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 relevant 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
Benchmark Index for the RBS Global Big Pharma ETNs comprises securities of a
limited number of companies concentrated in the pharmaceuticals industry, and
may not be representative of an investment that provides exposure to the
pharmaceutical industry as a whole. 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[] 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. Even though the RBS ETNs are listed
on the NYSE Arca, a trading market may not develop and the liquidity of the RBS
ETNs may be limited and/or vary over time, as RBS plc is not required to
maintain any listing of the RBS ETNs. 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 (RBS Group), The Royal Bank of Scotland N.V. (RBS N.V.)
and RBS Holdings N.V. (collectively, the RBS Entities) have []led 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 []led 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 China Trendpilot[] Index, RBS US Large Cap Trendpilot[] Index (USD), RBS US
Mid Cap Trendpilot[] Index (USD) and RBS Gold Trendpilot[] Index (USD) are the
property of The Royal Bank of Scotland plc, which has contracted with SandP
Opco, LLC (a subsidiary of SandP Dow Jones Indices LLC) ("SandP Dow Jones
Indices") to maintain and calculate these Trendpilot Indices. The SandP 500([R])
Index and the SandP MidCap 400([R]) Index are the exclusive property of SandP
Dow Jones Indices and have been licensed for use by RBSSI and its af[]liates in
connection with the RBS US Large Cap Trendpilot[] Index (USD) and the RBS US Mid
Cap Trendpilot[] Index (USD), respectively. SandP Dow Jones Indices shall have
no liability for any errors or omissions in calculating these Trendpilot[]
Indices. SandP([R]) is a registered trademark of SPFS Standard and Poor's
Financial Services LLC ("SPFS") and Dow Jones([R]) is a registered trademark of
Dow Jones Trademark Holdings LLC ("Dow Jones"). These trademarks have been
licensed to SandP Dow Jones Indices. "Standard and Poor's([R])", "SandP([R])",
"SandP 500([R])" and "SandP MidCap 400([R])" are registered trademarks of SPFS
and together with the "Calculated by SandP Dow Jones Indices Custom" and its
related stylized mark(s) have been licensed for use by RBSSI and its af[]liates.
The RBS China Trendpilot[] ETNs, 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 SandP Dow Jones Indices, SPFS, Dow Jones, their
af[]liates or their third party licensors, and neither SandP Dow Jones Indices,
SPFS, Dow Jones, their af[]liates or their third party licensors 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 Index(SM) 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
af[]liates 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[] 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.
The NYSE Arca Equal Weighted Pharmaceutical Index(SM) and the NYSE Arca Equal
Weighted Pharmaceutical Total Return Index(SM) are service marks of NYSE
Euronext or its af[]liates (NYSE Euronext) and have been licensed for use by RBS
plc and RBSSI (Licensees) in connection with the RBS Global Big Pharma ETNS.
Neither the Licensees nor the RBS Global Big Pharma ETNS is sponsored, endorsed,
sold or promoted by NYSE Euronext. NYSE Euronext makes no representations or
warranties regarding the RBS Global Big Pharma ETNS or the ability of the NYSE
Arca Equal Weighted Pharmaceutical Index(SM) or the NYSE Arca Equal Weighted
Pharmaceutical Total Return Index(SM) to track general stock market performance.
NYSE EURONEXT MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY
DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE
WITH RESPECT TO THE NYSE ARCA EQUAL WEIGHTED PHARMACEUTICAL INDEX(SM) OR THE
NYSE ARCA EQUAL WEIGHTED PHARMACEUTICAL TOTAL RETURN INDEX(SM) OR ANY DATA
INCLUDED THEREIN. IN NO EVENT SHALL NYSE EURONEXT 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
[]tness 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 pro[]ts), even if
noti[]ed 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 []led
with the SEC.
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.
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