New Issue: RBS prices $500,000 15.75% reverse exchangeables linked to Las Vegas Sands

By Angela McDaniels

Tacoma, Wash., Feb. 18 - Royal Bank of Scotland NV priced $500,000 of Knock-in Reverse Exchangeable Securities due Aug. 20, 2010 linked to the common stock of Las Vegas Sands Corp., according to a 424B2 filing with the Securities and Exchange Commission.

The six-month notes pay an annualized coupon of 15.75%. Interest is payable monthly.

If Las Vegas Sands shares fall below the knock-in price - 70% of the initial share price - during the life of the notes and the final share price is less than the initial share price, the payout at maturity will be a number of Las Vegas Sands shares equal to $1,000 divided by the initial share price. Otherwise, the payout will be par.

RBS Securities Inc. is the agent.

Issuer:	Royal Bank of Scotland NV
Issue:	Knock-in Reverse Exchangeable Securities
Underlying stock:	Las Vegas Sands Corp. (Symbol: LVS)
Amount:	$500,000
Maturity:	Aug. 20, 2010
Coupon:	15.75%, payable monthly
Price:	Par
Payout at maturity:	If Las Vegas Sands shares fall below knock-in price during life of notes and finish below initial share price, 57.274 Las Vegas Sands shares; otherwise, par
Initial share price:	$17.46
Knock-in price:	$12.22, 70% of initial share price
Pricing date:	Feb. 17
Settlement date:	Feb. 22
Agent:	RBS Securities Inc.
Fees:	5.25%
Cusip:	78009KBA9

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