New Issue: RBS prices $347,000 10.25% reverse convertibles linked to Apple

New York, July 29 - Royal Bank of Scotland NV priced $347,000 of 10.25% Knock-In Reverse Exchangeable notes due Jan. 31, 2011 linked to the Apple Inc. index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Apple shares fall below the protection price of $198.06, 75% of the initial price of $264.08, during the life of the notes and finish below the initial price in which case the payout will be 3.787 shares of Apple stock.

RBS Securities Inc. is the agent.

Issuer:	Royal Bank of Scotland NV
Issue:	Knock-In Reverse Exchangeable notes
Underlying stock:	Apple Inc. (Symbol: AAPL )
Amount:	$347,000
Maturity:	Jan. 31, 2011
Coupon:	10.25%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Apple shares fall below the protection price of $198.06, 75% of the initial price, and finish below the initial price, in which case 3.787 shares of Apple stock
Initial price:	264.08
Protection price:	$198.06, 75% of $264.08
Exchange ratio:	3.787
Pricing date:	July 27
Settlement date:	July 30
Agent:	RBS Securities Inc.
Fees:	2.5%

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