New Issue: RBS prices $0.15 million 10% reverse convertibles linked to Steel Dynamics

New York, April 28 - Royal Bank of Scotland NV priced $154,000 of 10% annualized Knock-In Reverse Exchangeable notes due July 30, 2010 linked to Steel Dynamics, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Steel Dynamics shares fall below the protection price of $12.74, 80% of the initial price of $15.92, during the life of the notes and finish below the initial price in which case the payout will be 62.814 shares of Steel Dynamics stock.

RBS Securities Inc. is the agent.

Issuer:	Royal Bank of Scotland NV
Issue:	Knock-In Reverse Exchangeable notes
Underlying stock:	Steel Dynamics, Inc. (Symbol: STLD)
Amount:	$154,000
Maturity:	July 30, 2010
Coupon:	10%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Steel Dynamics shares fall below the protection price of $12.74, 80% of the initial price, and finish below the initial price, in which case 62.814 shares of Steel Dynamics stock
Initial price:	$15.92
Protection price:	$12.74, 80% of $15.92
Exchange ratio:	62.814
Pricing date:	April 27
Settlement date:	April 30
Agent:	RBS Securities Inc.
Fees:	1.375%
Cusip:	78009KFJ6

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