Amsterdam exchanges has received the following announcement from ABN AMRO Rothschild, the global coordinator for placing of Amsterdam Exchanges nv. B shares.

ABN AMRO Rothschild has announced that for secondary offering of 50,000 Amsterdam Exchanges nv. B shares an indicated range has been set per Amsterdam Exchanges nv. B share NLG 1,000 nominal from NLG 1.400 to NLG 1.800. ABN AMRO Rothschild, on behalf of the Vereniging voor de Effectenhandel, reserves the right to adjust this price range depending on the developments in the B share book.

Two categories may register for B shares: category I (former members of the Vereniging voor de Effectenhandel and Vereniging European Options Exchange) and category II (institutional investors and issuers). The total number of registrations by category I must be equal to at least 30% of the total number of B shares for secondary offering; should this percentage not be reached, no allocations will be made to this category. In the event the percentage is reached, the category I price will be calculated as the arithmetically calculated weighted average of these registrations. If the price which comes about in category II, for which all B shares can be placed, is equal to or higher than the price as calculated in category I, no allocations will be made in category I. Should the category II price be lower than the price as calculated in category I, registrations from both categories will be combined and allocations will take place in both categories.

Expected start of registration category I and II
Monday 17 March 1997

Expected start of registration category I
Wednesday 19 March 1997

Expected close of registration category II
Friday 21 March 1997

Expected date of price determination
Monday 24 March 1997

Expected date of allocation
Monday 24 March 1997

Expected date of payment
Thursday 27 March 1997

ABN AMRO Rothschild reserves the right to close registration at an earlier stage, which fact will be made known in advance.

Maximum possession in Amsterdam Exchanges is governed by the articles of association. An investor, together with his group companies may not own 10% or more of the total placed share capital, with the exception of this investor's retirement fund which may participate for a maximum of 5% extra. In total an investor may thus participate up to 15% in the capital of Amsterdam Exchanges.

Former members of the Vereniging voor de Effectenhandel and Vereniging European Options Exchange will receive in respect of the (intended) liquidation of both associations A shares, whereby they will acquire an interest in Amsterdam Exchanges. Upon registration the Selling Shareholders will check that registrations in both categories in combination with the number of A shares does not exceed the statutory limit. In case of the applicants belonging to both categories, registrations done in both categories must be at the same price and the total of both registrations must not exceed the statutory limit.

Registrations falling under category I must be submitted with reference to a price. Registrations falling under category II may be registered with reference to a price or against a "bestens" order.

The eventual price of the B share will be brought about in such a way as to allow all B shares to be placed against one single price.

The content of this Briefing is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Enquiries:

Lex van Drooge: Amsterdam Exchanges AEX
Tel: + 31 20 550 4540

Paddy Manning, St James Corporate Communications
Tel: + 44 171 436 4101