New Issue: RBS prices $158,000 11.5% reverse exchangeables linked to Alcoa

By E. Janene Geiss

Philadelphia, June 29 - Royal Bank of Scotland NV priced $158,000 of Knock-In Reverse Exchangeable Securities due Sept. 30, 2010 linked to the common stock of the Alcoa Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The three-month notes pay 2.875% for an annualized coupon of 11.5%. 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 Alcoa 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:	Alcoa Inc. (Symbol: AA)
Amount:	$158,000
Maturity:	Sept. 30, 2010
Coupon:	11.5%, payable monthly
Price:	Par
Payout at maturity:	If stock dips below knock-in price during life of notes and finishes below initial share price, 88.968 Alcoa shares; otherwise, par
Initial share price:	$11.24
Knock-in price:	$8.43, 75% of initial share price
Pricing date:	June 25
Settlement date:	June 30
Agent:	RBS Securities Inc.
Fees:	1.375%
Cusip:	78009KJR4

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