation of the Exchange Offer or
        the date of effectiveness of the Shelf Registration Statement, as
        the case may be, of counsel for the Bank covering matters similar
        to those set forth in Section 5(b) of the Purchase Agreement and
        such other matters as such Person may reasonably request, and in
        any event including a statement to the effect that such counsel
        has participated in conferences with officers and other representatives
        of the Bank and of the independent public accountants for the Bank
        and has considered the matters required to be stated therein and
        the statements contained therein, although such counsel has not
        independently verified the accuracy, completeness or fairness of
        such statements; and that such counsel advises that, on the basis
        of the foregoing (relying as to materiality to the extent such counsel
        deems appropriate upon the statements of officers and other representatives
        of the Bank) and without independent check or verification), no
        facts came to such counsel’s attention that caused such counsel
        to believe that the applicable Registration Statement, at the time
        such Registration Statement or any post-effective amendment thereto
        became effective and, in the case of the Exchange Offer Registration
        Statement, as of the date of Consummation of the Exchange Offer,
        contained an untrue statement of a material fact or omitted to state
        a material fact required to be stated therein or necessary to make
        the statements therein not misleading, or that the Prospectus contained
        in such Registration Statement as of its date and, in the case of
        the opinion dated the date of Consummation of the Exchange Offer,
        as of the date of 

      14
         

    

  

  
    
       Consummation,
        contained an untrue statement of a material fact or omitted to state
        a material fact necessary in order to make the statements therein,
        in the light of the circumstances under which they were made, not
        misleading. Without limiting the foregoing, such counsel may state
        further that such counsel assumes no responsibility for, and has
        not independently verified, the accuracy, completeness or fairness
        of the financial statements, notes and schedules and other financial
        data included in any Registration Statement contemplated by this
        Agreement or the related Prospectus; and 

            (3)
        a
        customary comfort letter, dated the date of Consummation of the
        Exchange Offer, or as of the date of effectiveness of the Shelf
        Registration Statement, as the case may be, from the Bank’s
        independent accountants, in the customary form and covering matters
        of the type customarily covered in comfort letters to underwriters
        in connection with underwritten offerings, and affirming the matters
        set forth in the comfort letters delivered pursuant to Section 5(e)
        of the Purchase Agreement; and  

    

          (B)
      deliver
      such other documents and certificates as may be reasonably requested
      by such Persons to evidence compliance with the matters covered in
      Section 5(c)(xi)(A) above with any customary conditions contained
      in any agreement entered into by the Bank pursuant to this Section
      5(c)(xi).  

  

        (xii)
    prior
    to any public offering of Restricted Notes, cooperate with the selling
    Holders and their counsel in connection with the registration and qualification
    of the Restricted Notes under the securities or Blue Sky laws of such
    jurisdictions as the selling Holders may request and do any and all
    other acts or things necessary or advisable to enable the disposition
    in such jurisdictions of the Restricted Notes covered by the applicable
    Registration Statement; provided,
    however, that the Bank shall not be required to register or
    qualify as a foreign corporation where it is not now so qualified nor
    to take any action that would subject it to the service of process in
    suits or to taxation, other than as to matters and transactions relating
    to the Registration Statement, in any jurisdiction where it is not now
    so subject;  

        (xiii)
    in
    connection with any sale of Restricted Notes that will result in such
    Subordinated Notes no longer being Restricted Notes, cooperate with
    the Holders to facilitate the timely preparation and delivery of certificates
    representing the Restricted Notes to be sold and not bearing any restrictive
    legends; and to register such Restricted Notes in such 

  15
     

   denominations
    and such names as the selling Holders may request at least two Business
    Days prior to such sale of Restricted Notes;  

        (xiv)
    use
    its best efforts to cause the disposition of the Restricted Notes covered
    by the Registration Statement to be registered with or approved by such
    other governmental agencies or authorities as may be necessary to enable
    the seller or sellers thereof to consummate the disposition of such
    Restricted Notes, subject to the proviso contained in Section 5(c)(xii)
    above.  

        (xv)
    provide
    a CUSIP number for all Restricted Notes not later than the effective
    date of a Registration Statement covering such Restricted Notes and
    provide the Trustee under the Indenture with printed certificates for
    the Restricted Notes which are in a form eligible for deposit with the
    Depository Trust Company;  

        (xvi)
    otherwise
    use its best efforts to comply with all applicable rules and regulations
    of the SEC, and make generally available to its security holders with
    regard to any applicable Registration Statement, as soon as practicable,
    a consolidated earnings statement meeting the requirements of Rule 158
    (which need not be audited) covering a twelvemonth period beginning
    after the effective date of the Registration Statement (as such term
    is defined in paragraph (c) of Rule 158 under the Securities Act); 
  

        (xvii)
    cause
    the Indenture to be qualified under the TIA not later than the effective
    date of the first Registration Statement required by this Agreement
    and, in connection therewith, cooperate with the Trustee and the Holders
    to effect such changes to the Indenture as may be required for such
    Indenture to be so qualified in accordance with the terms of the TIA;
    and execute and use its best efforts to cause the Trustee to execute,
    all documents that may be required to effect such changes and all other
    forms and documents required to be filed with the SEC to enable such
    Indenture to be so qualified in a timely manner; and  

        (xviii)
    provide
    promptly to each Holder and Affiliated Market Maker, upon request, each
    document filed with the SEC pursuant to the requirements of Section
    13 or Section 15(d) of the Exchange Act.  

      (d)
  Restrictions
  on Holders.
  Each Holder agrees by acquisition of Restricted Notes and each Affiliated
  Market Maker agrees that, upon receipt of the notice referred to in Section
  5(c)(iii)(C) or any notice from the Bank of the existence of any fact
  of the kind described in Section 5(c)(iii)(D) (in each case, a “Suspension
  Notice”),
  such Person will forthwith discontinue disposition of Restricted Notes
  pursuant to the applicable Registration Statement until (i) such Person
  has received copies of the supplemented or amended Prospectus contemplated
  by Section 5(c)(iv) or (ii) such Person is advised in writing by the 

 16
   

Bank that the use of the Prospectus may be resumed, and has received copies of any additional or supplemental filings that are incorporated by reference in the Prospectus (in each case,
the “Recommencement Date”). Each Person receiving a Suspension Notice hereby agrees that
it will either (i) destroy any Prospectuses, other than permanent file copies, then in such Person’s possession which have been replaced by the Bank with more recently dated Prospectuses or (ii) deliver to the Bank (at the Bank’s expense)
all copies, other than permanent file copies, then in such Person’s possession of the Prospectus covering such Restricted Notes that was current at the time of receipt of the Suspension Notice. The time period regarding the effectiveness of
such Registration Statement set forth in Section 2 or Section 3, as applicable, shall be extended by a number of days equal to the number of days in the period from and including the date of delivery of the Suspension Notice to the date of delivery
of the Recommencement Date. 

      
  Section 6.
  Registration Expenses.
   

     (a) All expenses incident to
the Bank’s performance of or compliance with this Agreement will be borne by the Bank, regardless of whether a Registration Statement becomes effective, including without limitation:

         (i)
    registration
    and filing fees and expenses;  

        (ii)
    fees
    and expenses of compliance with federal securities and state Blue Sky
    or securities laws; 

        (iii)
    expenses
    of printing (including printing certificates for the Exchange Notes
    to be issued in the Exchange Offer and printing of Prospectuses, whether
    for exchanges, sales, market making or otherwise), messenger and delivery
    services and telephone; 

        (iv)
    fees
    and disbursements of counsel for the Bank and the Initial Purchasers;
  

        (v)
    application
    and filing fees in connection with listing the Exchange Notes; and
  

        (vi)
    fees
    and disbursements of independent certified public accountants of the
    Bank (including the expenses of any special audit and comfort letters
    required by or incident to such performance).  

     The Bank will, in any event, bear its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing
legal or accounting duties), the expenses of any annual audit and the fees and expenses of any Person, including special experts, retained by the Bank. 

     (b) In connection with any
Registration Statement required by this Agreement (including, without limitation, the Exchange Offer Registration 

 17
   

Statement and the Shelf Registration Statement), the Bank will reimburse the Initial Purchasers who are tendering Restricted Notes in the Exchange Offer and/or selling or reselling
Restricted Notes or Exchange Notes pursuant to the “Plan of Distribution” contained in the Exchange Offer Registration Statement or the Shelf Registration Statement, as applicable, for the reasonable fees and disbursements of not more than
one counsel, which shall be Davis Polk & Wardwell. 

      Section
  7.
  Indemnification.
   

     (a) The Bank agrees to
indemnify and hold harmless each Initial Purchaser and each Holder, their respective directors, officers and each Person, if any, who controls such Initial Purchaser or Holder (within the meaning of Section 15 of the Securities Act or Section 20 of
the Exchange Act), from and against any and all losses, claims, damages, liabilities, judgments, (including without limitation, any legal or other expenses incurred in connection with investigating or defending any matter, including any action that
could give rise to any such losses, claims, damages, liabilities or judgments) caused by any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement, preliminary prospectus or Prospectus (or any
amendment or supplement thereto) provided by the Bank to any Initial Purchaser or Holder, or caused by any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not
misleading, except insofar as such losses, claims, damages, liabilities or judgments are caused by an untrue statement or omission or alleged untrue statement or omission that is based upon information relating to any Initial Purchaser or Holder
furnished in writing to the Bank by such Initial Purchaser or Holder. 

     (b)  Each Holder of
Restricted Notes agrees, severally and not jointly, to indemnify and hold harmless the Bank and its directors and officers, and each person, if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act) the Bank, to the same extent as the foregoing indemnity from the Bank set forth in Section 7(a) above, but only with reference to information relating to such Holder furnished in writing to the Bank by such Holder expressly for use in any
Registration Statement. In no event shall any Holder, its directors, officers or any Person who controls such Holder be liable or responsible for any amount in excess of the amount by which the total amount received by such Holder with respect to
its sale of Restricted Notes pursuant to a Registration Statement exceeds (i) the amount paid by such Holder for such Restricted Notes and (ii) the amount of any damages that such Holder, its directors, officers or any Person who controls such
Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. 

      (c)
  In
  case any action shall be commenced involving any person in respect of
  which indemnity may be sought pursuant to Section 7(a) or Section 7(b)
  above (the “indemnified
  party”), the indemnified
  party shall promptly 

18

 notify
  the person against whom such indemnity may be sought (the  “indemnifying
  person”)
  in writing and the indemnifying party shall assume the defense of such
  action, including the employment of counsel reasonably satisfactory to
  the indemnified party and the payment of all fees and expenses of such
  counsel, as incurred (except that in the case of any action in respect
  of which indemnity may be sought pursuant to both Section 7(a) and Section
  7(b) above, a Holder shall not be required to assume the defense of such
  action pursuant to this Section 7(c) but may employ separate counsel and
  participate in the defense thereof, but the fees and expenses of such
  counsel, except as provided below, shall be at the expense of the Holder).
  Any indemnified party shall have the right to employ separate counsel
  in any such action and participate in the defense thereof, but the fees
  and expenses of such counsel shall be at the expense of the indemnified
  party unless (i) the employment of such counsel shall have been specifically
  authorized in writing by the indemnifying party, (ii) the indemnifying
  party shall have failed to assume the defense of such action or employ
  counsel reasonably satisfactory to the indemnified party or (iii) the
  named parties to any such action (including any impleaded parties) include
  both the indemnified party and the indemnifying party, and the indemnified
  party shall have been advised by such counsel that there may be one or
  more legal defenses available to it which are different from or additional
  to those available to the indemnifying party (in which case the indemnifying
  party shall not have the right to assume the defense of such action on
  behalf of the indemnified party). In any such case, the indemnifying party
  shall not, in connection with any one action or separate but substantially
  similar or related actions in the same jurisdiction arising out of the
  same general allegations or circumstances, be liable for the fees and
  expenses of more than one separate firm of attorneys (in addition to any
  local counsel) for all indemnified parties and all such fees and expenses
  shall be reimbursed as they are incurred. Such firm shall be designated
  in writing by a majority of the Holders, in the case of the parties indemnified
  pursuant to Section 7(a), and by the Bank, in the case of parties indemnified
  pursuant to Section 7(b). The indemnifying party shall indemnify and hold
  harmless the indemnified party from and against any and all losses, claims,
  damages, liabilities and judgments by reason of any settlement of any
  action (i) effected with its written consent or (ii) effected without
  its written consent if the settlement is entered into more than twenty
  Business Days after the indemnifying party shall have received a request
  from the indemnified party for reimbursement for the fees and expenses
  of counsel (in any case where such fees and expenses are at the expense
  of the indemnifying party) and, prior to the date of such settlement,
  the indemnifying party shall have failed to comply with such reimbursement
  request. No indemnifying party shall, without the prior written consent
  of the indemnified party, effect any settlement or compromise of, or consent
  to the entry of judgment with respect to, any pending or threatened action
  in respect of which the indemnified party is or could have been a party
  and indemnity or contribution may be or could have been sought hereunder
  by the indemnified party, unless such settlement, compromise or judgment
  (i) includes an unconditional release of the indemnified party from all
  liability on claims that are or could have been the subject matter of
  such action and (ii) does not include a 

 19
   

statement as to or an admission of fault, culpability or a failure to act, by or on behalf of the indemnified party. 

     (d) To the extent that the
indemnification provided for in this Section 7 is unavailable to an indemnified party in respect of any losses, claims, damages, liabilities or judgments referred to therein, then each indemnifying party, in lieu of indemnifying such indemnified
party, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages, liabilities or judgments

        (i)
    such
    proportion as is appropriate to reflect the relative benefits received
    by the Bank, on the one hand, and the Holders, on the other hand, from
    their sale of Restricted Notes or 

        (ii)
    if
    the allocation provided by Section 7(d)(i) is not permitted by applicable
    law, in such proportion as is appropriate to reflect not only the relative
    benefits referred to in Section 7(d)(i) but also the relative fault
    of the Bank on the one hand, and of the Holder, on the other hand, in
    connection with the statements or omissions which resulted in such losses,
    claims, damages, liabilities or judgments, as well as any other relevant
    equitable considerations. The relative fault of the Bank, on the one
    hand, and of the Holder, on the other hand, shall be determined by reference
    to, among other things, whether the untrue or alleged untrue statement
    of a material fact or the omission or alleged omission to state a material
    fact relates to information supplied by the Bank, on the one hand, or
    by the Holder, on the other hand, and the parties’ relative intent,
    knowledge, access to information and opportunity to correct or prevent
    such statement or omission.  

     The Bank and each Holder agree that it would not be just and equitable if contribution pursuant to this Section 7(d) were determined by pro rata allocation
(even if the Holders were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable by an
indemnified party as a result of the losses, claims, damages, liabilities or judgments referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred by
such indemnified party in connection with investigating or defending any matter, including any action, that could have given rise to such losses, claims, damages, liabilities or judgments. Notwithstanding the provisions of this Section 7, no Holder,
its directors, its officers or any Person, if any, who controls such Holder shall be required to contribute, in the aggregate, any amount in excess of the amount by which the total received by such Holder with respect to the sale of Restricted Notes
pursuant to a Registration Statement exceeds (i) the amount paid by such Holder for such Restricted Notes and (ii) the amount of any damages which such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or
omission or alleged omission. No person guilty of 

 20
   

fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. The Holders’ obligations to contribute pursuant to this Section 7(d) several in proportion to the respective principal amount of Restricted Notes held by each Holder hereunder and not joint.

     (e) The Bank agrees that the
indemnity and contribution provisions of this Section 7 shall apply to Affiliated Market Makers to the same extent, on the same conditions, as it applies to Holders. 

       
  Section 8.
  Rule 144A and Rule 144.
   

     The Bank agrees with each Holder, for so long as any Restricted Notes remain outstanding and during any period in which the Bank (i) is not subject to
Section 13 or 15(d) of the Exchange Act, to make available, upon request of any Holder, to such Holder or beneficial owner of Restricted Notes in connection with any sale thereof and any prospective purchaser of such Restricted Notes designated by
such Holder or beneficial owner, the information required by Rule 144A(d)(4) under the Securities Act in order to permit resales of such Restricted Notes pursuant to Rule 144A, and (ii) is subject to Section 13 or 15 (d) of the Exchange Act, to make
all filings required thereby in a timely manner in order to permit resales of such Restricted Notes pursuant to Rule 144. 

        
  Section 9.
  Miscellaneous.
   

     (a) Remedies. The Bank acknowledges and agrees that any failure to comply with its obligations under Section 2 and Section 3 may result in material irreparable
injury to Initial Purchasers, Holders or Affiliated Market Makers for which there is no adequate remedy at law, that it will not be possible to measure damages for such injuries precisely and that, in the event of any such failure, any Initial
Purchaser, Holder or Affiliated Market Maker may obtain such relief as may be required to specifically enforce the Bank’s obligations under Section 2 and Section 3. The Bank further agrees to waive the defense in any action for specific
performance that a remedy at law would be adequate. 

     (b) No
Inconsistent Agreements. The Bank will not, on or after the date of this Agreement, enter into any agreement with respect to its securities that is inconsistent with the rights
granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof. The rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted to the holders of the
Bank’s securities under any agreement in effect on the date hereof. 

     (c) Amendments and
Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to or departures from the provisions hereof may not be given
unless: 

 21
   

        (i)
    the
    case of Section 4 and this Section 9(c)(i), the Bank has obtained the
    written consent of Holders of all outstanding Restricted Notes, and
  

        (ii)
    in
    the case of all other provisions hereof, the Bank has obtained the written
    consent of Holders of a majority of the outstanding principal amount
    of Restricted Notes (excluding Restricted Notes held by the Bank or
    its Affiliates).  

        Notwithstanding
    the foregoing, a waiver or consent to departure from the provisions
    hereof that relates exclusively to the rights of Holders whose Restricted
    Notes are being tendered pursuant to the Exchange Offer, and that does
    not affect directly or indirectly the rights of other Holders whose
    Restricted Notes are not being tendered pursuant to such Exchange Offer,
    may be given by the Holders of a majority of the outstanding principal
    amount of Restricted Notes subject to such Exchange Offer.  

     (d) Third Party
Beneficiary. The Holders and Affiliated Market Makers shall be third party beneficiaries to the agreements made hereunder between the Bank, on the one hand, and the Initial
Purchasers, on the other hand, and shall have the right to enforce such agreements directly to the extent they may deem such enforcement necessary or advisable to protect its rights or the rights of Holders and Affiliated Market Makers hereunder.

     (e) Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery, first-class mail (registered or
certified, return receipt requested), telex, telecopier, or air courier guaranteeing overnight delivery: 

        (i)
    if
    to a Holder, at the address set forth on the records of the Registrar
    under the Indenture, with a copy to the Registrar under the Indenture;
    and  

  
     (ii)
      if
      to the Bank:  

    
       ABN
        AMRO Bank N.V., Attention of Arjo Blok 

        Gustav Mahlerlaan 10 

        Amsterdam 

        The Netherlands 

        Facsimile: +31-20-383 4830  

    

  

     Notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being
deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if telecopied; and on the next Business Day, if timely delivered to an air courier guaranteeing overnight delivery. 

 22
   

     Copies of all such notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee at the address
specified in the Indenture. 

     (f) Successors and
Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties, including without limitation and without the need
for an express assignment, subsequent Holders; provided, that nothing herein shall be deemed to
permit any assignment, transfer or other disposition of Restricted Notes in violation of the terms hereof or of the Purchase Agreement or the Indenture. If any transferee of any Holder shall acquire Restricted Notes in any manner, whether by
operation of law or otherwise, such Restricted Notes shall be held subject to all of the terms of this Agreement, and by taking and holding such Restricted Notes such Person shall be conclusively deemed to have agreed to be bound by and to perform
all of the terms and provisions of this Agreement, including the restrictions on resale set forth in this Agreement and, if applicable, the Purchase Agreement, and such Person shall be entitled to receive the benefits hereof. 

     (g) Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed
shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

     (h) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 

     (i) Governing
Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAW RULES THEREOF. 

     (j) Severability. In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal
or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby. 

     (k) Entire
Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and
understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein with respect to the registration rights granted
with respect to the Restricted Notes. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter.

 23
   

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 

  

	 	ABN
      AMRO BANK N.V. (as the Bank) 	 
	 	 	 	 	 
	 	By:
      	  /s/ Arjo Blok
      

	 
	 	 	Name:
      	Arjo Blok 	 
	 	 	Title:
       	 	 
	 	 	 	 	 
	 	By:
      	  /s/ Hassan Filali
      
      
	 
	 	 	Name:
      	Hassan Filali  	 
	 	 	Title:
       	 	 

 

	By:
      ABN AMRO BANK N.V.
	 	 	 
	 	 	 
	By:
       	 /s/ Denis Viskovich
      

	 	Name:	Denis Viskovich
	 	Title:
    	Authorised Signatory

 
	By:
      ABN AMRO BANK N.V.
	 	 	 
	 	 	 
	By:
       	 /s/ Roger Munger
      

	 	Name:	Roger Munger
	 	Title:
    	Authorised Signatory

 
	By:
      CITIGROUP GLOBAL MARKETS INC.  
      
	 	 	 
	 	 	 
	By:
       	 /s/ Tim Devine
      

	 	Name:	Tim Devine
	 	Title:
    	Director

 

	By:
      LEHMAN BROTHERS INC.  
      
	 	 	 
	 	 	 
	By:
       	 /s/ Martin Goldberg
      

	 	Name:	Martin Goldberg
	 	Title:
    	Senior Vice
      President 

 

	By:
      MERRILL LYNCH, PIERCE, FENNER & SMITH
       INCORPORATED
       
      
	 	 	 
	 	 	 
	By:
       	 /s/ Savrahb Monga
      

	 	Name:	Savrahb Monga 
	 	Title:
    	Authorised SignatoryABN Amro indenture

 Exhibit 4.2

  

 EXECUTION COPY 

ABN AMRO BANK N.V. 

and 

THE BANK OF NEW YORK, as Trustee

INDENTURE 

 Dated as of June 2, 2003 

	 	TABLE
      OF CONTENTS	 
	 	 	 
	 	 	Page
	 	 	 
	 	ARTICLE
      1	 
	 	DEFINITIONS	 
	 	 	 
	Section
      1.01.	Certain
      Terms Defined	1
	Section
      1.02.	Construction	8
	 	 	 
	 	ARTICLE
      2	 
	 	SUBORDINATED
      NOTES	 
	 	 	 
	Section
      2.01.	Subordinated
      Notes	8
	Section
      2.02.	Authentication
      and Delivery of Subordinated Notes	9
	Section
      2.03.	Execution
      of Subordinated Notes	9
	Section
      2.04.	Certificate
      of Authorization	10
	Section
      2.05.	Denomination
      and Date of Subordinated Notes; Payments of Interest	10
	Section
      2.06.	Registration,
      Transfer and Exchange	11
	Section
      2.07.	Mutilated,
      Defaced, Destroyed, Lost and Stolen Subordinated

      Notes	12
	Section
      2.08.	Cancellation
      of Subordinated Notes	13
	Section
      2.09.	Temporary
      Subordinated Notes	14
	 	 	 
	 	ARTICLE
      3	 
	 	COVENANTS
      OF THE ISSUER	 
	 	 	 
	Section
      3.01.	Payment
      of Principal and Interest	14
	Section
      3.02.	Offices
      for Payments, etc	15
	Section
      3.03.	Appointment
      to Fill a Vacancy in Office of Trustee	16
	Section
      3.04.	Paying
      Agents	16
	Section
      3.05.	Certificate
      of the Issuer	17
	Section
      3.06.	Noteholders
      Lists	17
	Section
      3.07.	Reports
      by the Issuer	17
	Section
      3.08.	Calculation
      of Original Issue Discount	17
	 	 	 
	 	ARTICLE
      4	 
	   	REMEDIES
      OF THE TRUSTEE AND NOTEHOLDERS ON EVENT OF DEFAULT	 
	 	 	 
	Section
      4.01.	Event
      of Default	18
	Section
      4.02.	Collection
      of Indebtedness by Trustee; Trustee May Prove  Debt	19
	Section
      4.03.	Application
      of Proceeds	21
	Section
      4.04.	Suits
      for Enforcement	22

 i

	 	 	Page
	 	 	 

	Section
      4.05.	Restoration
      of Rights on Abandonment of Proceeding	22
	Section
      4.06.	Limitations
      on Suits by Noteholder	22
	Section
      4.07.	Unconditional
      Right of Noteholders to Institute Certain Suits	23
	Section
      4.08.	Powers
      and Remedies Cumulative; Delay or Omission Not

      Waiver of Default	23
	Section
      4.09.	Control
      by Noteholders	24
	Section
      4.10.	Waiver
      of Past Defaults	24
	Section
      4.11.	Trustee
      to Give Notice of Default, But May Withhold in

      Certain Circumstances	25
	Section
      4.12.	Right
      of Court to Require Filing of Undertaking to Pay Costs	25
	 	 	 
	 	ARTICLE
      5	 
	 	CONCERNING
      THE TRUSTEE	 
	 	 	 
	Section
      5.01.	Duties
      and Responsibilities of the Trustee; During Default;

      Prior to Default	25
	Section
      5.02.	Certain
      Duties of the Trustee	27
	Section
      5.03.	Reports
      by the Trustee	27
	Section
      5.04.	Certain
      Rights of the Trustee	27
	Section
      5.05.	Trustee
      Not Responsible for Recitals, Disposition of

      Subordinated Notes or Application of Proceeds Thereof	29
	Section
      5.06.	Trustee
      and Agents May Hold Subordinated Notes; Collections, etc	30
	Section
      5.07.	Monies
      Held by Trustee	30
	Section
      5.08.	Compensation
      and Indemnification of Trustee and its Prior  

      Claim	30
	Section
      5.09.	Right
      of Trustee to Reply on Officer’s Certificate, etc	31
	Section
      5.10.	Persons
      Eligible for Appointment as Trustee	31
	Section
      5.11.	Resignation
      and Removal; Appointment of Successor Trustee	31
	Section
      5.12.	Acceptance
      of Appointment By Successor Trustee	32
	Section
      5.13.	Merger,
      Conversion, Consolidation or Succession to Business

      of Trustee	33
	 	 	 
	 	ARTICLE
      6	 
	 	CONCERNING
      THE NOTEHOLDERS	 
	 	 	 
	Section
      6.01.	Evidence
      of Action Taken by Noteholders	34
	Section
      6.02.	Proof
      of Execution of Instruments and of Holding of

      Subordinated Notes; Record Date	34
	Section
      6.03.	Holders
      to be Treated as Owners	34
	Section
      6.04.	Subordinated
      Notes Owned by Issuer Deemed Not

      Outstanding	35
	Section
      6.05.	Right
      of Revocation of Action Taken	35
	Section
      6.06.	Meetings
      of Noteholders	36
	 	 	 
	 	 	 
	 	ii	 

  

	 	 	Page
    
	 	 	 
	 	ARTICLE
      7	 
	 	AMENDMENTS
      OR SUPPLEMENTS TO INDENTURE	 
	 	 	 
	Section
      7.01.	Without
      Consent of Noteholders	36
	Section
      7.02.	With
      Consent of Noteholders	36
	Section
      7.03.	Effect
      of Supplemental Indenture	38
	Section
      7.04.	Documents
      to Be Given to Trustee	38
	Section
      7.05.	Notation
      on Subordinated Notes in Respect of Supplemental Indentures	38
	 	 	 
	 	ARTICLE
      8	 
	   	SATISFACTION
      AND DISCHARGE OF INDENTURE, UNCLAIMED MONIES	 
	 	 	 
	Section
      8.01.	Satisfaction
      and Discharge of Indenture	38
	Section
      8.02.	Application
      by Trustee of Funds Deposited for Payment of Subordinated Notes	40
		 
	Section
      8.03.	Repayment
      of Monies Held by Paying Agent	41
	Section
      8.04.	Return
      of Monies Held by Trustee and Paying Agent

      Unclaimed for Two Years	41
	 	 	 
	 	ARTICLE
      9	 
	 	MISCELLANEOUS
      PROVISIONS	 
	 	 	 
	Section
      9.01.	Trust
      Indenture Act of 1939	41
	Section
      9.02.	Noteholder
      Communications	41
	Section
      9.03.	Incorporators,
      Stockholders, Members, Officers and Directors

      of Issuer Exempt from Individual Liability

      	41
	Section
      9.04.	Provisions
      of Indenture for the Sole Benefit of Parties and Noteholders	42
	Section
      9.05.	Successors
      and Assigns of Issuer Bound by Indenture	42
	Section
      9.06.	Notices
      and Demands on Issuer, Trustee and Noteholders	42
	Section
      9.07.	Officer’s
      Certificates and Opinions of Counsel; Statements to

      be Contained Therein	43
	Section
      9.08.	Payments
      Due on Saturdays, Sundays and Holidays	44
	Section
      9.09.	Conflict
      of any Provision of Indenture with TIA	44
	Section
      9.10.	New
      York Law to Govern	44
	Section
      9.11.	Counterparts	44
	Section
      9.12.	Effect
      of Headings	45
	Section
      9.13.	Submission
      to Jurisdiction	45
	Section
      9.14.	Currency
      Indemnity	45
	 	 	 
	 	ARTICLE
      10	 
	 	REDEMPTION
      OF SUBORDINATED NOTES	 
	 	 	 
	Section
      10.01.	At
      Maturity	46
	Section
      10.02.	Redemption
      for Tax Reasons	46
	 	 	 
	 	iii	 

	 	 	Page
	 	 	
      

	Section
      10.03.	Purchases	47
	Section
      10.04.	Cancellation	47
	Section
      10.05.	Notice
      of Redemption	47
	Section
      10.06.	Payment
      of Subordinated Notes Called for Redemption	48
	 	 	 
	 	ARTICLE
      11	 
	 	SUBORDINATION	 
	 	 	 
	Section
      11.01.	Agreement
      to Subordinate	48
	Section
      11.02.	Payments
      To Noteholders	49
	Section
      11.03.	No
      Payment When Senior Debt is in Default	50
	Section
      11.04.	Payment
      Permitted in Certain Situations	50
	Section
      11.05.	Subrogation
      to Rights of Holders of Senior Debt	51
	Section
      11.06.	Provisions
      Solely to Define Relative Rights	51
	Section
      11.07.	Trustee
      to Effectuate Subordination	52
	Section
      11.08.	No
      Waiver of Subordination Provisions	52
	Section
      11.09.	Notice
      to Trustee	52
	Section
      11.10.	Reliance
      on Judicial Order or Certificate of Liquidating Agent	52
	Section
      11.11.	Trustee
      Not Fiduciary for Holders of Senior Debt	53
	Section
      11.12.	Rights
      of Trustee as Holder of Senior Debt; Preservation of Trustee’s Rights	53
	Section
      11.13.	Article
      Applicable to Paying Agents.	53
	 	 	 
	SCHEDULE
      1	Terms
      and Conditions of the Subordinated Notes	S1-1
	SCHEDULE
      2	Form
      and Transfer of Subordinated Notes	S2-1
	   Part
      I –	Form
      of Rule 144A Global Note	S2-1
	   Part
      II –	Form
      of Regulation S Global Note I	S2-7
	   Part
      III –	Form
      of Definitive Note	S2-13
	   Part
      IV –	Register,
      Transfer and Exchange of Subordinated Notes	S2-19
	   Part
      V –	Form
      of Transfer Letters	S2-21
	SCHEDULE
      3	Provisions
      for Meetings of Noteholders	S3-1

 iv 

      INDENTURE,
  dated as of June 2, 2003 between ABN AMRO Bank N.V., a public limited liability
  company incorporated under the laws of The Netherlands (the “Issuer”),
  and The Bank of New York, a New York banking corporation, as trustee (the “Trustee”).
   

 W I
  T N E S S E T H:  

      WHEREAS,
  the Issuer has duly authorized the execution and delivery of this Indenture
  to provide for the issuance of Subordinated Notes; and  

      WHEREAS,
  the Subordinated Notes will be issued, offered and sold without registration
  under the Securities Act to purchasers who are QIBs in reliance on Rule 144A
  and to “non-U.S. persons” in reliance on Regulation S; and

      WHEREAS
  this Indenture is intended to be qualified under the Trust Indenture Act of
  1939 when a registration statement is declared effective by the SEC pursuant
  to a Registration Rights Agreement;  

 NOW, THEREFORE: 

      The
  Issuer and the Trustee mutually covenant and agree for the equal and proportionate
  benefit of the respective holders from time to time of the Subordinated Notes
  (as defined below) as follows:  

 ARTICLE
  1 

DEFINITIONS  

      Section
  1.01. Certain Terms Defined. The following terms (except as otherwise
  expressly provided herein, or unless the context otherwise clearly requires)
  shall have the respective meanings specified in this Section. All other terms
  used in this Indenture that are defined in the TIA (as defined below) or the
  definitions of which in the Securities Act of 1933, as amended (the “Securities
  Act”) are referred to in the TIA, including terms defined therein by
  reference to the Securities Act (except as herein otherwise expressly provided
  or unless the context otherwise clearly requires), shall have the meanings assigned
  to such terms in said TIA and in said Securities Act as in force at the date
  of this Indenture. All accounting terms used herein and not expressly defined
  shall have the meanings assigned to such terms in accordance with generally
  accepted accounting principles, and the term “generally accepted accounting
  principles” means such accounting principles as are generally accepted
  at the time of any computation. The words “herein”, “hereof”
  and “hereunder” and other words of similar import refer to this Indenture
  as a whole and not to any particular Article, Section or other subdivision.
  The terms defined in this Article have the meanings assigned to them in this
  Article and include the plural as well as the singular. In addition, unless
  the context otherwise requires or except as otherwise expressly provided, 

     (1) all references to Sections, Parts or Schedules
refer to Sections, Parts or Schedules of or to the Indenture unless otherwise
indicated;  
      (2)
  references to agreements, instruments, or documents are to such agreements,
  instruments, statutes or regulations, as from time to time amended, supplemented
  or otherwise modified (subject to any restrictions on such amendments, supplements
  or modifications as described herein);  

      (3)
  references to statutes are to include all statutory provisions consolidating,
  amending or replacing the statute referred to;  

      (4)
  references to a person, officer or entity refer in each case to successors of
  that person, officer or entity; and  

      (5)
  all payment obligations of the Issuer with respect to the Subordinated Notes
  shall be deemed to refer also to an additional amounts payable, if any, thereon
  or as a result of this Indenture.  

      “Additional
  Notes” has the meaning set forth in Section 2.01 below.  

      “Authentication
  Order” has the meaning set forth in Section 2.02(a) below. 

      “Bankruptcy
  Default” has the meaning set forth in Section 4.01(b).  

 
     “Board”
  means the Managing Board of the Issuer.  

 
     “Business
  Day” means any day other than a Saturday or Sunday, that is not a day
  on which banking institutions are authorized or required by law or executive
  order to be closed in New York City, the Netherlands or London.  

 
     “Condition”
  or “Conditions” means the terms and conditions of the Subordinated
  Notes included on the reverse of each Subordinated Note, such terms and conditions
  being in or substantially in the form set out in Schedule 1 hereto. 

 
     “Corporate
  Trust Office” means the office of the Trustee at which the corporate
  trust business of the Trustee shall, at any particular time, be principally
  administered, which office is, at the date as of which this Indenture is dated,
  located at 101 Barclay Street, New York, NY 10286, Attention: Corporate Trust
  Administration, or such other address as the Trustee may designate from time
  to time by notice to the Holders and the Issuer, or the principal corporate
  trust office of any successor trustee (or such other address as such successor
  trustee may designate from time to time by notice to the Holders and the Issuer).
   

 2 

 
     “Custodian”
  means The Bank of New York, or any successors.  

      “Day
  Count Fraction” means the number of days in the period from (and including)
  the most recent Interest Payment Date (or, if none, the Issue Date) to (but
  excluding) the relevant payment date (such number of days being calculated on
  the basis of a year of 360 days with 12 30-day months) divided by 360. 

      “Definitive
  Note” means the definitive notes issued or to be issued by the Issuer
  in accordance with the provisions of this Indenture in exchange for a Global
  Note, such Definitive Notes being in the form or substantially in the form set
  out in Part III of Schedule 2 hereto with such modifications (if any) as may
  be agreed between the Trustee and the Issuer and having the Conditions endorsed
  thereon. 

      “Depository”
  means The Depository Trust Company, as depositary, or any successors. 

      “Dollar”
  means the coin or currency of the United States of America as at the time of
  payment is legal tender for the payment of public and private debts. 

      “Event
  of Default” means any event or condition specified as such in Section
  4.01.  

      “Exchange
  Notes” means the notes of the Issuer issued pursuant to this Indenture
  in exchange for the Initial Notes or any Additional Notes in compliance with
  the terms of a Registration Rights Agreement and containing terms substantially
  identical to the Initial Notes or Additional Notes for which they are exchanged
  (except that (i) interest thereon shall accrue from the last date on which interest
  was paid on the Initial Notes or Additional Notes, as the case may be, or, if
  no such interest has been paid, from the date of issuance of the Initial Notes
  or Additional Notes, as the case may be, (ii) the Exchange Notes will not be
  subject to transfer restrictions or bear the Private Placement Legend and (iii)
  the provisions relating to Registration Default Damages will not apply to the
  Exchange Notes).  

      “Global
  Note”, means a Subordinated Note evidencing Registered Notes, registered
  in the name of the Depository or its nominee, being either a Rule 144A Global
  Note, a Regulation S Global Note or an Exchange Note.  

      “Holder”,
  “holder of Subordinated Notes” “Noteholder”
  or other similar terms mean the registered noteholder of a Subordinated Note.
   

      “Indenture”
  means this instrument as originally executed and delivered or, if amended or
  supplemented as herein provided, as so amended or supplemented or both, and
  shall include the form and terms of Subordinated Notes established as contemplated
  hereunder.  

 3 

      “Initial
  Notes” means the 4.65% Subordinated Notes due 2018 issued by the Issuer
  pursuant to this Indenture on the date hereof.  

      “Initial
  Purchasers” means ABN AMRO Bank N.V., Citigroup Global Markets Inc.,
  Lehman Brothers Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated,
  as initial purchasers, under a purchase agreement, dated May 23, 2003, between
  the Issuer and such initial purchasers.  

      “Interest
  Payment Date” has the meaning set forth in Section 2.05 below. 

      “Interest
  Period” means the period from (and including) an Interest Payment Date
  (or the Issue Date) to (but excluding) the next (or first) Interest Payment
  Date.  

      If
  interest in respect of a Subordinated Note is required to be calculated for
  a period other than an Interest Period, such interest shall be calculated by
  applying the Rate of Interest to the principal amount of such Subordinated Note,
  multiplying such sum by the Day Count Fraction, and rounding the resultant figure
  to the nearest cent, half a cent being rounded upwards or otherwise in accordance
  with applicable market convention.  

      “Issue
  Date” means, for each Subordinated Note, the date on which it is authenticated.

      “Issuer”
  means ABN AMRO Bank N.V., a public limited liability company incorporated under
  the laws of The Netherlands, and its successors and assigns.  

      “Judgment
  currency” shall have the meaning set forth in Section 9.14 hereof.
   

      “Moratorium”
  has the meaning set forth in Section 4.01(b) below.  

      “Officer’s
  Certificate” means a certificate (i) signed by any officer or officers
  of the Issuer authorized by the Board to execute any such certificate and (ii)
  delivered to the Trustee. Each such certificate shall comply with Section 314
  of the TIA and include the statements provided for in Section 9.07 hereof. 

      “OID”
  has the meaning set forth in Section 2.01 below.  

      “Opinion
  of Counsel” means an opinion in writing signed by legal counsel who
  may be an employee of or counsel to the Issuer and who shall be reasonably satisfactory
  to the Trustee. Each such opinion shall comply with Section 314 of the TIA and
  include the statements provided for in Section 9.07 hereof, if and to the extent
  required thereby.  

 4 

 
     “Other currency”
  shall have the meaning set forth in Section 9.14.  

       “Outstanding”
  means, in relation to the Subordinated Notes, all the Subordinated Notes issued
  other than (a) those which have been redeemed in full in accordance with this
  Indenture or the Conditions, (b) those in respect of which the date for redemption
  in accordance with the Conditions has occurred and the redemption monies wherefore
  (including all interest (if any) accrued thereon to the date for such redemption
  and any interest (if any) payable under the Conditions after such date) have
  been duly paid to the Trustee as provided herein (and, where appropriate, notice
  has been given to the Noteholders in accordance with Condition 10) and remain
  available for payment against presentation of Subordinated Notes, (c) those
  which have been purchased and cancelled as provided in Condition 5, (d) those
  mutilated or defaced Subordinated Notes which have been surrendered in exchange
  for Replacement Notes pursuant to Condition 8, (e) (for the purpose only of
  determining how many Subordinated Notes are Outstanding and without prejudice
  to their status for any other purpose) those Subordinated Notes alleged to have
  been lost, stolen or destroyed and in respect of which Replacement Notes have
  been issued pursuant to Condition 8, (f) Global Notes to the extent such Global
  Notes shall have been duly exchanged for Definitive Notes and (g) Global Notes
  which have become void in accordance with their terms 

  

       provided that for each of the following purposes, namely:  

      (i)
  the right to attend and vote at any meeting of the Noteholders or any of them;
  and  

      (ii)
  the determination of how many and which Subordinated Notes are for the time
  being Outstanding for the purposes of determining a quorum or whether the required
  vote has been obtained hereto,  

 
       those
  Subordinated Notes (if any) which are for the time being held by any person
  (including, but not limited, to the Issuer or any of its respective subsidiaries)
  for the benefit of the Issuer or any of its respective subsidiaries shall (unless
  and until ceasing to be so held) be deemed not to be Outstanding, subject to
  the provisions of Section 6.04 hereof;  

 
       “Payment
  Default” shall have the meaning set forth in Section 4.01(a) hereof.
   

 
       “Person”
  means any individual, corporation, partnership, joint venture, association,
  joint stock company, trust, unincorporated organization or government or any
  agency or political subdivision thereof.  

 5

 
     “Private
  Placement Legend” means the legend set forth on the face of the form
  of Rule 144A Global Note and the form of Regulation S Global Note in Parts I
  and II of Schedule 2 hereto. 

 
     “QIB”
  means a qualified institutional buyer as defined in Rule 144A.  

 
     “Rate of
  Interest” means 4.65% per annum.  

 
     “Rate
  of exchange” shall have the meaning set forth in Section 9.14 hereof.
   

 
     “Record
  Date” means the regular record date for each interest payment date,
  May 15 and November 15 of each year.  

      “Redemption
  Amount” means the aggregate principal amount of the Subordinated Notes
  then Outstanding.  

      “Register”
  means the register maintained by the Registrar.  

      “Registered
  Note” means any Subordinated Note registered on the Register. 

      “Registrar”
  means the person appointed as such pursuant to Section 3.02 hereof. 

      “Registration”
  means a registered exchange offer for the Initial Notes or Additional Notes
  by the Issuer or other registration of the Initial Notes or Additional Notes
  under the Securities Act pursuant to and in accordance with the terms of a Registration
  Rights Agreement.  

      “Registration
  Default Damages” means at any time all registration default damages
  then owing pursuant to any Registration Rights Agreement and the terms of the
  Subordinated Notes.  

      “Registration
  Rights Agreement” means (i) with respect to the Initial Notes, the
  Registration Rights Agreement dated on or about the date of this Indenture,
  among the Issuer and the Initial Purchasers and (ii) with respect to any Additional
  Notes, any registration rights agreement among the Issuer and the initial purchasers
  named therein relating to rights given by the Issuer to the purchasers of Additional
  Notes to register such Additional Notes or exchange them for Subordinated Notes
  registered under the Securities Act.  

      “Registration
  Statement” means any registration statement as defined in a Registration
  Rights Agreement.  

 
     “Regulation
  S” means Regulation S under the Securities Act.  

 6 

      “Regulation
  S Global Note” means the one or more global registered notes in the
  form set out in Part II of Schedule 2 issued by the Issuer pursuant to this
  Agreement in respect of Subordinated Notes originally sold by the Initial Purchasers
  to non-U.S. persons (as defined in the Securities Act) outside the United States
  in reliance on Regulation S.  

      “Regulation
  S Notes” means Subordinated Notes represented by the Regulation S Global
  Note and Definitive Notes issued in exchange for the Regulation S Global Note.
   

      “Responsible
  Officer” when used with respect to the Trustee means any officer within
  the corporate trust department of the Trustee, including any vice president,
  assistant vice president, assistant secretary, assistant treasurer, trust officer
  or any other officer of the Trustee who customarily performs functions similar
  to those performed by the Persons who at the time shall be such officers, respectively,
  or to whom any corporate trust matter is referred because of such person’s
  knowledge of and familiarity with the particular subject and who shall have
  direct responsibility for the administration of this Indenture.  

 
     “Rule 144A”
  means Rule 144A under the Securities Act.  

      “Rule
  144A Global Note” means the one or more global registered notes in
  the form set out in Part I of Schedule 2 issued by the Issuer pursuant to this
  Agreement in respect of Subordinated Notes originally sold by the Initial Purchasers
  within the United States or to, or for the account or benefit of QIBs in reliance
  on Rule 144A.  

      “Rule
  144A Notes” means Subordinated Notes represented by the Rule 144A Global
  Note and Definitive Notes issued in exchange for the Rule 144A Global Note.
   

      “SEC”
  means the Securities and Exchange Commission, as from time to time constituted,
  created under the Securities Exchange Act of 1934, or if at any time after the
  execution and delivery of this Indenture such SEC is not existing and performing
  the duties now assigned to it under the TIA, then the body performing such duties
  on such date.  

      “Senior
  Debt” means the principal of (and premium, if any) and interest, if
  any, on all obligations and indebtedness (other than any Subordinated Notes)
  of, or guaranteed or assumed by, the Issuer that are for the claims of depositors,
  unsubordinated claims with respect to the repayment of borrowed money or are
  other unsubordinated claims evidenced by bonds, debentures, notes or other similar
  instruments, in each case whether outstanding on the date of this Indenture
  or thereafter created, incurred, assumed or guaranteed, and all amendments,
  renewals, extensions, modifications and refundings of such indebtedness and
  obligations, unless in any such case the instrument by which such indebtedness
  or

  

 7  

 obligations are created,
  incurred, assumed or guaranteed by the Issuer, or are evidenced, provides that
  they are subordinate, or not superior, in right of payment to the Subordinated
  Notes.  

      “Securities
  Act” has the meaning set forth in the first paragraph of this Section
  1.02.  

      “Subordinated
  Note” or “Subordinated Notes” means the Initial Notes
  authenticated and delivered under this Indenture, and Additional Notes and Exchange
  Notes issued in exchange for such Initial Notes or Additional Notes.

      “Trustee”
  means the Person identified as “Trustee” in the first paragraph hereof
  and, subject to the provisions of Article 5, shall also include any successor
  trustee.  

      “TIA”
  (except as otherwise provided in Section 7.01 and Section 7.02) means the Trust
  Indenture Act of 1939 as in force at the date as of which this Indenture was
  originally executed.  

      Section
  1.02. Construction. This Indenture is to be construed together with the
  Conditions and in the event of any conflict, the terms of the Conditions pursuant
  to this Indenture shall govern.  

 ARTICLE
  2 

SUBORDINATED NOTES 

      Section
  2.01. Subordinated Notes. The Subordinated Notes shall have the terms
  and conditions set forth in Schedule 1 hereto, provided that Exchange Notes
  shall not contain terms with respect to transfer restrictions. 

      The
  Issuer may from time to time, without notice to or the consent of any Noteholder,
  create and issue additional securities (including any Exchange Notes issued
  in respect thereof, the “Additional Notes”) having the same
  maturity date and interest rate as, and ranking pari passu in all respects
  with, all of the then Outstanding Subordinated Notes (except that (i) no interest
  accruing prior to the issue date of such Additional Notes will be paid on Additional
  Notes and (ii) payment on the first Interest Payment Date after such issuance
  date will be accrued only from such issuance date), and such Additional Notes
  shall be consolidated and form a single series with, and have the same terms
  as to status, redemption and otherwise as the Subordinated Notes, and thereafter
  comprise, together with the then Outstanding Subordinated Notes, the “Subordinated
  Notes” for all purposes hereof.  

 8

      Such
  Additional Notes may be offered by the Issuer with original issue discount (“OID”)
  for U.S. federal income tax purposes as part of a further issue. Subsequent
  purchasers of Subordinated Notes after the date of any such further issue will
  not be able to differentiate between Subordinated Notes sold as part of such
  further issue and previously issued Subordinated Notes.  

      Section
  2.02. Authentication and Delivery of Subordinated Notes. The Issuer shall
  deliver Subordinated Notes, whether Initial Notes, Additional Notes or Exchange
  Notes, executed by the Issuer to the Trustee for authentication, and the Trustee
  shall thereupon authenticate and deliver such Subordinated Notes to or upon
  the written order of the Issuer (an “Authentication Order”),
  specifying the date on which such Subordinated Notes are to be authenticated,
  whether such Subordinated Notes are Definitive Notes or Global Notes, and whether
  or not such Subordinated Notes shall bear the Private Placement Legend, signed
  by any officer or officers of the Issuer authorized by the Board to execute
  any such order, without any further action by the Issuer. In authenticating
  such Subordinated Notes the Trustee shall be entitled to receive, and (subject
  to Section 5.01) shall be fully protected in relying upon:  

      (a)
    a certified copy of any resolution or resolutions of the Board authorizing the
  action taken; and  

      (b)
    an Officers’ Certificate setting forth the form and terms of the Subordinated
  Notes as required pursuant to Section 2.01 and prepared in accordance with Section
  9.07.  

      Section
  2.03. Execution of Subordinated Notes. The Subordinated Notes shall be
  signed on behalf of the Issuer by any officer or officers of the Issuer authorized
  by the Board to execute such Subordinated Notes, which Subordinated Notes may,
  but need not, be attested. Such signatures may be the manual or facsimile signatures
  of the present or any future such officers. Typographical and other minor errors
  or defects in any such reproduction of the seal or any such signature shall
  not affect the validity or enforceability of any Subordinated Note that has
  been duly authenticated and delivered by the Trustee.  

 
     In case
  any officer of the Issuer who shall have signed any of the Subordinated Notes shall
  cease to be such officer before the Subordinated Note so signed shall be authenticated
  and delivered by the Trustee or disposed of by the Issuer, such Subordinated
  Note nevertheless may be authenticated and delivered or disposed of as though
  the person who signed such Subordinated Note had not ceased to be such officer
  of the Issuer; and any Subordinated Note may be signed on behalf of the Issuer
  by such persons as, at the actual date of the execution of such Subordinated
  Note, shall be the proper officers of the Issuer, although at the date of the
  execution and delivery of this Indenture any such person was not such an officer.
   

 9 

 
      Section
  2.04. Certificate of Authorization. Only Subordinated Notes as bear thereon
  a certificate of authentication substantially in the form hereinbefore recited,
  executed by the Trustee by the manual signature of one of its authorized officers,
  shall be entitled to the benefits of this Indenture or be valid or obligatory
  for any purpose. Such certificate by the Trustee upon any Subordinated Note
  executed by the Issuer shall be conclusive evidence that the Subordinated Note
  so authenticated has been duly authenticated and delivered hereunder and that
  the holder is entitled to the benefits of this Indenture.  

      Section
  2.05. Denomination and Date of Subordinated Notes; Payments of Interest.
  Subordinated Notes may be issued only in U.S. Dollars. Subordinated Notes
  sold pursuant to Rule 144A are issuable only in registered form, without coupons
  attached, in denominations of $100,000 or any amount in excess thereof which
  is a multiple of $1,000. Subordinated Notes sold pursuant to Regulation S are
  issuable only in registered form, without coupons attached, in denominations
  of $1,000 or any amount in excess thereof which is a multiple of $1,000. Exchange Notes may be
  issued in the same denominations as the Initial Notes or Additional Notes, as
  the case may be, that they are exchanged for.  

      Each
  Subordinated Note shall be dated the date of its authentication. The Subordinated
  Notes shall be numbered, lettered, or otherwise distinguished in such manner
  or in accordance with such plan as the officers of the Issuer executing the
  same may determine with the approval of the Trustee as evidenced by the execution
  and authentication thereof. The Subordinated Notes may have such appropriate
  insertions, omissions, substitutions and other variations as are required or
  permitted by this Indenture and may have any letters, notations, legends or
  endorsements required by law, stock exchange rule or usage.  

      Each
  Subordinated Note shall bear interest on its principal amount from (and including)
  the Issue Date at a fixed rate of 4.65% per annum (the “Rate of Interest”)
  and shall be payable semi-annually in arrears on June 4 and December 4 (each,
  an “Interest Payment Date)”, of each year, up to (and including)
  the maturity date, as provided in Condition 3, provided that the first interest
  payment date for the Initial Notes shall be December 4, 2003; the first interest
  payment date for any Additional Notes shall be the first interest payment date
  after the issuance date of such Additional Notes (and no interest shall accrue
  on such Additional Notes prior to the date of such issuance and payment on such
  interest payment date will be accrued only from such issuance date); and the
  first interest payment date for any Exchange Notes shall be the first interest
  payment date after the issuance date of such Exchange Notes (provided that interest
  in relation to the first interest payment date after the date of issuance of
  the Exchange Notes shall accrue from the last date on which interest was paid
  on the Initial Notes or Additional Notes for which such Exchange Notes were
  exchanged, as applicable, or, if no such interest has been paid, from the date
  of issuance of such Initial  

 10 

 Notes or Additional Notes).
  The regular record dates for each interest payment date will be May 15 and November
  15 of each year (each, a “Record Date”).  

      The
  person in whose name any Subordinated Note is registered at the close of business
  on any record date with respect to any interest payment date shall be entitled
  to receive the interest, if any, payable on such interest payment date notwithstanding
  any transfer or exchange of such Subordinated Note subsequent to the record
  date and prior to such interest payment date, except if and to the extent the
  Issuer shall default in the payment of the interest due on such interest payment
  date, in which case such defaulted interest shall be paid to the persons in
  whose names Outstanding Subordinated Notes are registered at the close of business
  on a subsequent record date (which shall be not less than five Business Days
  prior to the date of payment of such defaulted interest) established by notice
  given by mail by or on behalf of the Issuer to the Noteholders not less than
  15 days preceding such subsequent record date.  

      Section
  2.06. Registration, Transfer and Exchange. The Issuer will keep or cause
  to be kept at each office or agency to be maintained for the purpose as provided
  in Section 3.02 a register or registers in which, subject to such reasonable
  regulations as it may prescribe, it will register, and will register the transfer
  of, Subordinated Notes as provided in this Article. Such register shall be in
  written form in the English language or in any other form capable of being converted
  into such form within a reasonable time. At all reasonable times such register
  or registers shall be open for inspection by the Trustee.  

 
     Each Subordinated
  Note may be transferred and exchanged, and Definitive Notes may be
  obtained, in accordance with Condition 8 of Schedule 2 of this Indenture. 

      Upon
  due presentation for registration of transfer of any Subordinated Note at any
  such office or agency to be maintained for the purpose as provided in Section
  3.02, the Issuer shall execute and the Trustee shall authenticate and deliver
  in the name of the transferee or transferees a new Subordinated Note or Subordinated
  Notes in authorized denominations for a like aggregate principal amount. 

      Unless
  and until the Initial Notes (or Additional Notes as the case may be) are exchanged
  for Exchange Notes in connection with an effective Registration Statement, transfers
  of Subordinated Notes shall be subject to restrictions on transfer as set forth
  in the Private Placement Legend.  

      Any
  Subordinated Note may be exchanged for a Subordinated Note in other authorized
  denominations, in an equal aggregate principal amount. Subordinated Notes to
  be exchanged shall be surrendered at any office or agency to be maintained by
  the Issuer for the purpose as provided in Section 3.02, and the 

 11 

 Issuer shall execute and
  the Trustee shall authenticate and deliver in exchange therefor the Subordinated
  Note which the Noteholder making the exchange shall be entitled to receive,
  bearing numbers not contemporaneously outstanding.  

      All
  Subordinated Notes presented for registration of transfer, exchange, redemption
  or payment shall (if so required by the Issuer or the Trustee) be duly endorsed
  by, or be accompanied by a written instrument or instruments of transfer in
  form satisfactory to the Issuer and the Trustee duly executed by, the holder
  or his attorney duly authorized in writing.  

      The
  Issuer may require payment of a sum sufficient to cover any tax or other governmental
  charge that may be imposed in connection with any exchange or registration of
  transfer of Subordinated Notes. No service charge shall be made for any such
  transaction.  

      The
  Issuer shall not be required to exchange or register a transfer of (a) any Subordinated
  Notes for a period of 15 days next preceding the first mailing of notice of
  redemption of Subordinated Notes to be redeemed, or (b) any Subordinated Notes
  selected, called or being called for redemption except, in the case of any Subordinated
  Note where notice has been given that such Subordinated Note is to be redeemed
  in part, the portion thereof not so to be redeemed.  

 
     All Subordinated
  Notes issued upon any transfer or exchange of Subordinated Notes shall
  be valid obligations of the Issuer, evidencing the same debt, and entitled to
  the same benefits under this Indenture, as the Subordinated Notes surrendered
  upon such transfer or exchange.  

 
     Section 2.07. Mutilated,
  Defaced, Destroyed, Lost and Stolen Subordinated Notes.
  In case any temporary or definitive Subordinated Note shall become mutilated,
  defaced or be destroyed, lost or stolen, the Issuer in its discretion may execute,
  and upon the written request of any officer of the Issuer, the Trustee shall
  authenticate and deliver, a new Subordinated Note, bearing a number not contemporaneously
  outstanding, in exchange and substitution for the mutilated or defaced Subordinated
  Note, or in lieu of and substitution for the Subordinated Note so destroyed,
  lost or stolen. In every case the applicant for a substitute Subordinated Note
  shall furnish to the Issuer and to the Trustee and any agent of the Issuer or
  the Trustee such security or indemnity as may be required by them to indemnify
  and defend and to save each of them harmless and, in every case of destruction,
  loss or theft, evidence to their satisfaction of the destruction, loss or theft
  of such Subordinated Note and of the ownership thereof and, in the case of mutilation
  or defacement shall surrender the Subordinated Note to the Trustee or such agent.
   

 12

      Upon
  the issuance of any substitute Subordinated Note, the Issuer may require the
  payment of a sum sufficient to cover any tax or other governmental charge that
  may be imposed in relation thereto and any other expenses (including the fees
  and expenses of the Trustee or its agent) connected therewith. In case any Subordinated
  Note which has matured or is about to mature or has been called for redemption
  in full shall become mutilated or defaced or be destroyed, lost or stolen, the
  Issuer may instead of issuing a substitute Subordinated Note, pay or authorize
  the payment of the same (without surrender thereof except in the case of a mutilated
  or defaced Subordinated Note), if the applicant for such payment shall furnish
  to the Issuer and the Trustee and any agent of the Issuer or the Trustee such
  security or indemnity as any of them may require to save each of them harmless,
  and, in every case of destruction, loss or theft, the applicant shall also furnish
  to the Issuer and the Trustee and any agent of the Issuer or the Trustee evidence
  to their satisfaction of the destruction, loss or theft of such Subordinated
  Note and of the ownership thereof and, in the case of mutilation or defacement
  shall surrender the Subordinated Note to the Trustee or such agent. 

      Every
  substitute Subordinated Note issued pursuant to the provisions of this section
  by virtue of the fact that any such Subordinated Note is destroyed, lost or
  stolen shall constitute an additional contractual obligation of the Issuer,
  whether or not the destroyed, lost or stolen Subordinated Note shall be at any
  time enforceable by anyone and shall be entitled to all the benefits of (but
  shall be subject to all the limitations of rights set forth in) this Indenture
  equally and proportionately with any and all other Subordinated Notes duly authenticated
  and delivered hereunder. If required by the Trustee or the Issuer, an Indemnity
  must be furnished that is sufficient in the judgment of both the Trustee and
  the Issuer to protect the Issuer and the Trustee from any loss they may suffer
  if a Note is replaced. All Subordinated Notes shall be held and owned upon the
  express condition that, to the extent permitted by law, the foregoing provisions
  are exclusive with respect to the replacement or payment of mutilated, defaced
  or destroyed, lost or stolen Subordinated Notes and shall preclude any and all
  other rights or remedies notwithstanding any law or statute existing or hereafter
  enacted to the contrary with respect to the replacement or payment of negotiable
  instruments or other securities without their surrender.  

      Section
  2.08. Cancellation of Subordinated Notes. All Subordinated Notes surrendered
  for payment, redemption, replacement, registration of transfer or exchange if
  surrendered to the Issuer or any agent of the Issuer or the Trustee, shall be
  delivered to the Trustee for cancellation or, if surrendered to the Trustee,
  shall be canceled by it; and no Subordinated Notes shall be issued in lieu thereof
  except as expressly permitted by any of the provisions of this Indenture. The
  Trustee shall dispose of canceled Subordinated Notes held by it in accordance
  with its procedures for the disposition of canceled securities in effect on
  the date of such cancellation and deliver a certificate of disposition to the
  Issuer. If the Issuer shall acquire any of the Subordinated Notes, such acquisition
  shall not  

 13 

 operate as a redemption
  or satisfaction of the indebtedness represented by such Subordinated Notes unless
  and until the same are delivered to the Trustee for cancellation.  

      Section
  2.09. Temporary Subordinated Notes. Pending the preparation of definitive
  Subordinated Notes, the Issuer may execute and the Trustee shall authenticate
  and deliver temporary Subordinated Notes (printed, lithographed, typewritten
  or otherwise reproduced, in each case in form satisfactory to the Trustee).
  Temporary Subordinated Notes shall be issuable as registered
  Subordinated Notes without
  coupons, of any authorized denomination, and substantially in the form of the
  definitive Subordinated Notes but with such omissions, insertions and variations
  as may be appropriate for temporary Subordinated Notes, all as may be determined
  by the Issuer with the concurrence of the Trustee. Temporary Subordinated Notes
  may contain such reference to any provisions of this Indenture as may be appropriate.
  Every temporary Subordinated Note shall
  be executed by the Issuer and be authenticated by the Trustee upon the same
  conditions and in substantially the same manner, and with like effect, as the
  definitive Subordinated Notes. Without unreasonable delay the Issuer shall execute
  and shall furnish definitive Subordinated Notes and thereupon temporary Subordinated
  Notes may be surrendered in exchange therefor without charge at each office
  or agency to be maintained by the Issuer for that purpose pursuant to Section
  3.02, and the Trustee shall authenticate and deliver in exchange for such temporary
  Subordinated Notes a like aggregate principal amount of definitive Subordinated
  Notes of authorized denominations. Until so exchanged, the temporary Subordinated
  Notes shall be entitled to the same benefits under this Indenture as Definitive
  Notes.  

 ARTICLE
  3 

COVENANTS OF THE ISSUER
   

      Section
  3.01. Payment of Principal and Interest. The Issuer covenants and agrees
  for the benefit of the holders of Subordinated Notes that it will duly and punctually
  pay or cause to be paid the principal of, and interest on, each of the Subordinated
  Notes (together with any additional amounts payable pursuant to the terms of
  such Subordinated Notes) at the place or places, at the respective times and
  in the manner provided in such Subordinated Notes. Interest on any
  Subordinated Note (together
  with any additional amounts payable pursuant to the terms of such Subordinated
  Note) shall be payable only to or upon the written order of the Holder thereof
  and, at the option of the Issuer, may be paid by wire transfer or by mailing
  checks for such interest payable to or upon the written order of such Holders
  at their last addresses as they appear on the register maintained by the Registrar
  (as defined below).  

 14 

      Section
  3.02. Offices for Payments, etc. So long as any of the Subordinated
  Notes remain Outstanding, the Issuer shall (i) maintain or cause to be maintained
  an office or agency (“Registrar”) (which shall be located in
  the Borough of Manhattan in The City of New York) where Definitive Notes may
  be presented for registration of transfer or exchange in accordance with this
  Indenture; (ii) appoint one or more institutions with trust powers to maintain
  an office or agency (each, a “Paying Agent”) (which shall be
  located in the Borough of Manhattan, New York, and for so long as the Subordinated
  Notes are listed on Euronext Amsterdam in The Netherlands, and in any other
  city where such agency is required to be maintained under the rules of any stock
  exchange on which the Subordinated Notes are listed) where Subordinated Notes
  may be presented for payment; and (iii) appoint a transfer agent, (“Transfer
  Agent”) for the purpose of maintaining an office or agency where Subordinated
  Notes may be presented for registration of exchange or transfer and performing
  all obligations and duties imposed upon it by the Conditions and this Indenture.
  The Registrar shall keep a register of the Definitive Notes and of their transfer
  and exchange which register shall be updated each Business Day to conform the
  registers kept by each Registrar. The Issuer may appoint one or more co-registrars
  and one or more additional paying agents. The term “Registrar”
  includes any co-registrar and the term “Paying Agent” includes
  any additional paying agent. 

      The
  Issuer shall enter into an appropriate agency agreement with any agent not a
  party to this Indenture. The agreement shall implement the provisions of this
  Indenture that relate to such agent and shall, if required, incorporate the
  provisions of the TIA. The Issuer shall promptly notify in writing the Trustee
  of the name and address and of any change in the name and address of such agent.
  If the Issuer fails to maintain a Registrar or Paying Agent or Notice Agent,
  the Trustee shall act as such and shall be entitled to appropriate compensation
  in accordance with the provisions of this Indenture; provided that the Trustee
  shall not be required to act as Paying Agent for Global Notes outside the United
  States, but shall be authorized to appoint a Paying Agent for Global Notes outside
  the United States if the Issuer has failed to maintain such a Paying Agent,
  if required. 

      The
  Issuer initially appoints the Depository Trust Company to act as Depository
  with respect to the Subordinated Notes. The Issuer initially appoints The Bank
  of New York acting through its corporate trust office in New York to act as
  Custodian for the Depository.  

      The
  Issuer initially appoints the Trustee to act as Paying Agent and as Transfer
  Agent in New York, and will initially act itself as Paying Agent and as Transfer
  Agent in The Netherlands. The Issuer initially appoints the Trustee to act as
  the Registrar.  

      In
  case the Issuer shall fail to so designate or maintain any such office or agency
  or shall fail to give such notice of the location or of any change in the 

 15 

 location thereof, presentations
  and demands may be made and notices may be served at the Corporate Trust Office.
   

      Section
  3.03. Appointment to Fill a Vacancy in Office of Trustee. The Issuer,
  whenever necessary to avoid or fill a vacancy in the office of Trustee, will
  appoint, in the manner provided in Section 5.11, a Trustee, so that there shall
  at all times be a Trustee with respect to the Subordinated Notes hereunder.
   

      Section
  3.04. Paying Agents. Whenever the Issuer shall appoint a Paying Agent
  other than the Trustee or itself with respect to the Subordinated Notes, it
  will cause such Paying Agent to execute and deliver to the Trustee an instrument
  in which such Paying Agent shall agree with the Trustee, subject to the provisions
  of this Section  

      (a)
    that it will hold all sums received by it as such agent for the payment of the
  principal of or interest on the Subordinated Notes in trust for the benefit
  of the Noteholders or of the Trustee;  

      (b)
    that it will give the Trustee notice of any failure by the Issuer to make any
  payment of principal of or interest on the Subordinated Notes when the same
  shall be due and payable; and  

      (c)
    that it will pay any such sums so held in trust by it to the Trustee upon the
  Trustee’s written request at any time during the continuance of the failure
  referred to in clause 3.04(b) above.  

      The
  Issuer will, on or prior to each due date of the principal of or interest on
  the Subordinated Notes, deposit with the Paying Agent a sum sufficient to pay
  such principal or interest so becoming due, and (unless such Paying Agent is
  the Trustee) the Issuer will promptly notify the Trustee of any failure to take
  such action.  

      If
  the Issuer shall act as its own Paying Agent with respect to the Subordinated
  Notes, it will, on or before each due date of the principal of or interest on
  the Subordinated Notes, set aside, segregate and hold in trust for the benefit
  of the Noteholders a sum sufficient to pay such principal or interest so becoming
  due. The Issuer will promptly notify the Trustee of any failure to take such
  action.  

      Anything
  in this section to the contrary notwithstanding, the Issuer may at any time,
  for the purpose of obtaining a satisfaction and discharge with respect to the
  Subordinated Notes, or for any other reason, pay or cause to be paid to the
  Trustee all sums held in trust for such Subordinated Notes by the Issuer or
  any paying agent hereunder, as required by this Section, such sums to be held
  by the Trustee upon the trusts herein contained.  

 16 

      Anything
  in this section to the contrary notwithstanding, the agreement to hold sums
  in trust as provided in this section is subject to the provisions of Section
  8.03 and 8.04.  

      Section
  3.05. Certificate of the Issuer. The Issuer will furnish annually to
  the Trustee a brief certificate from the principal executive, financial or accounting
  officer of the Issuer as to his or her knowledge of the Issuer’s compliance
  with all conditions and covenants under the Indenture (such compliance to be
  determined without regard to any period of grace or requirement of notice provided
  under the Indenture) and if the Issuer shall not be in compliance, specifying
  such non-compliance and the nature and status thereof of which such signer may
  have knowledge.  

      The
  Issuer shall deliver to the Trustee, as soon as possible and in any event within
  five days after the Issuer becomes aware of the occurrence of any Event of Default
  or an event which, with notice or the lapse of time or both, would constitute
  an Event of Default, an Officer’s Certificate setting forth the details
  of such Event of Default or default and the action which the Company proposes
  to take with respect thereto.  

      Section
  3.06. Noteholders Lists. The Issuer will furnish or cause to be furnished
  to the Trustee a list in such form as the Trustee may reasonably require of
  the names and addresses of the Noteholders pursuant to Section 312 of the TIA
  (a) semi-annually not more than 15 days after each record date for the payment
  of interest on such Subordinated Notes, as hereinabove specified, as of such
  record date, and (b) at such other times as the Trustee may request in writing,
  within thirty days after receipt by the Issuer of any such request as of a date
  not more than 15 days prior to the time such information is furnished. 

      Section
  3.07. Reports by the Issuer. The Issuer covenants to file with the Trustee,
  within 15 days after the Issuer is required to file the same with the SEC, copies
  of the annual reports and of the information, documents, and other reports that
  the Issuer may be required to file with the SEC pursuant to Section 13 or Section
  15(d) of the Securities Exchange Act of 1934 or pursuant to the SEC’s rules
  or regulation. Delivery of such reports, information and documents to the Trustee
  is for informational purposes only and the Trustee’s receipt of such shall
  not constitute constructive notice of any information contained therein or determinable
  from information contained therein, including the Issuer’s compliance with
  any of its covenants hereunder (as to which the Trustee is entitled to rely
  exclusively on Officer’s Certificates).  

      Section
  3.08. Calculation of Original Issue Discount. The Issuer shall provide
  to the Trustee on a timely basis such information as the Trustee requires to
  enable the Trustee to prepare and file any form required to be submitted by
  the Issuer with the Internal Revenue Service and the Holders of the Subordinated
   

 17 

 Notes relating to OID,
  including, without limitation, Form 1099-OID or any successor form. 

 ARTICLE
  4 

REMEDIES OF THE TRUSTEE
  AND NOTEHOLDERS ON EVENT OF DEFAULT  

      Section
  4.01. Event of Default. “Event of Default” with respect
  to Subordinated Notes wherever used herein, means each one of the following
  events which shall have occurred and be continuing (whatever the reason for
  such Event of Default and whether it shall be voluntary or involuntary or be
  effected by operation of law or pursuant to any judgment, decree or order of
  any court or any order, rule or regulation of any administrative or governmental
  body): 

      (a)
    default is made in the payment of interest or principal in respect of the Subordinated
  Notes and such default continues for more than 30 days (a “Payment
  Default”), or  

      (b)
    (i)  the Issuer is declared bankrupt; or (ii) a competent court has declared
  that the Issuer is in a situation which requires special measures (“bijzondere
  voorzieningen”) in the interests of all creditors, as referred to in
  Chapter X of the Dutch 1992 Act on the Supervision of the Credit System (Wet
  toezicht kredietwezen 1992), and for so long as such situation is in force
  (such situation being hereinafter referred to as a “Moratorium”);
  or (iii) an order is made or an effective resolution is passed for the winding
  up or liquidation of the Issuer (unless this is done in connection with a merger,
  consolidation or other form of combination with another company and such company
  assumes all obligations of the Issuer under the Subordinated Notes) (each, a
  “Bankruptcy Default”).  

      In
  the case of a Bankruptcy Default, the Subordinated Notes shall become forthwith
  due and payable at the Redemption Amount, together with any accrued interest
  to the date of repayment, without presentment, demand, protest or other notice
  of any kind. In the case of a Payment Default, the sole remedy available to
  any Noteholder for recovery of amounts owing in respect of any payment of principal
  of or interest on the Subordinated Notes will be the institution of proceedings
  against the Issuer as such Noteholder may think fit to enforce such payment;
  provided that the Issuer shall not by virtue of the institution of any
  such proceedings be obliged to pay any sum or sums sooner than the same would
  otherwise have been payable by the Issuer.  

      In
  any Event of Default, repayment of the Subordinated Notes prior to the Maturity
  Date is subject to receipt by the Issuer of the written approval of the Dutch
  Central Bank (De Nederlandsche Bank N.V.).  

 18 

      The
  foregoing provisions, however, are subject to the condition that if, at any
  time after the principal of the Subordinated Notes shall have become due and
  payable, and before any judgment or decree for the payment of the monies due
  shall have been obtained or entered as hereinafter provided, the Issuer shall
  pay or shall deposit with the Trustee a sum sufficient to pay all matured installments
  of interest upon all the Subordinated Notes and the principal of all Subordinated
  Notes which shall have become due (with interest upon such principal and, to
  the extent that payment of such interest is enforceable under applicable law,
  on overdue installments of interest, at the same rate as the rate of interest
  specified in the Subordinated Notes) to the date of such payment or deposit)
  and such amount as shall be sufficient to cover reasonable compensation to the
  Trustee, its agents, attorneys and counsel, and all other expenses and liabilities
  incurred, and all advances made, by the Trustee except as a result of negligence
  or bad faith, and if any and all Events of Default under the Indenture, shall
  have been cured, waived or otherwise remedied as provided herein, then and in
  every such case the holders of a majority in aggregate principal amount of all
  the then Outstanding Subordinated Notes (treated as one class), by written notice
  to the Issuer and to the Trustee, may waive all defaults with respect to all
  the Subordinated Notes and rescind and annul such declaration and its consequences,
  but no such waiver or rescission and annulment shall extend to or shall affect
  any subsequent default or shall impair any right consequent thereon. 

      Section
  4.02. Collection of Indebtedness by Trustee; Trustee May Prove Debt. The
  Issuer covenants that in the case of Payment Default, upon demand of the Trustee,
  the Issuer will pay to the Trustee for the benefit of the Noteholders the whole
  amount that then shall have become due and payable on all Subordinated Notes
  for principal or interest, as the case may be (with interest to the date of
  such payment upon the overdue principal and, to the extent that payment of such
  interest is enforceable under applicable law, on overdue installments of interest
  at the same rate as the rate of interest specified in the Subordinated Notes)
  and in addition thereto, such further amount as shall be sufficient to cover
  the costs and expenses of collection, including reasonable compensation to the
  Trustee and each predecessor trustee, their respective agents, attorneys and
  counsel, and any expenses and liabilities incurred, and all advances made, by
  the Trustee and each predecessor trustee except as a result of its negligence
  or bad faith.  

      Until
  such demand is made by the Trustee, the Issuer may pay the principal of and
  interest on the Subordinated Notes to the Noteholders, whether or not the principal
  of and interest on the Subordinated Notes is overdue.  

      In
  case the Issuer shall fail forthwith to pay such amo unts upon such demand,
  the Trustee, in its own name and as trustee for Noteholders shall be entitled
  and empowered to institute any action or proceedings at law or in equity for
  the collection of the sums so due and unpaid, and may prosecute any such 

 19 

 action or proceedings
  to judgment or final decree, and may enforce any such judgment or final decree
  against the Issuer and collect in the manner provided by law out of the property
  of the Issuer, wherever situated, the monies adjudged or decreed to be payable.
   

      In
  case there shall be pending proceedings relative to the Issuer under any bankruptcy,
  insolvency or other similar law, or in case a receiver, assignee or trustee
  in bankruptcy or reorganization, liquidator, sequestrator or similar official
  shall have been appointed for or taken possession of the Issuer or its property,
  or in case of any other comparable judicial proceedings relative to the Issuer,
  or to the creditors or property of the Issuer, the Trustee, irrespective of
  whether the principal of the Subordinated Notes shall then be due and payable,
  whether upon maturity of the Subordinated Notes or upon any redemption or otherwise,
  and, irrespective of whether the Trustee shall have made any demand pursuant
  to the provisions of this Section 4.02, shall be entitled and empowered, by
  intervention in such proceedings or otherwise:  

      (a)
    to file and prove a claim or claims for the whole amount of principal and interest
  owing and unpaid in respect of the Subordinated Notes, and to file such other
  papers or documents as may be necessary or advisable in order to have the claims
  of the Trustee (including any claim for reasonable compensation to the Trustee
  and each predecessor trustee, and their respective agents, attorneys and counsel,
  and for reimbursement of all expenses and liabilities incurred, and all advances
  made, by the Trustee and each predecessor trustee, except as a result of negligence
  or bad faith) and of the Noteholders allowed in any judicial proceedings relative
  to the Issuer, or to the creditors or property of the Issuer;  

      (b)
    unless prohibited by applicable law and regulations, to vote on behalf of the
  Noteholders in any election of a trustee or a standby trustee in arrangement,
  reorganization, liquidation or other bankruptcy or insolvency proceedings or
  of any person performing similar functions in comparable proceedings; and 

      (c)
    to collect and receive any moneys or other property payable or deliverable on
  any such claims, and to distribute all amounts received with respect to the
  claims of the Noteholders and of the Trustee on their behalf; and any trustee,
  receiver, or liquidator, custodian or other similar official is hereby authorized
  by each of the Noteholders to make payments to the Trustee, and, in the event
  that the Trustee shall consent to the making of payments directly to the Noteholders,
  to pay to the Trustee such amounts as shall be sufficient to cover reasonable
  compensation to the Trustee, each predecessor trustee and their respective agents,
  attorneys and counsel, and all other expenses and liabilities incurred, and
  all advances made, by the Trustee and each predecessor trustee except as a result
  of negligence or bad faith.  

 20 

      Nothing
  herein contained shall be deemed to authorize the Trustee to authorize, consent
  to, vote for, accept or adopt on behalf of any Noteholder any plan or reorganization,
  arrangement, adjustment or composition affecting the Subordinated Notes or the
  rights of any Holder thereof, or to authorize the Trustee to vote in respect
  of the claim of any Noteholder in any such proceeding except, as aforesaid,
  to vote for the election of a trustee in bankruptcy or similar person. 

      All
  rights of action and of asserting claims under this Indenture, or under any
  of the Subordinated Notes, may be enforced by the Trustee without the possession
  of any of the Subordinated Notes or the production thereof on any trial or other
  proceedings relative thereto, and any such action or proceedings instituted
  by the Trustee shall be brought in its own name as trustee, and any recovery
  of judgment, subject to the payment of the expenses, disbursements and compensation
  of the Trustee, each predecessor trustee and their respective agents and attorneys,
  shall be for the ratable benefit of the Noteholders in respect of which such
  action was taken.  

      In
  any proceedings brought by the Trustee (and also any proceedings involving the
  interpretation of any provision of this Indenture to which the Trustee shall
  be a party) the Trustee shall be held to represent all the Noteholders, and
  it shall not be necessary to make any Noteholder party to any such proceedings.
   

      Section
  4.03. Application of Proceeds. Any monies collected by the Trustee pursuant
  to this Article shall be applied in the following order on the date or dates
  fixed by the Trustee and, in case of the distribution of such monies on account
  of principal or interest, upon presentation of the several Subordinated Notes
  in respect of which monies have been collected and stamping (or otherwise noting)
  thereon the payment, or issuing Subordinated Notes in reduced principal amounts
  in exchange for the presented Subordinated Notes if only partially paid, or
  upon surrender thereof if fully paid:  

      FIRST:
  To the payment of costs and expenses in respect of which monies have been collected,
  including reasonable compensation to the Trustee and each predecessor trustee
  and their respective agents and attorneys and of all expenses and liabilities
  incurred, and all advances made, by the Trustee and each predecessor trustee
  except as a result of negligence or bad faith;  

      SECOND:
  In case the principal of the Subordinated Notes shall not have become and be
  then due and payable, to the payment of interest on the Subordinated Notes in
  the order of the maturity of the installments of such interest, with interest
  (to the extent that such interest has been collected by the Trustee) upon the
  overdue installments of interest at the same rate as the rate of interest specified
  in such Subordinated Notes, such  

 21 

  

  
  
   payments to be made ratably
  to the persons entitled thereto, without discrimination or preference; 

      THIRD:
  In case the principal of the Subordinated Notes shall have become and shall
  be then due and payable, to the payment of the whole amount then owing and unpaid
  for principal and interest, with interest upon the overdue principal, and (to
  the extent that such interest has been collected by the Trustee) upon overdue
  installments of interest at the same rate as the rate of interest specified
  in the Subordinated Notes; and in case such monies shall be insufficient to
  pay in full the whole amount so due and unpaid upon the Subordinated Notes,
  then to the payment of such principal and interest, without preference or priority
  of principal over interest or of interest over principal, or of any installment
  of interest over any other installment of interest, or of any Subordinated Note
  over any other Subordinated Note, ratably to the aggregate of such principal
  and accrued and unpaid interest; and  

      FOURTH:
  To the payment of the remainder, if any, to the Issuer or any other person lawfully
  entitled thereto.  

      Section
  4.04. Suits for Enforcement. In case an Event of Default has occurred,
  has not been waived and is continuing, the Trustee may in its discretion proceed
  to protect and enforce the rights vested in it by this Indenture by such appropriate
  judicial proceedings as the Trustee shall deem most effectual to protect and
  enforce any of such rights, either at law or in equity or in bankruptcy or otherwise,
  whether for the specific enforcement of any covenant or agreement contained
  in this Indenture or in aid of the exercise of any power granted in this Indenture
  or to enforce any other legal or equitable right vested in the Trustee by this
  Indenture or by law.  

      Section
  4.05. Restoration of Rights on Abandonment of Proceeding. In case the
  Trustee shall have proceeded to enforce any right under this Indenture and such
  proceedings shall have been discontinued or abandoned for any reason, or shall
  have been determined adversely to the Trustee, then and in every such case the
  Issuer and the Trustee shall be restored respectively to their former positions
  and rights hereunder, and all rights, remedies and powers of the Issuer, the
  Trustee and the Noteholders shall continue as though no such proceedings had
  been taken.  

      Section
  4.06. Limitations on Suits by Noteholder. Except as provided in Section
  4.07, no Noteholder shall have any right by virtue of or by availing of any
  provision of this Indenture to institute any action or proceeding at law or
  in equity or in bankruptcy or otherwise upon or under or with respect to this
  Indenture, or for the appointment of a trustee, receiver, liquidator, custodian
  or other similar official or for any other remedy hereunder, unless such Holder
  previously shall  

 22 

 have given to the Trustee
  written notice of an Event of Default and of the continuance thereof, as herein
  provided, and unless also the Holders of not less than 25% in aggregate principal
  amount of the then Outstanding Subordinated Notes (treated as a single class)
  shall have made written request upon the Trustee to institute such action or
  proceedings in its own name as trustee hereunder and shall have offered to the
  Trustee such reasonable indemnity as it may require against the costs, expenses
  and liabilities to be incurred therein or thereby and the Trustee for 60 days
  after its receipt of such notice, request and offer of indemnity shall have
  failed to institute any such action or proceeding and no direction inconsistent
  with such written request shall have been given to the Trustee pursuant to Section
  4.09; it being understood and intended, and being expressly covenanted by such
  Noteholder that no one or more Noteholder shall have any right in any manner
  whatever by virtue of or by availing of any provision of this Indenture to affect,
  disturb or prejudice the rights of any other such Noteholder, or to obtain or
  seek to obtain priority over or preference to any other such Noteholder or to
  enforce any right under this Indenture, except in the manner herein provided
  and for the equal, ratable and common benefit of all Noteholders. For the protection
  and enforcement of the provisions of this Section, each and every Noteholder
  and the Trustee shall be entitled to such relief as can be given either at law
  or in equity.  

      Section
  4.07. Unconditional Right of Noteholders to Institute Certain Suits. Notwithstanding
  any other provision in this Indenture and any provision of any Subordinated
  Note, the right of any Noteholder to receive payment of the principal of and
  interest on such Subordinated Note on or after the respective due dates expressed
  in such Subordinated Note, or to institute suit for the enforcement of any such
  payment on or after such respective dates, shall not be impaired or affected
  without the consent of such Noteholder.  

      Section
  4.08. Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default.
  Except as provided in Section 4.06, no right or remedy herein conferred
  upon or reserved to the Trustee or to the Noteholders is intended to be exclusive
  of any other right or remedy, and every right and remedy shall, to the extent
  permitted by law, be cumulative and in addition to every other right and remedy
  given hereunder or now or hereafter existing at law or in equity or otherwise.
  The assertion or employment of any right or remedy hereunder, or otherwise,
  shall not prevent the concurrent assertion or employment of any other appropriate
  right or remedy.  

      No
  delay or omission of the Trustee or of any Noteholder to exercise any right
  or power accruing upon any Event of Default occurring and continuing as aforesaid
  shall impair any such right or power or shall be construed to be a waiver of
  any such Event of Default or an acquiescence therein; and, subject to Section
  4.06, every power and remedy given by this Indenture or by law to the Trustee
  or  

 23 

 to the Noteholders may
  be exercised from time to time, and as often as shall be deemed expedient, by
  the Trustee or by the Noteholders.  

      Section
  4.09. Control by Noteholders. The Holders of a majority in aggregate
  principal amount of the then Outstanding Subordinated Notes (voting as a single
  class) shall have the right to direct the time, method, and place of conducting
  any proceeding for any remedy available to the Trustee, or exercising any trust
  or power conferred on the Trustee with respect to the Subordinated Notes by
  this Indenture; provided that such direction shall not be otherwise than in
  accordance with law and the provisions of this Indenture and provided further
  that (subject to the provisions of Section 5.01) the Trustee shall have the
  right to decline to follow any such direction if the Trustee, being advised
  by counsel, shall determine that the action or proceeding so directed may not
  lawfully be taken or if the Trustee in good faith by its board of directors,
  the executive committee, or a trust committee of directors or Responsible Officers
  of the Trustee shall determine that the action or proceedings so directed would
  involve the Trustee in personal liability or if the Trustee in good faith shall
  so determine that the actions or forbearances specified in or pursuant to such
  direction would be unduly prejudicial to the interests of Noteholders not joining
  in the giving of said direction, it being understood that (subject to Section
  5.01) the Trustee shall have no duty to ascertain whether or not such actions
  or forbearances are unduly prejudicial to such Holders.  

      Nothing
  in this Indenture shall impair the right of the Trustee in its discretion to
  take any action deemed proper by the Trustee and which is not inconsistent with
  such direction or directions by Noteholders.  

      Section
  4.10. Waiver of Past Defaults. The Holders of a majority in aggregate
  principal amount of the then Outstanding Subordinated Notes (voting as a single
  class) may on behalf of the Holders of all such Subordinated Notes waive any
  past default or Event of Default which shall have occurred and be continuing
  and its consequences, except a default in respect of a covenant or provision
  hereof which cannot be modified or amended without the consent of the each Noteholder.
  In the case of any such waiver, the Issuer, the Trustee and the Noteholders
  shall be restored to their former positions and rights hereunder, respectively;
  but no such waiver shall extend to any subsequent or other default or impair
  any right consequent thereon.  

      Upon
  any such waiver, such default shall cease to exist and be deemed to have been
  cured and not to have occurred, and any Event of Default arising therefrom shall
  be deemed to have been cured, and not to have occurred for every purpose of
  this Indenture; but no such waiver shall extend to any subsequent or other default
  or Event of Default or impair any right consequent thereon.  

 24

      Section
  4.11. Trustee to Give Notice of Default, But May Withhold in Certain Circumstances.
  The Trustee shall give to the Noteholders, as the names and addresses of
  such Holders appear on the Register, notice by mail of all defaults known to
  the Trustee, such notice to be transmitted within 90 days after the occurrence
  thereof, unless such defaults shall have been cured before the giving of such
  notice (the term “default” or “defaults” for
  the purposes of this section being hereby defined to mean any event or condition
  which is, or with notice or lapse of time or both would become, an Event of
  Default); provided that, except in the case of default in the payment of the
  principal of or interest on any of the Subordinated Notes, the Trustee shall
  be protected in withholding such notice if and so long as the board of directors,
  the executive committee, or a trust committee of directors or trustees and/or
  Responsible Officers of the Trustee in good faith determines that the withholding
  of such notice is in the interests of the Noteholders. Notice to Holders under
  this Section will be given in the manner and to the extent provided in Section
  313(d) of TIA.  

      Section
  4.12. Right of Court to Require Filing of Undertaking to Pay Costs. All
  parties to this Indenture agree, and each Noteholder shall be deemed to have
  agreed, that any court may in its discretion require, in any suit for the enforcement
  of any right or remedy under this Indenture or in any suit against the Trustee
  for any action taken, suffered or omitted by it as Trustee, the filing by any
  party litigant in such suit of an undertaking to pay the costs of such suit,
  and that such court may in its discretion assess reasonable costs, including
  reasonable attorneys’ fees, against any party litigant in such suit, having
  due regard to the merits and good faith of the claims or defenses made by such
  party litigant; but the provisions of this section shall not apply to any suit
  instituted by the Trustee, to any suit instituted by any Noteholder or group
  of Noteholders holding in the aggregate more than 10% in aggregate principal
  amount of the Subordinated Notes, or to any suit instituted by any Noteholder
  for the enforcement of the payment of the principal of or interest on any Subordinated
  Note on or after the Maturity Date.  

 ARTICLE
  5 

CONCERNING THE TRUSTEE
   

      Section
  5.01. Duties and Responsibilities of the Trustee; During Default; Prior to
  Default. The duties and responsibilities of the Trustee are as provided
  by the TIA and as set forth herein. The Trustee, prior to the occurrence of
  an Event of Default and after the curing or waiving of any Events of Default,
  undertakes to perform such duties and only such duties as are specifically set
  forth in this Indenture. 

      In
  case an Event of Default with respect to the Subordinated Notes has occurred
  (which has not been cured or waived) the Trustee shall exercise with 

 25 

 respect to such Subordinated
  Notes such of the rights and powers vested in it by this Indenture, and use
  the same degree of care and skill in their exercise, as a prudent man would
  exercise or use under the circumstances in the conduct of his own affairs. 

      No
  provision of this Indenture shall be construed to relieve the Trustee from liability
  for its own negligent action, its own negligent failure to act or its own wilful
  misconduct, except that  

      (a)
    prior to the occurrence of an Event of Default with respect to the Subordinated
  Notes and after the curing or waiver of all such Events of Default which may
  have occurred:  

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

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

      (b)
    the Trustee shall not be liable for any error of judgment made in good faith
  by a Responsible Officer or Responsible Officers of the Trustee, unless it shall
  be proved that the Trustee was negligent in ascertaining the pertinent facts;
  and  

      (c)
    the 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
  pursuant to Section 4.09 relating to the time, method and place of conducting
  any proceeding for any remedy available to the Trustee, or exercising any trust
  or power conferred upon the Trustee, under this Indenture.  

      None
  of the provisions contained in this Indenture shall require the 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 there shall be reasonable ground for believing that the

 26  

 repayment of such funds
  or adequate indemnity against such liability is not reasonably assured to it.
   

      The
  provisions of this Section 5.01 are in furtherance of and subject to Sections
  315 and 316 of the TIA.  

      Section
  5.02. Certain Duties of the Trustee. In furtherance of and subject to
  the TIA, the Trustee covenants and agrees to  

      (a)
    Within 5 business days after a written request from three or more Holders of
  then Outstanding Subordinated Notes who have been Holders of such Notes for
  at least six months, to (i) afford such Holders access to all information as
  to the names and addresses of all Holders received from the Issuer pursuant
  to section 312(a) of the TIA, or (ii) inform such Holders as to the approximate
  number of Holders and as to the approximate cost of mailing any communication
  to such Holders and mail such communications to such Holders on behalf of and
  at the expense of the requesters;  

      (b)
    Within 60 days after each May 15, beginning with May 15, 2004, the Trustee will
  mail to each Holder, as provided in Section 313(c) of the TIA., a brief report
  dated as of such May 15, if required by Section 313(a) of the TIA., file such
  reports with each stock exchange upon which its Notes are listed and with the
  Commission as required by Section 313(d) of the TIA, and send reports to Holders
  as required by Section 313(b) of the TIA.  

      (c)
    If any default occurs and is continuing and is actually known to the Trustee,
  the Trustee will send notice of the default to each Holder within 90 days after
  it occurs, unless the default has been cured; provided that, except in the case
  of a default in the payment of the principal of or interest on any Note, the
  Trustee may withhold the notice if and so long as the board of directors, the
  executive committee or a trust committee of directors of the Trustee in good
  faith determines that withholding the notice is in the interest of the Holders.
  Notice to Holders under this Section will be given in the manner and to the
  extent provided in Section 313(c) of the TIA;  

      Section
  5.03. Reports by the Trustee. Any Trustee’s report required under
  Section 313(a) of the TIA shall be transmitted on or before July 15 in each
  year following the date hereof, so long as any Subordinated Notes are Outstanding
  hereunder, and shall be dated as of a date convenient to the Trustee no more
  than 60 nor less than 45 days prior thereto.  

      Section
  5.04. Certain Rights of the Trustee. In furtherance of and subject to
  the TIA, and subject to Section 5.01:  

      (a)
    the Trustee may conclusively rely and shall be protected in acting
  or refraining from acting upon any resolution, Officer’s Certificate or
  any other 

27  

 certificate, statement,
  instrument, opinion, report, notice, request, consent, order, bond, debenture,
  note, coupon, security or other paper or document believed by it to be genuine
  and to have been signed or presented by the proper party or parties; 

      (b)
    any request, direction, order or demand of the Issuer mentioned herein shall
  be sufficiently evidenced by an Officer’s Certificate (unless other evidence
  in respect thereof be herein specifically prescribed); and any resolution of
  the Board may be evidenced to the Trustee by a copy thereof certified by the
  secretary or an assistant secretary of the Issuer;  

      (c)
    the Trustee may consult with counsel and any advice or Opinion of Counsel shall
  be full and complete authorization and protection in respect of any action taken,
  suffered or omitted to be taken by it hereunder in good faith and in accordance
  with such advice or Opinion of Counsel;  

      (d)
    the Trustee shall be under no obligation to exercise any of the trusts or powers
  vested in it by this Indenture at the request, order or direction of any of
  the Noteholders pursuant to the provisions of this Indenture, unless such Noteholders
  shall have offered to the Trustee such reasonable security as it may require
  or indemnity against the costs, expenses and liabilities which might be incurred
  therein or thereby;  

      (e)
    the Trustee shall not be liable for any action taken or omitted by it in good
  faith and believed by it to be authorized or within the discretion, rights or
  powers conferred upon it by this Indenture;  

      (f)
    prior to the occurrence of an Event of Default hereunder and after the curing
  or waiving of all Events of Default (in those situations the prudent person
  standard in Section 5.01 will apply), the 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, consent, order, approval,
  appraisal, bond, debenture, note, coupon, security, or other paper or document
  unless requested in writing so to do by the holders of not less than a majority
  in aggregate principal amount of the then Outstanding Subordinated Notes; provided
  that, if the payment within a reasonable time to the Trustee of the costs, expenses
  or liabilities likely to be incurred by it in the making of such investigation
  is, in the opinion of the Trustee, not reasonably assured to the Trustee by
  the security afforded to it by the terms of this Indenture, the Trustee may
  require reasonable indemnity against such expenses or liabilities as a condition
  to proceeding; the reasonable expenses of every such investigation shall be
  paid by the Issuer or, if paid by the Trustee or any predecessor trustee, shall
  be repaid by the Issuer upon demand; 

      (g)
    the Trustee may execute any of the trusts or powers hereunder or perform any
  duties hereunder either directly or by or through agents or attorneys 

 28 

 not regularly in its employ
  and the Trustee shall not be responsible for any misconduct or negligence on
  the part of any such agent or attorney appointed with due care by it hereunder;

      (h)
    the Trustee shall not be deemed to have notice of any Default or Event of Default
  unless a Responsible Officer of the Trustee has actual knowledge thereof or
  unless written notice of any event which is in fact such a default is received
  by the Trustee at the Corporate Trust Office of the Trustee, and such notice
  refers to the Subordinated Notes and this Indenture;  

      (i)
    the rights, privileges, protections, immunities and benefits given to the Trustee,
  including, without limitation, its right to be indemnified, are extended to,
  and shall be enforceable by, the Trustee in each of its capacities hereunder,
  and each agent, custodian and other Person employed to act hereunder; and 

      (j)
    the Trustee may request that the Issuer deliver an Officer’s Certificate
  setting forth the names of individuals and/or titles of officers authorized
  at such time to take specified actions pursuant to this Indenture, which Officer’s
  Certificate may be signed by any person authorized to sign an Officer’s
  Certificate, including any person specified as so authorized in any such certificate
  previously delivered and not superseded.  

      Section
  5.05. Trustee Not Responsible for Recitals, Disposition of Subordinated Notes
  or Application of Proceeds Thereof. The recitals contained herein and in
  the Subordinated Notes, except the Trustee’s certificates of authentication,
  shall be taken as the statements of the Issuer, and the Trustee assumes no responsibility
  for the correctness of the same. The Trustee makes no representation as to the
  validity or sufficiency of this Indenture or of the Subordinated Notes. The
  Trustee shall not be accountable for the use or application by the Issuer of
  any of the Subordinated Notes or of the proceeds thereof. However, the Trustee
  is subject to Sections 310(b) and 311 of the TIA. For purposes of Section 311(b)(4)
  and (6) of the TIA:  

      (a)
    “cash transaction” means any transaction in which full payment for
  goods or securities sold is made within seven days after delivery of the goods
  or securities in currency or in checks or other orders drawn upon banks or bankers
  and payable upon demand; and  

      (b)
    “self-liquidating paper” means any draft, bill of exchange, acceptance
  or obligation which is made, drawn, negotiated or incurred for the purpose of
  financing the purchase, processing, manufacturing, shipment, storage or sale
  of goods, wares or merchandise and which is secured by documents evidencing
  title to, possession of, or a lien upon, the goods, wares or merchandise or
  the receivables or proceeds arising from the sale of the goods, wares or merchandise
  previously constituting the security, provided the security is received

 29 

 by the Trustee simultaneously
  with the creation of the creditor relationship arising from the making, drawing,
  negotiating or incurring of the draft, bill of exchange, acceptance or obligation.
   

      Section
  5.06. Trustee and Agents May Hold Subordinated Notes; Collections, etc. The
  Trustee or any agent of the Issuer or the Trustee, in its individual or any
  other capacity, may become the owner or pledgee of Subordinated Notes with the
  same rights it would have if it were not the Trustee or such agent and may otherwise
  deal with the Issuer and receive, collect, hold and retain collections from
  the Issuer with the same rights it would have if it were not the Trustee or
  such agent. 

      Section
  5.07. Monies Held by Trustee. Subject to the provisions of Section 8.04
  hereof, all monies received by the Trustee shall, until used or applied as herein
  provided, be held in trust for the purposes for which they were received, but
  need not be segregated from other funds except to the extent required by mandatory
  provisions of law. Neither the Trustee nor any agent of the Issuer or the Trustee
  shall be under any liability for interest on any monies received by it hereunder.
   

      Section
  5.08. Compensation and Indemnification of Trustee and its Prior Claim. The
  Issuer covenants and agrees to pay to the Trustee from time to time, and the
  Trustee shall be entitled to, such compensation as the Issuer and the Trustee
  shall from time to time agree in writing (which shall not be limited by any
  provision of law in regard to the compensation of a trustee of an express trust)
  and the Issuer covenants and agrees to pay or reimburse the Trustee and each
  predecessor trustee upon its request for all reasonable expenses, disbursements
  and advances incurred or made by or on behalf of it in accordance with any of
  the provisions of this Indenture (including the reasonable compensation and
  the expenses and disbursements of its counsel and of all agents and other persons
  not regularly in its employ) except to the extent any such expense, disbursement
  or advance may arise from its negligence or bad faith. The Issuer also covenants
  to indemnify the Trustee and each predecessor trustee for, and to hold it harmless
  against, any loss, liability or expense, including taxes (other than taxes based
  upon, measured by or determined by the income of the Trustee), arising out of
  or in connection with the acceptance or administration of this Indenture or
  the trusts hereunder and the performance of its duties hereunder, including
  the costs and expenses of defending itself against or investigating any claim
  (whether asserted by the Issuer, or any holder of Subordinated Notes or any
  other person) or liability, except to the extent such loss liability or expense
  is due to the negligence or bad faith of the Trustee. The obligations of the
  Issuer under this section to compensate and indemnify the Trustee and each predecessor
  trustee and to pay or reimburse the Trustee and each predecessor trustee for
  expenses, disbursements and advances shall constitute additional indebtedness
  hereunder and shall survive the satisfaction and discharge of this Indenture.
  Such additional indebtedness  

 30 

 shall be a senior claim
  to that of the Subordinated Notes upon all property and funds held or collected
  by the Trustee as such, except funds held in trust for the benefit of the holders
  of particular Subordinated Notes, and the Subordinated Notes are hereby subordinated
  to such senior claim.  

 
     Section 5.09. Right
  of Trustee to Reply on Officer’s Certificate, etc. Subject to Sections 5.01
  and 5.04, whenever in the administration of the trusts of this Indenture the
  Trustee shall deem it necessary or desirable that a matter be proved or established
  prior to taking or suffering or omitting any action hereunder, such matter (unless
  other evidence in respect thereof be herein specifically prescribed) may, in
  the absence of negligence or bad faith on the part of the Trustee, be deemed
  to be conclusively proved and established by an Officer’s Certificate delivered
  to the Trustee, and such certificate, in the absence of negligence or bad faith
  on the part of the Trustee, shall be full warrant to the Trustee for any action
  taken, suffered or omitted by it under the provisions of this Indenture upon
  the faith thereof.  

      Section
  5.10. Persons Eligible for Appointment as Trustee. The Trustee for the
  Subordinated Notes hereunder shall at all times be a corporation organized and
  doing business under the laws of the United States of America or the District
  of Columbia having a combined capital and surplus of at least $50,000,000, and
  which is eligible in accordance with the provisions of Section 310(a) of the
  TIA. If such corporation publishes reports of condition at least annually, pursuant
  to law or to the requirements of a Federal, State or District of Columbia supervising
  or examining authority, then for the purposes of this Section, 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.
   

      Section
  5.11. Resignation and Removal; Appointment of Successor Trustee. (a)
  The Trustee, or any trustee or trustees hereafter appointed, may at any
  time resign with respect to the Subordinated Notes by giving written notice
  of resignation to the Issuer and by mailing notice thereof by first class or
  equivalent mail to the Holders at their last addresses as they shall appear
  on the Register. Upon receiving such notice of resignation, the Issuer shall
  promptly appoint a successor trustee or trustees by written instrument in duplicate,
  executed by authority of the Board, one copy of which instrument shall be delivered
  to the resigning Trustee and one copy to the successor trustee or trustees.
  If no successor trustee shall have been so appointed and have accepted appointment
  within 30 days after the mailing of such notice of resignation, the resigning
  trustee may petition any court of competent jurisdiction for the appointment
  of a successor trustee, or any Noteholder who has been a bona fide Noteholder
  for at least six months may, subject to the provisions of Section 4.12, on behalf
  of himself and all others similarly situated, petition any such court for the
  appointment of a successor trustee. Such court may thereupon, after such notice,
  if any, as it may deem proper and prescribe, appoint a successor trustee. 

 31 

     (b)  In
case at any time any of the following shall occur:

 
     (i)  the Trustee shall fail
  to comply with the provisions of Section 310(b) of the TIA with respect to the
  Subordinated Notes after written request therefor by the Issuer or by any
  Noteholder
  who has been a bona fide Noteholder for at least six months; or  

 
     (ii)
  the Trustee shall cease to be eligible in accordance with the provisions of
  Section 310(a) of the TIA; or  

 
     (iii)  
  the Trustee shall become incapable of acting with respect to the Subordinated
  Notes, or shall be adjudged a bankrupt or insolvent, or a receiver or liquidator
  of the Trustee or of its property shall be appointed, or any public officer
  shall take charge or control of the Trustee or of its property or affairs for
  the purpose of rehabilitation, conservation or liquidation;  

 then, in any such case,
  the Issuer may remove the Trustee with respect to the Subordinated Notes and
  appoint a successor trustee by written instrument, in duplicate, executed by
  order of the Board of the Issuer, one copy of which instrument shall be delivered
  to the Trustee so removed and one copy to the successor trustee, or, subject
  to Section 315(e) of the TIA, any Noteholder who has been a bona fide Noteholder
  for at least six months may on behalf of himself and all others similarly situated,
  petition any court of competent jurisdiction for the removal of the Trustee
  and the appointment of a successor trustee. Such court may thereupon, after
  such notice, if any, as it may deem proper and prescribe, remove the Trustee
  and appoint a successor trustee.  

      (c)
    The Holders of a majority in aggregate principal amount of the then Outstanding
  Subordinated Notes may at any time remove the Trustee with respect to Subordinated
  Notes and appoint a successor trustee with respect to the Subordinated Notes
  by delivering to the Trustee so removed, to the successor trustee so appointed
  and to the Issuer the evidence provided for in Section 6.01 of the action in
  that regard taken by the Noteholders.  

      (d)
    Any resignation or removal of the Trustee and any appointment of a successor
  trustee pursuant to any of the provisions of this Section 5.11 shall become
  effective upon acceptance of appointment by the successor trustee as provided
  in Section 5.12.  

       Section
  5.12. Acceptance of Appointment By Successor Trustee. Any successor trustee
  appointed as provided in Section 5.11 shall execute and deliver to the Issuer
  and to its predecessor trustee an instrument accepting such appointment hereunder,
  and thereupon the resignation or removal of the predecessor trustee shall become
  effective and such successor trustee, without any further act, deed or conveyance,
  shall become vested with all rights, powers, 

  

 32  

 duties and obligations
  of its predecessor hereunder, with like effect as if originally named as trustee
  hereunder; but, nevertheless, on the written request of the Issuer or of the
  successor trustee, upon payment of its charges then unpaid, the trustee ceasing
  to act shall, subject to Section 8.04, pay over to the successor trustee all
  monies at the time held by it hereunder and shall execute and deliver an instrument
  transferring to such successor trustee all such rights, powers, duties and obligations.
  Upon request of any such successor trustee, the Issuer shall execute any and
  all instruments in writing for more fully and certainly vesting in and confirming
  to such successor trustee all such rights and powers. Any trustee ceasing to
  act shall, nevertheless, retain a prior claim upon all property or funds held
  or collected by such trustee to secure any amounts then due it pursuant to the
  provisions of Section 5.08.  

      Upon
  acceptance of appointment by any successor trustee as provided in this Section
  5.12, the Issuer shall mail notice thereof by first class or equivalent mail
  to the Noteholders for which such successor trustee is acting as trustee at
  their last addresses as they shall appear in the Register. If the acceptance
  of appointment is substantially contemporaneous with the resignation, then the
  notice called for by the preceding sentence may be combined with the notice
  called for by Section 5.11. If the Issuer fails to mail such notice within ten
  days after acceptance of appointment by the successor trustee, the successor
  trustee shall cause such notice to be mailed at the expense of the Issuer. 

      Section
  5.13. Merger, Conversion, Consolidation or Succession to Business of Trustee.
  Any corporation into which the Trustee may be merged or converted or with
  which it may be consolidated, or any corporation resulting from any merger,
  conversion or consolidation to which the Trustee shall be a party, or any corporation
  succeeding to the corporate trust business of the Trustee, shall be the successor
  of the Trustee hereunder, provided that such corporation shall be eligible under
  the provisions of Section 5.10, without the execution or filing of any paper
  or any further act on the part of any of the parties hereto, anything herein
  to the contrary notwithstanding.  

      In
  case at the time such successor to the Trustee shall succeed to the trusts created
  by this Indenture any of the Subordinated Notes shall have been authenticated
  but not delivered, any such successor to the Trustee may adopt the certificate
  of authentication of any predecessor trustee and deliver such Subordinated Notes
  so authenticated; and, in case at that time any of the Subordinated Notes shall
  not have been authenticated, any successor to the Trustee may authenticate such
  Subordinated Notes either in the name of any predecessor hereunder or in the
  name of the successor Trustee; and in all such cases such certificate shall
  have the full force provided for in the Subordinated Notes or in this Indenture;
  provided, that the right to adopt the certificate of authentication of any predecessor
  trustee or to authenticate Subordinated Notes in  

 33 

 the name of any predecessor
  trustee shall apply only to its successor or successors by merger, conversion
  or consolidation.  

 ARTICLE
  6 

CONCERNING THE NOTEHOLDERS
   

      Section
  6.01. Evidence of Action Taken by Noteholders. Any request, demand, authorization,
  direction, notice, consent, waiver or other action provided by this Indenture
  to be given or taken by Holders of a specified percentage in aggregate principal
  amount of the Noteholders may be embodied in and evidenced by one or more instruments
  of substantially similar tenor signed by such specified percentage of Noteholders
  in person or by agent duly appointed in writing; and, except as herein otherwise
  expressly provided, such action shall become effective when such instrument
  or instruments are delivered to the Trustee. Proof of execution of any instrument
  or of a writing appointing any such agent shall be sufficient for any purpose
  of this Indenture and (subject to Sections 5.01 and 5.04) conclusive in favor
  of the Trustee and the Issuer, if made in the manner provided in this Article.
   

      Section
  6.02. Proof of Execution of Instruments and of Holding of Subordinated Notes;
  Record Date. Subject to Sections 5.01 and 5.04, the execution of any instrument
  by a Noteholder or his agent or proxy may be proved in accordance with such
  reasonable rules and regulations as may be prescribed by the Trustee or in such
  manner as shall be satisfactory to the Trustee. The holding of Subordinated
  Notes shall be proved by the Register or by a certificate of the Registrar thereof.
  The Issuer may set a record date for purposes of determining the identity of
  Noteholders entitled to vote or consent to any action referred to in Section
  6.01, which record date may be set at any time or from time to time by notice
  to the Trustee, for any date or dates (in the case of any adjournment or reconsideration)
  not more than 60 days nor less than five days prior to the proposed date of
  such vote or consent, and thereafter, notwithstanding any other provisions hereof,
  only Noteholders of record on such record date shall be entitled to so vote
  or give such consent or revoke such vote or consent.  

      Section
  6.03. Holders to be Treated as Owners. The Issuer, the Trustee and any
  agent of the Issuer or the Trustee may deem and treat the person in whose name
  any Subordinated Note shall be registered upon the Register as the absolute
  owner of such Subordinated Note (whether or not such Subordinated Note shall
  be overdue and notwithstanding any notation of ownership or other writing thereon)
  for the purpose of receiving payment of or on account of the principal of and,
  subject to the provisions of this Indenture, interest on such Subordinated Note
  and for all other purposes; and neither the Issuer nor the Trustee nor any agent
  of the Issuer or the Trustee shall be affected by any notice to the contrary.
  All such payments so made to any such person, or upon his order, shall be valid,
   

 34 

 and, to the extent of
  the sum or sums so paid, effectual to satisfy and discharge the liability for
  monies payable upon any such Subordinated Note.  

      Section
  6.04. Subordinated Notes Owned by Issuer Deemed Not Outstanding. In determining
  whether the Holders of the requisite aggregate principal amount of Outstanding
  Subordinated Notes have concurred in any direction, consent or waiver under
  this Indenture, Subordinated Notes which are owned by the Issuer with respect
  to which such determination is being made or by any person directly or indirectly
  controlling or controlled by or under direct or indirect common control with
  the Issuer with respect to which such determination is being made shall be disregarded
  and deemed not to be Outstanding for the purpose of any such determination,
  except that for the purpose of determining whether the Trustee shall be protected
  in relying on any such direction, consent or waiver only Subordinated Notes
  which a Responsible Officer of the Trustee actually knows are so owned shall
  be so disregarded. Subordinated Notes so owned which have been pledged in good
  faith may be regarded as Outstanding if the pledgee establishes to the satisfaction
  of the Trustee the pledgee’s right so to act with respect to such Subordinated
  Notes and that the pledgee is not the Issuer or any person directly or indirectly
  controlling or controlled by or under direct or indirect common control with
  the Issuer. In case of a dispute as to such right, the advice of counsel shall
  be full protection in respect of any decision made by the Trustee in accordance
  with such advice. Upon request of the Trustee, the Issuer shall furnish to the
  Trustee promptly an Officer’s Certificate listing and identifying all Subordinated
  Notes, if any, known by the Issuer to be owned or held by or for the account
  of any of the above-described persons; and, subject to Sections 5.01 and 5.04,
  the Trustee shall be entitled to accept such Officer’s Certificate as conclusive
  evidence of the facts therein set forth and of the fact that all Subordinated
  Notes not listed therein are Outstanding for the purpose of any such determination.
   

      Section
  6.05. Right of Revocation of Action Taken. At any time prior to (but
  not after) the evidencing to the Trustee, as provided in Section 6.01, of the
  taking of any action by the Holders of the required percentage in aggregate
  principal amount of the Subordinated Notes specified in this Indenture in connection
  with such action, any Noteholder the serial number of which is shown by the
  evidence to be included among the serial numbers of the Subordinated Notes the
  Holders of which have consented to such action may, by filing written notice
  at the Corporate Trust Office and upon proof of holding as provided in this
  Article, revoke such action so far as concerns such Subordinated Note. Except
  as aforesaid any such action taken by the Noteholder shall be conclusive and
  binding upon such Noteholder and upon all future Holders and owners of such
  Subordinated Note and of any Subordinated Notes issued in exchange or substitution
  therefor or on registration of transfer thereof, irrespective of whether or
  not any notation in regard thereto is made upon any such Subordinated Note.
  Any action taken by the Holders of the percentage in aggregate principal amount
   

 35 

 of the Subordinated Notes
  specified in this Indenture in connection with such action shall be conclusively
  binding upon the Issuer, the Trustee and the Holders of all the Subordinated
  Notes affected by such action.  

      Section
  6.06. Meetings of Noteholders. Meetings of Holders of Subordinated Notes
  shall be arranged and held in accordance with Schedule 3 hereof.  

 ARTICLE
  7 

AMENDMENTS OR SUPPLEMENTS
  TO INDENTURE  

      Section
  7.01. Without Consent of Noteholders. The Issuer, when authorized by
  a resolution of its Board (which resolutions may provide general authorization
  for such action and may provide that the specific terms of such action may be
  determined by officers of the Issuer authorized thereby), and the Trustee may
  from time to time and at any time enter into an indenture or indentures supplemental
  hereto for one or more of the following purposes: to cure any ambiguity; to
  correct or supplement any provision contained herein or in any supplemental
  indenture which may be defective or inconsistent with any other provision contained
  herein or in any supplemental indenture; to make such other provisions in regard
  to matters or questions arising under this Indenture or under any supplemental
  indenture as the Board may deem necessary or desirable and which shall not adversely
  affect the interests of the Noteholders in any material respect and to comply
  with the requirements of the SEC in order to effect or maintain the qualification
  of the Indenture under the TIA.  

      The
  Trustee is hereby authorized to join with the Issuer in the execution of any
  such supplemental indenture, to make any further appropriate agreements and
  stipulations which may be therein contained and to accept the conveyance, transfer,
  assignment, mortgage or pledge of any property thereunder, but the Trustee shall
  not be obligated to enter into any such supplemental indenture which affects
  the Trustee’s own rights, duties or immunities under this Indenture or
  otherwise.  

      Any
  supplemental indenture authorized by the provisions of this section may be executed
  without the consent of the Holders of any of the Subordinated Notes at the time
  Outstanding, notwithstanding any of the provisions of Section 7.02. 

      Section
  7.02. With Consent of Noteholders. With the consent (evidenced as provided
  in Section 6.01) of the Holders of not less than a majority in aggregate principal
  amount of the then Outstanding Subordinated Notes (voting as a single class),
  the Issuer, when authorized by a resolution of its Board (which resolutions
  may provide general authorization for such action and may provide  

 36 

 that the specific terms
  of such action may be determined by officers of the Issuer authorized thereby),
  and the Trustee may, from time to time and at any time, enter into an indenture
  or indentures supplemental hereto for the purpose of adding any provisions to
  or changing in any manner or eliminating any of the provisions of this Indenture
  or of modifying in any manner the rights of the Noteholders; provided, that
  no such supplemental indenture shall (i) modify the final maturity of any Subordinated
  Note; (ii) reduce the principal amount or Redemption Amount payable in respect
  of a Subordinated Note; (iii) modify the rate or extend the time of payment
  of interest thereon; (iv) make the principal thereof (including any amount in
  respect of OID), or interest thereon, payable in any coin or currency or modify
  any provisions for converting any currency into any other currency other than
  as provided in the Subordinated Notes or in the Indenture; (v) reduce the amount
  of the principal of an OID Subordinated Note that would be due and payable upon
  an Event of Default; (vi) impair the right of any Noteholder to institute suit
  for the payment of any amount due on a Subordinated Note without the consent
  of such Noteholder; (vii) modify the quorum required at any meeting of Noteholders
  or the majority required to pass an Extraordinary Resolution, in each case without
  the consent of one or more persons holding or representing not less than 100%
  in principal amount of the then Outstanding Subordinated Notes.  

      Upon
  the request of the Issuer, accompanied by a copy of a resolution of the Board
  (which resolutions may provide general authorization for such action and may
  provide that the specific terms of such action may be determined by officers
  of the Issuer authorized thereby) certified by the secretary or an assistant
  secretary of the Issuer authorizing the execution of any such supplemental indenture,
  and upon the filing with the Trustee of evidence of the consent of Noteholders
  as aforesaid and other documents, if any, required by Section 6.01, the Trustee
  shall join with the Issuer in the execution of such supplemental indenture unless
  such supplemental indenture affects the Trustee’s own rights, duties or
  immunities under this Indenture or otherwise, in which case the Trustee may
  in its discretion, but shall not be obligated to, enter into such supplemental
  indenture.  

      It
  shall not be necessary for the consent of the Noteholders under this section
  to approve the particular form of any proposed supplemental indenture, but it
  shall be sufficient if such consent shall approve the substance thereof. 

      Promptly
  after the execution by the Issuer and the Trustee of any supplemental indenture
  pursuant to the provisions of this Section, the Trustee shall give notice thereof
  by (a) first class or equivalent mail to the Noteholders at their addresses
  as they shall appear on the Register or (b) by any other means set forth in
  such supplemental indenture, setting forth in general terms the substance of
  such supplemental indenture. Any failure of the Trustee to mail such notice,
  or 

 37 

 any defect therein, shall
  not, however, in any way impair or affect the validity of any such supplemental
  indenture.  

      Section
  7.03. Effect of Supplemental Indenture. Upon the execution of any supplemental
  indenture pursuant to the provisions hereof, this Indenture shall be and be
  deemed to be modified and amended in accordance therewith and the respective
  rights, limitations of rights, obligations, duties and immunities under this
  Indenture of the Trustee, the Issuer and the Noteholders shall thereafter be
  determined, exercised and enforced hereunder subject in all respects to such
  modifications and amendments, and all the terms and conditions of any such supplemental
  indenture shall be and be deemed to be part of the terms and conditions of this
  Indenture for any and all purposes.  

      Section
  7.04. Documents to Be Given to Trustee. The Trustee, subject to the provisions
  of Sections 5.01 and 5.04, may receive an Officer’s Certificate and an
  Opinion of Counsel as conclusive evidence that any supplemental indenture executed
  pursuant to this Article 7 complies with the applicable provisions of this Indenture.
  Every such supplemental indenture shall comply with the TIA.  

      Section
  7.05. Notation on Subordinated Notes in Respect of Supplemental Indentures.
  Subordinated Notes authenticated and delivered after the execution of any
  supplemental indenture pursuant to the provisions of this Article may bear a
  notation in form approved by the Trustee as to any matter provided for by such
  supplemental indenture or as to any action taken by Noteholders. If the Issuer
  or the Trustee shall so determine, new Subordinated Notes so modified as to
  conform, in the opinion of the Trustee and the Board, to any modification of
  this Indenture contained in any such supplemental indenture may be prepared
  by the Issuer, authenticated by the Trustee and delivered in exchange for the
  then Outstanding Subordinated Notes.  

 ARTICLE
  8 

SATISFACTION AND DISCHARGE
  OF INDENTURE, UNCLAIMED MONIES  

      Section
  8.01. Satisfaction and Discharge of Indenture. (a) If at any time (i)
  the Issuer shall have paid or caused to be paid the principal of and interest
  on all the Outstanding Subordinated Notes hereunder (other than Subordinated
  Notes which have been destroyed, lost or stolen and which have been replaced
  or paid as provided in Section 2.07) as and when the same shall have become
  due and payable, or (ii) the Issuer shall have delivered to the Trustee for
  cancellation all Subordinated Notes theretofore authenticated (other than any
  Subordinated Notes which shall have been destroyed, lost or stolen and which
  shall have been replaced or paid as provided in Section 2.07) or (iii) (A) all
  the securities not theretofore delivered to the Trustee for cancellation shall
  have become due and payable, or are by their terms to become due and payable
  within one year or are to 

 38 

 be called for redemption
  within one year under arrangements satisfactory to the Trustee for the giving
  of notice of redemption, and (B) the Issuer shall have irrevocably deposited
  or caused to be deposited with the Trustee as trust funds the entire amount
  in cash (other than monies repaid by the Trustee or any paying agent to the
  Issuer in accordance with Section 8.04) sufficient to pay at maturity or upon
  redemption all Subordinated Notes (other than any Subordinated Notes which shall
  have been destroyed, lost or stolen and which shall have been replaced or paid
  as provided in Section 2.07) not theretofore delivered to the Trustee for cancellation,
  including principal and interest due or to become due on or prior to such date
  of maturity as the case may be, and if, in any such case, the Issuer shall also
  pay or cause to be paid all other sums payable hereunder by the Issuer with
  respect to the Subordinated Notes, then this Indenture shall cease to be of
  further effect with respect to the Subordinated Notes (except as to (i) rights
  of registration of transfer and exchange of securities, and the Issuer’s
  right of optional redemption, if any, (ii) substitution of mutilated, defaced,
  destroyed, lost or stolen Subordinated Notes, (iii) rights of Noteholders to
  receive payments of principal thereof and interest thereon upon the original
  stated due date therefor (but not upon acceleration), if any, (iv) the rights,
  obligations and immunities of the Trustee hereunder and (v) the rights of the
  Noteholders as beneficiaries hereof with respect to the property so deposited
  with the Trustee payable to all or any of them), and the Trustee, on demand
  of the Issuer accompanied by an Officer’s Certificate and an Opinion of
  Counsel and at the cost and expense of the Issuer, shall execute proper instruments
  acknowledging such satisfaction of and discharging this Indenture; provided,
  that the rights of Noteholders to receive amounts in respect of principal of
  and interest on the Subordinated Notes held by them shall not be delayed longer
  than required by the rules or policies of any securities exchange upon which
  the Subordinated Notes are listed. The Issuer agrees to reimburse the Trustee
  for any costs or expenses thereafter reasonably and properly incurred and to
  compensate the Trustee for any services thereafter reasonably and properly rendered
  by the Trustee in connection with this Indenture or the Subordinated Notes.
   

      (b)
    In addition to discharge of the Indenture pursuant to the next preceding paragraph,
  in the case of Subordinated Notes the exact amounts of principal of and interest
  due on which can be determined at the time of making the deposit referred to
  in Section 8.01(b)(i) below, the Issuer shall be deemed to have paid and discharged
  the entire indebtedness on all the Subordinated Notes on the 91st day after
  the date of the deposit referred to in Section 9.03(b)(i) below, and the provisions
  of this Indenture with respect to the Subordinated Notes thereto shall no longer
  be in effect (except as to (i) rights of registration of transfer and exchange
  of Subordinated Notes and the Issuer’s right of optional redemption, if
  any, (ii) substitution of mutilated, defaced, destroyed, lost or stolen Subordinated
  Notes, (iii) rights of Noteholders to receive payments of principal thereof
  and interest thereon, upon the original stated due dates therefor, (iv) the
  rights, obligations, duties and immunities of the Trustee hereunder, (v) the
  rights of the  

 39 

 Noteholders as beneficiaries
  hereof with respect to the property so deposited with the Trustee payable to
  all or any of them and (vi) the obligations of the Issuer under Section 3.02)
  and the Trustee, at the expense of the Issuer, shall execute proper instruments
  acknowledging the same, if 

      (i)
  with reference to this provision the Issuer has irrevocably deposited or caused
  to be irrevocably deposited with the Trustee as trust funds in trust, specifically
  pledged as security for, and dedicated solely to, the benefit of the Noteholders
  cash in an amount, or U.S. Government Obligations, maturing as to principal
  and interest at such times and in such amounts as will insure the availability
  of cash or a combination thereof, sufficient, in the opinion of a nationally
  recognized firm of independent public accountants expressed in a written certification
  thereof delivered to the Trustee, to pay the principal and interest on all Subordinated
  Notes on each date that such principal or interest is due and payable in accordance
  with the terms of the Indenture and the Subordinated Notes; 

      (ii)
  such deposit will not result in a breach or violation of, or constitute a default
  under, any agreement or instrument to which the Issuer is a party or by which
  it is bound; 

      (iii)
  the Issuer has delivered to the Trustee an Opinion of Counsel based on the fact
  that (x) the Issuer has received from, or there has been published by, the Internal
  Revenue Service a ruling or (y) since the date hereof, there has been a change
  in the applicable Federal income tax law, in either case to the effect that,
  and such opinion shall confirm that, the Noteholders will not recognize income,
  gain or loss for Federal income tax purposes as a result of such deposit, defeasance
  and discharge and will be subject to Federal income tax on the same amount and
  in the same manner and at the same times, as would have been the case if such
  deposit, defeasance and discharge had not occurred; and  

      (iv)
  the Issuer has delivered to the Trustee an Officer’s Certificate and an
  Opinion of Counsel, each stating that all conditions precedent provided for
  relating to the defeasance contemplated by this provision have been complied
  with. 

      The
  Issuer shall pay and indemnify the Trustee against any tax, fee or other charge
  imposed on or assessed against any United States government obligations deposited
  pursuant to this Section 8.01 or the principal and interest received in respect
  thereof other than any such tax, fee or other charge which by law is for the
  account of the Holders of Outstanding Subordinated Notes.  

      Section
  8.02. Application by Trustee of Funds Deposited for Payment of Subordinated
  Notes. Subject to Section 8.04, all monies deposited with the  

 40 

 Trustee pursuant to Section
  8.01 shall be held in trust and applied by it to the payment, either directly
  or through any paying agent (including the Issuer acting as its own paying agent),
  to the Noteholders; but such money need not be segregated from other funds except
  to the extent required by law.  

      Section
  8.03. Repayment of Monies Held by Paying Agent. In connection with the
  satisfaction and discharge of this Indenture with respect to the Subordinated
  Notes, all monies then held by any paying agent under the provisions of this
  Indenture with respect to such Subordinated Notes shall, upon demand of the
  Issuer, be repaid to it or paid to the Trustee and thereupon such paying agent
  shall be released from all further liability with respect to such monies. 

      Section
  8.04. Return of Monies Held by Trustee and Paying Agent Unclaimed for Two
  Years. Any monies deposited with or paid to the Trustee or any paying agent
  for the payment of the principal of or interest on any Subordinated Note and
  not applied but remaining unclaimed for two years after the date upon which
  such principal or interest shall have become due and payable, shall, upon the
  written request of the Issuer and unless otherwise required by mandatory provisions
  of applicable escheat or abandoned or unclaimed property law, be repaid to the
  Issuer by the Trustee or such paying agent, and the Holder of the Subordinated
  Note shall, unless otherwise required by mandatory provisions of applicable
  escheat or abandoned or unclaimed property laws, thereafter look only to the
  Issuer for any payment which such Noteholder may be entitled to collect, and
  all liability of the Trustee or any paying agent with respect to such monies
  shall thereupon cease.  

 ARTICLE
  9 

MISCELLANEOUS PROVISIONS
   

      Section
  9.01. Trust Indenture Act of 1939. The Indenture shall incorporate and
  be governed by the provisions of the TIA that are required to be part of and
  to govern indentures qualified under the TIA.  

      Section
  9.02. Noteholder Communications. The rights of Holders to communicate
  with other Holders with respect to the Indenture or the Subordinated Notes are
  as provided by the TIA, and the Issuer and the Trustee shall comply with the
  requirements of Sections 312(a) and 312(b) of the TIA. Neither the Issuer nor
  the Trustee will be held accountable by reason of any disclosure of information
  as to names and addresses of Holders made pursuant to the TIA.  

      Section
  9.03. Incorporators, Stockholders, Members, Officers and Directors of Issuer
  Exempt from Individual Liability. No recourse under or upon any obligation,
  covenant or agreement contained in this Indenture, or in any  

 41 

 Subordinated Note, or
  because of any indebtedness evidenced thereby, shall be had against any incorporator,
  as such or against any past, present or future stockholder, member, officer
  or director, as such, of the Issuer or of any successor, either directly or
  through the Issuer or any successor, under any rule of law, statute or constitutional
  provision or by the enforcement of any assessment or by any legal or equitable
  proceeding or otherwise, all such liability being expressly waived and released
  by the acceptance of the Subordinated Notes by the Holders thereof and as part
  of the consideration for the issue of the Subordinated Notes.  

      Section
  9.04. Provisions of Indenture for the Sole Benefit of Parties and Noteholders.
  Nothing in this Indenture or in the Subordinated Notes, expressed or implied,
  shall give or be construed to give to any person, firm or corporation, other
  than the parties hereto and their successors, and the Noteholders, any legal
  or equitable right, remedy or claim under this Indenture or under any covenant
  or provision herein contained, all such covenants and provisions being for the
  sole benefit of the parties hereto, the Noteholders and their successors. 

      Section
  9.05. Successors and Assigns of Issuer Bound by Indenture. All the covenants,
  stipulations, promises and agreements in this Indenture contained by or in behalf
  of the Issuer shall bind its successors and assigns, whether so expressed or
  not.  

 
    Section 9.06. Notices
  and Demands on Issuer, Trustee and Noteholders. Any notice or demand which
  by any provision of this Indenture is required or permitted to be given or served
  by the Trustee or by the Noteholders to or on the Issuer may be given or served
  by being deposited postage prepaid, first-class mail (except as otherwise specifically
  provided herein) addressed (until another address of the Issuer is filed by
  the Issuer with the Trustee) to ABN AMRO BANK N.V. at the following address:
   

 ABN AMRO BANK N.V. 

  Gustav Mahlerlaan 10 

  1082 PP Amsterdam 

  The Netherlands 

Attention: Central Legal
  Department 

      Any
  notice, direction, request or demand by the Issuer or any Noteholder to or upon
  the Trustee shall be deemed to have been sufficiently given or made, for all
  purposes, if given or made to its Corporate Trust Office.  

      Where
  this Indenture provides for notice to Holders, such notice shall be sufficiently
  given (unless otherwise herein expressly provided) if in writing and mailed,
  first-class postage prepaid, to each Holder entitled thereto, at his last address
  as it appears in the Register. In any case where notice to Holders is given
   

 42 

 by mail, neither the failure
  to mail such notice, nor any defect in any notice so mailed, to any particular
  Holder shall affect the sufficiency of such notice with respect to other Holders.
  Where this Indenture provides for notice in any manner, such notice may be waived
  in writing by the person entitled to receive such notice, either before or after
  the event, and such waiver shall be the equivalent of such notice. Waivers of
  notice by Holders shall be filed with the Trustee, but such filing shall not
  be a condition precedent to the validity of any action taken in reliance upon
  such waiver.  

      In
  case, by reason of the suspension of or irregularities in regular mail service,
  it shall be impracticable to mail notice to the Issuer and Noteholders when
  such notice is required to be given pursuant to any provision of this Indenture,
  then any manner of giving such notice as shall be satisfactory to the Trustee
  shall be deemed to be a sufficient giving of such notice.  

      Section
  9.07. Officer’s Certificates and Opinions of Counsel; Statements to
  be Contained Therein. Upon any application or demand by the Issuer to the
  Trustee to take any action under any of the provisions of this Indenture, the
  Issuer shall furnish to the Trustee an Officer’s Certificate stating that
  all conditions precedent provided for in this Indenture relating to the proposed
  action have been complied with and an Opinion of Counsel stating that in the
  opinion of such counsel all such conditions precedent have been complied with,
  except that in the case of any such application or demand as to which the furnishing
  of such documents is specifically required by any provision of this Indenture
  relating to such particular application or demand, no additional certificate
  or opinion need be furnished.  

      Each
  certificate or opinion provided for in this Indenture and delivered to the Trustee
  with respect to compliance with a condition or covenant provided for in this
  Indenture shall include (a) a statement that the person making such certificate
  or opinion has read such covenant or condition, (b) a brief statement as to
  the nature and scope of the examination or investigation upon which the statements
  or opinions contained in such certificate or opinion are based, (c) a stateme
  nt that, in the opinion of such person, he has made such examination or investigation
  as is necessary to enable him 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 or not, in the opinion of such person, such condition or covenant
  has been complied with.  

      Any
  certificate, statement or opinion of an officer of the Issuer may be based,
  insofar as it relates to legal matters, upon a certificate or opinion of or
  representations by counsel, unless such officer knows that the certificate or
  opinion or representations with respect to the matters upon which his certificate,
  statement or opinion may be based as aforesaid are erroneous, or in the exercise
  of reasonable care should know that the same are erroneous. Any certificate,
   

 43 

 statement or opinion of
  counsel may be based, insofar as it relates to factual matters, information
  with respect to which is in the possession of the Issuer, upon the certificate,
  statement or opinion of or representations by an officer of officers of the
  Issuer, unless such counsel knows that the certificate, statement or opinion
  or representations with respect to the matters upon which his certificate, statement
  or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable
  care should know that the same are erroneous.  

      Any
  certificate, statement or opinion of an officer of the Issuer or of counsel
  may be based, insofar as it relates to accounting matters, upon a certificate
  or opinion of or representations by an accountant or firm of accountants in
  the employ of the Issuer, unless such officer or counsel, as the case may be,
  knows that the certificate or opinion or representations with respect to the
  accounting matters upon which his certificate, statement or opinion may be based
  as aforesaid are erroneous, or in the exercise of reasonable care should know
  that the same are erroneous.  

      Any
  certificate or opinion of any independent firm of public accountants filed with
  the Trustee shall contain a statement that such firm is independent. 

      Section
  9.08. Payments Due on Saturdays, Sundays and Holidays. If the date of
  maturity of interest on or principal of the Subordinated Notes or the date fixed
  for redemption or repayment of any such Subordinated Note shall not be a Business
  Day, then payment of interest or principal need not be made on such date, but
  may be made on the next succeeding Business Day with the same force and effect
  as if made on the date of maturity or the date fixed for redemption, and no
  interest shall accrue for the period after such date.  

      Section
  9.09. Conflict of any Provision of Indenture with TIA. If and to the
  extent that any provision of this Indenture limits, qualifies or conflicts with
  another provision included in this Indenture by operation of Sections 310 to
  317, inclusive, of the TIA (an “incorporated provision”), such
  incorporated provision shall control.  

      Section
  9.10. New York Law to Govern. This Indenture and each Subordinated Note
  shall be governed by and shall be construed in accordance with the laws of the
  State of New York, except for Condition 2(a) (“Subordination”) of
  Schedule 1 and Article 11, which are governed by, and shall be construed in
  accordance with the laws of The Netherlands. 

      Section
  9.11. Counterparts. This Indenture may be executed in any number of counterparts,
  each of which shall be an original; but such counterparts shall together constitute
  but one and the same instrument. 

 44

      Section
  9.12. Effect of Headings. The Article and Section headings herein and
  the Table of Contents are for convenience only and shall not affect the construction
  hereof.  

      Section
  9.13. Submission to Jurisdiction. The Issuer agrees that (i) any legal
  suit, action or proceeding arising out of or based upon this Indenture may be
  instituted in any Federal or state court located in the State of New York, (ii)
  waives, to the fullest extent it may effectively do so, any objection which
  it may now or hereafter have to the laying of venue of any such proceeding and
  (iii) submits to the non-exclusive jurisdiction of such courts in any such suit,
  action or proceeding. The Issuer irrevocably waives any immunity to jurisdiction
  to which it may otherwise be entitled or become entitled (including sovereign
  immunity, immunity to pre-judgment attachment, post-judgment attachment and
  execution) in any legal suit, action or proceeding against it arising out of
  or based on this Indenture or the transactions contemplated hereby which is
  instituted in any New York court or in any competent court in The Netherlands.
  Process may be served in any such action arising out of or based on this Indenture
  which may be instituted in any New York court upon the General Counsel of the
  Issuer’s representative office in New York, located at ABN AMRO Bank N.V.,
  New York branch, 500 Park Avenue, New York, New York 10022. The Issuer hereby
  expressly consents to the jurisdiction of the Federal and state courts located
  in the State of New York in respect of any such action, and waives any other
  requirements of or objections to personal jurisdiction with respect thereto.
  In the event that the Issuer no longer has a representative office in New York,
  New York, the Issuer covenants and agrees that it will appoint another party
  with an address in the State of New York as its authorized agent and that such
  appointment shall be irrevocable. Service of process upon the General Counsel
  of the Issuer’s representative office in New York (or such other party
  as may be appointed as agent for service of process) and written notice of such
  service to the Issuer shall be deemed, in every respect, effective service of
  process upon the Issuer.  

      Section
  9.14. Currency Indemnity. If, under any applicable law and whether pursuant
  to a judgment being made or registered against the Issuer or in the liquidation,
  insolvency or analogous process of the Issuer or for any other reason, any payment
  under or in connection with this Indenture is made or falls to be satisfied
  in a currency (the “other currency”) other than U.S. Dollars
  (the “required currency”) under this Indenture, then, to the
  extent that the payment (when converted into the required currency at the rate
  of exchange on the date of payment or, if it is not practicable for the Trustee
  or the relevant paying agent to purchase the required currency with the other
  currency on the date of payment, at the rate of exchange as soon thereafter
  as it is practicable for it to do so or, in the case of a liquidation, insolvency
  or analogous process at the rate of exchange on the latest date permitted by
  applicable law for the determination of liabilities in such liquidation, insolvency
  or analogous process) actually received by the  

 45 

 Trustee or the relevant
  paying agent falls short of the amount due under the terms of this Indenture,
  the Issuer shall, as a separate and independent obligation, indemnify and hold
  harmless the Trustee and each paying agent against the amount of such shortfall.
  For the purpose of this Section 9.14, “rate of exchange” means
  the rate at which the Trustee Agent or the relevant paying agent is able on
  the relevant date to purchase the required currency with the other currency
  and shall take into account any premium and other costs of exchange. 

 ARTICLE
  10 

REDEMPTION OF SUBORDINATED
  NOTES  

 
     Section 10.01. At Maturity.
   

      Unless
  previously redeemed or purchased and cancelled as specified below, the Subordinated
  Notes will be redeemed by the Issuer on the Maturity Date at their aggregate
  principal amount (the “Redemption Amount”), together with any
  interest accrued to the Maturity Date.  

 
     Section 10.02. Redemption
  for Tax Reasons.  

      Subordinated
  Notes may be redeemed at the option of the Issuer in whole, but not in part,
  at any time or on any Interest Payment Date, on giving not less than 30 nor
  more than 60 days’ notice to the Noteholders in accordance with Condition
  10 in Schedule I (which notice shall be irrevocable), if:  

      (i)
    on the occasion of the next payment due under the Subordinated Notes, the Issuer
  has or will become obliged to pay additional amounts as provided under Condition
  6 in Schedule I as a result of any change in, or amendment to, the laws or regulations
  of The Netherlands or any political subdivision or any authority thereof or
  therein having power to tax, or any change in the application or official interpretation
  of such laws or regulations, which change or amendment becomes effective on
  or after the Issue Date of the Subordinated Notes; and  

      (ii)
    such obligation cannot be avoided by the Issuer taking reasonable measures available
  to it,  

 provided that no such
  notice of redemption shall be given earlier than 90 days prior to the earliest
  date on which the Issuer would be obliged to pay such additional amounts were
  a payment in respect of the Subordinated Notes then due. Prior to the publication
  of any notice of such redemption pursuant to this Section 10.02 and Condition
  5(b) in Schedule I, the Issuer shall deliver to the Trustee a certificate signed
  by two Officers of the Issuer stating that the Issuer is entitled to effect
  such redemption and setting forth a statement of facts showing that the conditions
  precedent to the right of the Issuer to so redeem have occurred, and an 

 46 

 opinion of independent
  legal advisers of recognized standing to the effect that the Issuer has or will
  become obliged to pay such additional amounts as a result of such change or
  amendment.  

      Redemption
  of the Subordinated Notes pursuant to this Section 10.02 and Condition 5(b)
  in Schedule I is subject to receipt by the Issuer of the written approval of
  the Dutch Central Bank (De Nederlandsche Bank N.V.). Subordinated Notes redeemed
  pursuant to this Section 10.02 and Condition 5(b) will be redeemed at the Redemption
  Amount with interest accrued to (but excluding) the date of redemption. 

      The
  Subordinated Notes are not redeemable at the option of the Noteholders at any
  time.  

 
     Section 10.03. Purchases.
   

      The
  Issuer or any of its subsidiaries may at any time purchase Subordinated Notes
  at any price in the open market or otherwise. Such Subordinated Notes may
  be held, re-issued, resold or, at the option of the Issuer, surrendered to the
  Trustee for cancellation.  

      Upon
  any such purchase and cancellation, the principal amount of the relevant Global
  Note and the Subordinated Notes held by the registered holder hereof shall be
  reduced by the principal amount of such Subordinated Notes so purchased and
  canceled on the records of the Custodian, or the Depository or its nominee,
  as the case may be.  

 
     Section 10.04. Cancellation.
   

      All
  Subordinated Notes which are redeemed will forthwith be canceled. All Subordinated
  Notes so canceled and the Subordinated Notes purchased and canceled pursuant
  to Section 10.03 above shall be forwarded to the Trustee and cannot be re-issued
  or resold.  

      Section
  10.05. Notice of Redemption. Notice of redemption shall be given by mailing
  notice of such redemption by first class mail or equivalent, postage prepaid,
  at least 30 days and not more than 60 days prior to the date fixed for redemption
  to Noteholders at their last addresses as they shall appear upon the Register.
  Any notice which is mailed in the manner herein provided shall be conclusively
  presumed to have been duly given, whether or not the Holder receives the notice.
   

      The
  notice of redemption to each such Holder shall specify the date fixed for redemption,
  the redemption price, the place or places of payment, that payment will be made
  upon presentation and surrender of such Subordinated Notes, that interest accrued
  to the date fixed for redemption will be paid as  

 47 

 specified in such notice
  and that on and after said date interest thereon or on the portions thereof
  to be redeemed will cease to accrue.  

      The
  notice of redemption shall be given by the Issuer or, at the Issuer’s request,
  by the Trustee in the name and at the expense of the Issuer.  

      On
  or before the redemption date specified in the notice of redemption given as
  provided in this Section, the Issuer will deposit with the Trustee or with one
  or more paying agents (or, if the Issuer is acting as its own paying agent,
  set aside, segregate and hold in trust as provided in Section 3.04) an amount
  of money or other property sufficient to redeem on the redemption date all the
  Subordinated Notes at the appropriate redemption price, together with accrued
  interest to the date fixed for redemption.  

      Section
  10.06. Payment of Subordinated Notes Called for Redemption. If notice
  of redemption has been given as above provided, the Subordinated Notes shall
  become due and payable on the date and at the place stated in such notice at
  the applicable redemption price, together with interest accrued to the date
  fixed for redemption, and on and after said date (unless the Issuer shall default
  in the payment of such Subordinated Notes at the redemption price, together
  with interest accrued to said date) interest on the Subordinated Notes shall
  cease to accrue and, except as provided in Sections 5.07 and 8.04, such Subordinated
  Notes shall cease from and after the date fixed for redemption to be entitled
  to any benefit or security under this Indenture, and the Holders thereof shall
  have no right in respect of such Subordinated Notes except the right to receive
  the redemption price thereof and unpaid interest to the date fixed for redemption.
  On presentation and surrender of such Subordinated Notes at a place of payment
  specified in said notice, said Subordinated Notes shall be paid and redeemed
  by the Issuer at the applicable redemption price, together with interest accrued
  thereon to the date fixed for redemption; provided that any semiannual payment
  of interest becoming due on the date fixed for redemption shall be payable to
  the Holders of such Subordinated Notes registered as such on the relevant record
  date subject to the terms and provisions of Section 2.05 hereof.  

      If
  any Subordinated Note called for redemption shall not be so paid upon surrender
  thereof for redemption, the principal shall, until paid or duly provided for,
  bear interest from the date fixed for redemption at the rate of interest borne
  by such Subordinated Note.  

 ARTICLE
  11 

  SUBORDINATION  

 
     Section 11.01. Agreement
  to Subordinate. Each Holder of any Subordinated Note by his
  acceptance thereof likewise covenants and agrees that  

 48 

 all Subordinated Notes
  shall be issued subject to the provisions of this Article; and each person holding
  any Subordinated Note, whether upon original issue or upon transfer, assignment
  or exchange thereof accepts and agrees that the claims of the holders of the
  Subordinated Notes against the Issuer will, in the event of a Bankruptcy Default,
  be subordinated to Senior Debt.  

      By
  virtue of such subordination, payments to a Noteholder will, in the event of
  Bankruptcy Default, only be made after, and any set-off by a Noteholder shall
  be excluded until, all obligations of the Issuer resulting from deposits, unsubordinated
  claims with respect to the repayment of borrowed money and other unsubordinated
  claims have been satisfied.  

      The
  Issuer covenants and the Noteholders agree that the Subordinated Notes constitute
  direct, unsecured and subordinated obligations of the Issuer, and that the Subordinated
  Notes rank pari passu among themselves and will rank at least pari passu with
  all other present and future unsecured and subordinated obligations of the Issuer,
  save for those that have been accorded by law preferential rights.  

      Section
  11.02. Payments To Noteholders. In the event that a Bankruptcy Default
  occurs, then the holders of Senior Debt shall be entitled to receive payment
  in full of all amounts due or to become due on or in respect of all Senior Debt
  (including any interest accruing thereon after the commencement of any such
  case or proceeding), or provision shall be made for such payment in cash or
  cash equivalents or otherwise in a manner satisfactory to the holders of Senior
  Debt, before the Noteholders are entitled to receive any payment on account
  of principal of or interest on the Subordinated Notes, and to that end the holders
  of Senior Debt shall be entitled to receive, for application to the payment
  thereof, any payment or distribution of any kind or character, whether in cash,
  property or securities, including any such payment of distribution which may
  be payable or deliverable by reason of the payment of any other indebtedness
  of the Issuer being subordinated to the payment of the Subordinated Notes, which
  may be payable or deliverable in respect of the Subordinated Notes in any such
  case, proceeding, dissolution or other winding up event.  

      In
  the event that, notwithstanding the foregoing provisions of this Section, the
  Trustee or the Noteholder shall have received any payment or distribution of
  assets of the Issuer of any kind or character, whether in cash, property or
  securities, including any such payment or distribution which may be payable
  or deliverable by reason of the payment of any other indebtedness of the Issuer
  being subordinated to the payment of the Subordinated Notes, before all Senior
  Debt is paid in full or payment thereof provided for, and if such fact shall,
  at or prior to the time of such payment or distribution, have been made known
  to the Trustee or, as the case may be, such Holder, than and in such event such
  payment or distribution shall be paid over or delivered forthwith to the trustee
  in bankruptcy,  

 49 

 receiver, liquidating
  trustee, custodian, assignee, agent or other Person ma king payment or distribution
  of assets of the Issuer for application to the payment of all Senior Debt remaining
  unpaid, to the extent necessary to pay all Senior Debt in full, after giving
  effect to any concurrent payment or distribution to or for the holders of Senior
  Debt. 

      For
  purposes of this Article only, the words “cash, property or securities”
  shall not be deemed to include shares of stock of the Issuer as reorganized
  or readjusted, or securities of the Issuer or any other corporation or other
  entity provided for by a plan of reorganization or readjustment which are subordinated
  in right of payment to all Senior Debt which may at the time be outstanding
  to substantially the same extent as, or to a greater extent than, the Subordinated
  Notes are pursuant to the provisions in this Article. The consolidation of the
  Issuer with, or the merger of the Issuer into, another legal entity or the liquidation
  or dissolution of the Issuer following the conveyance or transfer of its property
  as an entirety, or substantially as an entirety, to another legal entity shall
  not be deemed a dissolution, winding-up, liquidation or reorganization for the
  purposes of this section if such other corporation shall, as a part of such
  consolidation, merger, conveyance or transfer, assume all obligations contracted
  by the Issuer in connection with the Subordinated Notes.  

      Section
  11.03. No Payment When Senior Debt is in Default. Subject to the last
  paragraph of this Section, (a) in the event and during the continuation of any
  default in the payment of principal of (or premium, if any) or interest on any
  Senior Debt beyond any applicable grace period with respect thereto (but
  not if such default in payment shall have been cured or waived or shall
  have ceased to exist), or (b) in the event that the holders of such Senior Debt
  (or a trustee on behalf of the holders thereof) have declared such Senior Debt
  due and payable prior to the date on which it would otherwise have become due
  and payable by reason of an event of default (but not if such declaration
  of acceleration has been rescinded or annulled), then no payment (including
  any payment which may be payable by reason of the payment of any other indebtedness
  of the Issuer being subordinated to the payment of the Subordinated Notes) shall
  be made by the Issuer on account of principal of or interest on the Subordinated
  Notes or on account of the purchase or other acquisition of Subordinated Notes,
  other than pursuant to their conversion, if any.  

      In
  the event that, notwithstanding the foregoing, the Issuer shall make any payment
  to the Trustee or the Noteholder prohibited by the provisions of this Section,
  and if such fact shall, at or prior to the time of such payment, have been made
  known to the Trustee or, as the case may be, such Holder, then and in such event
  such payment shall be paid over and delivered forthwith to the Issuer. 

      Section
  11.04. Payment Permitted in Certain Situations. Nothing contained in
  this Article or elsewhere in this Indenture or in any of the  

 50 

 Subordinated Notes shall
  prevent (a) the Issuer, at any time except in a Bankruptcy Default, from
  making payments at any time of or on account of the principal of (and premium,
  if any) or interest on the Subordinated Notes or on account of the purchase
  or other acquisition of the Subordinated Notes, or (b) the application by the
  Trustee of any money deposited with it hereunder to the payment of or on account
  of the principal of or interest on the Subordinated Notes or the retention of
  such payment by the Holders, if, at the time of such application by the Trustee,
  it did not have knowledge that such payment would have been prohibited by the
  provisions of this Article.  

      Section
  11.05. Subrogation to Rights of Holders of Senior Debt. Subject to the
  payment in full of all Senior Debt or the provision for such payment in cash
  or cash equivalents or otherwise in a manner satisfactory to the holders of
  Senior Debt, the Noteholders shall be subrogated to the extent of the payments
  or distributions made to the holders of such Senior Debt pursuant to the provisions
  of this Article (equally and ratably with the holders of indebtedness of the
  Issuer which by its express terms is subordinated to the indebtedness of the
  Issuer to substantially the same extent as the Subordinated Notes are subordinated
  to the Senior Debt and is entitled to like rights of subrogation) to the rights
  of the holders of such Senior Debt to receive payments and distributions of
  cash, property and securities applicable to the Senior Debt until the principal
  of and interest on the Subordinated Notes shall be paid in full. For purposes
  of such subrogation, no payments or distributions to the holders of the Senior
  Debt of any cash, property or securities to which the Noteholders or the Trustee
  would be entitled except for the provisions of this Article, and no payments
  over pursuant to the provisions of this Article to the holders of Senior Debt
  by Noteholders or the Trustee, shall, as among the Issuer, its creditors other
  than holders of Senior Debt and the Noteholders, be deemed to be a payment or
  distribution by the Issuer to or on account of the Senior Debt. 

      Section
  11.06. Provisions Solely to Define Relative Rights. The provisions of
  this Article are and are intended solely for the purpose of defining the relative
  rights of the Noteholders on the one hand and the holders of Senior Debt on
  the other hand. Nothing contained in this Article or elsewhere in this Indenture
  or in the Subordinated Notes is intended to or shall (a) impair, as among the
  Issuer, its creditors other than holders of Senior Debt and the Noteholders,
  the obligation of the Issuer, which is absolute and unconditional, to pay to
  the Noteholders the principal of and interest on the Subordinated Notes as and
  when the same shall become due and payable in accordance with their terms; (b)
  affect the relative rights against the Issuer of the Noteholders and creditors
  of the Issuer other than the holders of Senior Debt; or (c) prevent the Trustee
  or the Noteholder from exercising all remedies otherwise permitted by applicable
  law upon default under this Indenture, subject to the rights, if any, under
  this Article of the holders of Senior Debt to receive cash, property and securities
  otherwise payable or deliverable to the Trustee or such Holder.  

 51 

      Section
  11.07. Trustee to Effectuate Subordination. Each Noteholder by his acceptance
  thereof authorizes and directs the Trustee on his behalf to take such action
  as may be necessary or appropriate to effectuate the subordination provided
  in this Article and appoints the Trustee his attorney-in-fact for any and all
  such purposes.  

      Section
  11.08. No Waiver of Subordination Provisions. No right of any present
  or future holder of any Senior Debt to enforce subordination as herein provided
  shall at any time in any way be prejudiced or impaired by any act or failure
  to act on the part of the Issuer or by any act or failure to act, in good faith,
  by any such holder, or by any non-compliance by the Issuer with the terms, provisions
  and covenants of this Indenture, regardless of any knowledge thereof any such
  holder may have or be otherwise charged with.  

      Section
  11.09. Notice to Trustee. The Issuer shall give prompt written notice
  to the Trustee of any fact known to the Issuer which would prohibit the making
  of any payment to or by the Trustee in respect of the Subordinated Notes. Notwithstanding
  the provisions of this Article or any other provision of this Indenture, the
  Trustee shall not be charged with knowledge of the existence of any facts which
  would prohibit the making of any payment to or by the Trustee in respect of
  the Subordinated Notes, unless and until the Trustee shall have received written
  notice thereof from the Issuer or a holder of Senior Debt or from any trustee
  therefor; and, prior to the receipt of any such written notice, the Trustee,
  subject to the provisions of Section 5.01, shall be entitled in all respects
  to assume that no such facts exist.  

      Subject
  to the provisions of Section 5.01, the Trustee shall be entitled to rely on
  the delivery to it of a written notice by a Person representing himself to be
  a holder of Senior Debt (or a trustee therefor) to establish that such notice
  has been given by a holder of Senior Debt (or a trustee therefor). In the event
  that the Trustee determines in good faith that further evidence is required
  with respect to the right of any Person as a holder of Senior Debt to participate
  in any payment or distribution pursuant to this Article, the Trustee may request
  such Person to furnish evidence to the reasonable satisfaction of the Trustee
  as to the amount of Senior Debt held by such Person, the extent to which such
  Person is entitled to participate in such payment or distribution and any other
  facts pertinent to the rights of such Person under this Article, and if such
  evidence is not furnished, the Trustee may defer any payment to such Person
  pending judicial determination as to the right of such Person to receive such
  payment.  

      Section
  11.10. Reliance on Judicial Order or Certificate of Liquidating Agent. Upon
  any payment or distribution of assets of the Issuer referred to in this Article,
  the Trustee, subject to the provisions of Section 5.01, and the Noteholders
  shall be entitled to conclusively rely upon any order or decree entered by any
  court of competent jurisdiction in which such insolvency, bankruptcy, 

 52 

 receivership, liquidation,
  reorganization, dissolution, winding up or similar case or proceeding is pending,
  or a certificate of the trustee in bankruptcy, receiver, liquidating trustee,
  custodian, assignee for the benefit of creditors, agent or other Person making
  such payment or distribution, delivered to the Trustee or to the Noteholders,
  for the purpose of ascertaining the Persons entitled to participate in such
  payment or distribution, the holders of Senior Debt and other indebtedness of
  the Issuer, the amount thereof or payable thereon, the amount or amounts paid
  or distributed thereon and all other facts pertinent thereto or to this Article.
   

      Section
  11.11. Trustee Not Fiduciary for Holders of Senior Debt. The Trustee
  shall not be deemed to owe any fiduciary duty to the holders of Senior Debt
  and shall not be liable to any such holders or creditors if it shall in good
  faith pay over or distribute to Noteholders or to the Issuer or to any other
  Person cash, property or securities to which any holders of Senior Debt shall
  be entitled by virtue of this Article or otherwise.  

      Section
  11.12. Rights of Trustee as Holder of Senior Debt; Preservation of Trustee’s
  Rights. The Trustee in its individual capacity shall be entitled to all
  the rights set forth in this Article with respect to any Senior Debt which may
  at any time be held by it, to the same extent as any other holder of Senior
  Debt and nothing in this Indenture shall deprive the Trustee of any of its rights
  as such holder.  

      Nothing
  in this Article shall apply to claims of, or payments to, the Trustee under
  or pursuant to Section 5.08.  

 
     Section 11.13. Article
  Applicable to Paying Agents.  

      In
  case at any time any paying agent other than the Trustee shall have been appointed
  by the Issuer and be then acting hereunder, the term “Trustee”
  as used in this Article shall in such case (unless the context otherwise requires)
  be construed as extending to and including such paying agent within its meaning
  as fully for all intents and purposes as if such paying agent were named in
  this Article in addition to or in place of the Trustee.  

 
     [Signature Page Follows]
   

 53

      IN
  WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed
  as of June 2, 2003.  

	 	ABN AMRO
      BANK N.V. 
	 	 	 
	 	By:	  /s/ Arjo
      Blok 
      

	 	 	Name: Arjo
      Blok  

      Title:
	 	 	 
	 	By:	  /s/ Hassan
      Filali 
      

	 	 	Name: Hassan
      Filali  

      Title:
	 	 	 
	 	 	 
	 	THE BANK
      OF NEW YORK 
	 	By:	  /s/ Paul
      Pereira 
      

	 	 	Name: Paul Pereira
       

      Title:    Senior Vice President
	 	 	 

 

 SCHEDULE
  1 TO THE INDENTURE  

 TERMS
  AND CONDITIONS OF THE SUBORDINATED NOTES  

 [Form of
  Reverse of Subordinated Notes]  

      This
  Subordinated Note is one of a duly authorized issue of subordinated notes of
  ABN AMRO Bank N.V. (the “Issuer”) issued pursuant to the Indenture
  (as defined below). References herein to the “Subordinated Notes”
  shall be to the $500,000,000 4.65% Subordinated Notes due 2018 of the Issuer
  and shall mean: (i) Subordinated Notes represented by the 144A Global Note and
  issued in minimum denominations of U.S. $100,000 (or any amount in excess thereof
  which is a multiple of U.S. $1,000) and Subordinated Notes represented by the
  Regulation S Global Note and issued in minimum denominations of U.S. $1,000
  (or any amount in excess thereof which is a multiple of U.S. $1,000), (ii) Definitive
  Notes issued in exchange for any Global Note, (iii) the Global Notes, and (iv)
  any Additional Notes or Exchange Notes, provided that Exchange Notes shall not
  contain terms with respect to transfer restrictions. The Subordinated Notes
  may be issued only in U.S. Dollars. Exchange Notes may be issued in the same
  denominations as the Initial Notes or Additional Notes, as the case may be,
  that they are exchanged for. The Subordinated Notes are issued subject to an
  Indenture (such agreement as from time to time modified, supplemented or restated,
  the “Indenture”), dated June 2, 2003, between the Issuer and
  The Bank of New York, as trustee (the “Trustee”, which expression
  shall include any successor Trustee).  

      Copies
  of the Indenture are available for inspection by Noteholders during normal business
  hours at the Corporate Trust Office of the Trustee. The Noteholders are bound
  by, and are deemed to have notice of, all the provisions of the Indenture applicable
  to them. Words and expressions defined in the Indenture shall have the same
  meanings where used in the Conditions unless the context otherwise requires
  or unless otherwise stated.  

1.  Form and
Denomination

     The Subordinated Notes will be
represented by beneficial interests in one or more Global Notes in
  fully registered form, without coupons attached, which will be deposited on
  or about the Issue Date with The Bank of New York, as custodian for, and registered
  in the name of, Cede & Co., as nominee of, DTC. Interests in the Global
  Notes will be subject to certain restrictions on transfer and may be issued
  in definitive form only in the limited circumstances described herein. 

      So
  long as DTC or its nominee is the registered holder of any Global Note, DTC
  or such nominee, as the case may be, will be considered the sole owner or holder
  of the Subordinated Notes represented by such Global Note for all purposes under
  the Indenture and the Subordinated Notes.  

 S1-1 

 
      References
  to DTC shall, whenever the context so permits, be deemed to include a reference
  to any additional or alternative clearing system approved by the Issuer and
  the Trustee.  

2.
        Status
      and Characteristics Relating to the Subordinated Notes
      

 (a)
        Subordination
      

     The
      Subordinated Notes constitute direct, unsecured and subordinated obligations
  of the Issuer. The Subordinated Notes rank pari passu among themselves
  and will rank at least pari passu with all other present and future unsecured
  and subordinated obligations of the Issuer, save for those that have been accorded
  by law preferential rights. 
      The
  claims of the holders of the Subordinated Notes against the Issuer will, in
  the event that (i) the Issuer is declared bankrupt, (ii) a competent court has
  declared that the Issuer is in a situation which requires special measures (“bijzondere
  voorzieningen”) in the interests of all creditors, as referred to in
  Chapter X of the Dutch 1992 Act on the Supervision of the Credit System (Wet
  toezicht kredietwezen 1992), and for so long as such situation is in force
  (such situation being hereinafter referred to as a “moratorium”),
  or (iii) an order is made or an effective resolution is passed for the winding
  up or liquidation of the Issuer (unless this is done in connection with a merger,
  consolidation or other form of combination with another company and such company
  assumes all obligations contracted by the Issuer in connection with the Subordinated
  Notes) (each, a “Bankruptcy Default”), be subordinated to Senior
  Debt (as defined in the Indenture).  

      By
  virtue of such subordination, payments to a Noteholder will, in the event of
  a Bankruptcy Default, only be made after, and any set-off by a Noteholder shall
  be excluded until, all obligations of the Issuer resulting from deposits, unsubordinated
  claims with respect to the repayment of borrowed money and other unsubordinated
  claims have been satisfied. 

(b)  Waiver of Right to
    Set-Off

         By accepting a Subordinated Note,
        each Noteholder will be deemed to have waived any right
  of set-off, counterclaim or combination of accounts with respect to the Subordinated
  Notes that such Noteholder might otherwise have against the Issuer, whether
  before or during any winding-up of the Issuer. 

(c)  Status of the Subordinated Notes

     For the purposes of the solvency
guidelines of the Dutch Central Bank (De Nederlandsche Bank
  N.V.) to which the Issuer is subject, the Subordinated Notes will qualify
  as tier 2 capital as referred to in such solvency guidelines.

 S1-2

  3.  Interest

  

   (a)  Interest
  on the Subordinated Notes

  

       Each
  Subordinated Note will bear interest on its principal amount from (and
  including) the Issue Date at the fixed rate of 4.65% per annum (the “Rate
  of Interest”) payable semi-annually in arrears on June 4 and
  December 4, in each year (each an “Interest Payment Date”),
  up to (and including) the Maturity Date; provided that the first interest
  payment date for the Initial Notes shall be December 4, 2003; the first
  interest payment date for any Additional Notes shall be the first interest
  payment date after the issuance date of such Additional Notes (and no
  interest shall accrue on such Additional Notes prior to the date of such
  issuance and payment on such interest payment date will be accrued only
  from such issuance date); and the first interest payment date for any
  Exchange Notes shall be the first interest payment date after the issuance
  date of such Exchange Notes (provided that interest in relation to the
  first interest payment date after the date of issuance of the Exchange
  Notes shall accrue from the last date on which interest was paid on the
  Initial Notes or Additional Notes for which such Exchange Notes were exchanged,
  as applicable, or, if no such interest has been paid, from the date of
  issuance of such Initial Notes or Additional Notes). The regular record
  dates for each Interest Payment Date will be May 15 and November 15 of
  each year (each, a “Record Date”)  

      “Interest
  Period” means the period from (and including) an Interest Payment Date
  (or the Issue Date) to (but excluding) the next (or first) Interest Payment
  Date.  

      If
  interest in respect of a Subordinated Note is required to be calculated for
  a period other than an Interest Period, such interest shall be calculated by
  applying the Rate of Interest to the principal amount of such Subordinated Note,
  multiplying such sum by the Day Count Fraction, and rounding the resultant figure
  to the nearest cent, half a cent being rounded upwards or otherwise in accordance
  with applicable market convention.  

      “Day
  Count Fraction” means the number of days in the period from (and including)
  the most recent Interest Payment Date (or, if none, the Issue Date) to (but
  excluding) the relevant payment date (such number of days being calculated on
  the basis of a year of 360 days with 12 30-day months) divided by 360. 

  

  (d)  Accrual
  of Interest

  

       Each Subordinated Note will cease to
  bear interest from the date for its redemption unless, upon
  due presentation thereof, payment of principal is improperly withheld or refused.
  In such event, interest will continue to accrue until the earlier of: 

      (i)
    the date on which all amounts due in respect of such Subordinated Note have
  been paid; and  

 S1-3 

      (ii)
    five days after the date on which the full amount of the moneys payable has
  been received by the Paying Agent and notice to that effect has been given in
  accordance with Condition 10 or individually.  

4.  Payments

      

(a)  Method
      of Payment
      

     Payments
      in respect of the Global Notes shall be made to the holders thereof,
  as they appear in the Register on the relevant Record Date, on the relevant
  Interest Payment Date by wire transfer in U.S. dollars in immediately available
  funds. 
      While
  in global form, payments in respect of the Subordinated Notes shall be made
  in accordance with the applicable rules and operating procedures for the time
  being of DTC. Payments in respect of any Definitive Note shall be made by wire
  transfer, direct deposit or check mailed to the address of the Noteholder entitled
  thereto as such address shall appear on the Register. Payments will be subject
  in all cases to any fiscal or other laws and regulations applicable thereto
  in the place of payment but without prejudice to the provisions of Condition
  6 below.  

(b)  Presentation of Subordinated Notes

         The holder of a Global Note shall be the only
        person entitled to receive payments in respect of
  Subordinated Notes represented by such Global Note and the Issuer’s obligations
  will be discharged by payment to, or to the order of, the holder of such Global
  Note in respect of each amount so paid. Each of the persons shown in the records
  of DTC as the beneficial holder of a particular principal amount of Subordinated
  Notes represented by such Global Note must look solely to DTC for his share
  of each payment made by the Issuer to, or to the order of, the holder of such
  Global Note. No person other than the holder of a Global Note shall have any
  claim against the Issuer in respect of any payments due on that Global Note.

      Payments
  of principal in respect of the Subordinated Notes (whether in definitive or
  global form) will be made in the manner provided in paragraph (a) above against
  presentation and surrender of such Subordinated Notes at the specified office
  of the Paying Agent. In the case of payments by check, checks will be mailed
  to the Noteholder (or the first named of joint holders) at such Noteholder’s
  registered address on the due date.  

(c)  Payment Day

         Any payments of principal of and interest on
        the Subordinated Notes to be made on a date that is not a
        Business Day may be made on the next succeeding Business Day with the
  same force and effect as if made on such date, and no additional interest shall
  accrue as a result of such delayed payment. 

 S1-4 

(d)  Interpretation of
    Principal and Interest

         Any reference in the Conditions to principal or interest
        with respect to the Subordinated Notes shall
  be deemed to include any additional amounts which may be payable with respect
  to principal or interest under Condition 6. 
(e)
        Defaulted
      Interest

          

     (i)  Any interest
      on any Subordinated Note which is payable, but is not punctually paid or duly
  provided for, on any Interest Payment Date (“Defaulted Interest”)
  may cease to be payable to the Noteholder on the relevant Record Date and be
  paid by the Issuer, as provided below in Condition 4(e)(ii).  

      (ii)
  The Issuer may elect to make payment of any Defaulted Interest to the persons
  in whose names the Subordinated Notes are registered at the close of business
  on a special record date (“Special Record Date”) for the payment
  of such Defaulted Interest, which shall be fixed in the following manner. The
  Issuer shall notify the Trustee in writing of the amount of Defaulted Interest
  proposed to be paid on each Subordinated Note and the date of the proposed payment,
  and at the same time the Issuer shall deposit with the Trustee an amount of
  money equal to the aggregate amount proposed to be paid in respect of such Defaulted
  Interest or shall make arrangements satisfactory to the Trustee for such deposit
  prior to the date of the proposed payment, such money when deposited to be held
  in trust for the benefit of the persons entitled to such Defaulted Interest
  as in this Condition 4(e) provided. Thereupon the Trustee shall fix a Special
  Record Date for the payment of such Defaulted Interest which shall be not more
  than 15 days and not less than 10 days prior to the date of the proposed payment
  and not less than 10 days after the receipt by the Trustee of the notice of
  the proposed payment. The Trustee shall promptly notify the Issuer of such Special
  Record Date and, in the name and at the expense of the Issuer, shall cause notice
  of the proposed payment of such Defaulted Interest and the Special Record Date
  therefor to be given to each Noteholder in the manner set forth in Condition
  10, not less than 10 days prior to such Special Record Date. Notice of the proposed
  payment of such Defaulted Interest and the Special Record Date therefor having
  been so mailed, such Defaulted Interest shall be paid to the Persons in whose
  names the Subordinated Notes are registered at the close of business on such
  Special Record Date.  

 (iii) Subject
  to the foregoing provisions of this Condition 4, each Subordinated Note delivered
  upon registration of transfer of or in exchange for or in lieu of any other
  Subordinated Note shall carry the rights to interest accrued and unpaid, and
  to accrue, which were carried by such other Subordinated Note.  

 S1-5

 5.  Redemption
  and Purchase

  

  (a)  At Maturity

  

       Unless previously redeemed or purchased
  and canceled as specified below, the Subordinated Notes will be redeemed
  by the Issuer on the Maturity Date at their aggregate principal amount
  (the “Redemption Amount”), together with any interest
  accrued to the Maturity Date.

      
(b)  Redemption
  for Tax Reasons

  

       Subordinated Notes may be redeemed at the option
  of the Issuer in whole, but not in part, at any time or on any Interest Payment
  Date, on giving not less than 30 nor more than 60 days’ notice to the Noteholders
  in accordance with Condition 10 (which notice shall be irrevocable), if: 

      (i)
    on the occasion of the next payment due under the Subordinated Notes, the Issuer
  has or will become obliged to pay additional amounts as provided under Condition
  6 below as a result of any change in, or amendment to, the laws or regulations
  of The Netherlands or any political subdivision or any authority thereof or
  therein having power to tax, or any change in the application or official interpretation
  of such laws or regulations, which change or amendment becomes effective on
  or after the Issue Date of the Subordinated Notes; and  

      (ii)
    such obligation cannot be avoided by the Issuer taking reasonable measures available
  to it,  

 provided that no such
  notice of redemption shall be given earlier than 90 days prior to the earliest
  date on which the Issuer would be obliged to pay such additional amounts were
  a payment in respect of the Subordinated Notes then due. Prior to the publication
  of any notice of such redemption pursuant to this Condition 5(b), the Issuer
  shall deliver to the Trustee a certificate signed by two directors of the Issuer
  stating that the Issuer is entitled to effect such redemption and setting forth
  a statement of facts showing that the conditions precedent to the right of the
  Issuer to so redeem have occurred, and an opinion of independent legal advisers
  of recognized standing to the effect that the Issuer has or will become obliged
  to pay such additional amounts as a result of such change or amendment. 

 
     Redemption
  of the Subordinated Notes pursuant to this Condition 5(b) is subject to receipt
  by the Issuer of the written approval of the Dutch Central Bank (De Nederlandsche
  Bank N.V.). Subordinated Notes redeemed pursuant to this Condition 5(b)
  will be redeemed at the Redemption Amount with interest accrued to (but excluding)
  the date of redemption.  

 
     The
  Subordinated Notes are not redeemable at the option of the Noteholders at any
  time.  

 S1-6 

(c)  Purchases

         The Issuer or any of its subsidiaries may at any
        time purchase Subordinated
  Notes at any price in the open market or otherwise. Such Subordinated
  Notes may be held, re-issued, resold or, at the option of the Issuer, surrendered
  to the Trustee for cancellation. 
 
     Upon
  any such purchase and cancellation, the principal amount of the relevant Global
  Note and the Subordinated Notes held by the registered holder thereof shall
  be reduced by the principal amount of such Subordinated Notes so purchased and
  cancelled on the records of the Custodian, or DTC or its nominee, as the case
  may be.  

(d)  Cancellation

     All Subordinated Notes which are redeemed will
forthwith be cancelled. All Subordinated Notes
  so cancelled and the Subordinated Notes purchased and cancelled pursuant to
  paragraph (c) above shall be forwarded to the Trustee and cannot be re-issued
  or resold. 
6.  Taxation

         All payments of principal and interest in respect
        of the Subordinated Notes by the Issuer will be
  made without withholding or deduction for or on account of any present or future
  taxes or duties, assessments or governmental charges of whatever nature imposed
  or levied by or on behalf of The Netherlands or any political subdivision or
  any authority thereof or therein having power to tax, unless such withholding
  or deduction is required by law. In such event (a “Tax Event”),
  the Issuer will pay such additional amounts as shall be necessary in order that
  the net amounts received by the Noteholders after such withholding or deduction
  shall equal the respective amounts of principal and interest which would otherwise
  have been receivable in respect of the Subordinated Notes in the absence of
  such withholding or deduction; except that no such additional amounts shall
  be payable with respect to any Subordinated Note:  

      (i)
    where the Noteholder is liable for such taxes or duties in
  respect of such Subordinated
  Note by reason of his having some connection with The Netherlands other than
  the mere holding of such Subordinated Note or the receipt of principal or interest
  in respect thereof; or 

      (ii)
    presented for payment (if presentation is required) more than 30 days after
  the Relevant Date (as defined below) except to the extent that the holder thereof
  would have been entitled to additional amounts on presenting the same for payment
  on such thirtieth day; or  

      (iii)
    presented for payment (if presentation is required) by or on behalf of a Noteholder
  who would have been able to avoid such withholding or deduction by  

 S1-7

 presenting the relevant
  Subordinated Note to another paying agent in a Member State of the European
  Union; or  

      (iv)
    in respect of any estate, inheritance, gift, sales, transfer or personal property
  tax or any similar tax, duty, assessment or governmental charge; or 

      (v)
    in respect of any tax, assessment or other governmental charge payable other
  than by deduction or withholding from payment on the Subordinated Notes; or
   

      (vi)
    where such withholding or deduction is required to be made pursuant to any European
  Directive on the taxation of savings implementing the conclusions of the ECOFIN
  Council meeting of March 19, 2003, as such conclusions may from time to time
  be amended, or any law implementing or complying with, or introduced in order
  to conform to, such Directive; or  

      (vii)
    any combination of the taxes, assessments or other governmental charges described
  above.  

      As
  used herein, the “Relevant Date” means the date on which such
  payment first becomes due, except that, if the full amount of the moneys payable
  has not been duly received by the Trustee on or prior to such due date, it means
  the date on which, the full amo unt of such moneys having been so received,
  notice to that effect is duly given to the Noteholders in accordance with Condition
  10.  

7.  Events
      of Default Relating to the Subordinated Notes and Remedies

          

      (a)  Events
      of Default. “Event of Default” with respect to Subordinated
      Notes means each
  one of the following events which shall have occurred and be continuing (whatever
  the reason for such Event of Default and whether it shall be voluntary or involuntary
  or be effected by operation of law or pursuant to any judgment, decree or order
  of any court or any order, rule or regulation of any administrative or governmental
  body): 
      (i)
  default is made in the payment of interest or principal in respect of the Subordinated
  Notes and such default continues for more than 30 days (a “ Payment
  Default”), or  

      (ii) a
  “Bankruptcy Default”(as defined in Condition 2(a)). 

(b)  Remedies

In the case of a Bankruptcy Default, the Subordinated Notes shall become forthwith
  due and payable at the Redemption Amount, together with any accrued interest
  to the date of repayment, without presentment, demand, protest or other notice
  of any kind. In the case of a Payment Default, the sole remedy available to
  any Noteholder for recovery of amounts owing in respect of any payment of principal
  of or interest on, the Subordinated Notes will be the institution of 

 S1-8 

 proceedings
  against the Issuer as such Noteholder may think fit to enforce such payment;
  provided that the Issuer shall not by virtue of the institution of any such
  proceedings be obliged to pay any sum or sums sooner than the same would otherwise
  have been payable by the Issuer.  

      In
  any such Event of Default, repayment of the Subordinated Notes prior to the
  Maturity Date is subject to receipt by the Issuer of the written approval of
  the Dutch Central Bank (De Nederlandsche Bank N.V.).  

8.  Transfer, Exchange
    and Replacement of the Subordinated Notes
    
 
             Investors may hold their
        interests in the Global Notes directly through
DTC, Euroclear or Clearstream,
  Luxembourg, as the case may be, if they are participants in such systems, or
  indirectly through organizations which are participants in such systems. Clearstream,
  Luxembourg and Euroclear will hold interests in the Regulation S Global Note
  on behalf of their participants through customers’ securities accounts
  in their respective names on the books of their respective depositaries, which
  are participants in DTC. 

      Notwithstanding
  the foregoing, Noteholders with a beneficial interest in the Regulation S Global
  Note must hold their interests in such Regulation S Global Note through Euroclear
  or Clearstream, Luxembourg (as indirect participants in DTC), through and including
  the 40th day following the later of the commencement of the offering and the
  Issue Date of the Subordinated Notes. This period through and including the
  40th day after the later of the commencement of the offering and the Issue Date
  of the Subordinated Notes is known as the  “Restricted
  Period”.  

      Unless
  and until the Initial Notes (or Additional Notes as the case may be) are exchanged
  for Exchange Notes in connection with an effective Registration Statement, the
  Private Placement Legend shall appear on the face of all Global Notes and Definitive
  Notes issued under the Indenture unless specifically stated otherwise in the
  applicable provisions of the Indenture.  

 (a)   Transfers Within
  the Global Notes  

      Subject
  to the procedures and limitations described below, transfers of beneficial interests
  within a Global Note may be made without delivery to the Issuer or the Trustee
  of any written certifications or other documentation by the transferor or transferee.
   

(b)  Transfers or Exchanges
    from the Global Notes to Definitive Notes

         No Global Note may be exchanged in whole or in
        part for Definitive
    Notes unless: 
      (i)
    DTC notifies the Issuer that it is unwilling or unable to hold the Global Notes
  or DTC ceases to be a clearing agency registered under the Exchange Act, 

 S1-9 

 and the Issuer does not
  appoint a successor to DTC which is registered under the Exchange Act within
  120 days;  

     (ii)  a Payment
      Default has occurred and is continuing;

     (iii)  in the
      event of a Bankruptcy Default, the Issuer fails to make payment
          on the Subordinated Notes
  when due; or 
      (iv)
    the Issuer, at any time, determines in its sole discretion that the Global Notes
  should be exchanged for Definitive Notes in registered form.  

      Unless
  determined otherwise by the Issuer in accordance with applicable law, Definitive
  Notes will be issued upon transfer or exchange of beneficial interests in a
  144A Global Note or Regulation S Global Note only upon compliance with the transfer
  restrictions and procedures described in Part IV of Schedule 2 to the Indenture.
  In all cases, Definitive Notes delivered in exchange for any Global Note or
  beneficial interests therein will be registered in the names, and issued in
  any approved denominations, requested by the applicable clearing system. 

(c)  Transfers from Definitive
    Notes to the Global Notes

         Definitive Notes may be transferred or
        exchanged for a beneficial interest
    in the 144A Global Note
  only upon receipt by the Trustee of a written certification (in the form set
  out in Part V of Schedule 2 to the Indenture) from the transferor or the holder,
  as the case may be, to the effect that either: 
	 	(i)

        	the
      transfer is being made to a person whom the transferor reasonably believes
      is a QIB purchasing for its own account or for the account of one or more
      QIBs as to which account or accounts it exercises sole investment discretion;
      or

      
	 	(ii)

        	the
      holder is a QIB purchasing the securities for its own account or for the
      account of one or more QIBs as to which account or accounts it exercises
      sole investment discretion and, in either case, in accordance with the requirements
      of Rule 144A and of any other applicable securities laws of any state of
      the United States or any other jurisdiction.

      

      Definitive
  Notes may be transferred or exchanged for a beneficial interest in the Regulation
  S Global Note, as long as the transferor or holder certifies that such person
  transferred or acquired (as applicable) such Definitive Notes in a transaction
  complying with Rule 903 or Rule 904 of Regulation S (as applicable).

(d)  Transfers between
    the Global Notes

         A beneficial interest in the 144A Global Note may be
        transferred to a person who wishes to take
  delivery of such beneficial interest through the Regulation S Global Note only
  upon receipt by the Trustee of a written certification (in the form set out
  in Part V of Schedule 2 to the Indenture) from the transferor to the effect
  that: 
 S1-10 

      (i)
    such transfer is being made in accordance with Rule 903 or 904 of Regulation
  S (as applicable) or, in the case of an exchange occurring following the expiration
  of the Restricted Period, Rule 144 under the Securities Act; and; and 

      (ii)
    if such transfer occurs prior to the expiration of the Restricted Period, the
  interest transferred will be held immediately thereafter through Euroclear or
  Clearstream, Luxembourg.  

      Prior
  to the expiration of the Restricted Period, a beneficial interest in the Regulation
  S Global Note may be transferred to a person who wishes to take delivery of
  such beneficial interest through the 144A Global Note only upon receipt by the
  Trustee of a written certification (in the form set out in Part V of Schedule
  2 to the Indenture) from the transferor to the effect that such transfer is
  being made to a person whom the transferor reasonably believes is a QIB within
  the meaning of Rule 144A, in a transaction meeting the requirements of Rule
  144A and in accordance with any applicable securities laws of any state of the
  United States and any other jurisdiction. After the expiration of the Restricted
  Period, such certification requirements will no longer apply to such transfers,
  but such transfers will continue to be subject to the transfer restrictions
  contained in the legend appearing on the face of the Subordinated Note. 

      Any
  beneficial interest in either the 144A Global Note or the Regulation S Global
  Note that is transferred to a person who takes delivery in the form of a beneficial
  interest in the other Global Note will, upon transfer, cease to be a beneficial
  interest in such Global Note and become a beneficial interest in the other Global
  Note and, accordingly, will thereafter be subject to all transfer restrictions
  and other procedures applicable to a beneficial interest in such other Global
  Note for so long as such person retains such an interest.  

      The
  costs and expenses of effecting any exchange or registration of transfer pursuant
  to the foregoing provisions (except for the expenses of delivery by other than
  regular mail (if any) and, if the Issuer shall so require, for the payment of
  a sum sufficient to cover any tax or other governmental charge or insurance
  charges that may be imposed in relation thereto which will be borne by the Noteholder)
  will be borne by the Issuer.  

      If
  any Subordinated Note (including a Global Note) is mutilated, defaced, stolen,
  destroyed or lost, such Subordinated Note may be replaced with Replacement Notes
  at the Specified Office of the Trustee (or, any successor Registrar or Transfer
  Agent) in New York City on payment by the claimant of such costs and expenses
  as may be incurred in connection therewith and on such terms as to evidence
  and indemnity as the Issuer may reasonably require. Mutilated
  or defaced Subordinated Notes must be surrendered before Replacement Notes will
  be issued.  

 S1-11

9.  Trustee as Paying
    Agent, Registrar and Transfer Agent; Additional Agents

         The Issuer is entitled to vary or terminate the
         appoint an additional
  Trustee, Paying Agent, Registrar or Transfer Agent, and approve any change in
  the specified office through which the Trustee acts, provided that: 

     (i)  there will at all times be a Trustee; 

     (ii)  there
will at all times be a Paying Agent with a Specified Office in New York City or
another major city in the United States; 

     (iii)  if
and for so long as any Subordinated Notes are listed on Euronext Amsterdam, there
will be a Paying Agent with a specified office in The Netherlands; 
 
     (iv)  
  if any European Directive on the taxation of savings implementing the conclusions
  of the ECOFIN Council meeting of March 19, 2003 as such conclusions may from
  time to time be amended or any law implementing or complying with, or introduced
  in order to conform to such Directive, is introduced, the Issuer will ensure
  that it maintains a Paying Agent in a Member State of the European Union, if
  any, that will not be obliged to withhold or deduct tax pursuant to any such
  Directive or law; and  

      (v)
  there will at all times be a Registrar and Transfer Agent with a specified office
  in New York City.  

      Any
  variation, termination, appointment or change shall only take effect (other
  than in the case of insolvency, when it shall be of immediate effect) after
  not less than 30 nor more than 45 days’ prior notice thereof shall have
  been given to the Noteholders in accordance with Condition 10.  

  10.  Notices

         All notices to a holder shall be deemed
        to have been given if mailed to such holder’s
  registered address appearing on the Register and published in a leading English
  language daily newspaper of general circulation in New York City (expected to
  be The Wall Street Journal), and, if and for so long as the Subordinated
  Notes are listed on Euronext Amsterdam, in the official journal of Euronext
  Amsterdam (Officiële Prijscourant) and in a daily newspaper of general
  circulation in The Netherlands (expected to be Het Financieel Dagblad).
  Any such notice shall be deemed to have been given on the fourth day after the
  day on which it is mailed. Any such notice will be deemed to have been given
  on the date of the first publication in all the newspapers in which such publication
  is required to be made.  

      Until
  such time as any Definitive Notes are issued, there may, so long as the 144A
  Global Note is held in its entirety on behalf of DTC, be substituted for publication
  in The Wall Street Journal the delivery of the relevant notice to DTC
   

 S1-12 

 for communication by it
  to the holders of the Subordinated Notes. Notice shall be deemed to have been
  given to such holders on the first day after the day on which the said notice
  was given to DTC.  

      Notices
  to be given by any Noteholder shall be in writing and given by lodging the same,
  together with the relevant Subordinated Note or Subordinated Notes, with the
  Trustee. Whilst any of the Subordinated Notes are represented by a Global Note,
  such notice may be given by any Noteholder to the Trustee via DTC, Clearstream,
  Luxembourg or Euroclear, as the case may be, in such manner as the Trustee and
  DTC, Clearstream, Luxembourg or Euroclear may approve for this purpose. 

11.  Meetings of Noteholders,
    Modification and Waiver

     
    The Indenture contains provisions for convening meetings of Noteholders to consider any matters
  affecting their interest including the sanctioning by Extraordinary Resolution
  of a modification of the Subordinated Notes or certain of the provisions of
  the Indenture. Such a meeting of Noteholders may be convened only by the Issuer.
  Except as provided below, an Extraordinary Resolution may be passed by an affirmative
  vote by or on behalf of persons holding a majority in principal amount of the
  Subordinated Notes whose holders are present or represented at the meeting.
  The quorum at any such meeting (including for passing any Extraordinary Resolution)
  will be one or more persons holding or representing in aggregate 50% in principal
  amount of the then Outstanding Subordinated Notes, or at any adjourned such
  meeting, one or more persons being or representing Noteholders whatever the
  principal amount of the Subordinated Notes so held or represented. Notwithstanding
  the foregoing, the passage of any Extraordinary Resolution at any meeting (including
  any adjourned meeting) the business of which includes the modification of certain
  provisions of the Subordinated Notes including (i) modify the final maturity
  of any Subordinated Note; (ii) reduce the principal amount or Redemption Amount
  payable in respect of a Subordinated Note; (iii) modify the rate or extend the
  time of payment of interest thereon; (iv) make the principal thereof (including
  any amount in respect of OID), or interest thereon, payable in any coin or currency
  or modify any provisions for converting any currency into any other currency
  other than as provided in the Subordinated Notes or in the Indenture; (v) reduce
  the amount of the principal of an OID Subordinated Note that would be due and
  payable upon an Event of Default; (vi) impair the right of any Noteholder to
  institute suit for the payment of any amount due on a Subordinated Note without
  the consent of such Noteholder; (vii) modify the quorum required at any meeting
  of Noteholders or the majority required to pass an Extraordinary Resolution,
  in each case without the consent of one or more persons holding or representing
  not less than 100% in principal amount of the then Outstanding Subordinated
  Notes.  

      An
  Extraordinary Resolution passed at any meeting of Noteholders will be binding
  on all Noteholders whether or not present at such meeting and on all future
  Noteholders.  

 S1-13 

      Notwithstanding
  the foregoing, the Trustee and the Issuer may agree without the consent of the
  Noteholders, to:  

      (i)
  any modification (except as mentioned above) of the Indenture which is not materially
  prejudicial to the interests of Noteholders; or  

      (ii)
  any modification of the Subordinated Notes or the Indenture which is of a formal,
  minor or technical nature or is made to correct a manifest error as to comply
  with mandatory provisions of law.  

      Any
  modification of the Subordinated Notes shall be binding on the Noteholders and
  any such modification shall be notified to the Noteholders in accordance with
  Condition 10 as soon as practicable thereafter.  

 12.  Further
  Issues

  

       
  The Issuer may from time to time without the consent of the Noteholders create
  and issue further subordinated notes (“Additional Subordinated Notes”)
  having terms and conditions the same as the Subordinated Notes or the same in
  all respects save for the amount and date of the first payment of interest thereon
  and so that the same shall be consolidated and form a single series with the
  then Outstanding Subordinated Notes.  

      The
  Issuer may offer Additional Subordinated Notes with original issue discount
  (“OID”) for U.S. federal income tax purposes as part of a further
  issue. Purchasers of Subordinated Notes after the date of any further issue
  will not be able to differentiate between subordinated notes sold as part of
  the further issue and previously issued Subordinated Notes. If the Issuer were
  to issue Additional Subordinated Notes with OID, purchasers of Subordinated
  Notes after such further issue may be required to accrue OID (or greater amounts
  of OID than they would otherwise have accrued) with respect to their Subordinated
  Notes. This may affect the price of Outstanding Subordinated Notes following
  a further issue. Purchasers are advised to consult legal counsel with respect
  to the implications of any future decision by the Issuer to issue Additional
  Subordinated Notes with OID.  

13.  Governing Law and
    Submission to Jurisdiction

         The Subordinated Notes are governed by, and shall be
        construed in accordance
  with, the laws of the State of New York, except for Condition 2(a) (Subordination),
  which is governed by, and shall be construed in accordance with, the laws of
  The Netherlands.  

      The
  Issuer irrevocably agrees, for the benefit of the Noteholders, that the courts
  of the State of New York shall have jurisdiction to hear and determine any suit,
  action or proceedings, and to settle any disputes, which may arise out of or
  in connection with the Subordinated Notes (“Proceedings”) and,
  for such purposes, the Issuer irrevocably submits to the jurisdiction of such
  courts. In relation to any  

 S1-14 

 Proceedings,
  Noteholders may serve process upon the General Counsel of the Issuer’s
  representative office in New York, located at ABN AMRO Bank N.V., New York branch,
  500 Park Avenue, New York, New York 10022 or, if the Issuer no longer has a
  representative office in New York, New York, on another party with an address
  in the State of New York (the Issuer hereby covenants and agrees that in such
  circumstance it will appoint another party with an address in the State of New
  York as its authorized agent and that such appointment shall be irrevocable).
  Service of process upon the General Counsel of the Issuer’s representative
  office in New York (or such other party as may be appointed as agent for service
  of process) and written notice of such service to the Issuer shall be deemed,
  in every respect, effective service of process upon the Issuer.  

      The
  Issuer irrevocably waives any objection which it may have now or hereafter to
  the laying of the venue of any such Proceedings in any such court and any claim
  that any such Proceedings have been brought in an inconvenient forum and hereby
  further irrevocably agrees that a judgment in any such Proceedings brought in
  the New York courts situated in the Borough of Manhattan shall be conclusive
  and binding upon it and may be enforced in the courts of any other jurisdiction
  to the extent permitted by the laws of such jurisdiction.  

14  Registration Rights

     
    If (a) any Registration Statement required has not been filed with the SEC or (b)
  any such Registration Statement has not been declared effective by the SEC,
  in each case, on or prior to the applicable deadline specified in the Registration
  Rights Agreement dated as of June 2, 2003 between ABN AMRO Bank N.V. and the
  Initial Purchasers (the “Registration Rights Agreement”) or
  (c) any Registration Statement required by the Registration Rights Agreement
  is filed and declared effective but thereafter ceases to be effective or the
  Prospectus therein ceases to be usable for more than 30 days (each event referred
  to in clauses (a) through (c), a “Registration Default”), thereafter
  an additional incremental interest amount will accrue on the Subordinated Notes,
  at an annual rate of 50 basis points (“Registration Default Interest”).
  Such additional incremental interest amount on the Subordinated Notes will be
  payable on each Interest Payme nt Date until the Registration Default is cured.
  The Holder of this Subordinated Note is entitled to the benefits of such Registration
  Rights Agreement. 

 S1-15

 SCHEDULE
  2 TO THE INDENTURE  

 FORM
  AND TRANSFER OF SUBORDINATED NOTES  

 PART
  I  

 FORM
  OF RULE 144A GLOBAL NOTE  

 [Form of
  Face of Rule 144A Global Note]  

 THE SUBORDINATED NOTES
  REPRESENTED BY THIS GLOBAL NOTE WERE ORIGINALLY ISSUED IN A TRANSACTION EXEMPT
  FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
  (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED
  OR OTHERWISE TRANSFERRED IN THE UNITED STATES EXCEPT PURSUANT TO REGISTRATION
  UNDER THE SECURITIES ACT OR AN EXEMPTION THEREFROM. THE
  TRANSFER OF THIS GLOBAL NOTE IS SUBJECT TO CERTAIN CONDITIONS, INCLUDING THOSE
  SET FORTH IN THE FORM OF TRANSFER LETTERS AVAILABLE UPON REQUEST FROM THE TRUSTEE,
  THE BANK OF NEW YORK (THE “TRUSTEE”). THE HOLDER HEREOF, BY
  PURCHASING THIS GLOBAL NOTE, AGREES FOR THE BENEFIT OF THE ISSUER
  AND THE TRUSTEE THAT THIS GLOBAL NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
  TRANSFERRED EXCEPT (A) TO ABN AMRO BANK N.V. OR ONE OF ITS AFFILIATES, (B) OUTSIDE
  THE UNITED STATES TO A NON-U.S. PERSON IN AN OFFSHORE TRANSACTION IN ACCORDANCE
  WITH RULE 903 OR RULE 904 OF REGULATION S, (C) IN ACCORDANCE
  WITH RULE 144A TO A PERSON WHOM THE SELLER AND ANY PERSON ACTING ON BEHALF OF
  THE SELLER REASONABLY BELIEVE IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE
  MEANING OF RULE 144A PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT
  OF A QUALIFIED INSTITUTIONAL BUYER, AND TO WHOM NOTICE IS GIVEN THAT SUCH OFFER,
  SALE OR TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) IF AVAILABLE, PURSUANT TO
  THE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144
  THEREUNDER, AND SUBJECT TO THE RECEIPT BY ABN AMRO BANK N.V. OF AN OPINION OF
  COUNSEL OR SUCH OTHER EVIDENCE WHICH IT MAY REASONABLY REQUIRE THAT SUCH SALE
  OR TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT OR (E) PURSUANT TO ANY
  OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
  REQUIREMENTS OF THE SECURITIES ACT, AND SUBJECT
  TO, UPON THE REQUEST OF ABN AMRO BANK N.V., THE RECEIPT BY ABM AMRO BANK N.V
  OF AN OPINION OF COUNSEL OR SUCH OTHER EVIDENCE WHICH IT MAY REASONABLY REQUIRE
  THAT SUCH SALE OR TRANSFER IS MADE IN COMPLIANCE WITH THE SECURITIES ACT. NO
  REPRESENTATION CAN BE MADE AS TO THE AVAILABILITY OF THE EXEMPTION PROVIDED
  BY RULE 144 UNDER THE SECURITIES ACT FOR RESALES OF THIS SUBORDINATED NOTE.
  ANY  

 S2-1  

 RESALE OR OTHER TRANSFER,
  OR ATTEMPTED RESALE OR OTHER TRANSFER, OF SUBORDINATED NOTES MADE OTHER THAN
  IN COMPLIANCE WITH THE FOREGOING RESTRICTIONS SHALL NOT BE RECOGNIZED BY THE
  ISSUER, THE TRUSTEE OR ANY OTHER AGENT OF THE ISSUER.  

 UNLESS THIS GLOBAL NOTE
  IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
  DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION, (“DTC”),
  TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER,
  EXCHANGE OR PAYMENT, AND ANY SUBORDINATED NOTE ISSUED IS REGISTERED IN THE NAME
  OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUIRED BY AN AUTHORIZED REPRESENTATIVE
  OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS
  IS REQUIRED BY AN AUTHORIZED REPRESENTATIVE OF DTC),
  ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
  PERSON IS WRONGFUL IN AS MUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
  HAS AN INTEREST HEREIN.  

 TRANSFERS OF THIS GLOBAL
  NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF
  CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND
  TRANSFERS OF PORTIONS
  OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
  RESTRICTIONS SET FORTH HEREIN AND IN THE INDENTURE REFERRED TO HEREIN. 

 FOR SO LONG AS THIS SUBORDINATED
  NOTE IS HELD ON BEHALF OF DTC, THE PUBLICATION OF NOTICES PURSUANT TO CONDITION
  10 OF THE SUBORDINATED NOTES MAY BE SUBSTITUTED BY DELIVERY OF THE RELEVANT
  NOTICE TO DTC.  

 S2-2

 4.65%
  Subordinated Notes due 2018 

  (the “Subordinated Notes”)  

	CUSIP
      No.: 00080Q AA 3	 	 $364,875,000
    
	ISIN:
      US00080QAA31 	 	
      Certificate No. R-1
	Common
      Code: 016989371 	 	
      Maturity Date: June
        4, 2018

 ABN
  AMRO BANK N.V.  

  GLOBAL NOTE  

 ABN AMRO Bank N.V., a
  naamloze vennootschap (“limited liability company”) duly organized
  and existing under the laws of The Netherlands (the “Issuer”),
  hereby certifies that Cede & Co. is, at the date hereof, the holder of THREE
  HUNDRED AND SIXTY-FOUR MILLION, EIGHT HUNDRED AND SEVENTY-FIVE THOUSAND Dollars
  ($364,875,000) aggregate principal amount of Subordinated Notes of the Issuer
  having the provisions specified in the Conditions set forth on the reverse hereof,
  which Conditions shall for all purposes have the same effect as if set forth
  at this place.  

 Words and expressions
  defined in the Conditions shall bear the same meanings when used herein. 

 This Global Note is issued
  subject to an Indenture (the “Indenture” which expression shall
  be construed as a reference to that agreement as the same may be amended, supplemented
  or restated from time to time), dated June 2, 2003, between the Issuer and The
  Bank of New York, as Trustee (the “Trustee” which expression
  shall include its successor or successors for the time being under the Indenture).
   

 The Issuer, subject to
  and in accordance with the Conditions, promises to pay to such registered holder
  on the Maturity Date or on such earlier date as any of the Notes represented
  by this Global Note may become due and repayable in accordance with the Conditions,
  the amount payable under the Conditions in respect of such Subordinated Notes
  on each such date and to pay such interest on the principal amount of the Subordinated
  Notes from time to time represented by this Global Note calculated and payable
  as provided in the Conditions together with any sums payable under the Conditions,
  upon presentation and, at maturity, surrender of this Global Note at the Specified
  Office of the Trustee or such other office as may be specified by the Issuer.
  On payment of interest being made in respect of, or purchase and cancellation
  of, any of the Subordinated Notes represented by this Global Note details of
  such payment or purchase and cancellation (as the case may be) shall be recorded
  by the Trustee (or the relevant Paying Agent), in accordance with its standard
  procedures.  

 Subordinated Notes sold
  pursuant to Rule 144A are issuable only in registered form, without coupons
  attached, in denominations of $100,000 or any amount in excess thereof which
  is a multiple of $1,000.  

 Upon any purchase and
  cancellation, the principal amount of this Global Note and the Subordinated
  Notes held by the registered holder hereof shall be reduced by the  

 S2-3 

 principal amount of such
  Subordinated Notes so purchased and cancelled on the records of the Custodian,
  or DTC or its nominee, as the case may be.  

 The Subordinated Notes
  represented by this Global Note are exchangeable and transferable only in accordance
  with, and subject to, the provisions hereof and of Condition 8 and the rules
  and operating procedures of The Depository Trust Company
(“DTC”).
   

 On any exchange or transfer
  as aforesaid pursuant to which either (i) Subordinated Notes represented by
  this Global Note are no longer to be so represented or (ii) Subordinated Notes
  not so represented are to be so represented, details of such transfer shall
  be recorded by the Trustee (or the successor Transfer Agent), in accordance
  with its standard procedures, whereupon the principal amount of this Global
  Note and the Subordinated Notes held by the registered holder hereof shall be
  increased or reduced (as the case may be) by the principal amount so transferred.
   

 This Global Note will
  be exchanged (free of charge) for Definitive Notes in or substantially in the
  form set out in Part III of Schedule 2 of the Indenture, in the circumstances
  specified in Condition 8. Such exchange will be made upon presentation of this
  Global Note by the registered holder hereof on any Business Day in New York
  at the Specified Office in New York of the Trustee or at such other office as
  aforesaid. The aggregate principal amount of Definitive Notes issued upon an
  exchange of this Global Note will be equal to the aggregate principal amount
  of this Global Note submitted by the registered holder hereof for exchange.
   

 On an exchange of the
  whole of this Global Note, this Global Note shall be surrendered to the Trustee.
  On an exchange of only part of this Global Note, details of such exchange shall
  be recorded by the Trustee (or the successor Transfer Agent), in accordance
  with its standard procedures, whereupon the principal amount of this Global
  Note and the Notes held by the registered holder hereof shall be reduced by
  the principal amount of this Global Note so exchanged.  

 Subject as provided in
  the following paragraph, until the exchange of the whole of this Global Note
  as aforesaid, the registered holder hereof shall in all respects be entitled
  to the same benefits as if he were the registered holder of Definitive Notes
  in the form set out in Part III of Schedule 2 of the Indenture.  

 This Global Note shall
  be governed by, and shall be construed in accordance with, the laws of the State
  of New York, except that Condition 2(a) (Subordination) shall be governed by,
  and shall be construed in accordance with, the laws of The Netherlands. 

 Unless the certificate
  of authentication hereon has been executed by the Trustee by manual signature,
  this Global Note shall not be valid for any purpose.  

 S2-4

 
 IN WITNESS whereof the
  Issuer has caused this Global Note to be duly executed on its behalf.

	 	ABN AMRO
      BANK N.V. 
	 	 	 
	 	By:	  

	 	 	Name:

      Title:    Authorized Signatory 
	 	 	 
	  	By:	  

	 	 	Name:

      Title:    Authorized Signatory
	 	 	 
	Issued in New York
      as of June 2, 2003 	 	 

  

 S2-5 

	 	Authenticated
      by The Bank of New York, 

         as Trustee  
	 	 	 
	 	Dated:
      	 
	 	By:	  

	 	 	Name:

      Title:    Authorized Signatory 

  

  

  

 

 S2-6 

 [Insert
  Reverse of Subordinated Notes] 

 S2-7

 PART
  II  

 FORM
  OF REGULATION S GLOBAL NOTE  

 [Form of
  Face of Regulation S Global Note]  

 THE SUBORDINATED NOTES
  REPRESENTED BY THIS GLOBAL NOTE WERE ORIGINALLY ISSUED IN A TRANSACTION EXEMPT
  FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
  (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED
  OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT
  OF, ANY U.S. PERSON, EXCEPT PURSUANT TO REGISTRATION
  UNDER THE SECURITIES ACT OR AN EXEMPTION THEREFROM. THE TRANSFER OF THIS GLOBAL
  NOTE IS SUBJECT TO CERTAIN CONDITIONS, INCLUDING THOSE SET FORTH IN THE FORM
  OF TRANSFER LETTERS AVAILABLE UPON REQUEST FROM THE TRUSTEE, THE BANK OF NEW
  YORK (THE “TRUSTEE”). THE HOLDER HEREOF, BY PURCHASING THIS
  GLOBAL NOTE, AGREES FOR THE BENEFIT OF THE ISSUER
  AND THE TRUSTEE THAT THIS GLOBAL NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
  TRANSFERRED EXCEPT (A) TO ABN AMRO BANK N.V. OR ONE OF ITS AFFILIATES, (B) OUTSIDE
  THE UNITED STATES TO A NON-U.S. PERSON IN AN OFFSHORE TRANSACTION IN ACCORDANCE
  WITH RULE 903 OR RULE 904 OF THE REGULATION S, (C) IN ACCORDANCE WITH RULE 144A
  TO A PERSON WHOM THE SELLER AND ANY PERSON ACTING ON BEHALF OF THE SELLER REASONABLY
  BELIEVE IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A PURCHASING
  FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT
  OF A QUALIFIED INSTITUTIONAL BUYER, AND TO WHOM NOTICE IS GIVEN THAT SUCH OFFER,
  SALE OR TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) IF AVAILABLE, PURSUANT TO
  THE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144
  THEREUNDER, AND SUBJECT TO THE RECEIPT BY ABN AMRO BANK N.V. OF AN OPINION OF
  COUNSEL OR SUCH OTHER EVIDENCE WHICH IT MAY REASONABLY REQUIRE THAT SUCH SALE
  OR TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT OR (E) PURSUANT TO ANY
  OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
  REQUIREMENTS OF THE SECURITIES ACT, AND SUBJECT
  TO, UPON THE REQUEST OF ABN AMRO BANK N.V., THE RECEIPT BY ABN AMRO BANK N.V.
  OF AN OPINION OF COUNSEL OR SUCH OTHER EVIDENCE WHICH IT MAY REASONABLY REQUIRE
  THAT SUCH SALE OR TRANSFER IS MADE IN COMPLIANCE WITH THE SECURITIES ACT. NO
  REPRESENTATION CAN BE MADE AS TO THE AVAILABILITY OF THE EXEMPTION PROVIDED
  BY RULE 144 UNDER THE SECURITIES ACT FOR RESALES OF THIS SUBORDINATED NOTE.
  ANY RESALE OR OTHER TRANSFER, OR ATTEMPTED RESALE OR OTHER TRANSFER, OF SUBORDINATED
  NOTES MADE OTHER THAN IN COMPLIANCE WITH THE FOREGOING RESTRICTIONS SHALL NOT
  BE  

 S2-8  

 RECOGNIZED BY THE ISSUER,
  THE TRUSTEE OR ANY OTHER AGENT OF THE ISSUER.  

 THE RESTRICTIONS IN SUB-CLAUSE
  (B) OF THE PRECEDING PARAGRAPH SHALL ONLY APPLY DURING THE RESTRICTED PERIOD
  (AS DEFINED IN CONDITION 8 OF THE SUBORDINATED NOTES).  

 UNLESS THIS GLOBAL NOTE
  IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
  DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION, (“DTC”),
  TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER,
  EXCHANGE OR PAYMENT, AND ANY SUBORDINATED NOTE ISSUED IS REGISTERED IN THE NAME
  OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUIRED BY AN AUTHORIZED REPRESENTATIVE
  OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS
  IS REQUIRED BY AN AUTHORIZED REPRESENTATIVE OF DTC),
  ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
  PERSON IS WRONGFUL IN AS MUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
  HAS AN INTEREST HEREIN.  

 TRANSFERS OF THIS GLOBAL
  NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF
  CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND
  TRANSFERS OF PORTIONS
  OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
  RESTRICTIONS SET FORTH HEREIN AND IN THE FISCAL AGENCY AGREEMENT REFERRED TO
  HEREIN.  

 FOR SO LONG AS THIS SUBORDINATED
  NOTE IS HELD ON BEHALF OF DTC, THE PUBLICATION OF NOTICES PURSUANT TO CONDITION
  10 OF THE SUBORDINATED NOTES MAY BE SUBSTITUTED BY DELIVERY OF THE RELEVANT
  NOTICE TO DTC.  

 S2-9 

 4.65%
  Subordinated Notes due 2018

  (the “Subordinated Notes”)  

	CUSIP
      No.: N02627 AR 3	 	$135,125,000
    
	ISIN:
      USN02627AR30  	 	
      Certificate No. S-1
	Common
      Code: 016989487 	 	Maturity
      Date: June 4, 2018

 ABN AMRO BANK N.V.
   

GLOBAL NOTE  

 ABN AMRO Bank N.V., a
  naamloze vennootschap (“limited liability company”) duly organized
  and existing under the laws of The Netherlands (the “Issuer”),
  hereby certifies that Cede & Co. is, at the date hereof, the holder of ONE
  HUNDRED AND THIRTY-FIVE MILLION, ONE HUNDRED AND TWENTY-FIVE THOUSAND Dollars
  ($135,125,000) aggregate principal amount of Subordinated Notes of the Issuer
  having the provisions specified in the Conditions set forth on the reverse hereof,
  which Conditions shall for all purposes have the same effect as if set forth
  at this place.  

 Words and expressions
  defined in the Conditions shall bear the same meanings when used herein. 

 This Global Note is issued
  subject to an Indenture (the “Indenture” which expression shall
  be construed as a reference to that agreement as the same may be amended, supplemented
  or restated from time to time), dated June 2, 2003, between the Issuer and The
  Bank of New York, as Trustee (the “Trustee” which expression
  shall include its successor or successors for the time being under the Indenture).
   

 The Issuer, subject to
  and in accordance with the Conditions, promises to pay to such registered holder
  on the Maturity Date or on such earlier date as any of the Notes represented
  by this Global Note may become due and repayable in accordance with the Conditions,
  the amount payable under the Conditions in respect of such Subordinated Notes
  on each such date and to pay such interest on the principal amount of the Subordinated
  Notes from time to time represented by this Global Note calculated and payable
  as provided in the Conditions together with any sums payable under the Conditions,
  upon presentation and, at maturity, surrender of this Global Note at the Specified
  Office of the Trustee or such other office as may be specified by the Issuer.
  On payment of interest being made in respect of, or purchase and cancellation
  of, any of the Subordinated Notes represented by this Global Note details of
  such payment or purchase and cancellation (as the case may be) shall be recorded
  by the Trustee (or the relevant Paying Agent), in accordance with its standard
  procedures.  

 Subordinated Notes sold
  pursuant to Regulation S are issuable only in registered form, without coupons
  attached, in denominations of $1,000 or any amount in excess thereof which is
  a multiple of $1,000.  

 Upon any purchase and
  cancellation, the principal amount of this Global Note and the Subordinated
  Notes held by the registered holder hereof shall be reduced by the  

 S2-10 

 principal amount of such
  Subordinated Notes so purchased and cancelled on the records of the Custodian,
  or DTC or its nominee, as the case may be.  

 The Subordinated Notes
  represented by this Global Note are exchangeable and transferable only in accordance
  with, and subject to, the provisions hereof and of Condition 8 and the rules
  and operating procedures of The Depository Trust Company (“ DTC”).
   

 On any exchange or transfer
  as aforesaid pursuant to which either (i) Subordinated Notes represented by
  this Global Note are no longer to be so represented or (ii) Subordinated Notes
  not so represented are to be so represented, details of such transfer shall
  be recorded by the Trustee (or the successor Transfer Agent), in accordance
  with its standard procedures, whereupon the principal amount of this Global
  Note and the Subordinated Notes held by the registered holder hereof shall be
  increased or reduced (as the case may be) by the principal amo unt so transferred.
   

 This Global Note will
  be exchanged (free of charge) for Definitive Notes in or substantially in the
  form set out in Part III of Schedule 2 of the Indenture, in the circumstances
  specified in Condition 8. Such exchange will be made upon presentation of this
  Global Note by the registered holder hereof on any Business Day in New York
  at the Specified Office in New York of the Trustee or at such other office as
  aforesaid. The aggregate principal amount of Definitive Notes issued upon an
  exchange of this Global Note will be equal to the aggregate principal amount
  of this Global Note submitted by the registered holder hereof for exchange.
   

 On an exchange of the
  whole of this Global Note, this Global Note shall be surrendered to the Trustee.
  On an exchange of only part of this Global Note, details of such exchange shall
  be recorded by the Trustee (or the successor Transfer Agent), in accordance
  with its standard procedures, whereupon the principal amount of this Global
  Note and the Notes held by the registered holder hereof shall be reduced by
  the principal amount of this Global Note so exchanged.  

 Subject as provided in
  the following paragraph, until the exchange of the whole of this Global Note
  as aforesaid, the registered holder hereof shall in all respects be entitled
  to the same benefits as if he were the registered holder of Definitive Notes
  in the form set out in Part III of Schedule 2 of the Indenture.  

 This Global Note shall
  be governed by, and shall be construed in accordance with, the laws of the State
  of New York, except that Condition 2(a) shall be governed by, and shall be construed
  in accordance with, the laws of The Netherlands.  

 Unless the certificate
  of authentication hereon has been executed by the Trustee by manual signature,
  this Global Note shall not be valid for any purpose.  

 S2-11

 IN WITNESS whereof the
  Issuer has caused this Global Note to be duly executed on its behalf.

	 	ABN AMRO
      BANK N.V. 
	 	 	 
	 	By:	  

	 	 	Name:

      Title:    Authorized Signatory 
	 	 	 
	 	By:	  

	 	 	Name:

      Title:    Authorized Signatory 
	 	 	 
	Issued in New York
      as of June 2, 2003 	 	 

  

  

 S2-12

 

	 	Authenticated
      by The Bank of New York, 

         as Trustee  
	 	 	 
	 	By:	  

	 	 	Name:

      Title:    Authorized Signatory 

  

  

 S2-13

 [Insert
  Reverse of Subordinated Notes] 

 S2-14

 PART
  III  

 FORM
  OF DEFINITIVE NOTE 

 On the front: 

 THE SUBORDINATED NOTES
  REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED IN A TRANSACTION EXEMPT
  FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
  (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED
  OR OTHERWISE TRANSFERRED IN THE UNITED STATES EXCEPT PURSUANT TO REGISTRATION
  UNDER THE SECURITIES ACT OR AN EXEMPTION THEREFROM. THE TRANSFER OF THIS NOTE
  IS SUBJECT TO CERTAIN CONDITIONS, INCLUDING THOSE SET FORTH IN THE FORM OF TRANSFER
  LETTERS AVAILABLE UPON REQUEST FROM THE TRUSTEE, THE BANK OF NEW YORK (THE “TRUSTEE”).
  THE HOLDER HEREOF, BY PURCHASING THIS GLOBAL NOTE, AGREES FOR THE BENEFIT OF
  THE ISSUER AND THE TRUSTEE THAT THIS SUBORDINATED NOTE MAY NOT BE OFFERED, SOLD,
  PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) TO ABN AMRO BANK N.V. OR ONE OF
  ITS AFFILIATES, (B) OUTSIDE THE UNITED STATES TO A NON-U.S. PERSON IN AN OFFSHORE
  TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF THE REGULATION S, (C)
  IN ACCORDANCE WITH RULE 144A TO A PERSON WHOM THE SELLER AND ANY PERSON ACTING
  ON BEHALF OF THE SELLER REASONABLY BELIEVE IS A QUALIFIED INSTITUTIONAL BUYER
  WITHIN THE MEANING OF RULE 144A PURCHASING FOR ITS OWN ACCOUNT OR FOR THE
  ACCOUNT OF A QUALIFIED
  INSTITUTIONAL BUYER, AND TO WHOM NOTICE IS GIVEN THAT SUCH OFFER, SALE OR TRANSFER
  IS BEING MADE IN RELIANCE ON RULE 144A, (D) IF AVAILABLE, PURSUANT TO THE EXEMPTION
  FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER,
  AND SUBJECT TO THE RECEIPT BY ABN AMRO BANK N.V. OF AN OPINION OF COUNSEL OR
  SUCH OTHER EVIDENCE WHICH IT MAY REASONABLY REQUIRE THAT SUCH SALE OR TRANSFER
  IS IN COMPLIANCE WITH THE SECURITIES ACT OR (E) PURSUANT TO ANY OTHER AVAILABLE
  EXEMPTION FROM THE REGISTRATION REQUIREMENTS
  OF THE SECURITIES ACT, AND SUBJECT TO, UPON THE REQUEST OF ABN AMRO BANK N.V.,
  THE RECEIPT BY ABM AMRO BANK N.V OF AN OPINION OF COUNSEL OR SUCH OTHER
  EVIDENCE WHICH IT MAY
  REASONABLY REQUIRE THAT SUCH SALE OR TRANSFER IS MADE IN COMPLIANCE WITH THE
  SECURITIES ACT. NO REPRESENTATION CAN BE MADE AS TO THE AVAILABILITY OF THE
  EXEMPTION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT FOR RESALES OF THIS
  SUBORDINATED NOTE. ANY RESALE OR OTHER TRANSFER, OR ATTEMPTED RESALE OR OTHER
  TRANSFER, OF SUBORDINATED NOTES MADE
  OTHER THAN IN COMPLIANCE WITH THE FOREGOING RESTRICTIONS SHALL NOT BE RECOGNIZED
  BY THE ISSUER, THE TRUSTEE OR ANY OTHER AGENT OF THE ISSUER.  

 S2-15 

	 	4.65%
      Subordinated Notes due 2018	 
	 	(the
      “Subordinated Notes”)	 
	 	 	 
	CUSIP
      No.: •	 	$ •
	ISIN No.:
      •	 	Certificate
      No. •
	Common
      Code: •	 	Maturity
      Date: June 4, 2018 •
	Denominations: •	 	 

 This Subordinated Note
  is one of the 4.65% Subordinated Notes due 2018 (“Subordinated
  Notes”) of ABN AMRO Bank N.V. (the “Issuer”) issued
  as of the date specified above, maturing as of the date specified above. References
  herein to the Conditions shall be to the Terms and Conditions endorsed hereon.
   

 Words and expressions
  defined in the Conditions shall bear the same meanings when used herein. 

 This Subordinated Note
  is issued subject to an Indenture (the “Indenture” which expression
  shall be construed as a reference to that agreement as the same may be amended
  supplemented or restated from time to time), dated June 2, 2003, between the
  Issuer and The Bank of New York, as Trustee (the “Trustee”
  which expression shall include its successor or successors for the time being
  under the Indenture).  

 THIS IS TO CERTIFY that
  [                           ]
  is/are the registered holder(s) of one of the above mentioned Subordinated
  Notes and is/are entitled on the Maturity Date or on such earlier date as this
  Subordinated Note may become due and repayable in accordance with the Conditions,
  the amount payable on redemption of this Subordinated Note, and to interest
  (if any) on this Subordinated Note calculated and payable as provided in the
  Conditions together with any other sums payable under the Conditions. 

 Unless the certificate
  of authentication hereon has been executed by the Trustee by manual signature,
  this Subordinated Note shall not be valid for any purpose.  

 S2-16

 IN WITNESS whereof the
  Issuer has caused this Subordinated Note to be signed in facsimile on its behalf.
   

	 	ABN AMRO
      BANK N.V. 
	 	 	 
	 	By:	  

	 	 	Name:

      Title:    Authorized Signatory 
	 	 	 
	 	 	 
	 	By:	  

	 	 	Name:

      Title:    Authorized Signatory 
	 	 	 
	 	 	 
	Issued in               
               as of _____________________,
      20___. 
	 	 
	 	 	 
	 	Authenticated
      by The Bank of New York, 

           as Trustee 
	 	By:	  

	 	 	Name:

      Title:    Authorized Signatory 
	 	 	 

  

  

  

 S2-17

 
 [Insert
  Reverse of Subordinated Notes] 

 S2-18

 - FORM
  OF TRANSFER OF SUBORDINATED NOTE - 
 FOR VALUE
  RECEIVED the undersigned hereby sell(s), assign(s) and transfer(s) to 

  	

	

	

  (Please print or type name and address (including postal code) of transferee)
  
 [$ ] principal amount
  of this Subordinated Note and all rights hereunder, hereby irrevocably constituting
  and appointing [ ] as attorney to transfer such principal amount of this Subordinated
  Note in the register maintained by The Bank of New York with full power of substitution.
   

	 	Signature(s) 	 
	 	 	 
	Date:
      [          
                    ] 	 	 

  

  

 N.B.: 

	1.

        	This
      form of transfer must be accompanied by such documents, evidence and information
      as may be required pursuant to the Conditions and must be executed under
      the hand of the transferor or, if the transferor is a corporation, either
      under its common seal or under the hand of two of its officers duly authorized
      in writing and, in such latter case, the document so authorizing such officers
      must be delivered with this form of transfer.

      
	2.

        	In
      each case the signature(s) must be guaranteed by a commercial Issuer with
      a correspondent Issuer in New York City or by an institution which is a
      member of The New York Stock Exchange or The American Stock Exchange in
      New York City.

      
	3.

        	The
      signature(s) on this form of transfer must correspond with the name(s) as
      it/they appear(s) on the face of this Subordinated Note in every particular,
      without alteration or enlargement or any change whatsoever.

      

 S2-19

 Certificate
  of Transferee 

 This is to certify that
  the undersigned:  

	*(A)
    	is a US institutional
      investor that qualifies as a qualified institutional buyer pursuant to Rule
      144A under the Securities Act. Attached hereto and delivered herewith is
      a duly signed Transfer Letter in the form set out in Part V of Schedule
      2 to the Indenture dated June 2, 2003. 
	 	 
	*(B)
    	has acquired its interest
      in the Security in a transaction meeting the requirements of Rule 903 or
      Rule 904 of Regulation S under the Securities Act. Attached hereto and delivered
      herewith is a duly signed Transfer Letter in the form set out in Part V
      of Schedule 2 to the Indenture dated June 2, 2003. The undersigned acknowledges
      that it is not entitled to hold a Subordinated Note and surrenders this
      Subordinated Note in exchange for an interest in the Global Note representing
      certain of the Subordinated Notes to be held in its account with DTC. The
      undersigned confirms that the details of its account with DTC are as follows:
      
	 	 
	 	 
	 	[           
                           ]
	 	[           
                           ]
	 	[           
                           ]
	 	 
	Dated:
      [           ]**
	 
	Signed:
    
	 
	 
	 

 

  

  *Either paragraph (A)
    or paragraph (B) shall be deleted.

 *To be dated the date
    of presentation or surrender.

    
 S2-20

 PART
  IV  

 REGISTER,
  TRANSFER AND EXCHANGE OF SUBORDINATED NOTES 

	1.

        	The Issuer
      shall at all times ensure that the Registrar maintains in New York a register
      showing the amount of such Subordinated Notes of the Issuer from time to
      time outstanding and the dates of issue and all subsequent transfers and
      changes of ownership thereof and the names and addresses of the holders
      of such Subordinated Notes. The holders of such Subordinated Notes or any
      of them and any person authorized by such holder or any of them may at all
      reasonable times during office hours inspect the register and take copies
      of or extracts from it. The register may be closed by the Issuer for such
      periods at such times (not exceeding in total 30 days in any one year) as
      it may think fit. 
	 	 
	2.
        	Each
      Subordinated Note shall have an identifying serial number which shall be
      entered on the register. 
	 	 
	3.
        	Each
      Subordinated Note shall have an identifying serial number which shall be
      entered on the register.
      
	 	 
	4.

        	The Subordinated
      Notes are transferable and exchangeable only in accordance with the Conditions.
      
	 	 
	5.

        	The Subordinated
      Notes are transferable by execution of the form of transfer endorsed thereon
      under the hand of the transferor or, where the transferor is a corporation,
      under its common seal or under the hand of two of its officers duly authorized
      in writing. In each case the signature(s) must be guaranteed by a commercial
      Issuer with a correspondent Issuer in New York City or by an institution
      which is a member of The New York Stock Exchange or The American Stock Exchange
      in New York City.
      
	 	 
	6.

        	The Subordinated
      Notes to be transferred must be delivered for registration to the Specified
      Office of the Registrar with the form of transfer endorsed thereon duly
      completed and executed and must be accompanied by such documents, evidence
      and information as may be required pursuant to the Conditions and such other
      evidence as the Issuer may reasonably require to prove the title of the
      transferor or its right to transfer the Subordinated Notes and, if the form
      of transfer is executed by some other person(s) on its behalf or in the
      case of the execution of a form of transfer on behalf of a corporation by
      its officers, the authority of that person or those persons to do so.
      
	 	 
	7.

        	The executors
      or administrators of a deceased holder of Subordinated Notes (not being
      one of several joint holders) and in the case of the death of one or more
      of several joint holders the survivor or survivors of such joint holders
      shall be the only person or persons recognized by the Issuer as having any
      title to such Subordinated Notes.

      

 S2-21

	8.

        	Any person
      becoming entitled to Subordinated Notes in consequence of the death or bankruptcy
      of the holder of such Subordinated Notes may, upon producing such evidence
      that it holds the position in respect of which it proposes to act under
      this paragraph or of its title as the Issuer shall require, be registered
      itself as the holder of such Subordinated Notes or, subject to the preceding
      paragraphs as to transfer, may transfer such Subordinated Notes. The Issuer
      shall be at liberty to retain any amount payable upon the Subordinated Notes
      to which any person is so entitled until such person shall be registered
      as aforesaid or shall duly transfer the Subordinated Notes.

      
	 	 
	9.

        	Unless
      otherwise requested by it, the holder of Subordinated Notes shall be entitled
      to receive only one Subordinated Note in respect of its entire holding of
      Subordinated Notes.

      
	 	 
	8.

        	The joint
      holders of Subordinated Notes shall be entitled to one Subordinated Note
      only in respect of their joint holding of such Subordinated Notes which
      shall, except where they otherwise direct, be delivered to the joint holder
      whose name appears first in the register of the holders of Subordinated
      Notes in respect of such joint holding.

      
	 	 
	10.

        	Where
      a holder of Subordinated Notes has transferred only part of its
      Subordinated Notes there shall be delivered to it without charge a Subordinated
      Note in respect of the balance of such holding.
      
	 	 
	11.

        	The Issuer
      shall not make any charge to the Noteholders for the registration of any
      holding of Subordinated Notes or any transfer thereof or for the issue or
      delivery thereof at the Specified Office of the Registrar or by post to
      the address specified by the holder. If any holder entitled to receive a
      Subordinated Note wishes to have the same delivered to it otherwise than
      at the Specified Office of the Registrar, such delivery shall be made, upon
      its written request to the Registrar, at its risk and (except where sent
      by post to the address specified by the holder) at its expense.
      
	 	 
	12.

        	The Subordinated
      Notes will initially be issued in the form of one or more Rule 144A Global
      Note and a Regulation S Global Note, each registered in the name of Cede
      & Co., as nominee for DTC. Ownership of interests in the Rule 144A Global
      Note and the Regulation S Global Note will be shown on, and the transfer
      of that ownership will be effected only through records maintained by DTC,
      the DTC participants and the indirect DTC participants, including Euroclear
      and Clearstream, Luxembourg. Transfers between participants in DTC will
      be effected in the ordinary way in accordance with DTC rules. Transfers
      between participants in Euroclear and Clearstream, Luxembourg will be effected
      in the ordinary way in accordance with DTC rules.

      

 S2-22

 PART
  V  

 FORM
  OF TRANSFER LETTERS  

 FORM
  OF RULE 144A NOTE TRANSFER LETTER  

 The Bank of New York,
  as Trustee 

101 Barclay Street, 

New York, NY 10286  

 Attention:  

 ABN
  AMRO BANK N.V.  

 4.65% Subordinated
  Notes due 2018 

  (the “Subordinated Notes”)  

 This is to advise you
  that the undersigned Holder desires to sell to the undersigned Purchaser its
  beneficial interest in U.S.$____________ aggregate principal amount of Subordinated
  Notes (CUSIP Number: 00080Q AA 3; ISIN: US00080QAA31; Common Code: 016989371)
  (such beneficial interest being referred to herein as the “Subject Notes”).
   

 The undersigned Purchaser
  desires to purchase the Subject Notes from the undersigned Holder. In connection
  with the transfer of the Subject Notes, the undersigned Holder confirms that
  it has not utilized any general solicitation or general advertising in connection
  with soliciting any purchase of the Subject Notes.  

 The undersigned Holder
  and the undersigned Purchaser each further confirm as follows:  

 The undersigned Holder
  represents and warrants that the Subject Notes are being transferred by the
  undersigned Holder to a person in the United States that the undersigned Holder
  believes is a Qualified Institutional Buyer (as defined below), pursuant to
  the exemption from registration under the Securities Act (as defined below)
  provided by Rule 144A thereunder. The undersigned Purchaser represents and warrants
  that it is a Qualified Institutional Buyer and acknowledges that it is aware
  that the undersigned Holder is relying upon the undersigned Purchaser’s
  foregoing representation in order to claim the exemption from registration provided
  by Rule 144A. The undersigned Purchaser acknowledges that the Subject Notes
  cannot be resold without registration under the Securities Act or exemption
  therefrom and will continue to be subject to the transfer restrictions as described
  in Part IV of Schedule 2 to the Indenture (the “Indenture”,
  which expression shall be  

 S2-23 

 construed as a reference
  to that agreement as the same may be amended, supplemented or restated from
  time to time) dated June 2, 2003.  

 Pursuant to the transfer
  restrictions referred to above, the Subject Notes may only be resold by a purchaser
  purchasing under such paragraph either (A) in a transaction that meets the requirements
  of Rule 144A to a qualified institutional buyer as defined in Rule 144A promulgated
  under the Securities Act (a “Qualified Institutional Buyer”)
  who signs a transfer letter in the form hereof, or (B) outside the United States
  pursuant to Rule 904 of Regulation S under the Securities Act to a buyer who
  signs a transfer letter in the form specified in Part V of Schedule 2 to the
  Indenture.  

 This transfer letter may
  be signed in counterparts, all of which, taken together, shall constitute one
  and the same letter.  

 Very truly yours, 

 Signature of Holder 

Print Name and Address
  of Holder:  

 Signature of Purchaser
   

Print Name and Address
  of Purchaser:  

 S2-24

 FORM
  OF REGULATION S TRANSFER LETTER  

 The Bank of New York,
  as Trustee 

  101 Barclay Street, 

  New York, NY 10286  

 Attention:  

 ABN AMRO
  BANK N.V.  

 4.65% Subordinated
  Notes due 2018 

  (the “Subordinated Notes”)  

 This is to advise you
  that the undersigned Holder desires to resell to the undersigned Purchaser its
  beneficial interest in U.S.$____________ aggregate principal amount of Subordinated
  Notes (CUSIP Number: N02627 AR 3; ISIN Number: USN02627AR30; Common Code: 016989487)
  (such beneficial interest being referred to herein as the “Subject
  Notes”).  

 The undersigned Purchaser,
  or broker or dealer acting on behalf of such Purchaser, certifies that the undersigned
  Purchaser desires to purchase the Subject Notes from the undersigned Holder.
  In connection with the transfer of the Subject Notes, the undersigned Holder
  confirms that it has not utilized any general solicitation or general advertising
  in the United States in connection with soliciting any purchase of the Subject
  Notes.  

 The undersigned Holder
  and the undersigned Purchaser each further confirm as follows:  

 The undersigned Holder
  represents and warrants that, to the best of its knowledge, the Subject Notes
  are being transferred by the undersigned Holder to a buyer outside the United
  States. The undersigned Purchaser, or broker or dealer acting on behalf of such
  Purchaser, represents and warrants that such Purchaser was located outside the
  United States at the time the buy order for the Subject Notes was originated
  and continues to be located outside the United States and that the undersigned
  Purchaser, or broker or dealer acting on behalf of such Purchaser, has not purchased
  the Subject Notes for the benefit of any person in the United States or entered
  into any arrangement for the transfer of the Subject Notes to any person in
  the United States. The undersigned Purchaser acknowledges that the Subject Notes
  cannot be resold without registration under the Securities Act or exemption
  therefrom and will continue to be subject to the transfer restrictions as described
  in Part IV of Schedule 2 to the Indenture (the “Indenture”,
  which expression shall be construed as a  

 S2-25

 reference to that agreement
  as the same may be amended, supplemented or restated from time to time) dated
  June 2, 2003.  

 This transfer letter may
  be signed in counterparts, all of which, taken together, shall constitute one
  and the same letter.  

 Very truly yours, 

   

 Signature of Holder 
  

  Print Name and Address of
  Holder: 

   

 Signature of Purchaser
   

  (or broker-dealer for Purchaser)

  Print Name and Address of Purchaser 

  (or broker-dealer for Purchaser):  

 S2-26

 SCHEDULE
  3 TO THE INDENTURE  

 PROVISIONS
  FOR MEETINGS OF NOTEHOLDERS  

	1. 	(A)	References
      herein to the “Subordinated Notes” are to the 4.65% Subordinated
      Notes due 2018 of ABN AMRO Bank N.V. (the Issuer”), in respect
      of which the relevant meeting is convened.  
	 	 	 	 
	 	(B)
    	
      (i)	A holder
      of Subordinated Notes (whether in definitive form or represented by a Global
      Note) may, by an instrument in writing in the English language (a “form
      of proxy”) signed by the holder or, in the case of a corporation,
      executed under its common seal or signed on its behalf by an attorney or
      a duly authorized officer of the corporation and delivered to the Specified
      Office of the Registrar not less than 48 hours before the time fixed for
      the relevant meeting, appoint any person (a “proxy”) to
      act on his or its behalf in connection with any meeting of the Noteholders
      and any adjourned such meeting. 
	 	 	 	 
	 	 	(ii)

        	Any holder
      of Subordinated Notes which is a corporation may by resolution of its directors
      or other governing body authorize any person to act as its representative
      (a “representative”) in connection with any meeting of
      the Noteholders and any adjourned such meeting.
      
	 	 
	 	 	(iii)

        	Any proxy
      appointed pursuant to sub-paragraph (i) above or representative appointed
      pursuant to sub-paragraph (ii) above shall, so long as such appointment
      remains in force, be deemed, for all purposes in connection with the relevant
      meeting or adjourned meeting of the Noteholders, to be the holder of the
      Subordinated Notes to which such appointment relates and the holder of the
      Subordinated Notes shall be deemed for such purposes not to be the holder.
      
	 	 
	 	2.

        	The
      Issuer only may at any time convene a meeting of the Noteholders. Whenever
      the Issuer is about to convene any such meeting it shall forthwith give
      notice in writing to the Trustee of the day, time and place thereof and
      of the nature of the business to be transacted thereat. Every such meeting
      shall be held at such time and place as the Trustee may approve.
      
	 	 
	 	3.

        	At
      least 21 days’ notice (exclusive of the day on which the notice is
      given and the day on which the meeting is held) specifying the place, day
      and hour of meeting shall be given to the Noteholders prior to any meeting
      of

      

 S3-1

 the Noteholders in the
  manner provided by Condition 10. Such notice shall state generally the nature
  of the business to be transacted at the meeting thereby convened but (except
  for an Extraordinary Resolution) it shall not be necessary to specify in such
  notice the terms of any resolution to be proposed. Such notice shall include
  a statement to the effect that the holders of Subordinated Notes may appoint
  proxies by executing and delivering a form of proxy in the English language
  to the Specified Office of the Registrar not less than 48 hours before the time
  fixed for the meeting or that, in the case of corporations, they may appoint
  representatives by resolution of their directors or other governing body. 

	4.

        	Some
      person (who may but need not be a Noteholder) nominated in writing by the
      Issuer shall be entitled to take the chair at every such meeting but if
      no such nomination is made or if at any meeting the person nominated shall
      not be present within fifteen minutes after the time appointed for holding
      the meeting the Noteholders present shall choose one of their number to
      be Chairman. 
	 	 	 	 
	5.

        	At
      any such meeting, including a meeting for passing an Extraordinary Resolution,
      one or more persons present holding Subordinated Notes or being proxies
      and holding or representing in the aggregate not less than 50% in principal
      amount of the then Outstanding Subordinated Notes shall form a quorum for
      the transaction of business and no business (other than the choosing of
      a Chairman) shall be transacted at any meeting unless the requisite quorum
      be present at the commencement of business. The affirmative vote by or on
      behalf of persons holding a majority in principal amount of the Subordinated
      Notes whose holders are present or represented at the meeting shall be required
      to pass an Extraordinary Resolution; provided that the passage of
      any Extraordinary Resolution at any meeting (including any adjourned meeting)
      the business of which includes any of the following matters: 
	 	 	 	 	 
	 	(i)	
        modifying
      the Rate of Interest, and/or the Interest Payment Dates on which such rate
      is applicable; or 
	 	 	 	 	 
	 	(ii)	 modifying
      the Maturity Date; or 
	 	 	 	 	 
	 	(iii)	
      changing the currency of payment of the Subordinated Notes; or 
	 	 	 	 	 
	 	(iv)	reducing
      or canceling the principal amount or Redemption Amount payable in respect
      of the Subordinated Notes; or 
	 	 	 	 	 
	 	(iii)	impairing
      the right of a Noteholder to sue for payment of any amount due on its Subordinated
      Notes; or

      

  S3-3 

	 	(v)

        	the sanctioning
      of any such scheme or proposal as is described in paragraph 11(F) below;
      or

      
	 	(vi)

        	modifying
      the provisions concerning the quorum required at any meeting of Noteholders
      or the majority required to pass an Extraordinary Resolution;

      

 shall require
  the approval of one or more persons holding or representing not less than 100%
  in principal amount of the then Outstanding Subordinated Notes. An Extraordinary
  Resolution passed at any meeting of the holders of Subordinated Notes will be
  binding on all holders of Subordinated Notes, whether or not they are present
  at the meeting.  

	6.

        	If within
      fifteen minutes after the time appointed for any such meeting a quorum is
      not present the meeting shall stand adjourned to the same day in the next
      week (or if such day is a public holiday the next succeeding Business Day)
      at the same time and place (except in the case of a meeting at which an
      Extraordinary Resolution is to be proposed in which case it shall stand
      adjourned for such period being not less than 14 days nor more than 42 days,
      and at such place as may be appointed by the Chairman and approved by the
      Trustee) and at such adjourned meeting one or more persons present holding
      Subordinated Notes or being proxies (whatever the principal amount of the
      Subordinated Notes so held or represented by them) shall (subject as provided
      below) form a quorum; provided that at any adjourned meeting the
      business of which includes any of the matters specified in the proviso to
      paragraph 5 above the quorum shall be one or more persons present holding
      Subordinated Notes or being proxies and holding or representing in the aggregate
      not less than 100% in principal amount of the then Outstanding Subordinated
      Notes. 
	 	 
	7.

        	Notice
      of any adjourned meeting at which an Extraordinary Resolution is to be submitted
      shall be given in the same manner as notice of an original meeting but as
      if 10 were substituted for 21 in paragraph 3 above and such notice shall
      (except in cases where the proviso to paragraph 6 above shall apply when
      it shall state the relevant quorum) state that one or more persons present
      holding Subordinated Notes or being proxies at the adjourned meeting whatever
      the principal amount of the Subordinated Notes held or represented by them
      will form a quorum. Subject as aforesaid it shall not be necessary to give
      any notice of an adjourned meeting. 
	 	 
	8.

        	The Chairman
      may with the consent of (and shall if directed by) any such meeting adjourn
      the same from time to time and from place to place but no business shall
      be transacted at any adjourned meeting except business

      

 S3-3

  

	 	which
      might lawfully (but for lack of required quorum) have been transacted at
      the meeting from which the adjournment took place. 
	 	 
	9.

        	Any
      director or officer of the Issuer and its lawyers may attend and speak at
      any meeting. Save as aforesaid, but without prejudice to the proviso to
      the definition of “Outstanding” in the Indenture, no person shall
      be entitled to attend and speak nor shall any person be entitled to vote
      at any meeting of the Noteholders unless he either (i) is a proxy or (ii)
      is the holder of a Definitive Note or Definitive Notes. Neither the Issuer,
      nor any of its subsidiaries shall be entitled to vote at any meeting in
      respect of Subordinated Notes held by it for the benefit of any such company
      and no other person shall be entitled to vote at any meeting in respect
      of Subordinated Notes held by it for the benefit of any such company. 
	 	 
	10.

        	Subject
      as provided in paragraph 9 hereof, at any meeting every person who is so
      present shall have one vote in respect of each US $1.00 in principal amount
      of Subordinated Notes so produced or in respect of which he is a proxy,
      or such other amount as the Trustee shall in its absolute discretion stipulate
      in principal amount of Subordinated Notes so produced or in respect of which
      he is a proxy. Any person entitled to more than one vote need not use all
      his votes or cast all the votes to which he is entitled in the same way.

      
	11.

        	At
      a meeting of the Noteholders, the following matters shall be passed upon
      by Extraordinary Resolution (subject to the provisions relating to quorum
      contained in paragraphs 5 and 6 above) only, namely:

      
	 	(A)
      	Power
      to sanction any compromise or arrangement proposed to be made between the
      Issuer and the Noteholders or any of them.
      
	 	 
	 	(B)

        	Power
      to sanction any abrogation, modification, compromise or arrangement in respect
      of the rights of the Noteholders against the Issuer or against any of its
      property whether such rights shall arise under these presents, the Subordinated
      Notes or otherwise.
      
	 	 
	 	(C)

        	Power
      to assent to any modification of the provisions contained in these presents
      or the Conditions or the Subordinated Notes which shall be proposed by the
      Issuer.
      
	 	 
	 	(D)

        	Power
      to give any authority or sanction which under the provisions of these presents
      or the Subordinated Notes is required to be given by Extraordinary Resolution.
      
	 	 
	 	(E)

        	Power
      to appoint any persons (whether Noteholders or not) as a committee or committees
      to represent the interests of the Noteholders and to confer upon such committee
      or committees any

      

 S3-4

  

	 	 	powers
      or discretions which the Noteholders could themselves exercise by Extraordinary
      Resolution. 
	 	 	 
	 	(F)

        	Power
      to sanction any scheme or proposal for the exchange or sale of the Subordinated
      Notes for, or the conversion of the Subordinated Notes into or the cancellation
      of the Subordinated Notes in consideration of, shares, stock, notes, bonds,
      debentures, debenture stock and/or other obligations and/or securities of
      the Issuer or any other company formed or to be formed, or for or into or
      in consideration of cash, or partly for or into or in consideration of such
      shares, stock, notes, bonds, debentures, debenture stock and/or other obligations
      and/or securities as aforesaid and partly for or into or in consideration
      of cash. 
	 	 	 
	 	(G)

        	Power
      to approve the substitution of any entity in place of the Issuer (or any
      previous substitute) as the principal debtor in respect of the Subordinated
      Notes. 

	 	 
	12.

        	Any
      resolution passed at a meeting of the Noteholders duly convened and held
      in accordance with these presents shall be binding upon all the Noteholders
      whether present or not present at such meeting and whether or not voting
      and each of them shall be bound to give effect thereto accordingly and the
      passing of any such resolution shall be conclusive evidence that the circumstances
      justify the passing thereof. Notice of the result of the voting on any resolution
      duly considered by the Noteholders shall be published in accordance with
      Condition 10 by the Issuer within 14 days of such result being known; provided
      that the non-publication of such notice shall not invalidate such resolution.
      
	 	 
	13.

        	The
      expression “Extraordinary Resolution” when used in this Agreeme
      nt or the Conditions means a resolution passed, at a meeting of the Noteholders
      duly convened and at which a quorum is present and held in accordance with
      the provisions herein contained, by the affirmative vote by or on behalf
      of persons holding a majority (or, in the case of resolutions referred to
      in the proviso to paragraph 5, 100%) in principal amount of the Subordinated
      Notes whose holders are present or represented at such meeting.
      
	 	 
	14.

        	Minutes
      of all resolutions and proceedings at every such meeting as aforesaid shall
      be made and duly entered in books to be from time to time provided for that
      purpose by the Issuer and any such Minutes as aforesaid if purporting to
      be signed by the Chairman of the meeting at which such resolutions were
      passed or proceedings had shall be conclusive evidence of the matters therein
      contained and until the contrary is proved every such meeting in respect
      of the proceedings of which Minutes have been made

      

 S3-5

  

	 	shall
      be deemed to have been duly held and convened and all resolutions passed
      or proceedings had thereat to have been duly passed or had. 
	 	 
	15.

        	The Issuer
      may set a Special Record Date for purposes of determining the identity of
      Noteholders entitled to vote or consent to any action referred to in this
      Schedule 3, which Special Record Date may be set at any time or from time
      to time by notice to the Trustee, for any date or dates not more than 60
      days nor less than ten days prior to the proposed date of such vote or consent,
      and thereafter. Notwithstanding any other provisions hereof, the only Noteholders
      that shall be entitled to so vote or give such consent or revoke such vote
      or consent shall be the Noteholders of record on such Special Record Date;
      provided that unless the proposed action shall have been authorized
      by the requisite number of votes prior to the date which is 90 days after
      such Special Record Date, any such vote or consent previously given shall
      automatically and without further action by any Noteholder be cancelled
      and of no further effect.
      
	 	 
	16.

        	Subject
      to all other provisions contained herein the Trustee may without the consent
      of the Issuer or the Noteholders prescribe such further regulations regarding
      the holding of meetings of Noteholders and attendance and voting thereat
      as the Trustee may in its sole discretion think fit.

      

 S3-6

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