CERTAIN RISK CONSIDERATIONS: RBS Exchange Traded Notes ("RBS ETNs") involve
risks not associated with an investment in conventional debt securities,
including a possible loss of some or all of your investment. The level of the
TrendpilotTM Index must increase by an amount sufficient to offset the aggregate
investor fee applicable to the RBS ETNs in order for you to receive at least the
principal amount of your investment back at maturity or upon early repurchase or
redemption. The RBS Oil TrendpilotTM ETNs and the RBS Oil TrendpilotTM Index
(USD) do not provide exposure to spot prices of crude oil and, consequently, may
not be representative of an investment that provides exposure to crude oil. Each
TrendpilotTM Index may underperform its respective Benchmark Index, and is
expected to perform poorly in volatile markets. The RBS China TrendpilotTM ETNs
involve risks associated with an investment in emerging markets, as well as
currency exchange risk. Liquidity of the market for RBS ETNs may vary over time.
The RBS ETNs are not principal protected and do not pay interest. Any payment on
the RBS ETNs is subject to the ability of the applicable issuer and the
applicable guarantor, to pay their respective obligations when they become due.
You should carefully consider whether the RBS ETNs are suited to your particular
circumstances before you decide to purchase them. We urge you to consult with
your investment, legal, accounting, tax and other advisors with respect to any
investment in the RBS ETNs.
The RBS ETNs are not suitable for all investors. Investors should carefully read
the relevant pricing supplement and prospectus, including the more detailed
explanation of the risks involved in any investment in the RBS ETNs as described
in the "Risk Factors" section of the pricing supplement, before investing.
IMPORTANT INFORMATION: The Royal Bank of Scotland plc ("RBS plc"), The Royal
Bank of Scotland Group plc, The Royal Bank of Scotland N.V. (RBS N.V.) and RBS
Holdings N.V. (collectively, the RBS Entities) have filed a registration
statement (including a prospectus) with the Securities and Exchange Commission
(SEC) for the offering of RBS ETNs to which this communication may relate.
Before you invest in any RBS ETNs, you should read the relevant prospectus in
such registration statement and other documents that have been filed with the
SEC for more complete information about the relevant RBS Entities and offerings.
You may get these documents for free by visiting EDGAR on the SEC website at
www.sec.gov. Alternatively, RBS N.V., RBS plc, RBS Securities Inc. or any dealer
participating in the relevant offering will arrange to send you the relevant
prospectus and pricing supplements if you request by calling 1-855-RBS-ETPS
(toll-free).
Copyright(c) 2012 RBS Securities Inc. All rights reserved. RBS Securities Inc.,
a U.S. registered broker-dealer, member of FINRA and SIPC, is an indirect
wholly-owned subsidiary of The Royal Bank of Scotland plc and an affiliate of
RBS NV.
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