New Issue: RBS prices $875,000 15.5% reverse exchangeables linked to MetLife

By Angela McDaniels

Tacoma, Wash., Aug. 18 - Royal Bank of Scotland NV priced $875,000 of Knock-in Reverse Exchangeable Securities due Nov. 19, 2010 linked to the common stock of MetLife, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The three-month notes pay 3.875% for an annualized coupon of 15.5%. Interest is payable monthly.

The payout at maturity will be par unless MetLife stock closes below 80% of the initial share price during the life of the notes and the final share price is less than the initial share price, in which case the payout will be a number of MetLife 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:	MetLife Inc. (Symbol: MET)
Amount:	$875,000
Maturity:	Nov. 19, 2010
Coupon:	15.5%, payable monthly
Price:	Par
Payout at maturity:	If MetLife stock falls below knock-in price during life of notes and finishes below initial price, 25.484 MetLife shares; otherwise, par
Initial share price:	$39.24
Knock-in price:	$31.39, 80% of initial price
Pricing date:	Aug. 17
Settlement date:	Aug. 20
Agent:	RBS Securities Inc.
Fees:	2.25%
Cusip:	78009KMA7

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