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

RBS The Royal Bank of Scotland Products 2 Products Found Name Ticker Maturity Inception Date Annual Investor Fee ---- ------ -------- -------------- ------------------- RBS US Large Cap Trendpilot ETN TRND 12/07/40 12/06/10 1.00%* RBS US Mild Cap Trendpilot ETN TRNIM 01/25/41 01/25/11 1.00%* *When tracking the Benchmark Index, the RBS Trendpilot ETNs will have an investor fee of 1.00% per year. When tracking the 3-month US T-Bills, The Trendpilot ETNs will have an investor fee of 0.50% per annum. Fees accrual daily.