New Issue: RBS sells $2 million 27.25% reverse exchangeables linked to LDK Solar

By Susanna Moon

Chicago, March 11 - Royal Bank of Scotland NV priced $2 million of 27.25% annualized reverse exchangeable securities due Sept. 15, 2010 based on LDK Solar Co., 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 LDK shares fall below the knock-in price - 65% of the initial share price - during the life of the notes and finish below the initial share price, in which case investors will receive a number of LDK shares equal to $1,000 divided by the initial share price.

RBS Securities Inc. is the agent.

Issuer:	Royal Bank of Scotland NV
Issue:	Reverse exchangeable securities
Underlying stock:	LDK Solar Co., Ltd. (Symbol: LDK)
Amount:	$2 million
Maturity:	Sept. 15, 2010
Coupon:	27.25%, payable monthly
Price:	Par
Payout at maturity:	If stock dips below knock-in price during life of notes and finishes below initial share price, 143.472 LDK shares; otherwise, par
Initial share price:	$6.97
Knock-in price:	$4.53, or 65% of initial share price
Pricing date:	March 10
Settlement date:	March 15
Agent:	RBS Securities Inc.
Fees:	3.75%
Cusip:	78009KCR1

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