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RBS NASDAQ-100® Trendpilot™ ETN
TNDQ

Product Detail

The RBS NASDAQ-100® Trendpilot™ ETNs are designed for investors who seek exposure to the RBS NASDAQ-100® Trendpilot™ Index (USD) (the “Index”). The Index utilizes a systematic trend-following strategy to provide exposure to either the NASDAQ-100® Total Return IndexSM (the “Benchmark Index”) or the yield on a hypothetical notional investment in 3-month U.S. Treasury bills (the “Cash Rate”), depending on the relative performance of the Benchmark Index on a simple historical moving average basis. If the level of the Benchmark Index is at or above its historical 100-Index business day simple moving average for five consecutive Index business days (i.e., a “positive trend” is established), the Index will track the return on the Benchmark Index, and will have no exposure to the Cash Rate until a negative trend occurs. Conversely, if the level of the Benchmark Index is below such average for five consecutive Index business days (i.e., a “negative trend” is established), then the Index will track the Cash Rate instead of the return on the Benchmark Index and will have no exposure to the Benchmark Index until the next positive trend.

Product Facts
Product type	Exchange Traded Note (ETN)
Current RBS Trendpilot Indicator	Benchmark Index
Exchange name	NYSE Arca
Daily Redemption Value	$ 30.5025
Shares Outstanding	740,000
Issue Size (USD 000's)	$ 22,268
Annual Investor Fee when Tracking Cash Rate	0.50 %
Annual Investor Fees	1.00%*
Annual Investor Fee when Tracking Benchmark Index	1.00 %
Inception Date	12/08/11
Maturity	12/13/41
Last Update	5/20/2013 2:00:00 AM

Codes
ISIN	US78009P1434
CUSIP	78009P143
Ticker	TNDQ
Underlying	RBS NASDAQ 100 Trendpilot Index

Disclaimer

*If you are an individual investor and would like additional information about the current offerings above, please contact your broker-dealer or financial advisor. You should consult your financial and tax advisor to determine whether a structured product is suitable for you and your investment needs and objectives. You must make your own independent decisions regarding any securities or financial instruments mentioned herein. You should consider whether an investment strategy or the purchase or sale of any structured product is appropriate for you in the light of your particular investment needs, objectives and financial circumstances.

If you are a registered representative or a financial professional and would like additional information about the offerings above, please contact Private Investor Products North America at 866-PIP-IDEA (866-747-4332).

The Royal Bank of Scotland N.V. (“RBS N.V.”) and its affiliates have each filed a registration statement (including a prospectus) with the United States Securities and Exchange Commission (the “SEC”) for the offering of each of the individual securities that are issued by RBS N.V. and guaranteed by RBS Holdings N.V. (“RBS Holdings”) or issued and guaranteed by any affiliates of RBS N.V. Before you invest in any such securities referenced on this website, you should read the prospectus in the relevant registration statement and other documents that have been filed with the SEC for more complete information about RBS N.V. or any of its affiliates, RBS Holdings and the offering of the securities. You may get these documents for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, RBS N.V. or any of its affiliates, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll free (888) 644-2048.

SEC LEGEND

RISKS

Transactions and securities of the type described in this website may involve a high degree of risk, and the value of such transactions and securities may be highly volatile. Such risks include, without limitation, risk of adverse or unanticipated market developments, risk of issuer default and liquidity. In certain transactions investors may lose their entire investment or incur an unlimited loss. This brief statement does not disclose all of the risks and other significant aspects in connection with transactions and securities of the type described in this website, and you should ensure that you fully understand the terms of any transaction or security, including the relevant risk factors, and any legal, tax and accounting considerations applicable to such transaction or security, prior to transacting or investing. Investors should carefully review “Certain Risk Considerations” on this website and the specific risks contained under the heading “Risk Factors” in the applicable pricing supplement posted on this website as well as under “Risk Factors” in the product or underlying supplement and the prospectus supplement which accompany the pricing supplement. The transactions and securities of the type described in this website are not suitable for all investors. The securities described on this website are not available for sale in all jurisdictions, including those jurisdictions in which an offer or sale of such securities is unlawful. To the extent any offering document or other materials on this website displays a credit rating, that credit rating reflects the creditworthiness of the particular issuer or any guarantor and is not a recommendation to buy, sell or hold securities, and such credit rating may be subject to revision or withdrawal at any time by the assigning rating organization. Each rating should be evaluated independently of any other rating. The creditworthiness of the issuer or any guarantor does not affect or enhance the likely performance of the investment other than the ability of the issuer or any guarantor to meet its obligations.

Certain Risk Considerations

** From close of business yesterday

Download Prospectus (824 KB)

Download Factsheet (171 KB)

“The Annual Investor Fee” accrues on a daily basis.
“Daily Redemption Value” refers to the price per ETN at which The Royal Bank of Scotland plc shall repurchase any ETNs offered by investors for repurchase (provided that at least 20,000 ETNs are offered for repurchase) or shall redeem any ETNs called by it for redemption at its option, in each case, subject to the terms and conditions described in the pricing supplement and prospectus. The amount reflects the Daily Redemption Value at the close of the market on the prior trading day in the United States.
“Shares Outstanding” means to the number of ETN units outstanding at the close of market on the prior trading day in the United States.
“Issue Size (USD 000’s)” means an amount equal to the Daily Redemption Value multiplied by Shares Outstanding.
“Current RBS Trendpilot Indicator” refers to the trend of the Index. The Index will track the Benchmark Index when it is in a positive trend, and will track the Cash Rate when it is in a negative trend.

Returns (as of market close 4/30/2013)

The returns indicated below reflect the percentage change through the end of the previous calendar month in the closing level of the index, the daily redemption value or the ETN market price, as applicable, from the beginning of the relevant period (e.g., 1 mo., 3 mos., 6 mos. prior, as the case may be).The Index performance information below does not include the annual investor fee or any transaction costs or expenses. None of the information below should be taken as any indication of the future performance of the Index or the ETNs.

	1 mo.	3 mo.	6 mo.	YTD	1 Yr.	Since Inception
Index	+2.49%	+6.08%	+7.12%	+6.24%	-1.56%	+17.83%
Redemption Value	+2.40%	+5.82%	+6.69%	+5.90%	-2.34%	+16.44%
ETN Market Return	+2.50%	+5.74%	+7.42%	+5.82%	-2.41%	+16.44%

Source: Bloomberg

All Return information presented above is updated once a month and is presented as of the end of previous calendar month.

“Index” refers to the percentage change in the closing level of the Index from the month end of the relevant period (e.g., closing level of the Index from month-end, 1 mo., 3 mos., 6 mos. prior, as the case may be) through the market close at the end of the previous calendar month.

“Redemption Value” refers to the percentage change in the Daily Redemption Value of the RBS ETN from the month end of the relevant period (e.g., the Daily Redemption Value at month-end, 1 mo., 3 mos., 6 mos. prior, as the case may be) through the market close at the end of the previous calendar month.

“ETN Market Return” refers to the percentage change in the closing price of the RBS ETNs as reported on NYSE Arca from the month end of the relevant period (e.g., 1 mo., 3 mos., 6 mos. prior, as the case may be) through the market close at the end of the previous calendar month.

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 The Royal Bank of Scotland plc, as the issuer, and The Royal Bank of Scotland 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®, OMX®, NASDAQ OMX®, NASDAQ-100®, NASDAQ-100 Index® and NASDAQ-100® Total Return IndexSM 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 & Poor’s (“S&P”) on behalf of The NASDAQ OMX Group, Inc. S&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&P as to their legality or suitability and are not sponsored, endorsed, sold or promoted by the Corporations or S&P. THE CORPORATIONS AND S&P MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE RBS ETNs.

RBS NASDAQ-100® Trendpilot™ ETNTNDQ

Disclaimer

Returns (as of market close 4/30/2013)

RBS NASDAQ-100® Trendpilot™ ETN
TNDQ