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Historical Performance (%) -- as of 09/30/2012
YEAR-TO- ANNUALIZED ANNUALIZED ANNUALIZED SINCE RBS ETN
INCEPTION
3-MONTH (%) DATE (%) 1-YEAR (%) 3-YEAR (%) 5-YEAR (%) (12/6/10)
(%)
----------------------------------------------------------- ----------- -------- ---------- ---------- ----------
-----------------------
RBS US Large Cap Trendpilot[] ETN Daily Redemption Value(1) 6.09 15.57 15.44 -- -- 11.23
RBS US Large Cap Trendpilot(TM) Index 6.35 16.44 16.45 -- -- 13.05
S&P 500([R]) Total Return Index (Benchmark Index) 6.35 16.44 30.20 13.20 1.05 22.40
S&P 500([R]) Index (Price Only) 5.76 14.56 27.33 10.87 -1.15 17.79
Cash rate on 09/30/12 was 0.11% -- -- -- -- -- --
The table above presents the actual performance of the Index, the RBS ETNs, the
S&P 500([R]) Total Return Index (the Benchmark Index), and the S&P 500([R])
Index (Price Only) over the speci[]ed periods. For information regarding the
performance of the Trendpilot Index, see pages PS-35 to PS-39 of the pricing
supplement of the RBS ETNs []led with the
U. S. Securites and Exchange Commisson (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.
S&P 500([R]) Index Performance -- as of 09/30/2012
================================================================================== ===== ===== === ===== === ====== === ===== ===
====== === ------ ------------------
3,000 S&P 500([R]) Total Return Index
S&P 500([R]) Total Return Index 200-Index business day simple moving average
S&P 500([R]) Index (Price Only)
------------------------------------- ------ ------- ----------------------------- ----- ----- --- ----- --- ------ --- ----- ---
------ ---
2,500
------ ------- ----------------------------- ----- ----- --- ----- --- ------ --- ----- ---
------ ---
2,000
The graph to the
left is the historical
performance of the
------------------------------------- ------ ------- ----------------------------- ----- ----- --- ----- --- ------ --- ----- ---
------ ---
1,500
S&P 500([R]) Total Return
Index, S&P 500([R]) Index
(Price Only) and the
S&P 500([R]) Total Return
------------------------------------- ------ ------- ----------------------------- ----- ----- --- ----- --- ------ --- ----- ---
------ ---
1,000
Index 200-Index
business day simple
moving average. This
------------------------------------- ------ ------- ----------------------------- ----- ----- --- ----- --- ------ --- ----- ---
------ ---
500
illustration does not
re[]ect any historical
Trendpilot Index
(0) May 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10
11 12 performance.
91
------------------------------------- ------ ------- ----------------------------- ----- ----- --- ----- --- ------ --- ----- ---
------ --- ------ ------------------
S&P 500([R]) Index 1-Year Annual Return Comparison (%)(1)
---------------------------------------------------------------------------------- ----- ----- --- ----- --- ------ --- ----- ---
------ --- ------ ------------------
1991 1992 1993 1994 1995 1996 1997 1998
1999 2000 2001
------------------------------------- ------ ------- ----------------------------- ----- ----- --- ----- --- ------ --- ----- ---
------ --- ------ ------------------
S&P 500([R]) Total Return Index -- 7.62 10.08 1.32 37.58 22.96 33.36 28.58
21.04 -9.10 -11.89
S&P 500([R]) Index (Price Only) -- 4.46 7.06 -1.54 34.11 20.26 31.01 26.67
19.53 -10.14 -13.04
Cash Rate (Year-End) 3.91 3.24 3.06 5.57 4.91 5.08 5.43 4.52
5.30 5.70 1.71
2002 2003 2004 2005 2006 2007 2008 2009
2010 2011 2012-Q3
------------------------------------- ------ ------- ----------------------------- ----- ----- --- ----- --- ------ --- ----- ---
------ --- ------ ------------------
S&P 500([R]) Total Return Index -22.10 28.68 10.88 4.91 15.79 5.49 -37.00 26.46
15.06 2.11 16.44
S&P 500([R]) Index (Price Only) -23.37 26.38 8.99 3.00 13.62 3.53 -38.49 23.45 12.78 0.00 14.56
Cash Rate (Year-End) 1.19 0.89 2.23 3.91 4.88 3.31 0.05 0.11 0.18 0.03 0.11
(1) The table above does not re[]ect any Trendpilot[] Index performance. The
Trendpilot[] Index performance is not the same as the S&P 500([R]) Index
performance. The Trendpilot[] Index may underperform the S&P 500([R]) Index
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 N.V. (RBS NV) and RBS
Holdings N.V. (RBS Holdings) 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 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 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 Trendpilot[] Index (USD), is the property of The Royal Bank of
Scotland plc, which has contracted with S&P Opco, LLC (a subsidiary of S&P Dow
Jones Indices LLC) ("S&P Dow Jones Indices") to maintain and calculate the
Index. The S&P 500([R]) Index is the exclusive property of S&P Dow Jones
Indices and have been licensed for use by RBSSI and its af[]liates in
connection with the RBS US Large Cap Trendpilot[] Index (USD). S&P Dow Jones
Indices and its af[]liates shall have no liability for any errors or omissions
in calculating the Index. S&P([R]) is a registered trademark of SPFS Standard &
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 S&P Dow Jones Indices. "Standard & Poor's([R])",
"S&P([R])", "S&P 500([R])" are registered trademarks of SPFS and together with
C A L C U L ATED BY the "Calculated by S&P Dow Jones Indices Custom" and its
related stylized mark(s) have been licensed for use by RBSSI and its
af[]liates. The RBS US Large Cap Trendpilot[] ETNs, are not sponsored,
endorsed, sold or promoted by S&P Dow Jones Indices, SPFS, Dow Jones, their
af[]liates or their third party licensors, and neither S&P Dow Jones Indices,
SPFS, Dow Jones, their af[]liates or their third party licensors make any
representation regarding the advisability of investing in such RBS ETNs.
Copyright [C] 2012 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 an af[]liate of RBS
N.V.
www.rbs.com/etnUS | TOLL FREE: 855-RBS-ETPS | Not FDIC Insured. May Lose Value. Dated October 3, 2012
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