New Issue: RBS prices $425,000 9% reverse exchangeables tied to Research In Motion

By Jennifer Chiou

New York, March 15 - Royal Bank of Scotland NV priced $425,000 of 9% annualized Knock-in Reverse Exchangeable Securities due May 17, 2010 linked to Research In Motion Ltd. 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 - 80% 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 Research In Motion 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:	Research In Motion Ltd. (Symbol: RIMM)
Amount:	$425,000
Maturity:	May 17, 2010
Coupon:	9%, payable monthly
Price:	Par
Payout at maturity:	If stock dips below knock-in price during life of notes and finishes below initial share price, 13.273 Research In Motion shares; otherwise, par
Initial share price:	$75.34
Knock-in price:	$60.27, 80% of initial share price
Pricing date:	March 12
Settlement date:	March 17
Agent:	RBS Securities Inc.
Fees:	1.75%
Cusip:	78009KCT7

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