New Issue: RBS prices $100,000 16.25% reverse exchangeables linked to Las Vegas Sands

By E. Janene Geiss

Philadelphia, March 30 - Royal Bank of Scotland NV priced $100,000 of 16.25% annualized Knock-in Reverse Exchangeable Securities due June 30, 2010 linked to Las Vegas Sands Corp. 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 - 75% 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 Las Vegas Sands 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:	Las Vegas Sands Corp. (Symbol: LVS)
Amount:	$100,000
Maturity:	June 30, 2010
Coupon:	16.25%, 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, 45.683 Las Vegas Sands shares; otherwise, par
Initial share price:	$21.89
Knock-in price:	$16.42, 75% of initial share price
Pricing date:	March 26
Settlement date:	March 31
Agent:	RBS Securities Inc.
Fees:	1.625%
Cusip:	78009KDM1

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