New Issue: RBS prices $31,000 12.5% reverse convertibles linked to Delta Air

New York, July 29 - Royal Bank of Scotland NV priced $31,000 of 12.5% Knock-In Reverse Exchangeable notes due Oct. 29, 2010 linked to the Delta Air Lines, Inc. index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Delta Air shares fall below the protection price of $7.61, 65% of the initial price of $11.71, during the life of the notes and finish below the initial price in which case the payout will be 85.397 shares of Delta Air stock.

RBS Securities Inc. is the agent.

Issuer:	Royal Bank of Scotland NV
Issue:	Knock-In Reverse Exchangeable notes
Underlying stock:	Delta Air Lines, Inc. (Symbol: DAL )
Amount:	$31,000
Maturity:	Oct. 29, 2010
Coupon:	12.5%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Delta Air shares fall below the protection price of $7.61, 65% of the initial price, and finish below the initial price, in which case 85.397 shares of Delta Air stock
Initial price:	11.71
Protection price:	$7.61, 65% of $11.71
Exchange ratio:	85.397
Pricing date:	July 27
Settlement date:	July 30
Agent:	RBS Securities Inc.
Fees:	1.5%

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