New Issue: ABN Amro sells $1.9 million 20% Knock-in Reverse Exchangeables linked to Flamel

By Laura Lutz

Des Moines, April 30 - ABN Amro Bank NV priced $1.9 million of 20% Knock-in Reverse Exchangeable Securities due Oct. 31, 2007 linked to American Depositary Receipts representing Flamel Technologies SA stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payment at maturity will be determined according to the performance of Flamel stock. If the stock trades at or below $21.39, the knock-in price, and closes below $28.52, the initial price, during the life of the notes, investors will receive a number of Flamel ADRs equal to $1,000 divided by the initial stock price. The knock-in price is 75% of the initial price.

Otherwise, investors will receive par in cash.

Issuer:	ABN Amro Bank NV
Issue:	Knock-in Reverse Exchangeable Securities
Underlying stock:	Flamel Technologies SA
Amount:	$1.9 million
Maturity:	Oct. 31, 2007
Coupon:	20%, payable monthly
Price:	Par
Payout at maturity:	If Flamel stock closes below the knock-in price during the life of the notes and finishes below the initial price, 35.063 shares of Flamel stock; otherwise, par in cash
Initial price:	$28.52
Knock-in price:	$21.39, 75% of initial price
Exchange ratio:	35.063 shares, at maturity
Pricing date:	April 25
Settlement date:	April 30
Agent:	ABN Amro Inc.
Fees:	1.75%
Distribution:	Off shelf

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