Filed pursuant to Rule 433 | Registration Statement Nos. 333-162219 and 333-162219-01
RBS Oil Trendpilot(TM) ETN (TWTI)
RBS Exchange Traded Notes
[RBS Logo]
RBS ETN Details
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Issuer The Royal Bank of Scotland plc
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Guarantor The Royal Bank of Scotland
group plc
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Ticker TWTI
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Intraday TWTI.IV
Indicative Value
Ticker
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CUSIP 78009P127
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ISIN US78009P1277
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Primary NYSE Arca
Exchange
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Maturity September 13, 2041
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Index RBS Oil Trendpilot Index (USD)
(Bloomberg Symbol:
"TPOILUT (Index)")
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Benchmark RBS 12-Month Oil Total Return
Index Index (USD) (Bloomberg Symbol:
"12MOILTR (Index)")
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Cash Rate Yield on a hypothetical notional
investment in 3-month U.S.
Treasury bills (Bloomberg page:
"USB3MTA Index")
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Annual Investor When the Index is tracking the
Fee Benchmark Index: 1.10% per
(accrued on a annum. When the Index is
daily basis) tracking the Cash Rate: 0.50%
per annum.
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Repurchase at You may offer your RBS ETNs to
your option RBS plc for repurchase on any
business day on or prior to
September 5, 2041, provided that
you offer a minimum of 20,000
RBS ETNs for any single
repurchase and follow the
procedures described in the
pricing supplement.
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Early We may redeem all of the
redemption at RBS ETNs at our discretion at
our option any time on or prior to September
11, 2041.
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Daily Upon early repurchase or
Redemption redemption or at maturity, you will
Value 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/TWTI*.
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* Information contained on our website is not incorporated by reference in,
and should not be considered a part of, this document.
The RBS Oil Trendpilot(TM) Exchange Traded Notes (RBS ETNs) are unsecured and
senior obligations of The Royal Bank of Scotland plc (RBS plc), and are fully
and unconditionally guaranteed by The Royal Bank of Scotland Group plc (RBS
Group). Any payments on the RBS ETNs when they become due at maturity or upon
early repurchase or redemption are dependent on the ability of RBS plc and RBS
Group to pay, and are also subject to market risk.
The return on the RBS ETNs will be based on the performance of the RBS Oil
Trendpilot(TM) Index (USD) (the "Index"), which utilizes a systematic
trend-following strategy to provide exposure to either the RBS 12-Month Oil
Total Return Index (USD) (the "Benchmark Index", described below) or the yield
on a hypothetical notional investment in 3-month U.S. Treasury bills as of the
most recent weekly auction (the "Cash Rate"), depending on the relative
performance of the Benchmark Index on a simple historical moving average
basis.
RBS OIL TRENDPILOT(TM) INDEX METHODOLOGY
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If the closing level of the Benchmark
Index is at or above its historical A positive trend is established:
100-Index business day simple moving The Index will track the
average for five consecutive Index Benchmark Index
business days
If the closing level of the Benchmark
Index is below its historical 100-Index A negative trend is established:
business day simple moving average The Index will track the Cash Rate
for five 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 preceding 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.
ILLUSTRATION OF THE TRENDPILOT(TM) INDEX METHODOLOGY
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[GRAPHIC OMITTED]
The above graph illustrates the operation of the Trendpilot Index Methodology.
It does not reflect any actual performance of the Benchmark Index or the
Trendpilot Index, and is not an indication of how either index may perform in
the future. The hypothetical illustration above also does not include any fees,
transaction costs or expenses.
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www.rbs.com/etnUS | TOLL FREE: 855-RBS-ETPS | Not FDIC Insured. May Lose Value. page 1 of 2
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RBS 12-MONTH OIL TOTAL RETURN INDEX (USD) (THE "BENCHMARK INDEX") -------------------------------------------------------------------------------- The Benchmark Index utilizes a rules-based methodology to provide exposure to a hypothetical notional investment in a series of 12 light sweet crude oil (WTI) futures contracts that are traded on the New York Mercantile Exchange. The 12 futures contracts comprising the Benchmark Index on any given day will be the futures contract scheduled to expire in the immediately following calendar month and futures contracts scheduled to expire in each of the eleven months thereafter. The Benchmark Index is rebalanced on a monthly basis so that each of the 12 contracts is equally weighted upon each rebalancing. For more information regarding the RBS 12-Month Oil Total Return Index (USD) methodology please see the RBS Oil Trendpilot ETN pricing supplement. 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 RBS ETNs and the Index 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. The Index may underperform the Benchmark Index, 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 the ability of RBS plc, as the issuer, and RBS Group, 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: RBS plc and RBS Group have each 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-3877 (toll-free). RBS Oil Trendpilot(TM) Index (USD) and RBS 12-Month Oil Total Return Index (USD) are the property of RBS plc. The Index and the Benchmark Index are calculated by NYSE Arca, a wholly-owned subsidiary of NYSE Euronext. The RBS ETNs, which track the Index and may track the Benchmark Index, are not issued, sponsored, endorsed, sold or promoted by NYSE Arca, and NYSE Arca makes no representation regarding the advisability of investing in the securities. 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 INDEX OR BENCHMARK INDEX 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. Copyright[C] 2011 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. page 2 of 2 |
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