New Issue: RBS prices $144,000 15.75% reverse exchangeables linked to AK Steel

By Angela McDaniels

Tacoma, Wash., May 12 - Royal Bank of Scotland NV priced $144,000 of 15.75% annualized Knock-In Reverse Exchangeable Securities due Aug. 13, 2010 linked to AK Steel Holding Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless AK Steel shares fall below the protection price - 75% of the initial price - during the life of the notes and finish below the initial price, in which case the payout will be a number of shares of AK Steel stock equal to $1,000 divided by the initial price.

RBS Securities Inc. is the agent.

Issuer:	Royal Bank of Scotland NV
Issue:	Knock-In Reverse Exchangeable Securities
Underlying stock:	AK Steel Holding Corp. (Symbol: AKS)
Amount:	$144,000
Maturity:	Aug. 13, 2010
Coupon:	15.75%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless AK Steel shares fall below the protection price during the life of the notes and finish below the initial price, in which case 64.020 shares of AK Steel stock
Initial price:	$15.62
Protection price:	$11.72, 75% of initial price
Pricing date:	May 11
Settlement date:	May 14
Agent:	RBS Securities Inc.
Fees:	1.375%
Cusip:	78009KFY3

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