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exposure to crude oil. Each Trendpilot[] Index may underperform its respective
Benchmark Index, and is expected to perform poorly in volatile markets. The RBS
China Trendpilot[] 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 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 applicable 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.
(RBSSI) 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).
RBS US Large Cap Trendpilot(TM) Index (USD), RBS US Mid Cap Trendpilot(TM)
Index (USD) and RBS Gold Trendpilot(TM) Index (USD) are the property of The
Royal Bank of Scotland plc, which has contracted with Standard and Poor's
Financial Services LLC ("S and P") to maintain and calculate these Trendpilot(TM)
Indices. The S and P 500([R]) Index and the S and P MidCap 400([R]) Index are the
exclusive property of S and P and have been licensed for use by RBSSI and its
affiliates in connection with the RBS US Large Cap Trendpilot(TM) Index (USD)
and the RBS US Mid Cap Trendpilot(TM) Index (USD), respectively. S and P shall have
no liability for any errors or omissions in calculating these Trendpilot(TM)
Indices. "Standard and Poor's([R])", "S and P([R])", "S and P 500([R])" and "S and P MidCap
400([R])" are registered trademarks of S and P. "Calculated by S and P Custom Indices"
and its related stylized mark are service marks of S and P and have been licensed
for use by RBSSI and its affiliates. The RBS US Large Cap Trendpilot[] ETNs,
RBS US Mid Cap Trendpilot[] ETNs and RBS Gold Trendpilot[] ETNs are not
sponsored, endorsed, sold or promoted by S and P or its affiliates, and neither S and P
nor its affiliates make any representation regarding the advisability of
investing in such RBS ETNs.
NASDAQ([R]), OMX([R]), NASDAQ OMX([R]), NASDAQ-100([R]), NASDAQ-100 Index([R])
and NASDAQ-100([R]) Total Return IndexSM are registered trademarks and service
marks of The NASDAQ OMX Group, Inc. and are licensed for use by RBS plc. The
RBS NASDAQ-100([R]) Trendpilot(TM) Index is the property of RBS plc. RBS plc
has contracted with The NASDAQ OMX Group, Inc. (which with its affiliates and
subsidiaries is referred to as the "Corporations") to calculate and maintain
the RBS NASDAQ-100([R]) Trendpilot(TM) Index, either directly or through a
third party. Currently, the RBS NASDAQ-100([R]) Trendpilot(TM) Index is
calculated and maintained by Standard and Poor's ("S and P") on behalf of The NASDAQ
OMX Group, Inc. S and P and the Corporations shall have no liability for any errors
or omissions in calculating the Index. The RBS NASDAQ-100([R]) Trendpilot(TM)
ETNs, which are based on the RBS NASDAQ-100([R]) Trendpilot(TM) Index, have not
been passed on by the Corporations or S and P as to their legality or suitability
and are not sponsored, endorsed, sold or promoted by the Corporations or S and P.
THE CORPORATIONS AND S and P MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT
TO THE RBS NASDAQ-100([R]) TRENDPILOT(TM) ETNs.
RBS Oil Trendpilot(TM) Index (USD) and RBS 12-Month Oil Total Return Index
(USD) are the property of RBS plc and are calculated by NYSE Arca, a
wholly-owned subsidiary of NYSE Euronext. The RBS Oil Trendpilot[] ETNs, which
track the RBS Oil Trendpilot(TM) Index (USD) and RBS 12-Month Oil Total Return
Index (USD), are not issued, sponsored, endorsed, sold or promoted by NYSE
Arca, and NYSE Arca makes no representation regarding the advisability of
investing in such ETNs. NYSE ARCA MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND
HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A
PARTICULAR PURPOSE WITH RESPECT TO THE RBS OIL TRENDPILOT[] INDEX (USD) OR RBS
12-MONTH OIL TOTAL RETURN INDEX (USD) OR ANY DATA INCLUDED THEREIN. IN NO EVENT
SHALL NYSE ARCA HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR
CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE
POSSIBILITY OF SUCH DAMAGES.
BNY Mellon is a corporate brand of The Bank of New York Mellon Corporation and
may be used as a generic term to reference the corporation as a whole or its
various subsidiaries. BNY Mellon and BNY Mellon ADR Indices and BNY Mellon DR
Indices are service marks owned by The Bank of New York Mellon Corporation.
This information is provided for general purposes only and is not investment
advice. We provide no advice nor recommendations or endorsement with respect to
any company, security or products based on any index licensed by BNY Mellon,
and we make no representation regarding the advisability of investing in the
same. BNY Mellon's Depositary Receipt business is conducted through BNY Mellon.
BNY Mellon does not guarantee the accuracy, timeliness and/or completeness of
BNY Mellon ADR Indices and BNY Mellon DR Indices, or any associated indices, or
any data included therein, and BNY Mellon shall have no liability for any
errors, omissions, or interruptions therein. BNY Mellon makes no express or
implied warranties, and expressly disclaims all warranties of merchantability
or fitness for a particular purpose or use with respect to BNY Mellon ADR
Indices and BNY Mellon DR Indices or any associated indices, or any data
included therein, or any materials derived from such data. Without limiting any
of the foregoing, in no event shall the company have any liability for any
special, punitive, indirect, or consequential damages (including lost profits),
even if notified of the possibility of such damages. For the full disclaimer
please see the pricing supplement relating to the notes that RBS plc and RBS
Group filed with the SEC.
RBS China Trendpilot[] Index is maintained and calculated by Dow Jones Indexes,
the marketing name and a licensed trademark of CME Group Index Services LLC.
"Dow Jones Indexes" is a service mark of Dow Jones Trademark Holdings LLC ("Dow
Jones"). The RBS China Trendpilot[] ETNs are not sponsored, endorsed, sold or
promoted by CME Indexes, Dow Jones or their respective affiliates, and CME
Indexes, Dow Jones and their respective affiliates make no representation
regarding the advisability of investing in the RBS ETNs.
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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