Gold Trend ETN Factsheet

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    The RBS Gold Trendpilot Exchange Traded Notes (RBS ETNs) are unsecured andunsubordinated obligations o The Royal Bank o Scotland N.V. (RBS NV), and are ully andunconditionally guaranteed by RBS Holdings N.V. (RBS Holdings).

    RBS ETNs track the RBS Gold Trendpilot Index (USD) (the Index). The Index utilizes asystematic trend- ollowing strategy to provide exposure to either the price o gold bullionor the yield on a hypothetical notional investment in 3-month U.S. Treasury bills (the CashRate). The Index is designed to provide exposure to the price o gold bullion in positivetrending markets and exposure to the Cash Rate in negative trending markets using anobjective and transparent methodology.

    RBS ETN DetailsIssuer The Royal Bank o Scotland N.V.

    Guarantor RBS Holdings N.V.

    Ticker TBAR

    Intraday IndicativeValue Ticker

    TBAR.IV

    CUSIP 78009L407

    ISIN US78009L4077

    PrimaryExchange

    NYSE Arca

    Maturity 2/15/2041

    Index RBS Gold Trendpilot Index(USD) (Bloomberg symbol:TPGLDUT ), whichtracks the price o gold bullionor the Cash Rate depending onthe relative per ormance o theprice o gold bullion on a simplehistorical moving average basis

    Price o goldbullion

    London Gold PM Fixing Price inUSD published by the London Bul-lion Market Association (Bloombergsymbol: GOLDLNPM )

    Cash Rate Yield on a hypothetical no-

    tional investment in 3-month U.S.Treasury bills (Bloomberg page:USB3MTA )

    Annual Investor Fee (accrued ona daily basis)

    When the Index is tracking theprice o gold bullion: 1.00%per annumWhen the Index is tracking theCash Rate: 0.50% per annum

    Repurchase atyour option

    You may o er your RBS ETNsto RBS NV or repurchase onany business day on or prior to2/7/2041, provided that you o er a minimum o 20,000 RBS ETNs

    or any single repurchase andollow the procedures described

    in the pricing supplement

    Early redemptionat our option

    We may redeem all o the RBSETNs at our discretion at any timeon or prior to 2/13/2041

    Daily RedemptionValue

    Upon early repurchase or redemption or at maturity, you willreceive a cash payment equal tothe daily redemption value per RBS ETN. The daily redemptionvalue on the relevant valuationdate will be published on www.rbs.com/etnUS/TBAR*

    * Information contained on our website is not incorporatedby reference in, and should not be considered a part of, thisdocument.

    www.rbs.com/etnUS | TOLL FREE: 855-RBS-ETPS page 1 o 2

    A positive trend is established:The Index will track the price o gold bullion

    A negative trend is established:The Index will track the Cash Rate

    If neither of the above two conditions is satis ed, the trend of the Index will be the same as the trend of the Index on theimmediately preceding business day. The Index will implement any trend reversal on the second business day immediately following the business day on which the Index trend switches from positive to negative or from negative to positive,as the case may be.

    RBS GOLD TRENDPILOT INDEX METHODOLOGY

    I the price o gold bullion is at or aboveits historical 200-business day simplemoving average or fve consecutivebusiness days

    I the price o gold bullion is below its historical 200-business day simplemoving average or fve consecutivebusiness days

    INDEX COMPARISON (10/20/7512/31/10)

    C l o s

    i n g

    L e v e

    l s

    0

    500

    1,000

    1,500

    2,000

    2,500

    3,000

    3,500

    4,000

    RBS Gold Trendpilot Index

    Price of Gold Bullion

    Price of Gold Bullion - 200 Day Moving Average

    75 '76 '77 '78 '79 '80 '81 '82 '83 '84 '85 '86 '87 '88 '89 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10

    Source: Bloomberg. The Index was only created on 1/24/2011. All Index data prior to 1/24/2011 are based onretrospective calculations. The graph above illustrates the retrospectively calculated performance of the Index from10/20/1975 to 12/31/10 in comparison with historical levels of the price of gold bullion and the historical 200-businessday simple moving average of the price of gold bullion over the same periods. Please be aware that the Index did notexist and an investment in the Index was not possible during the time periods presented above. Further, we mayredeem the RBS ETNs at any time at our option. If we do so, you may not be able to own any investment in theRBS ETNs or the Index over any minimum time period.

    RBS Exchange Traded Notes

    RBS Gold Trendpilot TM ETN (TBAR)

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