PIMCO Bond Fund Protected Power Note Newsletter - November 2005 Product Stucture The PIMCO Bond Fund Protected Power Note (Power Note) is a 2.5 year, 100% Principal Protected Note linked to the performance of the PIMCO Bond Fund Basket. The initial basket is placed under an Index which comprises: PIMCO EMERGING MARKET BOND FUND 20.8 20.6 Equity Component; and Net Asset Value (USD) 20.4 Cash Component 20.2 20 19.8 19.6 On Trade Date, the Equity Component will be 100% invested in the below PIMCO 19.4 Bond Fund Basket, which consists of the following Funds: 23/9/2005 11/10/2005 14/10/2005 19/10/2005 24/10/2005 27/10/2005 28/9/2005 6/10/2005 10/11/2005 3/10/2005 15/11/2005 18/11/2005 2/11/2005 23/11/2005 7/11/2005 Source: Bloomberg Date: Nov 2005 Fund Name ISIN Code Initial Allocation Bloomberg Code PIMCO Emerging Markets Bond “HR” IE0032314217 1/3 PIMEHRA ID PIMCO HIGH YIELD BOND FUND 14.45 PIMCO High Yield Bond “HR” IE0032313680 1/3 PIMHHRA ID 14.4 Net Asset Value (USD) 14.35 PIMCO Total Return Bond “HR” IE0032313466 1/3 PIMTHRA ID 14.3 14.25 14.2 14.15 14.1 Brief introduction of the 3 PIMCO Bond funds: 14.05 14 23/9/2005 11/10/2005 14/10/2005 19/10/2005 24/10/2005 28/9/2005 3/10/2005 27/10/2005 10/11/2005 15/11/2005 18/11/2005 23/11/2005 6/10/2005 2/11/2005 7/11/2005 PIMCO Emerging Markets Bond Fund Source: Bloomberg Date: Nov 2005 Portfolio Structure PIMCO TOTAL RETURN BOND FUND The Fund focuses on fixed income securities of issuers that are economically 15.8 15.7 tied to countries with emerging securities markets. Net Asset Value (USD) 15.6 The Fund’s average duration (sensitivity to interest rates) will vary based on the 15.5 15.4 Investment Adviser’s forecast for interest rates and, under normal market 15.3 15.2 conditions, is not expected to exceed eight years. 15.1 The Fund will select the country and currency composition based on its evaluation 23/9/2005 11/10/2005 14/10/2005 19/10/2005 24/10/2005 28/9/2005 10/11/2005 3/10/2005 27/10/2005 15/11/2005 18/11/2005 23/11/2005 6/10/2005 2/11/2005 7/11/2005 of relative interest rates, inflation rates, exchange rates, monetary and fiscal policies, trade and current account balances, and any other specific factors the Source: Bloomberg Investment Adviser believes to be relevant. Date: Nov 2005 PIMCO High Yield Bond Fund Note: Past performance is in no way indicative Portfolio Structure of the future performance of the product. The Fund focuses on higher yielding, intermediate maturity, fixed income securities. The Fund maintains an average duration (sensitivity to interest rates) ranging between two and six years, based on the Investment Adviser’s forecast for interest rates. Investments are made primarily in corporate fixed income securities, but can include U.S. government securities, mortgage and other asset-backed securities, euro-denominated and U.S. dollar-denominated securities of non-U.S. issuers, and money market instruments. PIMCO Total Return Bond Fund Portfolio Structure The Fund focuses on intermediate maturity, fixed income securities. The Fund maintains an average duration (sensitivity to interest rates) ranging between three and six years, based on the Investment Adviser’s forecast for interest rates. Investments are made in fixed income securities and can include U.S. government and corporate bond securities, mortgage and other asset-backed securities, U.S.dollar and non-U.S. dollar-denominated securities of non-U.S. issuers and money market instruments. Power Note Product Performance The note was at a high of 100.60% and is currently trading at mid price of 98.35% (as shown in the graph below) with bid/offer at 97.35%/99.35%. The graph below shows the price behavior of the Note since launch. 98.50 98.40 98.30 98.20 98.10 98.00 97.90 97.80 97.70 03.11.05 09.11.05 15.11.05 21.11.05 25.11.05 Source: www.abnamromarkets.com Date: 30 Nov 2005 The basket on the whole, is doing better this month with strength from the Emerging Market Bond Fund, which is up almost 1%. The remaining two funds are still down by approximately 0.50%. There is still pressure from the increasing interest rates environment on the bond funds in general. With respect to the note, US interest rates are still on the rising trend, which in turn has held the note price steady over the past month. This has offset the slight overall gain in the basket of bond funds. Disclaimer This document is not an expression of an offer to sell nor of a solicitation of an offer to enter into a transaction and all expressions of opinion used herein are subject to change without notice. The terms set forth herein are intended for discussion purposes only and are subject to the final expression of the terms of the transaction, if the transaction takes place. The final terms of the transaction will be set forth in the final terms sheet, in any applicable agreement and/or confirmation. Further, although some of the information provided herein may have been obtained from various published and unpublished sources considered to be reliable, neither BNP Paribas nor any of its affiliates make any representation as to its accuracy or completeness. The contents of this document are confidential and intended solely for the use of BNP Paribas and the person to whom this document has been delivered. In the absence of any provision to the contrary, investment in the product described herein is not guaranteed by BNP Paribas or its affiliates and is subject to investment risks, including possible loss of the principal invested. Such investment may also be restricted by law in certain jurisdictions. Prior to making any investment decision, investors should fully understand the financial risks and merits, as well as the legal, tax and accounting implications, with the help of their personal advisors if necessary, and make their own determination on the suitability of such decision. BNP Paribas will not assume any responsibility for the financial consequences of the client trading in the financial transactions described in this document. While we consider the information herein reliable and ABN AMRO Bank N.V. make no representation as to its accuracy or completeness. The information and opinions contained in the document are for information purposes only. Past results do not guarantee and are not indicative of future performance. This document contains promotional material, is issued for the purpose for promotion, and should not be construed as a solicitation or offer, legal, tax or other advise, or recommendation to engage in any transaction. ABN AMRO Bank N.V. or any of its associates may have a long or short position, purchase or sell on an agency or principal basis, make a market in or engage in other transactions, provide investment banking, commercial banking, credit or other services with the issuer of any security or financial instrument underlying the derivative product entered with you. Prospective investors should understand the risks involving these products and should reach an investment decision only after careful consideration, with their advisers, of the suitability of investing in these products in light of their particular investment considerations. This message which is subject to change without notice is provided for informational purposes and should not be construed as a solicitation or offer to buy or sell any securities or related financial instruments. While ABN AMRO makes reasonable efforts to obtain information from sources, which it believes to be reliable, ABN AMRO makes no representation or warranty of any kind, either express or implied as to the accuracy, reliability, up-to-dateness or completeness of the information contained herein. Nothing herein constitutes an investment, legal, tax or other advice nor is it to be relied on in any investment or decision. Certain services and products are subject to legal restrictions and therefore may not be available for residents of certain countries. You should obtain relevant and specific professional advice before making any investment decision. The past performance is not necessarily a guide to the future result of an investment. The value of investments may go up or down due to various factors including but not limited to changes in rates of foreign exchange and investors may not get back the amount invested. ABN AMRO disclaims any responsibility and liability whatsoever in this respect.. The Notes/Certificates do not represent shares in an investment fund and are therefore not subject to the supervision of the Swiss Federal Banking Commission (Eidgenossische Bankenkommission). Hence, investors in the Notes are not eligible for the specific investor protection under the Swiss Federal Law on Investment Funds.