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Historical Performance (%) -- as of 3/31/2013
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YEAR-TO- ANNUALIZED ANNUALIZED SINCE RBS ETN INCEPTION
3-MONTH (%) DATE (%) 1-YEAR (%) 3-YEAR (%) (4/13/12) (%)
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RBS China Trendpilot[TM] ETN Daily Redemption Value(1) -3.78 -3.78 -- -- -2.16
RBS China Trendpilot(TM) Index -3.57 -3.57 -0.73 -- -1.40
BNY Mellon China Select Total Return Index(SM) (Benchmark Index) -4.01 -4.01 -5.84 -2.26 -6.48
Cash rate on 3/31/2013 was 0.08% -- -- -- -- --
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Source: Bloomberg. The table above presents the actual performance of the
Index, the RBS ETNs and the Benchmark Index over the specified periods. It is
not possible to invest directly in an index. For more information regarding the
performance of the Index, see pages PS-14 to PS-17 of the pricing supplement to
the RBS ETNs filed 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) 1.10% per annum when the
Index is tracking the Benchmark Index, and (ii) 0.50% per annum when the Index
is tracking the Cash Rate.
Top 10 Holdings(2) -- as of 3/31/2013
COMPANY (%)
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China Mobile Ltd. (ADS) 10.24
CNOOC Ltd. (ADS) 7.82
PetroChina Co. Ltd. (ADS) 7.24
China Petroleum and Chemical Corp.(ADS) 6.74
Baidu, Inc. (ADS) 6.70
China Life Insurance Co. Ltd. (ADS) 5.79
China Telecom Corp. Ltd. (ADS) 3.98
China Unicom (Hong Kong) Ltd. (ADS) 3.53
NetEase Inc. (ADR) 3.08
Mindray Medical International (ADR) 2.89
(2)Source: BNY Mellon([R])
(3)Based on standard industry classifications
Sector Weightings(3) -- as of 3/31/2013
[GRAPHIC OMITTED]
SECTOR (%)
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Information
Technology 24.80
Energy 24.17
Telecommunication
Services 17.75
Consumer
Discretionary 11.35
Financials 5.79
Health Care 5.27
Industrials 4.89
Materials 3.17
Utilities 2.80
The Benchmark Index includes depositary receipts, which are quoted and traded
in U.S. dollars on The New York Stock Exchange (NYSE), The NYSE Amex and The
NASDAQ Stock Market (NASDAQ). Each depositary receipt generally represents an
ownership interest in shares (or fractions of a share) of an underlying stock
that may be quoted and traded in its local jurisdiction in a foreign currency.
Depositary receipts are included in the Benchmark Index based, among other
things, on their market capitalization and liquidity.
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
sufficient 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 Benchmark Index, and is expected to perform poorly in volatile markets. The
RBS 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. The intraday indicative value and the daily redemption value are
not the same as the trading price or market price of the RBS ETNs in the
secondary market. Any payment on the RBS ETNs is subject to the ability of RBS
plc, as the issuer, and RBS Group plc, 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 plc (RBS plc) and The Royal
Bank of Scotland Group plc (RBS Group) have filed 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 that registration
statement and other documents that have been filed by RBS plc and RBS Group
with the SEC for more complete information about RBS plc and RBS Group, 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 plc, RBS Securities Inc. (RBSSI) or
any dealer participating in the 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).
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 SandP Dow Jones
Indexes ("SandP Dow Jones Indices") or one of its affiliates. SandP([R]) is a
registered trademark of Standard and Poor's Financial Services LLC ("SPFS") and
Dow Jones([R]) is a registered trademark of Dow Jones Trademark Holdings LLC
("Dow Jones") The RBS China Trendpilot[TM] ETNs are not sponsored, endorsed, sold
or promoted by SPFS, Dow Jones, SandP Dow Jones Indices, their affiliates or
their third party licensors, and SPFS, Dow Jones, SandP Dow Jones Indices, their
affiliates and their third party licensors make no representation regarding the
availability of investing in the RBS ETNs.
Copyright [C] 2013 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.
www.rbs.com/etnUS | TOLL FREE: 855-RBS-ETPS | Not FDIC Insured. May Lose Value.
Dated April 11, 2013
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