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Historical Performance (%) -- as of 12/31/2012
QUARTER-TO- YEAR-TO-
INCEPTION
DATE (%) DATE (%)
(%)
----------------------------------------------------------- ----------- --------
-----------------------
RBS US Large Cap Trendpilot[] ETN Daily Redemption Value(1) -0.63 14.84
RBS US Large Cap Trendpilot(TM) Index -0.38 16.00
SandP 500([R]) Total Return Index (Benchmark Index) -0.38 16.00
SandP 500([R]) Index (Price Only) -1.01 13.41
Cash rate on 12/31/12 was 0.09% -- --
ANNUALIZED ANNUALIZED ANNUALIZED SINCE RBS ETN
1-YEAR (%) 3-YEAR (%) 5-YEAR (%) (12/6/10)
---------- ---------- ----------
14.84 -- -- 10.53
16.00 -- -- 12.62
16.00 10.87 1.66 21.94
13.41 8.55 -0.58 16.60
-- -- -- --
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 speci[]ed 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 []led 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 12/31/2012
[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 re[]ect any historical Trendpilot Index performance.
SandP 500([R]) Index 1-Year Annual Return Comparison (%)(1)
1991 1992 1993 1994 1995 1996 1997
------------------------------- ------ ----- ----- ----- ----- ----- ------
SandP 500([R]) Total Return Index -- 7.62 10.08 1.32 37.58 22.96 33.36
SandP 500([R]) Index (Price Only) -- 4.46 7.06 -1.54 34.11 20.26 31.01
Cash Rate (Year-End) 3.91 3.24 3.06 5.57 4.91 5.08 5.43
2002 2003 2004 2005 2006 2007 2008
------------------------------- ------ ----- ----- ----- ----- ----- ------
SandP 500([R]) Total Return Index -22.10 28.68 10.88 4.91 15.79 5.49 -37.00
SandP 500([R]) Index (Price Only) -23.37 26.38 8.99 3.00 13.62 3.53 -38.49
Cash Rate (Year-End) 1.19 0.89 2.23 3.91 4.88 3.31 0.05
1998 1999 2000 2001
----- ----- ------ ------
28.58 21.04 -9.10 -11.89
26.67 19.53 -10.14 -13.04
4.52 5.30 5.70 1.71
2009 2010 2011 2012
----- ----- ------ ------
26.46 15.06 2.11 16.00
23.45 12.78 0.00 13.41
0.11 0.18 0.03 0.09
(1) The table above does not re[]ect any Trendpilot[] Index performance. The
Trendpilot[] Index performance is not the same as the SandP 500([R]) Index
performance. The Trendpilot[] 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[]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. 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 []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 []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[] 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[]liates in connection
with the RBS US Large Cap Trendpilot[] 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 af[]liates. The RBS US Large Cap
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. 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 January 15, 2013
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