The Deciding Factor
[GRAPHIC OMITTED]

Choosing when to buy and sell can be a tough part of the investment process,
especially when considering market volatility, transaction fees and taxes.

Manage Market Volatility

The RBS Trendpilot[TM] Exchange Traded Note strategy takes the human decision
making out of the process by using a simple moving average to establish a trend.

o    When the relevant market is trending up, the ETN participates in the
     market.

o    When the relevant market is trending down, the ETN tracks 3-month U.S.
     T-Bills.

Avoid Transaction Fees when Switching

Investors in RBS Trendpilot[TM] ETNs (the "RBS ETNs") avoid certain costs
typically incurred when switching in and out of investments directly.

How are the RBS ETNs treated for U.S. federal income tax purposes?

As of the date of this document(1), we believe that it is reasonable to treat
the RBS ETNs for U.S. federal income tax purposes as prepaid forward contracts
with respect to the index that they track. Under this treatment, gain or loss
upon the sale, redemption or maturity of an investor's RBS ETNs should equal the
difference between the amount the investor receives at that time and the
investor's cost basis in the RBS ETNs. This gain or loss should be long-term
capital gain or loss if the investor has held the RBS ETNs for more than one
year.

Figure 1 summarizes, as of the date of this document, certain expected U.S.
federal tax consequences that holders should be subject to pursuant to the terms
of the RBS ETNs. These tax consequences, however, are not certain and
alternative treatments are possible. Please see the applicable pricing
supplement for a more complete discussion of the material U.S. federal income
tax consequences, and alternative tax characterizations of ownership and
disposition that are possible with respect to the RBS ETNs.

Figure 1: RBS ETNs Expected U.S. Federal Income Tax Treatment

            Expected
            Treatment at  Recognition of
            Maturity      Current Income
----------- ------------- --------------
Commodities Capital Gains No
Equity      Capital Gains No

(1)Dated: 4/18/13

To find out more on the tax treatment of the RBS ETNs click here and see the
applicable pricing supplement.

Help take the emotion out of your investment process with RBS Trendpilot[TM]
Exchange Traded Notes:

                                         Intraday
                                         Indicative
                       ETN    Inception  Value
Product                Ticker Date       Ticker
---------------------- ------ ---------- ----------
RBS Trendpilot[TM] ETNs
RBS US Large Cap         TRND    12/6/10   TRND.IV
---------------------- ------
Trendpilot[TM] ETN
----------------------
RBS US Mid Cap           TRNM    1/25/11   TRNM.IV
---------------------- ------
Trendpilot[TM] ETN
----------------------
RBS Gold Trendpilot[TM]  TBAR    2/17/11   TBAR.IV
---------------------- ------
ETN
----------------------
RBS Oil Trendpilot[TM]   TWTI    9/13/11   TWTI.IV
---------------------- ------
ETN
----------------------
RBS NASDAQ-100([R])
----------------------
                         TNDQ    12/8/11   TNDQ.IV
                       ------
Trendpilot[TM] ETN
----------------------
RBS China Trendpilot[TM] TCHI    4/13/12   TCHI.IV
---------------------- ------
ETN
----------------------

For more information: usmarkets.rbs.com/etnUS or 855.RBS.ETPS (855.727.3877)

This information should not be considered tax advice. Investors are urged to
consult their tax advisor with regard to their specific situation.

FOR REGISTERED BROKER/DEALERS AND REGISTERED INVESTMENT ADVISERS ONLY. NOT FOR
DISTRIBUTION TO INDIVIDUAL INVESTORS.

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 relevant 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 RBS Oil
Trendpilot(TM) ETNs and the RBS Oil Trendpilot(TM) Index (USD) do not provide
exposure to spot prices of crude oil and, consequently, may not be
representative of an investment that provides exposure to crude oil. Each
Trendpilot(TM) Index may underperform its respective Benchmark Index, and is
expected to perform poorly in volatile markets. The RBS China Trendpilot(TM)
ETNs involve risks associated with an investment in emerging markets, as well as
currency exchange risk. 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 the issuer and guarantor to
pay their respective obligations when they become due. 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. 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 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([R]), OMX([R]), NASDAQ OMX([R]), NASDAQ-100([R]), NASDAQ-100 Index([R])
and NASDAQ-100([R]) Total Return IndexSM are registered trademarks and service
marks of The NASDAQ OMX Group, Inc. and are licensed for use by RBS plc. The RBS
NASDAQ-100([R]) Trendpilot(TM) Index is the property of RBS plc. RBS plc has
contracted with The NASDAQ OMX Group, Inc. (which with its affiliated and
subsidiaries is referred to as the "Corporations") to calculate and maintain the
RBS NASDAQ-100([R]) Trendpilot(TM) Index, either directly or through a third
party. Currently, the RBS NASDAQ-100([R]) Trendpilot(TM) Index is calculated and
maintained by SandP Opco, LLC, a subsidiary of SandP Dow Jones Indices LLC
("SandP Dow Jones Indices") on behalf of the Corporations. 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.
SandP Dow Jones Indices, its affiliates and the Corporations shall have no
liability for any errors or omissions in calculating the RBS NASDAQ-100([R])
Trendpilot(TM) Index. The RBS NASDAQ-100([R]) Trendpilot(TM) ETNs which are
based on the RBS NASDAQ-100[R] TrendpilotTM Index have not been passed on by the
Corporations or SandP Dow Jones Indices as to their legality or suitability and
are not sponsored, endorsed, sold or promoted by the Corporations or SandP Dow
Jones Indices and its affiliates. THE CORPORATIONS, SandP DOW JONES INDICES AND
ITS AFFILIATES MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE RBS
NASDAQ-100([R]) TRENDPILOT(TM) 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.

The Royal Bank of Scotland [C] 2013 rbs.com/etnus | rbsm.com