ABN AMRO intends to launch EUR 30,000,000 Reverse Exchangeable Securities ("Securities") linked to certificates of shares of ING Groep N.V. ("shares ING") or shares Fortis with a maturity date of 16 November 2007.

The Securities have a denomination of EUR 1,000 and offer the investor a 9.0% coupon, which will be paid annually in arrears. The indicative issue price is set at 102%. The issuer has the option to redeem the Securities either at par in cash or by delivery of a predetermined number of shares ING or Fortis. The indicative number of shares is respectively 42.2833 and 42.3191 per Security, based on the official closing price of the shares of ING Groep N.V. and Fortis on 27 October 2005. Fractions of shares will be settled in cash. The final number of shares will be determined based on the official closing price of the shares of ING Groep N.V. and Fortis on 11 November 2005.

The primary settlement date is 16 November 2005. The subscription period will run from 31 October 2005 up to and including 11 November 2005, 15.00 hrs Amsterdam time (or earlier). The Securities and will then trade on an ‘As, If and When’-issued basis until official listing on the Eurolist by Euronext Amsterdam, which has been applied for. The Securities will trade under ISIN-code NL0000117653 and fondscode 11765. Prices will be quoted on Reuters page AAHHY and on the Internet: www.abnamromarkets.com. The prospectus will be available at www.abnamromarkets.com via 0900-markets (0900- 6275387).

Issuer: ABN AMRO

Lead manager: ABN AMRO Rothschild.