New Issue: ABN Amro prices $3 million 11.25% reverse convertibles linked to Valero Energy

New York, July 16 - ABN Amro Bank NV priced $3 million of 11.25% Knock-In Reverse Exchangeable notes due July 17, 2009 linked to Valero Energy Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Valero Energy shares fall below the protection price of $17.72, 55% of the initial price of $32.22, during the life of the notes and finish below the initial price in which case the payout will be 31.037 shares of Valero Energy stock.

ABN Amro Inc. is the agent.

Issuer:	ABN Amro Bank NV
Issue:	Knock-In Reverse Exchangeable notes
Underlying stock:	Valero Energy Corp.
Amount:	$3 million
Maturity:	July 17, 2009
Coupon:	11.25%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Valero Energy shares fall below the protection price of $17.72, 55% of the initial price, and finish below the initial price, in which case 31.037 shares of Valero Energy stock
Initial price:	$32.22
Protection price:	$17.72, 55% of $32.22
Exchange ratio:	31.037
Pricing date:	July 15
Settlement date:	July 18
Agent:	ABN Amro Inc.
Fees:	4.75%

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