Attached is the first page of a prospectus for a Reverse Exchangeable Note issued by ABN-AMRO. The security was sold to investors for a price of $1,000.

1.Describe the structure of the security. What are the payoffs to an investor who buys a Reverse Exchangeable Notes?

2.Show that the GE RES is equivalent to a package consisting of a coupon bond that is sold by ABN AMRO to the investor plus a put option that the investor sells to ABN AMRO. The put option allows ABN AMRO to sell GE shares to the investor at a fixed price, the face value of the bond.

3.Assume that the volatility of the underlying stock is 40%, the appropriate discount rate for the bond is 6%, the risk free rate is 3%, and that the GE stock pays a 2% dividend. Calculate the theoretical price of the bond and the put option. What is the theoretical price of the Reverse Exchangeable Security?

4.It is claimed that the security is mispriced because the volatility of the underlying asset is 40%. Assuming that the volatility assumption is correct do you agree that the security is mispriced?

5. Why would investors purchase this security?

04 865 675 Siewart Certer Tulane 1 00 31am 10-20 2006 PRICING SUPPLEMENT TO PROSPECTUS DATED JULY 3, 2002 AND PROSPECTUS SUPPLEMENT DATED JULY 8, 2002) Pricing Supplement No. 6 to Registration Statement No. 333-89136 Dated January 31, 2003 Rule 424(b3) $9,750,000 1000% Reverse Exchangeable Securities due February 5, 2004 linked to common stock of General Electric Company The Securises do not garantee any ream o'prideui ! mau ly inetud, ilo closing price ct the shares of eonmon or GeneraEwcarc Conpry mount of each Seorty and could be mee 1000% Amene Extungeebi. Secimes e Fatwuary 5, 2004 Payment at eneral Elcthie Company 10.00% per annum pay atte ittirruaty in war on August 5, 2003 and February 5, 2004 Interast Ha deliver to you, in excharge for esch $1,000 prinipal sa Price Onginal issue Date Salt oment Dato Maturity Feoruary S, 2003 Deneminaions The Secuites may be purchased in denoninalors of February 5 204 Farm ot Securities Ths Secrtes wil be nepresented try 8ngo nogah.mf Initia Pyice No Amliation with General Electric Compary, which wo er oas nvclved wth this ofeng in any way The oeigations Slock Redemption 43215 $1,000 dvided by the insal price The Securties have approved for Isting on the The Securitles are not insured by the Foderal Deposit Insurance Corporation or any other foderal agency. The Securities invoive risks not associated with an investment in conventional debt securltles. See "Risk Factors The Secuiies and Exsharge Ccmmision and stale secuos have not asproved or dsapproved theee Seous er dotemind t Pring noro of r affiliates has agreed to purchase tho unsold portion, which does nat 6xceed sors,000 end te told uwh Securises hr vestment for a period ee at least 30 days. Ses "Molding of Secundes by Our Ammates and Future Saies" unde, the hB3ding "'Risk Factor" and-plan of ABN AMRO Financial Services, Inc. ABN AMRO Incorporated January 31, 2003 04 865 675 Siewart Certer Tulane 1 00 31am 10-20 2006 PRICING SUPPLEMENT TO PROSPECTUS DATED JULY 3, 2002 AND PROSPECTUS SUPPLEMENT DATED JULY 8, 2002) Pricing Supplement No. 6 to Registration Statement No. 333-89136 Dated January 31, 2003 Rule 424(b3) $9,750,000 1000% Reverse Exchangeable Securities due February 5, 2004 linked to common stock of General Electric Company The Securises do not garantee any ream o'prideui ! mau ly inetud, ilo closing price ct the shares of eonmon or GeneraEwcarc Conpry mount of each Seorty and could be mee 1000% Amene Extungeebi. Secimes e Fatwuary 5, 2004 Payment at eneral Elcthie Company 10.00% per annum pay atte ittirruaty in war on August 5, 2003 and February 5, 2004 Interast Ha deliver to you, in excharge for esch $1,000 prinipal sa Price Onginal issue Date Salt oment Dato Maturity Feoruary S, 2003 Deneminaions The Secuites may be purchased in denoninalors of February 5 204 Farm ot Securities Ths Secrtes wil be nepresented try 8ngo nogah.mf Initia Pyice No Amliation with General Electric Compary, which wo er oas nvclved wth this ofeng in any way The oeigations Slock Redemption 43215 $1,000 dvided by the insal price The Securties have approved for Isting on the The Securitles are not insured by the Foderal Deposit Insurance Corporation or any other foderal agency. The Securities invoive risks not associated with an investment in conventional debt securltles. See "Risk Factors The Secuiies and Exsharge Ccmmision and stale secuos have not asproved or dsapproved theee Seous er dotemind t Pring noro of r affiliates has agreed to purchase tho unsold portion, which does nat 6xceed sors,000 end te told uwh Securises hr vestment for a period ee at least 30 days. Ses "Molding of Secundes by Our Ammates and Future Saies" unde, the hB3ding "'Risk Factor" and-plan of ABN AMRO Financial Services, Inc. ABN AMRO Incorporated January 31, 2003