RBS Capped Market-Linked Principal Protected
Notes linked to the S-and-P 500 Index
78009PAG6

                               [GRAPHIC OMITTED]

Product Facts                          Performance and Statistics
Product type         Capital Protected Daily high                    90.29
Underlying                 S-and-P 500 Daily low                     89.70
Currency                       USD     Yearly high (05/31/11)        95.27
Settlement Date             05/16/11   Yearly low (08/08/11)         89.07
Principal Protection        100.00 %   All Time High (05/31/11)      95.27
Maturity                    08/16/16   All Time Low (08/08/11)       89.07
Underlying currency            USD
                                       Codes
Ratio                            1:1
Quanto                           No    CUSIP                    78009PAG6

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.

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