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INDEX PERFORMANCE (RETROSPECTIVELY CALCULATED FOR ALL TIME PERIODS):
You should be aware that because the Index was only created on November 16,
2010, no actual Index information existed before then. All Index information
that is presented below was retrospectively calculated as if the Index had been
in existence during those periods. All S and P 500([R]) Total Return Index and S
and P 500([R]) Index data are based on historical performance. The
retrospectively calculated and historical index performance should not be taken
as any indication of future performance of the Index or the RBS ETNs. The
performance information below also does not include the RBS ETN investor fee or
any transaction costs or expenses.
COMPARISON OF ANNUAL RETURNS
[GRAPHIC OMITTED]
Source: Bloomberg. The graph above illustrates the retrospectively calculated
annual return of the Index and the historical annual return of the S and P
500[R] Total Return Index for each calendar year from 2001--2010.
COMPARISON OF CUMULATIVE 10-YEAR ANNUALIZED RETURNS
[GRAPHIC OMITTED]
Source: Bloomberg. Cumulative 10-Year Annualized Returns in the graph above
illustrates the geometric average annualized return of the Index and the S and P
500[R] Total Return Index, as applicable, based on the cumulative return of the
applicable index over ten-year periods (from 12/31 of the tenth year prior and
ending on 12/31 of the year presented), assuming annual compounding. Geometric
average annualized return in this case means the constant rate of return applied
to each year within the relevant 10-year period, compounded annually, resulting
in the cumulative return of the applicable index over the relevant 10-year
period. Please be aware that the Index did not exist and an investment in the
Index was not possible during the time periods presented above. Further, we may
redeem the RBS ETNs at any time at our option. If we do so, you may not be able
to own any investment in the RBS ETNs or the Index over any minimum time period.
RISK TO RETURN (12/31/00--12/31/10)
[GRAPHIC OMITTED]
Source: Bloomberg. Average Annual Return in the graph above is derived by taking
the sum of the annual return over ten 12-month periods (from Dec. to Dec.
year-to-year, from 12/31/00--12/31/10), divided by ten. Average Annualized
Volatility refers to the sum of the annualized volatility over ten 12-month
periods (from Dec. to Dec. year-to-year, from 12/31/00--12/31/10), divided by
ten.
INDEX RETURNS (AS OF 12/31/10)
1-YEAR 3-YEAR 5-YEAR 10-YEAR
RETURN RETURN % RETURN % RETURN %
% ANNUALIZED ANNUALIZED ANNUALIZED
RBS US Large Cap 3.53 8.08 7.93 7.19
Trendpilot(TM) Index
S and P 500([R]) Total 15.06 -2.86 2.29 1.41
Return Index
S and P 500([R]) Index 12.78 -5.03 0.15 -0.48
STANDARD DEVIATION* AND MAXIMUM DRAWDOWN** (AS OF 12/31/10)
5 YEAR MAXIMUM 5 YEAR STANDARD
DRAWDOWN % DEVIATION ANNUALIZED %
RBS US Large Cap -17.25 10.10
Trendpilot(TM) Index
S and P 500([R]) Total -55.25 18.33
Return Index
S and P 500([R]) Index -56.78 18.39
Source: Bloomberg
*Standard Deviation is a measure of the volatility of an asset, and illustrates
the extent of variation (whether higher or lower) that exists from the average
of a 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).
**Maximum drawdown measures the decrease in the value of an asset from its
historical highest value in a given period to its lowest value in that period.
Maximum drawdown expresses that decrease as a percentage.
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.
Liquidity of the market for RBS ETNs may vary over time. The RBS ETNs do not pay
interest. Any payment on the RBS ETNs is subject to ability of RBS NV, as the
issuer, and RBS Holdings, 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 N.V. (RBS NV) and RBS Holdings
N.V. (RBS Holdings) 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 []led with the SEC for more complete information about RBS NV and
RBS Holdings, 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 NV, RBS Holdings,
RBS Securities Inc. (RBSSI) or any dealer participating in the relevant 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 US Large Cap Trendpilot(TM) Index (USD) (Index) is the property of The Royal
Bank of Scotland plc, which has contracted with Standard and Poor's Financial
Services LLC (S and P) to maintain and calculate the Index. The S and P 500[R]
Index is the exclusive property of S and P and has been licensed for use by
RBSSI and its affiliates in connection with the Index. S and P shall have no
liability for any errors or omissions in calculating the Index. "Standard and
Poor's[R]," "S and P[R]" and "S and P 500[R]" are registered trademarks of S and
P. "Calculated by S and P Custom Indices" and its related stylized mark are
service marks of S and P and have been licensed for use by RBSSI and its
affiliates. The RBS ETNs are not sponsored, endorsed, sold or promoted by S and
P or its affiliates, and neither S and P nor its affiliates make any
representation regarding the advisability of investing in the RBS ETNs.
Copyright[C] 2010 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.
www.rbs.com/etnUS | TOLL FREE: 855-RBS-ETPS page 2 of 2
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