New Issue: RBS prices $0.07 million 11% reverse convertibles linked to Goodyear Tire

New York, April 28 - Royal Bank of Scotland NV priced $0.065 million of 11% Knock-In Reverse Exchangeable notes due Oct. 29, 2010 linked to Goodyear Tire & Rubber Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Goodyear Tire shares fall below the protection price of $10.54, 75% of the initial price of $14.05, during the life of the notes and finish below the initial price in which case the payout will be 71.174 shares of Goodyear Tire stock.

RBS Securities Inc. is the agent.

Issuer:	Royal Bank of Scotland NV
Issue:	Knock-In Reverse Exchangeable notes
Underlying stock:	Goodyear Tire & Rubber Co. (Symbol: GT)
Amount:	$0.065 million
Maturity:	Oct. 29, 2010
Coupon:	11%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Goodyear Tire shares fall below the protection price of $10.54, 75% of the initial price, and finish below the initial price, in which case 75% shares of Goodyear Tire stock
Initial price:	$14.05
Protection price:	$10.54, 75% of $14.05
Exchange ratio:	71.174
Pricing date:	April 27
Settlement date:	April 30
Agent:	RBS Securities Inc.
Fees:	1.75%
Cusip:	78009KEV0

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