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Product Type
 Buffered
 Capital Protected Notes

Asset Class
 Commodities
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 Interest Rates
 Foreign Exchange

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Home    Our Products   Product Details
Steepener linked to the USD CMS 30 years - USD CMS 2 years
78009KSD5

Product Detail   Underlying Detail       Interactive Chart
Ref. : n/a       Bid: 101.60 %           Ask: 102.60 %             % change: +2.75 %**
Last update: 08/10/11                    View performance over: Push Bid

[GRAPHIC OMITTED]

Product Facts                            Performance  and  Statistics
Product type     Capital Protected       Daily high                      102.41
Underlying       USDCMS30Y               Daily low                       101.36
                 (LIBOR-A)               Yearly high (06/01/11)          107.23
Currency         USD                     Yearly low (07/07/11)            92.63
Issue Size (USD  $ 7,500
000's)                                   All Time High (06/01/11)        107.23
Settlement Date  04/15/11                All Time Low (07/07/11)          92.63
Principal        100.00 %
Protection                               Codes
Maturity         04/12/26                CUSIP                        78009KSD5
Underlying       USD
currency
Ratio            1:1
Quanto           No

Please read the relevant prospectus, which contains material terms of the
securities and important risks that you should consider, before investing.
Capital Protected Notes protects your principal invested only against any
decline in the underlying market measure at maturity. They are not guaranteed or
insured by the Federal Deposit Insurance Corporation (FDIC) or secured by
collateral, nor are they obligations of or guaranteed by the UK government. All
payments due on Capital Protected Notes remain subject to the credit risk of the
issuer and its parent company.

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, risk tolerance, 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 1 - 866-PIP-IDEA (1-866-747-4332) .

Information on the website regarding the performance of a security or the
underlying or any other financial instrument always relates to the past. Past
performance is not indicative of future results.

Top 5 Capital Protected

Steepener linked to the
USD CMS 30 Years -      +4.19 %**
USD CMS 2 years
----------------------- ---------
Steepener linked to the
USD CMS 30 years -      +3.71 %**
USD CMS 2 years
----------------------- ---------
Steepener linked to the
USD CMS 10 years -      +3.27 %**
USD CMS 2 years
----------------------- ---------
Callable Floating Rate
Note linked to the 3    +1.06 %**
Month LIBOR
----------------------- ---------
Leveraged CPI Linked
Securities With Fixed   +0.72 %**
First-Year Coupon
----------------------- ---------

Download Prospectus (654 KB)

SEC Legend The Royal Bank of Scotland N.V. (["]RBS N.V. ["]) and The Royal Bank
of Scotland plc (["]RBS plc["]) have each filed a registration statement
(including a prospectus) with the United States Securities and Exchange
Commission (the ["]SEC["]) for the offering of securities that are issued by RBS
N.V. and guaranteed by RBS Holdings N.V. or that are issued by RBS plc and
guaranteed by The Royal Bank of Scotland Group plc. Before you invest in any
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 relevant issuer and guarantor, and
their respective offerings. You may get these documents for free by visiting
EDGAR on the SEC's website at www.sec.gov. Alternatively, RBS N.V., RBS plc, or
their affiliates will arrange to send you the prospectus if you request it by
calling toll free 1 -(888) 644-2048.

** From close of business yesterday

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