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Historical Performance (%) -- as of 03/30/2012
---------------------------------------------------- ------- ------- ------ -----------------------
1-MONTH 3-MONTH 1-YEAR SINCE RBS ETN INCEPTION
(%) (%) (%) (2/17/11) (%)
---------------------------------------------------- ------- ------- ------ -----------------------
RBS Gold Trendpilot[] ETN Daily Redemption Value(1) -6.88 5.27 11.17 15.87
RBS Gold Trendpilot[] Index -6.82 5.50 12.25 17.13
Price of Gold Bullion -6.07 8.59 15.53 20.56
Cash rate on 03/30/12 was 0.085% -- -- -- --
The table above presents the actual performance of the Index, the RBS ETNs and
the Price of Gold Bullion over the speci[]ed periods. For information regarding
the performance of the Index, see pages PS-36 to PS-39 of the pricing
supplement to the RBS ETNs []led with the U.S. Securities and Exchange
Commission (SEC). Past performance does not guarantee future results.
(1) Includes the deduction of 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 Price of Gold Bullion, and (ii) 0.50% per annum when the
Index is tracking the Cash Rate.
Gold Bullion Performance -- as of 03/30/2012
Price of Gold Bullion
Price of Gold Bullion 200-Index business day simple moving average
The graph to the left is the historical performance of the Price of Gold
Bullion and its 200-Index business day simple moving average. This illustration
does not re[]ect any historical Trendpilot[] Index performance.
1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988
--------------------- ----- ----- ------ ------ ------ ----- ------ ------ ------ ----- ----- -------
Price of Gold Bullion 22.64 37.01 126.55 15.19 -32.60 14.94 -16.31 -19.38 6.00 18.96 24.53 -15.26
Cash Rate (Year-End) 6.15% 9.34% 12.07% 14.99% 11.04% 7.98% 8.94% 7.75% 7.02% 5.49% 5.96% 8.22%
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000
--------------------- ----- ----- ------ ------ ------ ----- ------ ------ ------ ----- ----- -------
Price of Gold Bullion -2.84 -3.11 -8.56 -5.73 17.68 -2.17 0.98 -4.59 -21.41 -0.83 0.85 -5.44
Cash Rate (Year-End) 7.77% 6.53% 3.91% 3.24% 3.06% 5.57% 4.91% 5.08% 5.43% 4.52% 5.30% 5.70%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012-Q1
--------------------- ----- ----- ------ ------ ------ ----- ------ ------ ------ ----- ----- -------
Price of Gold Bullion 0.75 25.57 19.89 4.65 17.77 23.20 31.92 4.32 25.04 29.24 8.93 8.59
Cash Rate (Year-End) 1.71% 1.19% 0.89% 2.23% 3.91% 4.88% 3.31% 0.05% 0.11% 0.18% 0.03% 0.09%
The table above does not re[]ect any Trendpilot[] Index performance. The
Trendpilot[] Index performance is not the same as the performance of the Price
of Gold Bullion. The Trendpilot[] Index may underperform the Price of Gold
Bullion over various time periods, and may track the Cash Rate for extended
periods of time in a low interest rate environment. 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 suf[]cient 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 are not principal
protected and do not pay interest. Any payment on the RBS ETNs is subject to
ability of RBS NV, as the issuer, and RBS Holdings, 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 []led 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 the registration statement and
other documents that have been []led 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 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 US Gold Trendpilot([]) Index (USD) (Index) is 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 the Index.
S and P shall have no liability for any errors or omissions in calculating the
Index. "Standard and Poor's([R])" and "S and P([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
af[]liates. The RBS ETNs are not sponsored, endorsed, sold or promoted by S and P
or its af[]liates, and neither S and P nor its af[]liates make any 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 af[]liate of
RBS NV.
www.rbs.com/etnUS | TOLL FREE: 855-RBS-ETPS | Not FDIC Insured. May Lose Value. Dated April 24, 2012
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