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NASDAQ-100([R]) Total Return Index(SM)
Top 10 Holdings -- as of 6/30/2013
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Company ticker Weight (%)
---------------------- --------------- ----------
Apple Inc AAPL 11.46
Microsoft Corporation MSFT 8.32
Google, Inc. GOOG 7.02
Oracle Corporation ORCL 4.14
Cisco Systems, Inc. CSCO 3.82
Amazon.com, Inc. AMZN 3.80
Intel Corporation INTC 3.46
QUALCOMM, Inc. QCOM 3.09
Comcast Corporation CMSCA 2.56
Gilead Sciences GILD 2.34
Source: Bloomberg
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Historical Performance (%) -- as of 6/30/2013
-------------------------------------------------------- ---------- --------------------
annualized since RBS
3-month year-to- ANNUALIZED ETN inception
(%) date (%) 1-YEAR (%) (12/8/2011) (%)
--------------------------------------- ------- -------- ---------- --------------------
RBS NASDAQ-100([R]) Trendpilot[] ETN
Daily Redemption Value(1) 3.35 6.89 5.35 10.93
RBS NASDAQ-100([R]) Trendpilot(TM)
Index 3.61 7.40 6.24 11.90
NASDAQ-100([R]) Total Return Index(SM)
(Benchmark Index) 3.61 10.09 12.87 18.40
Cash rate on 6/30/2013 was 0.06% -- -- -- --
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 specified 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 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 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 6/30/2013
NASDAQ-100([R]) Total Return Index(SM)
NASDAQ-100([R]) Total Return Index(SM) 100-Index business day simple moving
average
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 reflect any
historical Trendpilot[] Index performance.
NASDAQ-100([R]) Total Return Index(SM) 1-Year Annual Return Comparison (%)(1)
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Q2
-------------------------------------- ------ ------ ------ ----- ----- ---- ---- ----- ------ ----- ----- ---- ----- -------
NASDAQ-100([R]) Total Return Index(SM) -36.82 -32.62 -37.52 49.49 10.75 1.89 7.28 19.24 -41.57 54.61 20.14 3.66 18.35 10.09
Cash Rate (Year-End) 5.70 1.71 1.19 0.89 2.23 3.91 4.88 3.31 0.05 0.11 0.18 0.03 0.09 0.06
(1) The table above does not reflect 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
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).
RECENT DEVELOPMENTS: On June 13, 2013, we announced that we would be exiting
the structured retail investor products business that is responsible for
issuing and maintaining the RBS ETNs, and that we expect to move such business
into a runoff organization which will go through a process of restructuring and
/ or business sales (the "RBS Retail Investor Products Exit Plan"). The
implementation of the RBS Retail Investor Products Exit Plan increases the
likelihood that the RBS ETNs will be redeemed by us prior to maturity. We plan
to continue to maintain and issue the RBS ETNs, but our plans could change. We
cannot give you any assurances as to any minimum period of time that you may
hold the RBS ETNs before we redeem them at our option.
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 affiliates 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
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 affiliates 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 affiliates as to their legality or suitability and are not sponsored,
endorsed, sold or promoted by the Corporations or SandP Dow Jones Indices and its
affiliates. 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 July 16, 2013
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