New Issue: RBS sells $650,000 of 21.5% reverse exchangeables on Trina Solar stock

By Jennifer Chiou

New York, March 29 - Royal Bank of Scotland NV priced $650,000 of 21.5% annualized reverse exchangeable securities due June 30, 2010 linked to Trina Solar Ltd. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless Trina Solar stock falls below the knock-in price - 75% of the initial share price - during the life of the notes and the final share price is less than the initial share price, in which case the payout will be a number of Trina Solar 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:	Trina Solar Ltd. (Symbol: TSL)
Amount:	$650,000
Maturity:	June 30, 2010
Coupon:	21.5%, payable monthly
Price:	Par
Payout at maturity:	If Trina Solar stock falls below knock-in price during life of notes and finishes below initial share price, 42.553 Trina Solar shares; otherwise, par
Initial share price:	$23.50
Knock-in price:	$17.63, 75% of initial share price
Pricing date:	March 26
Settlement date:	March 31
Agent:	RBS Securities Inc.
Fees:	1.75%
Cusip:	78009KED0

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