New Issue: RBS prices $0.43 million 11.25% reverse convertibles linked to Las Vegas Sands

New York, April 26 - Royal Bank of Scotland NV priced $0.432 million of 11.25% Knock-In Reverse Exchangeable notes due July 28, 2010 linked to Las Vegas Sands Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Las Vegas Sands shares fall below the protection price of $16.33, 65% of the initial price of $25.12, during the life of the notes and finish below the initial price in which case the payout will be 39.809 shares of Las Vegas Sands stock.

RBS Securities Inc. is the agent.

Issuer:	Royal Bank of Scotland NV
Issue:	Knock-In Reverse Exchangeable notes
Underlying stock:	Las Vegas Sands Corp. (Symbol: LVS)
Amount:	$0.432 million
Maturity:	July 28, 2010
Coupon:	11.25%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Las Vegas Sands shares fall below the protection price of $16.33, 65% of the initial price of $25.12, and finish below the initial price, in which case 39.809 shares of Las Vegas Sands stock
Initial price:	$25.12
Protection price:	$16.33, 65% of $25.12
Exchange ratio:	39.809
Pricing date:	April 23
Settlement date:	April 28
Agent:	RBS Securities Inc.
Fees:	2.75%
Cusip:	78009KFQ0

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