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RBS Gold Trendpilot Index ETN
TBAR

Product Detail

The RBS Gold Trendpilot(TM) ETNs are designed for investors who seek exposure to
the RBS Gold Trendpilot(TM) Index (USD) (the "Index"). The Index utilizes a
systematic trend-following strategy to provide exposure to either the Price of
Gold Bullion (as defined below) or the yield on a hypothetical notional
investment in 3-month U.S. Treasury bills (the "Cash Rate"), depending on the
relative performance of the Price of Gold Bullion on a simple historical moving
average basis. If the Price of Gold Bullion is at or above its historical
200-Index business day simple moving average for five consecutive Index business
days (i.e., a "positive trend" is established), the Index will track the return
on the Price of Gold Bullion, and will have no exposure to the Cash Rate until a
negative trend occurs. Conversely, if the Price of Gold Bullion is below such
average for five consecutive index business days (i.e., a "negative trend" is
established), then the Index will track the Cash Rate instead of the return on
the Price of Gold Bullion and will have no exposure to the Price of Gold Bullion
until the next positive trend.

The "Price of Gold Bullion" on any given day means the spot price of physical
gold, as measured by the afternoon gold fixing price (also known as the London
Gold P.M. Fixing Price) per troy ounce of gold for delivery in London through a
member of the London Bullion Market Association ("LBMA") authorized to effect
such delivery, stated in U.S. dollars, as calculated by the London Gold Market
Fixing Ltd. and published by the LBMA, on such day. The Price of Gold Bullion is
also published on Bloomberg page "GOLDLNPM Index."

For the purposes of the Product Facts below, the Price of Gold Bullion is also
referred to as the "Benchmark Index".

Product Facts Codes

                          Exchange   ISIN                 US78009L4077
Product type           Traded Note
                              (ETN)  CUSIP                    78009L407
Exchange name            NYSE Arca   Ticker                        TBAR
Daily Redemption                                               RBS Gold
Value                     $ 25.0809  Underlying          Trendpilot Index
Shares Outstanding          160,000  Intraday Indicative
                                     Value Ticker                TBAR.IV
Issue Size (USD 000's)       $ 4,000
Annual Investor Fee
when Tracking Cash           0.50 %
Rate
Annual Investor Fee
when Tracking                1.00 %
Benchmark Index
Inception Date             02/17/11
Maturity                   02/15/41
Current RBS Trendpilot Price of Gold
Indicator                    Bullion
                          2/18/2011
Last Update              1:00:00 AM

Download Prospectus (2 MB)

Download Factsheet (872 KB)

"The Annual Investor Fee" accrues on a daily basis.

"Daily Redemption Value" refers to the price per ETN at which The Royal Bank of
Scotland N.V. shall repurchase any ETNs offered by investors for repurchase
(provided that at least 20,000 ETNs are offered for repurchase) or shall redeem
any ETNs called by it for redemption at its option, in each case, subject to the
terms and conditions described in the pricing supplement and prospectus. The
amount reflects the Daily Redemption Value at the close of the market on the
prior trading day in the United States.

"Shares Outstanding" means to the number of ETN units outstanding at the close
of market on the prior trading day in the United States.

"Issue Size (USD 000's)" means an amount equal to the Daily Redemption Value
multiplied by Shares Outstanding.

"Current RBS Trendpilot Indicator" refers to the trend of the Index. The Index
will track the Price of Gold Bullion when it is in a positive trend, and will
track the Cash Rate when it is in a negative trend.

Returns (as of market close 1/31/2011)

The returns indicated below reflects the percentage change through the end of
the previous calendar month in the closing level of the index, the daily
redemption value or the ETN market price, as applicable, from the beginning of
the relevant period (e.g., 1 mo., 3 mos., 6 mos. prior, as the case may be).The
Index was only created on 1/24/11. All Index data prior to 1/24/11 are based on
retrospective calculations. The Index performance information below does not
include the annual investor fee or any transaction costs or expenses. None of
the information below should be taken as any indication of the future
performance of the Index or the ETNs.

                  1 mo.  3 mo.   6 mo.   YTD    1 Yr.  3 Yr. annualized 5 Yr. annualized 10 Yr. annualized
----------------- ------ ------ ------- ------ ------- ---------------- ---------------- -----------------
Index             -5.59% -1.47% +13.52% -5.59% +23.04%     +9.74%          +14.57%          +12.17%
----------------- ------ ------ ------- ------ ------- ---------------- ---------------- -----------------
Redemption Value   N/A    N/A     N/A    N/A     N/A        N/A              N/A               N/A
----------------- ------ ------ ------- ------ ------- ---------------- ---------------- -----------------
ETN Market Return  N/A    N/A     N/A    N/A     N/A        N/A              N/A               N/A

Source: Bloomberg

All Return information presented above is updated once a month and is presented
as of the end of previous calendar month.

"Index" refers to the percentage change in the closing level of the Index from
the month end of the relevant period (e.g., closing level of the Index from
month-end, 1 mo., 3 mos., 6 mos. prior, as the case may be) through the market
close at the end of the previous calendar month.

"Redemption Value" refers to the percentage change in the Daily Redemption Value
of the RBS ETN from the month end of the relevant period (e.g., the Daily
Redemption Value at month-end, 1 mo., 3 mos., 6 mos. prior, as the case may be)
through the market close at the end of the previous calendar month.

"ETN Market Return" refers to the percentage change in the closing price of the
RBS ETNs as reported on NYSE Arca from the month end of the relevant period
(e.g., 1 mo., 3 mos., 6 mos. prior, as the case may be) through the market close
at the end of the previous calendar month.

CERTAIN RISK CONSIDERATIONS: The 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 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 Index may underperform
the Price of Gold Bullion, and is expected to perform poorly in volatile
markets. Liquidity of the market for RBS ETNs may vary over time. The RBS ETNs
do not pay interest. Any payment on the RBS ETNs is subject to ability of The
Royal Bank of Scotland N.V. (RBS NV), as the issuer, and RBS Holdings N.V., as
the 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. You 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 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. (RBSSI) 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).

RBS Gold Trendpilot(TM) Index (USD) (Index) is the property of The Royal Bank of
Scotland plc, which has contracted with Standard and Poor's Financial Services
LLC (SandP) to maintain and calculate the Index. SandP shall have no liability
for any errors or omissions in calculating the Index. "Standard and Poor's[R],"
"SandP[R]" are registered trademarks of SandP. "Calculated by SandP Custom
Indices" and its related stylized mark are service marks of SandP and have been
licensed for use by RBSSI and its affiliates. The RBS ETNs are not sponsored,
endorsed, sold or promoted by SandP or its affiliates, and neither SandP nor its
affiliates make any representation regarding the advisability of investing in
the RBS ETNs.

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