Filed pursuant to Rule 433. Registration Statement Nos. 333-162193 and
333-162193-01.


www.rbs.com/etnUS or 855.RBS.ETPS (855.727.3877)

How Does Your Gold Stack Up?
Trendpilot Exchange Traded Notes


Using a systematic trend-following strategy, the RBS Gold Trendpilot(TM) ETN
provides exposure to the price of gold bullion or the yield on 3-month US
Treasury bills using an objective and transparent methodology. The ETNs will
provide exposure to: NYSE Arca: TBAR
Learn more about TBAR

[] the price of gold bullion in positive trending markets.

[] the yield on 3-month US Treasury bills in negative trending markets.

Call today to learn how TBAR stacks up against the competition:
855.RBS.ETPS (855.727.3877)


TBAR                           TRND                           TRNM
RBS Gold                       RBS US Large Cap               RBS US Mid Cap
Trendpilot(TM) ETN             Trendpilot(TM) ETN             Trendpilot(TM) ETN
Download:                      Download:                      Download:
Pricing Supplement | Factsheet Pricing Supplement | Factsheet Pricing Supplement | Factsheet
Initial Issuance 2/23/11       Initial Issuance 12/09/10      Initial Issuance 1/28/11

FOR BROKER-DEALERS AND REGISTERED INVESTMENT ADVISERS ONLY

The Royal Bank of Scotland N.V. (RBS NV) and RBS Holdings N.V. (RBS Holdings)
have filed a registration statement (including a prospectus) with the U.S.
Securities and Exchange Commission (SEC) for the offering of RBS ETNs to which
this communication relates. Before you invest in any RBS ETNs, you should read
the prospectus in that registration statement and other documents that have
been filed with the SEC for more complete information about RBS NV and RBS
Holdings, and the offering. You may get these documents for free by visiting
EDGAR on the SEC's web site at www.sec.gov. Alternatively, RBS NV, RBS
Holdings, RBS Securities Inc. or any dealer participating in the relevant
offering will arrange to send you the prospectus and the pricing supplement at
no charge if you request it by calling 1-855-RBS-ETPS (toll-free).