Filed pursuant to Rule 433. Registration Statement Nos. 333-184147 and 333-184147-01.

RBS Exchange Traded Notes              BUILDING TOMORROW

RBS Rogers Enhanced Energy ETN (RGRE)

ETN Overview:
The RBS Rogers Enhanced Energy Exchange Traded Notes ("RBS ETNs") track the RICI Enhanced(SM) Energy
Total Return Index (the "Index") which provides exposure to six commodities in the oil and gas
commodity futures market, plus the rate of interest that could be earned on cash collateral invested
in Treasury Bills. The Index, designed in cooperation with prominent stock market and commodities
investor Jim Rogers and RBS, attempts to track price changes for energy commodities.

RICI Enhanced(SM) Energy Total Return Index Features

Strategy: The RBS ETNs are designed to provide commodity exposure on the basis of expected economic
global demand. By investing in futures contracts with varying maturities, the Index seeks to
maximize returns when there are signi[]cant price differences between near-dated and future- dated
commodity contracts. This is unlike many commodity-linked investments in the market today which
invest solely in front month contracts. A special rollover calendar de[]nes speci[]c selection
criteria for each commodity contract, including term structure, seasonality and liquidity.

Commodity weightings: The individual commodity weightings are determined on the basis of the
expected economic global demand for each commodity.

Rebalancing: The commodity weightings are reset to their target weights on a semi-annual basis.

Rules-based: Yes. The Index applies a rollover calendar to select contracts for each commodity.

Index Committee: Jim Rogers and the Index Committee annually review and adjust, as necessary, the
composition of the Index. The objective of the Index is to track the price of commodities worldwide.

Determining the rollover calendar for individual commodities

All available futures contracts

Filtering criteria applied based on seasonal patterns and cycles

Liquidity

Contracts are selected according to the individual rollover calendar for each
commodity. Rollover based on liquidity and futures curves.
(term structure)

RBS ETN Details

Ticker           RGRE
Intraday         RGRE.IV
Indicative Value
Ticker
CUSIP            78009P192
ISIN             US78009P1921
Primary          NYSE Arca
Exchange
Annual Investor  0.95% per annum
Fee
(accrued on a
daily basis)
Inception Date   10/25/2012
Maturity         10/29/2042
Issuer           The Royal Bank of Scotland plc
                 ("RBS plc")
Guarantor        The Royal Bank of Scotland
                 Group plc ("RBSG").
Repurchase at    You may offer your RBS ETNs
your option      to RBS plc for repurchase on
                 any business day on or prior to
                 10/21/2042, provided that you
                 offer a minimum of 20,000 RBS
                 ETNs for any single repurchase
                 and follow the procedures
                 described in the pricing
                 supplement.
Early            We may redeem all of the RBS
redemption at    ETNs at our discretion at any
our option       time on or prior to 10/22/2042.
Daily            Upon early repurchase or
Redemption       redemption or at maturity, you
Value            will 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/rgre*.
The ETNs         The RBS ETNs are unsecured
                 and senior debt obligations
                 of the Issuer and are fully and
                 unconditionally guaranteed by
                 the Guarantor.

* Information contained on our website is not incorporated by reference
in, and should not be considered a part of, this document.

(2)Based on daily returns. Standard deviation is a measure of
volatility, and illustrates the extent of variation (whether higher
or lower) that exists from the average given set of results. A low
standard deviation indicates that the results tend to be very close
to the average result (a low degree of volatility). In contrast, a
high standard deviation indicates that the results are spread out
over a large range of outcomes (a high degree of volatility). Because
the standard deviation is based on historical data, it may not
predict variability in annualized performance of the RBS ETNs in the
future.

Index Performance and Standard Deviation -- as of 12/31/12
------------------------------------------------------------ --------------- -----------------
                                                  ANNUALIZED ANNUALIZED      STD. DEVIATION
                             3-MONTH YTD   1-YEAR   3-YEAR   SINCE 10/31/07     1-YEAR
                               (%)   (%)    (%)       (%)        (%)(1)          (%)(2)
---------------------------- ------- ----- ------ ---------- --------------- -----------------

 RICI Enhanced(SM) Energy
  Total Return Index           -2.21  1.71   1.71     1.09       -6.14           18.75

 S and P GSCI([R]) Energy Total
 Return Index                 -1.91  -1.37 -1.37     1.77       -11.01          21.65

 DBIQ Optimum Yield           -1.61  2.10   2.10     3.22       -3.51           19.97
 Energy Total Return Index[]

You can not invest directly in an index. The above []gures do not take fees into account.

(1)The Index is a total return version of the RICI Enhanced(SM) Energy Excess Return Index, which
means that the level of the index is a total return version of the RICI Enhanced[SM] Energy Excess
Return Index, which means that the level of the index incorporates interest that could have been
earned on cash collateral invested in 3-month U.S. Treasury bills.

Source: RBS

 To find out more
 Call toll free 855-RBS-ETPS or visit
 www.rbs.com/etnus

Not FDIC Insured. May Lose Value.

 

 
 








Illustration of a $10,000 Investment in Each of the Below-Listed Indices -- 10/31/07-12/31/12

[graphic omitted]

Returns are for illustrative purposes only and do not represent actual RBS ETN
performance. Index performance returns do not re[]ect any annual investor fee
or transaction cost. Past performance is not indicative of future results. You
can not invest directly in any index. Source: Bloomberg. All indices are based
to $10,000 as of 10/31/2007.

Component Commodity Weightings -- as of 12/31/12

COMPONENT'S NAME TARGET WEIGHTS ACTUAL WEIGHTS
---------------- -------------- --------------
WTI Crude        31.71%         32.35%
---------------- -------------- --------------
Brent Crude      24.39%         24.85%
---------------- -------------- --------------
Natural Gas      17.07%         15.91%
---------------- -------------- --------------
Gasoline RBOB    9.76%          10.02%
---------------- -------------- --------------
Heating Oil      9.76%          9.60%
---------------- -------------- --------------
Gas Oil          7.32%          7.25%
---------------- -------------- --------------
Total            100.00%        100.00%
---------------- -------------- --------------

Source: RBS, December 2012
The Index is rebalanced back to its target weightings in April and November.

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 RBS ETNs and the Index do not provide exposure
to spot prices of the relevant commodities and, consequently, may not be representative of an
investment that provides exposure to the spot prices of the relevant commodities or buying and
holding the relevant commodities. The prices of commodities are volatile and are affected by
numerous factors. The Index may include futures contracts on non-U.S. exchanges and trading on such
exchanges may be subject to different and greater risks than trading on U.S. exchanges. 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, 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 []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).

The RBS ETNs are not sponsored, endorsed, sold or promoted by Beeland Interests Inc. ("Beeland
Interests"), James B. Rogers, Jr. or Diapason Commodities Management SA ("Diapason").[] Neither
Beeland Interests, James B. Rogers, Jr. nor Diapason makes any representation or warranty, express
or implied, nor accepts any responsibility, regarding the accuracy or completeness of this document,
or the advisability of investing in securities or commodities generally, or in the RBS ETNs or in
futures particularly. "Jim Rogers", "James Beeland Rogers, Jr.", "Rogers", "Rogers International
Commodity Index", "RICI", "RICI Enhanced", and the names of all other RICI Enhanced(SM) Indices
mentioned herein are trademarks, service marks and/or registered marks of Beeland Interests, Inc.,
which is owned and controlled by James Beeland Rogers, Jr., and are used subject to license.[] The
personal names and likeness of Jim Rogers/James Beeland Rogers, Jr. are owned and licensed by James
Beeland Rogers, Jr.

NEITHER BEELAND INTERESTS NOR DIAPASON, NOR ANY OF THEIR RESPECTIVE AFFILIATES OR AGENTS, GUARANTEES
THE ACCURACY AND/OR THE COMPLETENESS OF THE ROGERS INTERNATIONAL COMMODITY INDEX ("RICI"), THE RICI
ENHANCED, ANY SUB-INDEX THEREOF, OR ANY DATA INCLUDED THEREIN.[] SUCH PERSON SHALL NOT HAVE ANY
LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN AND MAKES NO WARRANTY, EXPRESS OR
IMPLIED, AS TO RESULTS TO BE OBTAINED BY OWNERS OF THE RBS ETNS, OR ANY OTHER PERSON OR ENTITY FROM
THE USE OF THE RICI, THE RICI ENHANCED, ANY SUB-INDEX THEREOF, ANY DATA INCLUDED THEREIN OR THE RBS
ETNS.[] NEITHER BEELAND INTERESTS NOR DIAPASON, NOR ANY OF THEIR RESPECTIVE AFFILIATES OR AGENTS,
MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND EACH EXPRESSLY DISCLAIMS ALL WARRANTIES OF
MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE RICI, THE RICI
ENHANCED, ANY SUB INDEX THEREOF, OR ANY DATA INCLUDED THEREIN.[] WITHOUT LIMITING ANY OF THE
FOREGOING, IN NO EVENT SHALL BEELAND INTERESTS, DIAPASON OR ANY OF THEIR RESPECTIVE AFFILIATES OR
AGENTS HAVE ANY LIABILITY FOR ANY LOST PROFITS OR INDIRECT, PUNITIVE, SPECIAL, OR CONSEQUENTIAL
DAMAGES OR LOSSES, EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF.

NEITHER THE INDICATION THAT SECURITIES OR OTHER FINANCIAL PRODUCTS OFFERED HEREIN ARE BASED ON DATA
PROVIDED BY ICE DATA LLP, NOR THE USE OF THE TRADEMARKS OF ICE DATA LLP IN CONNECTION WITH
SECURITIES OR OTHER FINANCIAL PRODUCTS DERIVED FROM SUCH DATA IN ANY WAY SUGGESTS OR IMPLIES A
REPRESENTATION OR OPINION BY ICE DATA OR ANY OF ITS AFFILIATES AS TO THE ATTRACTIVENESS OF
INVESTMENT IN ANY SECURITIES OR OTHER FINANCIAL PRODUCTS BASED UPON OR DERIVED FROM SUCH DATA. ICE
DATA IS NOT THE ISSUER OF ANY SUCH SECURITIES OR OTHER FINANCIAL PRODUCTS AND MAKES NO EXPRESS OR
IMPLIED WARRANTIES WHATSOEVER, INCLUDING BUT NOT LIMITED TO, WARRANTIES OF MERCHANTABILITY OR
FITNESS FOR ANY PARTICULAR PURPOSE WITH RESPECT TO SUCH DATA INCLUDED OR REFLECTED THEREIN, NOR AS
TO RESULTS TO BE OBTAINED BY ANY PERSON OR ANY ENTITY FROM THE USE OF THE DATA INCLUDED OR REFLECTED
THEREIN.

The Index is calculated by NYSE Arca, Inc. ("NYSE Arca"), a wholly-owned subsidiary of NYSE
Euronext. The RBS ETNs, which are based on the Index, are not issued, sponsored, endorsed, sold or
promoted by NYSE Arca, and NYSE Arca makes no representation regarding the advisability of investing
in such product.

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 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] 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 16, 2013