New Issue: RBS prices $125,000 16.75% reverse convertibles linked to Silver Wheaton

New York, March 29 - Royal Bank of Scotland NV priced $125,000 of 16.75% Knock-In Reverse Exchangeable notes due Sept. 30, 2011 linked to the Silver Wheaton Corp. index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Silver Wheaton shares fall below the protection price of $29.89, 70% of the initial price of $42.70, during the life of the notes and finish below the initial price in which case the payout will be 23.419 shares of Silver Wheaton stock.

RBS Securities Inc. is the agent.

Issuer:	Royal Bank of Scotland NV
Issue:	Knock-In Reverse Exchangeable notes
Underlying stock:	Silver Wheaton Corp. (Symbol: SLW)
Amount:	$125,000
Maturity:	Sept. 30, 2011
Coupon:	16.75%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Silver Wheaton shares fall below the protection price of $29.89, 70% of the initial price, and finish below the initial price, in which case 23.419 shares of Silver Wheaton stock
Initial price:	42.70
Protection price:	$29.89, 70% of $42.70
Exchange ratio:	23.419
Pricing date:	March 28
Settlement date:	March 31
Agent:	RBS Securities Inc.
Fees:	1.75%

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