RBS Exchange Traded Notes

RBS Rogers Enhanced Agriculture ETN (RGRA)

ETN Overview:
The RBS Rogers Enhanced Agriculture Exchange Traded Notes ("RBS ETNs") track
the RICI Enhanced(SM) Agriculture Total Return Index (the "Index") which
provides exposure to 20 commodities in the agriculture commodity futures
market, plus the rate of interest that could be earned on cash collateral
invested in Treasury Bills. The Index, designed in cooperation with prominent
stock market and commodities investor Jim Rogers and RBS, attempts to track
price changes for agriculture commodities.

RICI Enhanced(SM) Agriculture Total Return Index Features

Strategy: The RBS ETNs are designed to provide commodity exposure on the basis
of expected economic global demand. By investing in futures contracts with
varying maturities, the Index seeks to maximize returns when there are
signi[]cant price differences between near-dated and future- dated commodity
contracts. This is unlike many commodity-linked investments in the market today
which invest solely in front month contracts. A special rollover calendar
de[]nes speci[]c selection criteria for each commodity contract, including term
structure, seasonality and liquidity.

Commodity weightings: The individual commodity weightings are determined on the
basis of the expected economic global demand for each commodity.

Rebalancing: The commodity weightings are reset to their target weights on a
semi-annual basis.

Rules-based: Yes. The Index applies a rollover calendar to select contracts for
each commodity.

Index Committee: Jim Rogers and the Index Committee annually review and adjust,
as necessary, the composition of the Index. The objective of the Index is to
track the price of commodities worldwide.

Determining the rollover calendar for individual commodities

All available futures contracts

Filtering criteria applied based on seasonal patterns and cycles
(only for energy and grains)

Liquidity
(except for precious metals, rubber and palm oil)

Contracts are selected according to the individual rollover calendar for each
commodity. Rollover based on liquidity and futures curves.
(term structure)


RBS ETN Details
-------------------------------------------------
Ticker           RGRA
---------------- --------------------------------
Intraday         RGRA.IV
Indicative Value
Ticker
---------------- --------------------------------
CUSIP            78009P184
---------------- --------------------------------
ISIN             US78009P1848
---------------- --------------------------------
Primary          NYSE Arca
Exchange
---------------- --------------------------------
Annual Investor  0.95% per annum
Fee
(accrued on a
daily basis)
---------------- --------------------------------
Inception Date   10/25/2012
---------------- --------------------------------
Maturity         10/29/2012
---------------- --------------------------------
Issuer           The Royal Bank of Scotland plc
                 ("RBS plc")
---------------- --------------------------------
Guarantor        The Royal Bank of Scotland
                 Group plc ("RBSG")
---------------- --------------------------------
Repurchase at    You may offer your RBS ETNs
your option      to RBS plc for repurchase on
                 any business day on or prior to
                 10/21/2042, provided that you
                 offer a minimum of 20,000 RBS
                 ETNs for any single repurchase
                 and follow the procedures
                 described in the pricing
                 supplement.
---------------- --------------------------------
Early            We may redeem all of the RBS
redemption at    ETNs at our discretion at any
our option       time on or prior to 10/22/2042.
---------------- --------------------------------
Daily            Upon early repurchase or
Redemption       redemption or at maturity, you
Value            will receive a cash payment
                 equal to the daily redemption
                 value per RBS ETN. The daily
                 redemption value on the relevant
                 valuation date will be published
                 on www.rbs.com/etnUS/RGRA*.
---------------- --------------------------------
The ETNs         The RBS ETNs are unsecured
                 and senior debt obligations
                 of the Issuer and are fully and
                 unconditionally guaranteed by
                 the Guarantor.
---------------- --------------------------------

* Information contained on our website is not incorporated by reference in, and
should not be considered a part of, this document.

(2)Based on daily returns. Standard deviation is a measure of volatility, and
illustrates the extent of variation (whether higher or lower) that exists from
the average given set of results. A low standard deviation indicates that the
results tend to be very close to the average result (a low degree of
volatility). In contrast, a high standard deviation indicates that the results
are spread out over a large range of outcomes (a high degree of volatility).
Because the standard deviation is based on historical data, it may not predict
variability in annualized performance of the RBS ETNs in the future.

Index Performance and Standard Deviation -- as of 10/31/12

------------------------------- ------- ----- ------ ---------- -------------- --------------
                                                     ANNUALIZED ANNUALIZED     STD. DEVIATION
                                3-MONTH YTD   1-YEAR   3-YEAR   SINCE 10/31/07    1-YEAR
                                  (%)    (%)   (%)       (%)        (%)(1)         (%)(2)
------------------------------- ------- ----- ------ ---------- -------------- --------------
RICI Enhanced(SM)Agriculture
Total Return Index               -3.39  3.46  -0.61    11.96       4.17           14.41
SandP GSCI([R]) Agriculture Total
Return Index                     -6.76  15.15 11.02    11.99       1.21           22.40
DBIQ Optimum Yield
Agriculture Total Return         -3.58  1.16  -4.25     4.43       0.93           13.19
Index[]
------------------------------- ------- ----- ------ ---------- -------------- --------------

You can not invest directly in an index. The above []gures do not take fees
into account.
(1)The Index is a total return version of the RICI Enhanced(SM) Agriculture
Excess Return Index, which means that the level of the Index incorporates
interest that could have been earned on cash collateral invested in 3-month
U.S. Treasury bills.
Source: RBS

To []nd out more
Call toll free 855-RBS-ETPS or visit www.rbs.com/etnUS

Not FDIC Insured. May Lose Value.

 

 
 



Hypothetical Growth of $10,000 -- as of 10/31/12

[GRAPHIC OMITTED]

Returns are for illustrative purposes only and do not represent actual RBS ETN
performance. Index Performance returns do not re[]ect any annual investor fee
or transaction cost. Past performance is not indicative of future results. You
can not invest directly in any index.


Component Commodity Weightings -- as of 10/31/12
------------------------------------------------
 COMPONENT'S NAME  TARGET WEIGHTS ACTUAL WEIGHTS
------------------ -------------- --------------
 Corn              18.42%         22.48%
------------------ -------------- --------------
 Sugar             8.55%          7.45%
------------------ -------------- --------------
 Wheat             7.89%          9.06%
------------------ -------------- --------------
 Soybean           7.89%          8.12%
------------------ -------------- --------------
 Coffee            7.89%          6.89%
------------------ -------------- --------------
 Live Cattle       6.58%          6.26%
------------------ -------------- --------------
 Kansas City Wheat 5.26%          6.00%
------------------ -------------- --------------
 Lean Hogs         5.26%          4.65%
------------------ -------------- --------------
 Soybean Oil       5.26%          4.46%
------------------ -------------- --------------
 Cotton            5.26%          4.08%
------------------ -------------- --------------
 Cocoa             3.95%          4.14%
------------------ -------------- --------------
 Soymeal           3.29%          3.80%
------------------ -------------- --------------
 Coffee Robusta    2.63%          2.74%
------------------ -------------- --------------
 Palm Oil          2.63%          1.95%
------------------ -------------- --------------
 Rubber            2.63%          1.77%
------------------ -------------- --------------
 Minneapolis Wheat 1.32%          1.40%
------------------ -------------- --------------
 Oats              1.32%          1.39%
------------------ -------------- --------------
 Lumber            1.32%          1.26%
------------------ -------------- --------------
 Rice              1.32%          1.23%
------------------ -------------- --------------
 Orange Juice      1.32%          0.89%
------------------ -------------- --------------
 Total             100.00%        100.00%
------------------ -------------- --------------

Source: RBS, October 2012
Note: The Index is rebalanced back to its target weightings in April and
November.

The RBS ETNs are not sponsored, endorsed, sold or promoted by Beeland Interests
Inc. ("Beeland Interests"), James B. Rogers, Jr. or Diapason Commodities
Management SA ("Diapason").[] Neither Beeland Interests, James B. Rogers, Jr.
nor Diapason makes any representation or warranty, express or implied, nor
accepts any responsibility, regarding the accuracy or completeness of this
document, or the advisability of investing in securities or commodities
generally, or in the RBS ETNs or in futures particularly. "Jim Rogers", "James
Beeland Rogers, Jr.", "Rogers", "Rogers International Commodity Index", "RICI",
"RICI Enhanced", and the names of all other RICI Enhanced(SM) Indices mentioned
herein are trademarks, service marks and/or registered marks of Beeland
Interests, Inc., which is owned and controlled by James Beeland Rogers, Jr.,
and are used subject to license.[] The personal names and likeness of Jim
Rogers/James Beeland Rogers, Jr. are owned and licensed by James Beeland
Rogers, Jr.

NEITHER BEELAND INTERESTS NOR DIAPASON, NOR ANY OF THEIR RESPECTIVE AFFILIATES
OR AGENTS, GUARANTEES THE ACCURACY AND/OR THE COMPLETENESS OF THE ROGERS
INTERNATIONAL COMMODITY INDEX ("RICI"), THE RICI ENHANCED, ANY SUB-INDEX
THEREOF, OR ANY DATA INCLUDED THEREIN.[] SUCH PERSON SHALL NOT HAVE ANY
LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN AND MAKES NO
WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY OWNERS OF THE RBS
ETNS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE RICI, THE RICI
ENHANCED, ANY SUB-INDEX THEREOF, ANY DATA INCLUDED THEREIN OR THE RBS ETNS.[]
NEITHER BEELAND INTERESTS NOR DIAPASON, NOR ANY OF THEIR RESPECTIVE AFFILIATES
OR AGENTS, MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND EACH EXPRESSLY
DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE
OR USE WITH RESPECT TO THE RICI, THE RICI ENHANCED, ANY SUB INDEX THEREOF, OR
ANY DATA INCLUDED THEREIN.[] WITHOUT LIMITING ANY OF THE FOREGOING, IN
NO EVENT SHALL BEELAND INTERESTS, DIAPASON OR ANY OF THEIR RESPECTIVE
AFFILIATES OR AGENTS HAVE ANY LIABILITY FOR ANY LOST PROFITS OR INDIRECT,
PUNITIVE, SPECIAL, OR CONSEQUENTIAL DAMAGES OR LOSSES, EVEN IF NOTIFIED OF THE
POSSIBILITY THEREOF.

NEITHER THE INDICATION THAT SECURITIES OR OTHER FINANCIAL PRODUCTS OFFERED
HEREIN ARE BASED ON DATA PROVIDED BY ICE DATA LLP, NOR THE USE OF THE
TRADEMARKS OF ICE DATA LLP IN CONNECTION WITH SECURITIES OR OTHER FINANCIAL
PRODUCTS DERIVED FROM SUCH DATA IN ANY WAY SUGGESTS OR IMPLIES A REPRESENTATION
OR OPINION BY ICE DATA OR ANY OF ITS AFFILIATES AS TO THE ATTRACTIVENESS OF
INVESTMENT IN ANY SECURITIES OR OTHER FINANCIAL PRODUCTS BASED UPON OR DERIVED
FROM SUCH DATA. ICE DATA IS NOT THE ISSUER OF ANY SUCH SECURITIES OR OTHER
FINANCIAL PRODUCTS AND MAKES NO EXPRESS OR IMPLIED WARRANTIES WHATSOEVER,
INCLUDING BUT NOT LIMITED TO, WARRANTIES OF MERCHANTABILITY OR FITNESS FOR ANY
PARTICULAR PURPOSE WITH RESPECT TO SUCH DATA INCLUDED OR REFLECTED THEREIN, NOR
AS TO RESULTS TO BE OBTAINED BY ANY PERSON OR ANY ENTITY FROM THE USE OF THE
DATA INCLUDED OR REFLECTED THEREIN.

The Index is calculated by NYSE Arca, Inc. ("NYSE Arca"), a wholly-owned
subsidiary of NYSE Euronext. The RBS ETNs, which are based on the Index, are
not issued, sponsored, endorsed, sold or promoted by NYSE Arca, and NYSE Arca
makes no representation regarding the advisability of investing in such
product.

NYSE ARCA MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY
DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE
WITH RESPECT TO THE INDEX OR ANY DATA INCLUDED THEREIN. IN NO EVENT SHALL NYSE
ARCA HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL
DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH
DAMAGES.

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 RBS ETNs and the Index
do not provide exposure to spot prices of the relevant commodities and,
consequently, may not be representative of an investment that provides exposure
to the spot prices of the relevant commodities or buying and holding the
relevant commodities. The prices of commodities are volatile and are affected
by numerous factors. The Index may include futures contracts on non-U.S.
exchanges and trading on such exchanges may be subject to different and greater
risks than trading on U.S. exchanges. 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, 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: RBS plc and RBS Group 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 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).

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 and an af[]liate of
RBS NV.

www.rbs.com/etnUS | TOLL FREE: 855-RBS-ETPS | Not FDIC Insured. May Lose Value.
Dated November 15, 2012