New Issue: RBS prices $225,000 of 18% reverse exchangeables linked to Wynn Resorts

By E. Janene Geiss

Philadelphia, May 26 - Royal Bank of Scotland NV priced $225,000 of 18% annualized Knock-In Reverse Exchangeable Securities due Aug. 31, 2010 linked to Wynn Resorts, Ltd. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Wynn shares fall below the protection price of $63.66, 80% of the initial price of $79.57, during the life of the notes and finish below the initial price in which case the payout will be 12.568 shares of Wynn stock.

RBS Securities Inc. is the agent.

Issuer:	Royal Bank of Scotland NV
Issue:	Knock-In Reverse Exchangeable Securities
Underlying stock:	Wynn Resorts, Ltd. (Symbol: WYNN)
Amount:	$225,000
Maturity:	Aug. 31, 2010
Coupon:	18%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Wynn shares fall below the protection price of $63.66, 80% of the initial price, and finish below the initial price, in which case 12.568 shares of Wynn stock
Initial price:	$79.57
Protection price:	$63.66, 80% of $79.57
Exchange ratio:	12.568
Pricing date:	May 25
Settlement date:	May 28
Agent:	RBS Securities Inc.
Fees:	2.25%
Cusip:	78009KHP0

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