New Issue: RBS sells $102,000 14.75% reverse exchangeables linked to AK Steel

By Jennifer Chiou

New York, March 16 - Royal Bank of Scotland NV priced $102,000 of 14.75% annualized Knock-in Reverse Exchangeable Securities due June 17, 2010 linked to AK Steel Holding 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 AK Steel 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:	AK Steel Holding Corp. (Symbol: AKS)
Amount:	$102,000
Maturity:	June 17, 2010
Coupon:	14.75%, payable monthly
Price:	Par
Payout at maturity:	If stock dips below knock-in price during life of notes and finishes below initial share price, 43.048 AK Steel shares; otherwise, par
Initial share price:	$23.23
Knock-in price:	$17.42, 75% of initial share price
Pricing date:	March 12
Settlement date:	March 17
Agent:	RBS Securities Inc.
Fees:	2%
Cusip:	78009KCJ9

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