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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
Trendpilot(TM) 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 Trendpilot(TM) ETNs and the RBS Oil
Trendpilot(TM) 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 Trendpilot(TM) Index may underperform its respective
Benchmark Index, and is expected to perform poorly in volatile markets. The RBS
China Trendpilot(TM) 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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