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Historical Performance (%) -- as of 12/31/2012
QUARTER-TO- YEAR-TO-
DATE (%) DATE (%)
--------------------------------------------------- ----------- --------
RBS Gold Trendpilot[] ETN Daily Redemption Value(1) -6.90 5.32
RBS Gold Trendpilot[] Index -6.67 6.12
Price of Gold Bullion -6.67 8.26
Cash rate on 12/31/12 was 0.09% -- --
ANNUALIZED ANNUALIZED ANNUALIZED SINCE RBS ETN INCEPTION
1-YEAR (%) 3-YEAR (%) 5-YEAR (%) (2/17/11) (%)
---------- ---------- ---------- -----------------------
5.32 -- -- 15.92
6.12 -- -- 17.82
8.26 15.08 14.73 20.20
-- -- -- --
Source: Bloomberg. The table above presents the actual performance of the Index,
the RBS ETNs and the Price of Gold Bullion over the speci[]ed 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-16 of the pricing supplement to
the RBS ETNs []led 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.
Gold Bullion Performance -- as of 12/31/2012
Price of Gold Bullion
Price of Gold Bullion 200-Index business day simple moving average
[GRAPHIC OMITTED]
The graph to the left is the historical performance of the Price of Gold Bullion
and its 200-Index business day simple moving average. This illustration does not
re[]ect any historical Trendpilot[] Index performance.
1977 1978 1979 1980 1981 1982 1983 1984 1985
--------------------- ----- ----- ------ ----- ------ ----- ------ ------ ------
Price of Gold Bullion 22.64 37.01 126.55 15.19 -32.60 14.94 -16.31 -19.38 6.00
Cash Rate (Year-End) 6.15 9.34 12.07 14.99 11.04 7.98 8.94 7.75 7.02
1989 1990 1991 1992 1993 1994 1995 1996 1997
--------------------- ----- ----- ------ ----- ------ ----- ------ ------ ------
Price of Gold Bullion -2.84 -3.11 -8.56 -5.73 17.68 -2.17 0.98 -4.59 -21.41
Cash Rate (Year-End) 7.77 6.53 3.91 3.24 3.06 5.57 4.91 5.08 5.43
2001 2002 2003 2004 2005 2006 2007 2008 2009
--------------------- ----- ----- ------ ----- ------ ----- ------ ------ ------
Price of Gold Bullion 0.75 25.57 19.89 4.65 17.77 23.20 31.92 4.32 25.04
Cash Rate (Year-End) 1.71 1.19 0.89 2.23 3.91 4.88 3.31 0.05 0.11
1986 1987 1988
----- ----- ------
18.96 24.53 -15.26
5.49 5.96 8.22
1998 1999 2000
----- ----- ------
-0.83 0.85 -5.44
4.52 5.30 5.70
2010 2011 2012
----- ----- ------
29.24 8.93 8.26
0.18 0.03 0.09
The table above does not re[]ect any Trendpilot[] Index performance. The
Trendpilot[] Index performance is not the same as the performance of the Price
of Gold Bullion.
The Trendpilot[] 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
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 plc (RBS plc) and The Royal
Bank of Scotland Group plc (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).
RBS Gold Trendpilot[] 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.
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])" and
"SandP([R])" are registered trademarks of SPFS and together with the "Calculated
by SandP Dow Jones CALCULATED BY Indices Custom" and its related stylized
mark(s) have been licensed for use by RBSSI and its af[]liates. The RBS Gold
Trendpilot[] ETNs are not sponsored, endorsed, sold or promoted by SandP Dow
Jones Indices, SPFS, Dow Jones, their af[]liates or their third party licensors,
and nei- ther SandP 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] 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 January 15, 2013
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