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Filed pursuant to Rule 433 | Registration Statement Nos. 333-162193 and
333-162193-01
RBS US Large Cap Trendpilot(TM) ETN (TRND)
RBS Exchange Traded Notes
RBS ETN Details
Issuer The Royal Bank of Scotland N.V.
Guarantor RBS Holdings N.V.
Ticker TRND
Intraday TRND.IV
Indicative
Value Ticker
CUSIP 78009L308
ISIN US78009L3087
Primary NYSE Arca
Exchange
Maturity 12/7/2040
Index RBS US Large Cap Trendpilot(TM)
Index (USD) (Bloomberg symbol:
"TPLCUT Index"), which tracks
the Benchmark Index or the Cash
Rate depending on the relative
performance of the Benchmark
Index on a simple historical
moving average basis
Benchmark S and P 500([R]) Total Return Index
Index (Bloomberg symbol: "SPTR
Index")
Cash Rate Yield on a hypothetical notional
investment in 3-month U.S.
Treasury bills (Bloomberg page:
"USB3MTA Index")
Annual Investor When the Index is tracking the
Fee (accrued on Benchmark Index: 1.00% per
a daily basis) annum When the Index is tracking
the Cash Rate: 0.50% per annum
Repurchase at You may offer your RBS ETNs
your option to RBS NV for repurchase
on any business day on or
prior to 11/29/2040, provided
that you offer a minimum of
20,000 RBS ETNs for any single
repurchase and follow the
procedures described in the
pricing supplement
Early redemption We may redeem all of
at our option the RBS ETNs at our discretion at
any time on or prior to 12/5/2040
Daily Redemption Upon early repurchase or Value redemption or at maturity, you
will receive a cash payment equal to the daily redemption value per RBS ETN.
The daily redemption value on the relevant valuation date will be published on
www.rbs.com/etnUS/TRND*
* Information contained on our website is not incorporated by reference in, and
should not be considered a part of, this document.
[GRAPHIC OMITTED]
The RBS US Large Cap Trendpilot(TM) Exchange Traded Notes ("RBS ETNs") are
unsecured and unsubordinated obligations of The Royal Bank of Scotland N.V.
("RBS NV"), and are fully and unconditionally guaranteed by RBS Holdings N.V.
("RBS Holdings").
RBS ETNs track the RBS US Large Cap Trendpilot(TM) Index (USD) (the "Index").
The Index utilizes a systematic trend-following strategy to provide exposure to
either the S and P 500([R]) Total Return Index (the "Benchmark Index") or the yield
on a hypothetical notional investment in 3-month U.S. Treasury bills (the "Cash
Rate"). The Index is designed to provide exposure to the Benchmark Index in
positive trending markets and exposure to the Cash Rate in negative trending
markets using an objective and transparent methodology.
RBS US LARGE CAP TRENDPILOT(TM) INDEX METHODOLOGY
------------------------------------------------- -----------------------------------
If the closing level of the SPTR Index
is at or above its historical 200-Index [][][][][] A positive trend is established:
business day simple moving average The Index will track the
for []ve consecutive Index business days Benchmark Index
If the closing level of the SPTR Index is
below its historical 200-Index business [][][][][] A negative trend is established:
day simple moving average for []ve The Index will track the Cash Rate
consecutive Index business days
If neither of the above conditions is satisfied, the trend of the Index will be
the same as the trend of the Index on the immediately preceeding Index business
day. The Index will implement any trend reversal at the open of trading on the
second Index business day immediately following the Index business day on which
the Index trend switches from positive to negative or from negative to
positive, as the case may be.
HISTORICAL PERFORMANCE (%) -- As of 6/30/2011
-------------------------------------------------------- ---------------- --------------
SINCE RBS ETN
INCEPTION
1-MONTH (%) 3-MONTH (%) YEAR-TO-DATE (%) (12/6/10) (%)
-------------------------------- ----------- ----------- ---------------- --------------
RBS US Large Cap Trendpilot[] -1.75 -0.15 5.50 8.53
ETN Daily Redemption Value(1)
RBS US Large Cap Trendpilot(TM)
Index(2) -1.67 0.10 6.02 9.15
S and P 500([R]) Total Return Index
(Benchmark Index) -1.67 0.10 6.02 9.15
S and P 500([R]) Index
(Price Return) -1.83 -0.39 5.01 7.97
Cash rate on 6/30/11 0.025 -- -- --
The chart above presents the actual performance of the Index, the RBS ETNs, the S and P 500([R]) Total Return Index (the
Benchmark Index), and the S and P 500([R]) Index (Price Return), over the speci[]ed
periods. For information regarding the performance of the Trendpilot Index, see
pages PS-33 to PS-35 of the pricing supplement to the RBS ETNs []led with the
U.S. Securities and Exchange Commission (SEC).
(1) Includes the annual investor fee, which accrues on a daily basis. The
annual investor fee will be equal to (i) 1.00% per annum when the Index is
tracking the Benchmark Index, and (ii) 0.50% per annum when the Index is
tracking the Cash Rate.
(2) Since the inception date of the RBS ETNs, the Index has tracked the
Benchmark Index and has remained in a positive trend, without any trend
reversal. Consequently, the historical performance of the Index over the time
periods speci[]ed above is identical to the Benchmark Index. In a negative
trending market the Index trend is expected to switch from positive to
negative, and the Index is expected to experience trend reversals in volatile
markets, switching from a positive to negative or from negative to positive, as
the case may be. The Index performance will not always be the same as the
Benchmark Index, could underperform the Benchmark Index, and may track the Cash
Rate for extended periods of time in a low interest rate environment. Does not
include any fees, transaction costs or expenses.
www.rbs.com/etnUS | TOLL FREE: 855-RBS-ETPS
page 1 of 2
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