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Filed pursuant to Rule 433 | Registration Statement Nos. 333-162219 and 333-162219-01
BUILDING TOMRROW (TM)
RBS Exchange Traded Notes
RBS NASDAQ-100(R) Trendpilot(TM) ETN (TNDQ)
[GRAPHIC OMITTED] RBS ETN Details
-------------------------------------------------
The RBS NASDAQ-100(R) Trendpilot(TM) Exchange Traded Notes Issuer The Royal Bank ofScotland plc
("RBS ETNs") are unsecured and senior obligations of The -------------------------------------------------
Royal Bank of Scotland plc ("RBS plc"), and are fully and Guarantor The Royal Bank of Scotland
unconditionally guaranteed by The Royal Bank of Scotland Group plc
Group plc ("RBS Group"). Any payments on the RBS ETNs when -------------------------------------------------
they become due at maturity or upon early repurchase or Ticker TNDQ
redemption are dependent on the ability of RBS plc and RBS -------------------------------------------------
Group to pay, and are also subject to market risk. Intraday TNDQ.IV
Indicative
The RBS ETNs track the RBS NASDAQ-100(R) Trendpilot(TM) Value Ticker
Index (USD) (the "Index"). The Index utilizes a systematic -------------------------------------------------
trend-following strategy to provide exposure to either the CUSIP 78009P143
NASDAQ-100(R) Total Return - (the "Benchmark Index") -------------------------------------------------
or the yield on a hypothetical notional investment in ISIN US78009P1434
3-month U.S. Treasury bills as of the most recent weekly -------------------------------------------------
auction (the "Cash Rate"). The Index is designed to provide Primary NYSE Arca
exposure to the Benchmark Index in positive trending markets Exchange
and exposure to the Cash Rate in negative trending markets -------------------------------------------------
using an objective and transparent methodology. Maturity 12/13/2041
------------------------------------------------------------- -------------------------------------------------
RBS NASDAQ-100 (R) Trendpilot(TM) Index Methodology Index RBS NASDAQ-100(R)
------------------------------------------------------------- Trendpilot(TM) Index (USD)
If the closing level of A positive trend is (Bloomberg symbol: "TPNDQUT
the Benchmark Index is established: The (Index)"), which tracks the
at or above its historical [GRAPHIC Index will track the Benchmark Index or the Cash
100-Index business day OMITTED] Benchmark Index Rate depending on the
simple moving average relative performance of the
for five consecutive Benchmark Index on a simple
Index business days historical moving.average
basis.
If the closing level of A negative trend is -------------------------------------------------
the Benchmark Index is established: The Benchmark NASDAQ-100(R) Total Return
below its historical [GRAPHIC Index will track the Index Index(SM) (Bloomberg page:
100-Index business day OMITTED] Cash Rate "XNDX (Index)")
simple moving average -------------------------------------------------
for five consecutive Cash Rate Yield on a hypothetical
Index business days notional investment in 3-month
U.S. Treasury bills as of the
If neither of the above conditions is satisfied, the trend most recent weekly auction
of the Index will be the same as the trend of the Index on (Bloomberg page: "USB3MTA
the immediately preceeding Index business day. The Index Index")
will implement any trend reversal at the open of trading on -------------------------------------------------
the second Index business day immediately following the Annual Investor When the Index is tracking the
Index business day on which the Index trend switches from Fee (accrued Benchmark Index: 1.00% per
positive to negative or from negative to positive, as the on a daily annum. When the Index is
case may be. basis) trackingc the Cash Rate:
------------------------------------------------------------- 0.50% per annum.
Illustration of the Trendpilot(TM) Index Methodology -------------------------------------------------
------------------------------------------------------------- Repurchase at You may offer your RBS
[ ] Hypothetical Benchmark Index your option ETNs to RBS plc for repurchase
[ ] Hypothetical 100-Index business day simple moving average on any business day on or prior
to 12/5/2041, provided that you
The RBS NASDAQ-100(R) Trendpilot(TM) Index will alternate offer a minimum of 20,000 RBS
between tracking the Benchmark Index and the Cash Rate, ETNs for any single repurchase
depending on the performance of the Benchmark Index relative and follow the procedures
to its 100-Index business day simple moving average (as described in the pricing
described above). supplement.
-------------------------------------------------
[GRAPHIC OMITTED] Early We may redeem all of the RBS
redemption at ETNs at our discretion at any
The above graph illustrates the operation of the our option time on or prior to 12/11/2041.
Trendpilot(TM) Index Methodology. It does not reflect any -------------------------------------------------
actual performance of the Benchmark Index or the Index, and Daily Upon early repurchase or
is not an indication of how either index may perform in the Redemption redemption or at maturity, you
future. The hypothetical illustration above also does not Value will receive a cash payment
include any fees, transaction costs or expenses. equal to the daily redemption
value per RBS ETN. The daily
Not FDIC Insured. May Lose Value. redemption value on the relevant
valuation date will be published
on www.rbs.com/etnUS/TNDQ*.
-------------------------------------------------
* Information contained on our website is not
incorporated by reference in, and should not be
considered a part of, this document.
To find out more
Call toll free 855-RBS-ETPS or visit
www.rbs.com/etnUS
[RBS LOGO]
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NASDAQ-100(R) Total Return Index(SM) Top 10 Holdings - as of 12/6/2011
---------------------------------------------------------------------------
Company ticker weight (%)
---------------------------------------------------------------------------
Apple Inc. AAPL 14.190
Microsoft Corporation MSFT 8.417
Oracle Corporation ORCL 6.284
Google Inc. GOOG 6.208
Intel Corporation INTC 5.211
Cisco Systems, Inc. CSCO 4.033
QUALCOMM Incorporated QCOM 3.606
Amazon.com, Inc. AMZN 3.412
Amgen Inc. AMGN 2.094
Comcast Corporation CMCSA 1.897
Source: Bloomberg
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NASDAQ-100(R) Total Return Index(SM) Performance - as of 12/6/2011
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NASDAQ-100(R) Total Return Index(SM)
NASDAQ-100(R) Total Return Index(SM) 100-Index business day simple moving average
[GRAPHIC OMITTED] 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(TM)
Index performance.
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NASDAQ-100(R) Total Return Index(SM) 1-Year Annual Return Comparison (%)1
----------------------------------------------------------------------------------------------------------------------
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
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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
Cash Rate (Year-End) 5.30 5.70 1.71 1.19 0.89 2.23 3.91 4.88 3.31 0.05 0.11 0.18
(1) The table above does not reflect any Trendpilot(TM) Index performance. The Trendpilot(TM) Index performance is not
the same as the NASDAQ-100(R) Total Return Index(SM) performance. The Trendpilot(TM) 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. For information regarding the performance of the Trendpilot(TM) Index, see pages
PS-40 to PS-44 of the pricing supplement of the RBS ETNs filed with the U.S. Securities and Exchange Commission (SEC).
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 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).
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 Standard and Poor's ("S and P") on behalf of The
NASDAQ OMX Group, Inc. S and P and the Corporations shall have no liability for any errors or omissions in calculating
the Index. The RBS ETNs, which are based on the Index, have not been passed on by the Corporations or S and P as to
their legality or suitability and are not sponsored, endorsed, sold or promoted by the Corporations or S and P. THE
CORPORATIONS and S and P MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE RBS ETNs.
Copyright(C) 2011 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 and an affiliate of RBS NV.
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www.rbs.com/etnUS | TOLL FREE: 855-RBS-ETPS | Not FDIC Insured. May Lose Value. Dated December 8, 2011
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