New Issue: RBS sells $275,000 9.5% reverse exchangeables linked to General Electric

By Susanna Moon

Chicago, June 21 - Royal Bank of Scotland NV priced $275,000 of 9.5% annualized Knock-in Reverse Exchangeable Securities due Sept. 23, 2010 based on the performance of General Electric Co. 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 General Electric 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:	General Electric Co. (Symbol: GE)
Amount:	$275,000
Maturity:	Sept. 23, 2010
Coupon:	9.5%, 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, 62.696 General Electric shares; otherwise, par
Initial share price:	$15.95
Knock-in price:	$12.76, or 80% of initial share price
Pricing date:	June 18
Settlement date:	June 23
Agent:	RBS Securities Inc.
Fees:	1.25%
Cusip:	78009KJZ6

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