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NASDAQ-100([R]) Total Return Index(SM)
Top 10 Holdings -- as of 12/31/2012
COMPANY TICKER WEIGHT (%)
---------------------- ------ ----------
Apple, Inc. AAPL 16.32
Microsoft Corporation MSFT 7.32
Google, Inc. GOOG 6.12
Oracle Corporation ORCL 5.23
Amazon.com, Inc. AMZN 3.70
QUALCOMM, Inc. QCOM 3.44
Cisco Systems, Inc. CSCO 3.40
Intel Corporation INTC 3.34
Comcast Corporation CMCSA 2.58
Amgen, Inc. AMGN 2.16
Source: Bloomberg
------ ----------
Historical Performance (%) -- as of 12/31/2012
3-MONTH YEAR-TO- ANNUALIZED
(%) DATE (%) 1-YEAR (%)
------------------------------------------ ------- -------- ----------
RBS NASDAQ-100([R]) Trendpilot[] ETN Daily
Redemption Value(1) -4.09 10.21 10.21
RBS NASDAQ-100([R]) Trendpilot(TM) Index -3.92 11.11 11.11
NASDAQ-100([R]) Total Return Index(SM)
(Benchmark Index) -4.50 18.35 18.35
Cash rate on 12/31/12 was 0.09% -- -- --
SINCE RBS ETN
INCEPTION
(12/8/2011) (%)
---------------
9.94
10.91
18.14
--
Source: Bloomberg. The table above presents the actual performance of the Index,
the RBS ETNs and the NASDAQ-100([R]) Total Return Index(SM) (the Benchmark
Index) over the speci[]ed periods. It is not possible to invest directly in an
index. For information regarding the performance of the Index, see pages PS-14
to PS-17 of the pricing supplement to the RBS ETNs []led 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) 1.00% per annum when the
Index is tracking the Benchmark Index, and (ii) 0.50% per annum when the Index
is tracking the Cash Rate.
NASDAQ-100([R]) Total Return Index(SM) Performance -- as of 12/31/2012
NASDAQ-100([R]) Total Return Index(SM)
NASDAQ-100([R]) Total Return Index(SM) 100-Index business day simple moving
average
[GRAPHIC OMITTED]
The graph to the left is the historical performance of the NASDAQ-100([R]) Total
Return Index(SM) and the NASDAQ-100([R]) Total Return Index(SM) 100-Index
business day simple moving average. This illustration does not re[]ect any
historical Trendpilot[] Index performance.
NASDAQ-100([R]) Total Return Index(SM) 1-Year Annual Return Comparison (%)(1)
2000 2001 2002 2003 2004 2005
-------------------------------------- ------ ------ ------ ----- ----- ----
NASDAQ-100([R]) Total Return Index(SM) -36.82 -32.62 -37.52 49.49 10.75 1.89
Cash Rate (Year-End) 5.70 1.71 1.19 0.89 2.23 3.91
2006 2007 2008 2009 2010 2011 2012
---- ----- ------ ----- ----- ---- -----
7.28 19.24 -41.57 54.61 20.14 3.66 18.35
4.88 3.31 0.05 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 NASDAQ-100([R]) Total
Return Index(SM) performance. The Trendpilot[] Index may underperform the
NASDAQ-100([R]) Total Return Index(SM) 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).
NASDAQ([R]), OMX([R]), NASDAQ OMX([R]), NASDAQ-100([R]), NASDAQ-100 Index([R])
and NASDAQ-100([R]) Total Return Index(SM) are registered trademarks and service
marks of The NASDAQ OMX Group, Inc. and are licensed for use by RBS plc. The
Index is the property of RBS plc. RBS plc has contracted with The NASDAQ OMX
Group, Inc. (which with its af[]liates and subsidiaries is referred to as the
"Corporations") to calculate and maintain the Index, either directly or through
a third party. Currently, the Index is calculated and maintained by SandP Opco,
LLC, a subsidiary of SandP Dow Jones Indices LLC, ("SandP Dow Jones Indices") on
behalf of the Corporations. SandP([R]) is a registered trademark of SPFS
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. SandP Dow Jones
Indices, its af[]liates and the Corporations shall have no liability for any
errors or omissions in calculating the RBS NASDAQ-100([R]) Trendpilot[] Index.
The RBS NASDAQ-100([R]) Trendpilot[] Exchange Traded Notes, which are based on
the RBS NASDAQ-100([R]) Trendpilot[] Index, have not been passed on by the
Corporations or SandP Dow Jones Indices and its af[]liates as to their legality
or suitability and are not sponsored, endorsed, sold or promoted by the
Corporations or SandP Dow Jones Indices and its af[]liates. SandP DOW JONES
INDICES, ITS AFFILIATES AND THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO
LIABILITY WITH RESPECT TO THE RBS NASDAQ-100([R]) TRENDPILOT[] EXCHANGE TRADED
NOTES.
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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