New Issue: RBS prices $0.13 million 10.5% reverse convertibles linked to Foster Wheeler

New York, April 28 - Royal Bank of Scotland NV priced $0.129 million of 10.5% Knock-In Reverse Exchangeable notes due April 29, 2011 linked to Foster Wheeler AG shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Foster Wheeler shares fall below the protection price of $24.65, 80% of the initial price of $30.81, during the life of the notes and finish below the initial price in which case the payout will be 32.457 shares of Foster Wheeler stock.

RBS Securities Inc. is the agent.

Issuer:	Royal Bank of Scotland NV
Issue:	Knock-In Reverse Exchangeable notes
Underlying stock:	Foster Wheeler AG (Symbol: FWLT)
Amount:	$0.129 million
Maturity:	April 29, 2011
Coupon:	10.5%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Foster Wheeler shares fall below the protection price of $24.65, 80% of the initial price of $30.81, and finish below the initial price, in which case 32.457 shares of Foster Wheeler stock
Initial price:	$30.81
Protection price:	$24.65, 80% of $30.81
Exchange ratio:	32.457
Pricing date:	April 27
Settlement date:	April 30
Agent:	RBS Securities Inc.
Fees:	3.25%
Cusip:	78009KEG3

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