New Issue: RBS prices $0.15 million 10.75% reverse convertibles linked to Alcoa

New York, April 28 - Royal Bank of Scotland NV priced $0.151 million of 10.75% Knock-In Reverse Exchangeable notes due Oct. 29, 2010 linked to Alcoa Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Alcoa shares fall below the protection price of $10.75, 80% of the initial price of $13.44, during the life of the notes and finish below the initial price in which case the payout will be 74.405 shares of Alcoa stock.

RBS Securities Inc. is the agent.

Issuer:	Royal Bank of Scotland NV
Issue:	Knock-In Reverse Exchangeable notes
Underlying stock:	Alcoa Inc. (Symbol: AA)
Amount:	$0.151 million
Maturity:	Oct. 29, 2010
Coupon:	10.75%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Alcoa shares fall below the protection price of $10.75, 80% of the initial price, and finish below the initial price, in which case 74.405 shares of Alcoa stock
Initial price:	$13.44
Protection price:	$10.75, 80% of $13.44
Exchange ratio:	74.405
Pricing date:	April 27
Settlement date:	April 30
Agent:	RBS Securities Inc.
Fees:	1.75%
Cusip:	78009KEW8

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