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Historical Performance (%) -- as of 3/31/2013
------------------------------------------------------------ ----------- -------- ---------- ---------- ---------- -------------------------
QUARTER-TO- YEAR-TO- ANNUALIZED ANNUALIZED ANNUALIZED ANNUALIZED SINCE RBS ETN
DATE (%) DATE (%) 1-YEAR (%) 3-YEAR (%) 5-YEAR (%) INCEPTION (12/6/10) (%)
------------------------------------------------------------ ----------- -------- ---------- ---------- ---------- -------------------------
RBS US Large Cap Trendpilot[TM] ETN Daily Redemption Value(1) 10.34 10.34 12.83 -- -- 8.98
RBS US Large Cap Trendpilot(TM) Index 10.61 10.61 13.96 -- -- 9.98
SandP 500([R]) Total Return Index (Benchmark Index) 10.61 10.61 13.96 12.67 5.81 13.83
SandP 500([R]) Index (Price Only) 10.03 10.03 11.41 10.30 3.48 11.39
Cash rate on 3/31/13 was 0.08% -- -- -- -- -- --
Source: Bloomberg. The table above presents the actual performance of the Index,
the RBS ETNs, the SandP 500([R]) Total Return Index (the Benchmark Index), and
the SandP 500([R]) Index (Price Only) over the specified periods. It is not
possible to invest directly in an index. For information regarding the
performance of the Trendpilot Index, see pages PS-12 to PS-15 of the pricing
supplement of the RBS ETNs filed with the U.S. Securites and Exchange Commisson
(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 Benchmark Index, and (ii) 0.50% per annum when the Index
is tracking the Cash Rate.
SandP 500([R]) Index Performance -- as of 3/31/2013
[GRAPHIC OMITTED]
The graph to the left is the historical performance of the SandP 500([R]) Total
Return Index, SandP 500([R]) Index (Price Only) and the SandP 500([R]) Total Return
Index 200-Index business day simple moving average. This illustration does not
reflect any historical Trendpilot Index performance.
SandP 500([R]) Index 1-Year Annual Return Comparison (%)(1)
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
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SandP 500([R]) Total Return Index -- 7.62 10.08 1.32 37.58 22.96 33.36 28.58 21.04 -9.10 -11.89 -22.10
SandP 500([R]) Index (Price Only) -- 4.46 7.06 -1.54 34.11 20.26 31.01 26.67 19.53 -10.14 -13.04 -23.37
Cash Rate (Year-End) 3.91 3.24 3.06 5.57 4.91 5.08 5.43 4.52 5.30 5.70 1.71 1.19
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Q1
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SandP 500([R]) Total Return Index 28.68 10.88 4.91 15.79 5.49 -37.00 26.46 15.06 2.11 16.00 10.61
SandP 500([R]) Index (Price Only) 26.38 8.99 3.00 13.62 3.53 -38.49 23.45 12.78 0.00 13.41 10.03
Cash Rate (Year-End) 0.89 2.23 3.91 4.88 3.31 0.05 0.11 0.18 0.03 0.09 0.08
(1) The table above does not reflect any Trendpilot[TM] Index performance. The
Trendpilot[TM] Index performance is not the same as the SandP 500([R]) Index
performance. The Trendpilot[TM] Index may underperform the SandP 500([R]) Index
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[TM]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 Benchmark Index, and is expected to perform poorly in volatile markets. 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 [TM]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 that registration statement and other documents that have been
[TM]led 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).
RBS US Large Cap Trendpilot[TM] Index (USD), is 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 the Index. The SandP 500([R]) Index is the exclusive property of SandP
Dow Jones Indices and have been licensed for use by RBSSI and its af[TM]liates
in connection with the RBS US Large Cap Trendpilot[TM] Index (USD). SandP Dow
Jones Indices shall have no liability for any errors or omissions in calculating
the Index. 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"). These trademarks have been licensed to
SandP Dow Jones Indices. "Standard and Poor's([R])", "SandP([R])" and "SandP
500([R])" are registered trademarks of SPFS and together with the "Calculated by
C A L C U L ATED BY SandP Dow Jones Indices Custom" and its related stylized
mark(s) have been licensed for use by RBSSI and its affiliates. The RBS US Large
Cap Trendpilot[TM] ETNs, are not sponsored, endorsed, sold or promoted by SandP
Dow Jones Indices, SPFS, Dow Jones, their affiliates or their third party
licensors, and neither SandP Dow Jones Indices, SPFS, Dow Jones, their
affiliates or their third party licensors make any representation regarding the
advisability of investing in such 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 16, 2013
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