09:29 AA-GOLD @EC0512<04966> & AA-GOLD @EP0512<04970> - Ann. (1) This announcement appears for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for the Warrants described below. The Stock Exchange of Hong Kong Limited (the "Stock Exchange") takes no responsibility for the contents of this announcement, makes no representation as to its accuracy or completeness and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. 60,000,000 European Style (Cash Settled) Call Warrants 2005 relating to Gold ("Series 1") and 40,000,000 European Style (Cash Settled) Put Warrants 2005 relating to Gold ("Series 2") issued by ABN AMRO BANK N.V. (incorporated in The Netherlands with its statutory seat in Amsterdam) Sponsor ABN AMRO ASIA LIMITED Announcement ABN AMRO Bank N.V. (the "Issuer"), acting through its London branch, announces its intention to issue the Warrants detailed below. In respect of each series, the Warrants relate to the relevant commodity (the " Commodity") specified below. The Warrants are European Style. Each series of Warrants is issued at the relevant issue price (the "Issue Price") and may only be exercised on the relevant expiry date (the "Expiry Date"), at the relevant exercise price (the "Exercise Price") and in the relevant board lot (the "Board Lot") or integral multiples thereof, all of which are specified below. Warrants Entitlement Number of Warrants per Entitlement Commodity Unit Issue Price per Warrant Expiry Date Valuation Date Board Lot Exercise Price Series 1 One Unit 500 Gold Troy Ounce HK$0.265 29 December 2005 Expiry Date 10,000 US$450 Series 2 One Unit 300 Gold Troy Ounce HK$0.287 29 December 2005 Expiry Date 10,000 US$390 Each series of the Warrants is represented by a global certificate in the name of HKSCC Nominees Limited in registered form. Each Board Lot gives the holder the right to receive from the Issuer upon exercise a payment of an amount (the "Cash Settlement Amount"), if any, in Hong Kong Dollars calculated as follows: (i) in respect of Series 1: Cash Settlement Amount per Board Lot in Hong Kong Dollars= Entitlement x (Closing Price - Exercise Price) x Board Lot x Exchange Rate -------------------------------------------------------------------------- Number of Warrants per Entitlement (ii) in respect of Series 2: Cash Settlement Amount per Board Lot in Hong Kong Dollars= Entitlement x (Exercise Price - Closing Price) x Board Lot x Exchange Rate -------------------------------------------------------------------------- Number of Warrants per Entitlement Where: (i) "Closing Price" means the London morning fixing price per Unit of the Commodity, stated in US Dollars and taken by the Issuer on the Valuation Date (as defined in the Terms and Conditions of Cash Settled Warrants over Commodities ("Conditions") set out in the base listing document dated 27 April 2005 (the "Base Listing Document")) from Reuters page "XAUFIXAM=" or such replacement page on the Reuters service as displays the information currently displayed on Reuters page "XAUFIXAM=" or, if the Reuters service ceases to display such information, such page as displays such information on such other service as may be selected by the Issuer in accordance with the Conditions; and (ii) "Exchange Rate" means the bid-quote for the US$/HK$ exchange rate taken by the Issuer, at or about 2:00 p.m., Hong Kong time on the Valuation Date, from Reuters page "ASFI" or such replacement page on the Reuters service as displays the information currently displayed on Reuters page "ASFI" or, if the Reuters service ceases to display such information, such page as displays such information on such other service as may be selected by the Issuer in accordance with the Conditions.