RBS US Large Cap Trendpilot ETN
TRND
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The RBS US Large Cap TrendpilotTM ETNs are designed for investors who seek
exposure to the RBS US Large Cap TrendpilotTM Index (USD) (the "Index"). The
Index utilizes a systematic trend-following strategy to provide exposure to
either the SandP 500(R) Total Return Index (the "Benchmark Index") or the yield
on a hypothetical notional investment in 3-month U.S. Treasury bills (the "Cash
Rate"), depending on the relative performance of the Benchmark Index on a simple
historical moving average basis. If the level of the Benchmark Index is at or
above its historical 200-index business day simple moving average for five
consecutive Index business days (i.e., a "positive trend" is established), the
Index will track the return on the Benchmark Index, and will have no exposure to
the Cash Rate until a negative trend occurs. Conversely, if the level of the
Benchmark Index is below such average for five consecutive index business days
(i.e., a "negative trend" is established), then the Index will track the Cash
Rate instead of the return on the Benchmark Index and will have no exposure to
the Benchmark Index until the next positive trend.

Product Facts
                     Exchange Traded
Product type         Note (ETN)
Exchange name        NYSE Arca
Daily Redemption
Value                $ 25.0125
Shares Outstanding   160,000
Issue Size (USD      $ 4,002
000's)
Annual Investor      1.00 % *
Fee
Inception Date       12/06/10
Maturity             12/07/40
Current RBS          Benchmark Index
Trendpilot Indicator
Last Update          12/8/2010 2:49:50
                     AM
Codes
ISIN                 US78009L3087
CUSIP                78009L308
Ticker               TRND
                     RBS US Large Cap
Underlying           Trendpilot Index
Intraday
Indicative Value     TRND.IV
Ticker

Download Prospectus (639 KB)

Download Factsheet (918 KB)

* The Annual Investor Fee (which accrues on a daily basis) is 1.00% per annum
when the Index is tracking the Benchmark Index and 0.50% per annum when the
Index is tracking the Cash Rate.

"Daily Redemption Value" refers to the price per ETN at which The Royal Bank of
Scotland N.V. shall repurchase any ETNs offered by investors for repurchase
(provided that at least 40,000 ETNs are offered for repurchase) or shall redeem
any ETNs called by it for redemption at its option, in each case, subject to the
terms and conditions described in the pricing supplement and prospectus. The
amount reflects the Daily Redemption Value at the close of the market on th
eprior trading day in the United States.

"Shares Outstanding" means to the number of ETN units outstanding at the close
of market on the prior trading day in the United States.

"Issue Size (USD 000's)" means an amount equal to the Daily Redemption Value
multiplied by Shares Outstanding.

"Current RBS Trendpilot Indicator" refers to the trend of the Index. The Index
will track the Benchmark Index when it is in a positive trend, and will track
the Cash Rate when it is in a negative trend.

Returns (as of market close 11/30/2010)

The returns indicated below reflects the percentage change through the end of
the previous calendar month in the closing level of the index, the daily
redemption value or the ETN market price, as applicable, from the beginning of
the relevant period (e.g., 1 mo., 3 mos., 6 mos. prior, as the case may be). The
Index was only created on 11/16/10. All Index data prior to 11/16/10 are based
on retrospective calculations. The Index performance information below does not
include the annual investor fee or any transaction costs or expenses. None of
the information below should be taken as any indication of the future
performance of the Index or the ETNs.

                  1 mo.  3 mo.  6 mo.  YTD     1 Yr. 3 Yr.       5 Yr.      10 Yr.
                                                     annualized  annualized annualized
Index             +0.01% +5.32% -2.70% -2.96% -1.08% +5.82%      +6.55%     +6.55%
Redemption Value  N/A    N/A    N/A    N/A     N/A    N/A          N/A        N/A
ETN Market Return N/A    N/A    N/A    N/A     N/A    N/A          N/A        N/A

Source: Bloomberg

All Return information presented above is updated once a month and is presented
as of the end of previous calendar month.

"Index" refers to the percentage change in the closing level of the Index from
the month end of the relevant period (e.g., closing level of the Index from
month-end, 1 mo., 3 mos., 6 mos. prior, as the case may be) through the market
close at the end of the previous calendar month.

"Redemption Value" refers to the percentage change in the Daily Redemption Value
of the RBS ETN from the month end of the relevant period (e.g., the Daily
Redemption Value at month-end, 1 mo., 3 mos., 6 mos. prior, as the case may be)
through the market close at the end of the previous calendar month.

"ETN Market Return" refers to the percentage change in the closing price of the
RBS ETNs as reported on NYSE Arca from the month end of the relevant period
(e.g., 1 mo., 3 mos., 6 mos. prior, as the case may be) through the market close
at the end of the previous calendar month.

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.
Liquidity of the market for RBS ETNs may vary over time. The RBS ETNs do not pay
interest. Any payment on the RBS ETNs is subject to ability of The Royal Bank of
Scotland N.V. (RBS NV), as the issuer, and RBS Holdings N.V., 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 N.V. (RBS NV) and RBS Holdings
N.V. (RBS Holdings) 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 with the SEC for more complete information about RBS NV and
RBS Holdings, 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 NV, RBS Holdings,
RBS Securities Inc. (RBSSI) or any dealer participating in the relevant 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 TrendpilotTM Index (USD) (Index) is the property of The Royal
Bank of Scotland plc, which has contracted with Standard and Poor's Financial
Services LLC (SandP) to maintain and calculate the Index. The SandP 500(R) Index
is the exclusive property of SandP and has been licensed for use by RBSSI and
its affiliates in connection with the Index. SandP shall have no liability for
any errors or omissions in calculating the Index. "Standard and Poor's(R),"
"SandP(R)" and "SandP 500(R)" are registered trademarks of SandP. "Calculated by
SandP Custom Indices" and its related stylized mark are service marks of SandP
and have been licensed for use by RBSSI and its affiliates. The RBS ETNs are not
sponsored, endorsed, sold or promoted by SandP or its affiliates, and neither
SandP nor its affiliates make any representation regarding the advisability of
investing in the RBS ETNs.