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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 (2/17/11) (%)
--------------------------------------------------- ----------- -------- ---------- ---------- ---------- -------------------------
RBS Gold Trendpilot[TM] ETN Daily Redemption Value(1) -3.18 -3.18 -3.14 -- -- 5.62
RBS Gold Trendpilot[TM] Index -2.99 -2.99 -2.42 -- -- 6.54
Price of Gold Bullion -3.57 -3.57 -3.86 12.73 11.35 7.24
Cash rate on 3/31/13 was 0.08% -- -- -- -- -- --
Source: Bloomberg. The table above presents the actual performance of the
Index, the RBS ETNs and the Price of Gold Bullion over the specified periods.
It is not possible to invest directly in an index. For information regarding
the performance of the Index, see pages PS-12 to PS-16 of the pricing
supplement to the RBS ETNs filed 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 Price of Gold Bullion, and (ii) 0.50% per annum when the
Index is tracking the Cash Rate.
Gold Bullion Performance -- as of 3/31/2013
[GRAPHIC OMITTED]
The graph to the left is the historical performance of the Price of Gold
Bullion and its 200-Index business day simple moving average. This illustration
does not reflect any historical Trendpilot[TM] Index performance.
--------------------- ----- ----- ------ ----- ------ ----- ------ ------ ----- ----- ------- ------ -----
1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989
--------------------- ----- ----- ------ ----- ------ ----- ------ ------ ----- ----- ------- ------ -----
Price of Gold Bullion 22.64 37.01 126.55 15.19 -32.60 14.94 -16.31 -19.38 6.00 18.96 24.53 -15.26 -2.84
Cash Rate (Year-End) 6.15 9.34 12.07 14.99 11.04 7.98 8.94 7.75 7.02 5.49 5.96 8.22 7.77
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
--------------------- ----- ----- ------ ----- ------ ----- ------ ------ ----- ----- ------- ------ -----
Price of Gold Bullion -3.11 -8.56 -5.73 17.68 -2.17 0.98 -4.59 -21.41 -0.83 0.85 -5.44 0.75 25.57
Cash Rate (Year-End) 6.53 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
--------------------- ----- ----- ------ ----- ------ ----- ------ ------ ----- ----- ------- ------ -----
Price of Gold Bullion 19.89 4.65 17.77 23.20 31.92 4.32 25.04 29.24 8.93 8.26 -3.57
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
--------------------- ----- ----- ------ ----- ------ ----- ------ ------ ----- ----- ------- ------ -----
The table above does not reflect any Trendpilot[TM] Index performance. The
Trendpilot[TM] Index performance is not the same as the performance of the Price
of Gold Bullion. The Trendpilot[TM] Index may underperform the Price of Gold
Bullion 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
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 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 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-ETPS (toll-free).
RBS Gold 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. 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])" and "SandP([R])" are registered
trademarks of SPFS and together with the "Calculated by SandP Dow Jones C A L C U
L ATED BY Indices Custom" and its related stylized mark(s) have been licensed
for use by RBSSI and its affiliates. The RBS Gold 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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