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Historical Performance (%) -- as of 09/30/2012
QUARTER-TO- YEAR-TO- ANNUALIZED ANNUALIZED ANNUALIZED SINCE RBS ETN INCEPTION
DATE (%) DATE (%) 1-YEAR (%) 3-YEAR (%) 5-YEAR (%) (2/17/11) (%)
--------------------------------------------------- ----------- -------- ---------- ---------- ---------- -----------------------
RBS Gold Trendpilot[TM] ETN Daily Redemption Value(1) 7.58 13.13 6.65 -- -- 24.52
RBS Gold Trendpilot[TM] Index 7.75 13.71 7.46 -- -- 26.24
Price of Gold Bullion 11.10 16.00 9.63 21.27 19.04 28.79
Cash rate on 09/30/12 was 0.11% -- -- -- -- -- --
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-36 to
PS-39 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.
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Gold Bullion Performance -- as of 09/30/2012
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[GRAPHIC OMITTED]
1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988
--------------------- ----- ----- ------ ------ ------ ----- ------ ------ ------ ----- ----- -------
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
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%
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000
--------------------- ----- ----- ------ ------ ------ ----- ------ ------ ------ ----- ----- -------
Price of Gold Bullion -2.84 -3.11 -8.56 -5.73 17.68 -2.17 0.98 -4.59 -21.41 -0.83 0.85 -5.44
Cash Rate (Year-End) 7.77% 6.53% 3.91% 3.24% 3.06% 5.57% 4.91% 5.08% 5.43% 4.52% 5.30% 5.70%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012-Q3
--------------------- ----- ----- ------ ------ ------ ----- ------ ------ ------ ----- ----- -------
Price of Gold Bullion 0.75 25.57 19.89 4.65 17.77 23.20 31.92 4.32 25.04 29.24 8.93 16.00
Cash Rate (Year-End) 1.71% 1.19% 0.89% 2.23% 3.91% 4.88% 3.31% 0.05% 0.11% 0.18% 0.03% 0.11%
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. 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 S & P Opco, LLC (a subsidiary of S & P
Dow Jones Indices LLC) ("S & P Dow Jones Indices") to maintain and calculate the
Index. S & P Dow Jones Indices shall have no liability for any errors or
omissions in calculating the Index. S & P([R]) is a registered trademark of
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])" and "S & P([R])" are registered trademarks of SPFS and together
with the "Calculated by S & P Dow Jones 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 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.
www.rbs.com/etnUS | TOLL FREE: 855-RBS-ETPS | Not FDIC Insured. May Lose Value. Dated December 11, 2012
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