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Historical Performance (%) -- as of 3/31/2013
---------------------------------------------------------- ----------- -------- ---------- ---------- ---------- -------------------------
QUARTER-TO- YEAR-TO- ANNUALIZED ANNUALIZED ANNUALIZED ANNUALIZED SINCE RBS ETN
DATE (%) DATE (%) 1-YEAR (%) 3-YEAR (%) 5-YEAR (%) INCEPTION (1/25/11) (%)
---------------------------------------------------------- ----------- -------- ---------- ---------- ---------- -------------------------
RBS US Mid Cap Trendpilot[] ETN Daily Redemption Value(1) 13.18 13.18 16.67 -- -- 5.45
RBS US Mid Cap Trendpilot(TM) Index 13.45 13.45 17.83 -- -- 6.40
SandP MidCap 400([R]) Total Return Index (Benchmark Index) 13.45 13.45 17.83 15.12 9.85 12.47
SandP MidCap 400([R]) Index (Price Only) 13.06 13.06 16.03 13.46 8.16 10.80
Cash rate on 3/31/13 was 0.08% -- -- -- -- -- --
Source: Bloomberg. The table above presents the actual performance of the Index,
the RBS ETNs, the SandP 400([R]) Total Return Index (the Benchmark Index) and
the SandP 400([R]) Index (Price Return) 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-12 to PS-15 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 Benchmark Index, and (ii) 0.50% per annum when the Index
is tracking the Cash Rate.
SandP MidCap 400([R]) Index Performance -- as of 3/31/2013
[GRAPHIC OMITTED]
The graph to the left is the historical performance of the SandP MidCap 400([R])
Total Return Index, SandP MidCap 400([R]) Index (Price Only) and the SandP
MidCap 400([R]) Total Return Index 200-Index business day simple moving average.
This illustration does not reflect any historical Trendpilot Index performance.
SandP MidCap 400([R]) 1-Year Annual Return Comparison (%)(1)
2000 2001 2002 2003 2004 2005 2006
-------------------------------------- ----- ------ ------ ----- ----- ----- -------
SandP MidCap 400([R]) Total Return Index 17.51 -0.60 -14.51 35.62 16.48 12.56 10.32
SandP MidCap 400([R]) Index (Price Only) 16.21 -1.64 -15.44 34.02 15.16 11.27 8.99
Cash Rate (Year-End) 5.70 1.71 1.19 0.89 2.23 3.91 4.88
2007 2008 2009 2010 2011 2012 2013 Q1
-------------------------------------- ----- ------ ------ ----- ----- ----- -------
SandP MidCap 400([R]) Total Return Index 7.98 -36.23 37.38 26.64 -1.73 17.88 13.45
SandP MidCap 400([R]) Index (Price Only) 6.69 -37.28 35.00 24.85 -3.10 16.07 13.06
Cash Rate (Year-End) 3.31 0.05 0.11 0.18 0.03 0.09 0.08
(1) The table above does not reflect any Trendpilot[TM] Index performance. The
Trendpilot[TM] Index performance is not the same as the SandP MidCap 400([R])
Index performance. The Trendpilot[TM] Index may underperform the SandP MidCap
400([R]) Index over various time periods, and may track the Cash Rate for
extended periods of time in a low interest rate envionment.
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. The intraday indicative
value and the daily redemption value are not the same as the trading price or
market price of the RBS ETNs in the secondary market. 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). US Mid Cap Trendpilot[TM]
Index (USD) is the property of The Royal Bank of Scotland plc, which has
contracted with SandP Opco, LLC (a subsidiary of SandP Dow Jones Indices LLC)
("SandP Dow Jones Indices") to maintain and calculate the Index. The SandP
MidCap 400([R]) Index is the exclusive property of SandP Dow Jones Indices and
have been licensed for use by RBSSI and its affiliates in connection with the
RBS US Mid Cap Trendpilot[TM] Index (USD). SandP Dow Jones Indices shall have no
liability for any errors or omissions in calculating the Index. SandP([R]) is a
registered trademark of Standard and 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 SandP Dow Jones Indices.
"Standard and Poor's([R])", "SandP([R])" and "SandP MidCap 400([R])" are
registered trademarks of SPFS and together with the "Calculated by SandP Dow
Jones Indices Custom" and its related stylized mark(s) have been licensed for
use by RBSSI and its affiliates. The RBS US Mid Cap Trendpilot[TM] ETNs are not
sponsored, endorsed, sold or promoted by SandP Dow Jones Indices, SPFS, Dow
Jones, their affiliates or their third party licensors, and neither SandP Dow
Jones Indices, SPFS, Dow Jones, their affiliates or their third party licensors
make any representation regarding the advisability of investing in such RBS
ETNs.
Copyright [C] 2013 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 April 16, 2013
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