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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 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 ("SandP") to maintain and calculate these Trendpilot(TM) Indices.
The SandP 500([R]) Index and the SandP MidCap 400([R]) Index are the exclusive
property of SandP 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. SandP shall have no liability
for any errors or omissions in calculating these Trendpilot(TM) Indices.
"Standard and Poor's([R])", "SandP([R])", "SandP 500([R])" and "SandP MidCap
400([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 US Large Cap
Trendpilot[TM] ETNs, RBS US Mid Cap Trendpilot[TM] ETNs and RBS Gold
Trendpilot[TM] 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 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 ("SandP") on behalf of The NASDAQ OMX Group,
Inc. SandP 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 SandP as to their legality or suitability and
are not sponsored, endorsed, sold or promoted by the Corporations or SandP. THE
CORPORATIONS AND SandP 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[TM] 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[TM] 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[TM] 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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