ABN AMRO Chicago Corporation To Acquire San Francisco-Based Sage Clearing.

CHICAGO--(BUSINESS WIRE)--Sept. 30, 1997--ABN AMRO Chicago Corporation, the Chicago-based investment banking subsidiary of ABN AMRO Bank, today announced an agreement in principle to acquire the business of Sage Clearing, a San Francisco stock and options clearing firm with operations on all major U.S. options exchanges.

Terms of the transaction, which is scheduled to be finalized before year end subject to regulatory approval, were not disclosed.

Jack Wing, Chairman and CEO of ABN AMRO Chicago Corporation said, "This acquisition represents an opportunity for us to gain a greater presence in the options clearing business, and we're pleased to do so by joining forces with such a well-run and highly regarded firm."

Sage's clearing business will be consolidated into ABN AMRO Chicago Corporation and will operate as the Sage Clearing Division of ABN AMRO Chicago Corporation. Sage Clearing co-founder and president, Douglas J. Engmann, will continue to oversee the division's clearing operations. He will also become Vice Chairman of ABN AMRO Chicago Corporation.

ABN AMRO Chicago Corporation has capital of $450 million and ranks among the 30 largest brokerage firms in North America.

"We are very excited about the opportunities this merger will bring to our firm and our clients," Engmann said, "Sage has built a strong position in the industry based on a reputation for client service and state of the art clearing and account management technology. The combination of ABN AMRO Bank's financial resources, the client service ethic enjoyed by both firms, and innovative technology should allow us to be extremely competitive in the future."

ABN AMRO Chicago Corporation was formed in January 1997 through ABN AMRO Bank's acquisition of The Chicago Corporation and its subsequent merger with ABN AMRO Securities (USA) Inc. Netherlands-based ABN AMRO Bank N.V. is the 15th largest bank in the world with assets of $398 billion and 1,890 branches in 71 countries throughout the world. The bank's North American assets total $96 billion. With 42 branches and 16,040 staff in the United States, ABN AMRO Bank is the largest foreign bank in the United States.

Founded in 1982 by Michael and Douglas Engmann, Sage Clearing confirms and guarantees the payment of stock and option trades for market makers and specialists on U.S. options exchanges. Representing approximately 350 traders on the American Stock Exchange, Chicago Board Options Exchange, Pacific Stock Exchange and Philadelphia Stock Exchange, Sage is one of the largest options clearing firms in the U.S. and the only one headquartered on the West Coast.

CONTACT: ABN AMRO North America, Inc., Chicago

Jocelyn Hamlar, 312/904-2171

or

ABN AMRO Bank, Amsterdam

Theo van Dijk, 31-20-628-4748

or

Sage Clearing, San Francisco

Douglas Engmann, 415/781-7430