New Issue: RBS sells $1.06 million three-year annual reset coupon notes on S&P 500

By Susanna Moon

Chicago, April 12 - Royal Bank of Scotland NV priced $1.06 million of annual reset coupon securities due April 14, 2014 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 5.25% if the index closes at or above its initial level on each annual observation date. Otherwise, the coupon will be 2%. Interest is payable annually.

The payout at maturity will be par unless the index falls by more than 20%, in which case investors will lose 1% for every 1% decline beyond 20%.

RBS Securities Inc. is the agent.

Issuer:	Royal Bank of Scotland NV
Issue:	Annual reset coupon securities
Underlying index:	S&P 500
Amount:	$1,058,000
Maturity:	April 14, 2014
Coupon:	5.25% if index closes at or above initial level on annual observation date; otherwise, 2%; payable annually
Price:	Par
Payout at maturity:	Par, unless index falls by more than 20%, in which case 1% loss per 1% drop beyond 20%
Initial index level:	1,324.46
Pricing date:	April 11
Settlement date:	April 14
Agent:	RBS Securities Inc.
Fees:	2.95%
Cusip:	78009KSC7

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