New Issue: RBS prices $3 million 17.25% reverse exchangeables linked to Fuel Systems

By Jennifer Chiou

New York, Feb. 18 - Royal Bank of Scotland NV priced $3 million of 17.25% annualized Knock-in Reverse Exchangeable Securities due Aug. 20, 2010 linked to Fuel Systems Solutions, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless the stock falls below the knock-in price - 70% of the initial share price - during the life of the notes and finishes below the initial share price, in which case investors will receive a number of Fuel Systems shares equal to $1,000 divided by the initial share price.

RBS Securities Inc. is the agent.

Issuer:	Royal Bank of Scotland NV
Issue:	Knock-in Reverse Exchangeable Securities
Underlying stock:	Fuel Systems Solutions, Inc. (Symbol: FSYS)
Amount:	$3 million
Maturity:	Aug. 20, 2010
Coupon:	17.25%, payable monthly
Price:	Par
Payout at maturity:	If the stock dips below knock-in price during life of notes and finishes below initial share price, 33.852 Fuel Systems shares; otherwise, par
Initial share price:	$29.54
Knock-in price:	$20.68, 70% of initial share price
Pricing date:	Feb. 17
Settlement date:	Feb. 22
Agent:	RBS Securities Inc.
Fees:	5.25%
Cusip:	78009KAY8

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