Filed pursuant to Rule 433 | Registration Statement Nos. 333-184147 and
333-184147-01

RBS Exchange Traded Notes


RBS NASDAQ-100([R]) Trendpilot[] ETN (TNDQ)

The RBS NASDAQ-100([R]) Trendpilot[] Exchange Traded Notes ("RBS ETNs") are
unsecured and senior obligations of The Royal Bank of Scotland plc ("RBS plc"),
and are fully and unconditionally guaranteed by The Royal Bank of Scotland
Group plc ("RBS Group"). Any payments on the RBS ETNs when they become due at
maturity or upon early repurchase or redemption are dependent on the ability of
RBS plc and RBS Group to pay, and are also subject to market risk.

RBS NASDAQ-100([R]) Trendpilot[] ETNs track the RBS NASDAQ-100([R])
Trendpilot[] Index (USD) which provides:
Trend-following exposure using an objective and transparent methodology to
either the NASDAQ-100([R]) Total Return Index(SM) or the Cash Rate;
NASDAQ-100([R]) Exposure in positive trending markets by tracking the
NASDAQ-100([R]) Total Return Index(SM), the level of which incorporates the
reinvestment of any cash dividends paid on its component securities. The RBS
ETNs do not pay interest or dividends; and Cash Rate Exposure in negative
trending markets by tracking a hypothetical investment in 3-month U.S. Treasury
bills as of the most recent weekly auction.

Illustration of the Trendpilot([]) Index Methodology

A positive trend is established:
The Index will track the Benchmark Index

If the closing level of the Benchmark Index is at or above its historical
100-Index  business day simple moving average for five consecutive Index
business days
A negative trend is established:
The Index will track the Cash Rate

If the closing level of the Benchmark Index is below its historical 100-Index
business day simple moving  average for five consecutive Index business days

A negative trend is established

A positive trend is established

Hypothetical Benchmark Index

Hypothetical 100-Index   business day simple moving average



RBS ETN Details
---------------------------------------------------
Issuer           The Royal Bank of Scotland plc
---------------- ----------------------------------
Guarantor        The Royal Bank of Scotland
                 Group plc
---------------- ----------------------------------
Ticker           TNDQ
---------------- ----------------------------------
Intraday         TNDQ.IV
Indicative Value
Ticker
---------------- ----------------------------------
CUSIP            78009P143
---------------- ----------------------------------
ISIN             US78009P1434
---------------- ----------------------------------
Primary          NYSE Arca
Exchange
---------------- ----------------------------------
Maturity         12/13/2041
---------------- ----------------------------------
Benchmark        1.51%
Index Dividend
Yield(1)
---------------- ----------------------------------
Index            RBS NASDAQ-100([R]) Trendpilot(TM)
                 Index (USD) (Bloomberg
                 symbol: "TPNDQUT Index"),
                 which tracks the Benchmark
                 Index or the Cash Rate
                 depending on the relative
                 performance of the Benchmark
                 Index on a simple historical
                 moving average basis.
---------------- ----------------------------------
Benchmark        NASDAQ-100([R]) Total Return
Index            Index(SM) (Bloomberg page:
                 "XNDX Index")
---------------- ----------------------------------
Cash Rate        Yield on a hypothetical notional
                 investment in 3-month U.S.
                 Treasury bills as of the most re-
                 cent weekly auction (Bloomberg
                 page: "USB3MTA Index")
---------------- ----------------------------------
Annual Investor  When the Index is tracking the
Fee              Benchmark Index: 1.00% per
(accrued on a    annum. When the Index is
daily basis)     tracking the Cash Rate: 0.50%
                 per annum.
---------------- ----------------------------------
Repurchase at    You may offer your RBS ETNs
your option      to RBS plc for repurchase on
                 any business day on or prior to
                 12/5/2041, provided that you
                 offer a minimum of 20,000 RBS
                 ETNs for any single repurchase
                 and follow the procedures
                 described in the pricing
                 supplement.
---------------- ----------------------------------
Early            We may redeem all of the RBS
redemption at    ETNs at our discretion at any
our option       time on or prior to 12/11/2041.
                 Pursuant to our announced
                 plan to exit the structured retail
                 investor products business, the
                 likelihood that we will redeem
                 the ETNs prior to maturity has
                 increased. See "Recent Devel-
                 opments" on reverse for more
                 information.
---------------- ----------------------------------
Daily            Upon early repurchase or
Redemption       redemption or at maturity, you
Value            will receive a cash payment
                 equal to the daily redemption
                 value per RBS ETN. The daily
                 redemption value on the relevant
                 valuation date will be published
                 on www.rbs.com/etnus/tndq*.
---------------- ----------------------------------

Time
The above graph illustrates the operation of the Trendpilot[] Index
Methodology. It does not reflect any actual performance of the Benchmark Index
or the Index, and is not an indication of how either index may perform in the
future. The hypothetical illustration above also does not include any fees,
transaction costs or expenses.
If neither of the above conditions is satisfied, the trend of the Benchmark
Index will be the same as the trend of the Benchmark Index on the immediately
preceeding Index business day. The Index will implement any trend reversal at
the open of trading on the second Index business day immediately following the
Index business day on which the Benchmark Index trend switches from positive to
negative or from negative to positive, as the case may be.
(1)Benchmark Index Dividend Yield means the sum of the gross dividends paid on
the securities comprising the Benchmark Index (which is a total return index)
over the prior 12 months ending 6/30/2013 divided by the closing level of the
price return version of the Benchmark Index as of 6/30/2013.
* Information contained on our website is not incorporated by reference in, and
should not be considered a part of, this[]document.

www. rbs.com/etnUS | TOLL FREE: 855-RBS-ETPS | Not FDIC Insured. May Lose
Value.



 
 
 

 
 
 





NASDAQ-100([R]) Total Return Index(SM)
Top 10 Holdings -- as of 6/30/2013
-------------------------------------- ----------
 Company               ticker          Weight (%)
---------------------- --------------- ----------
 Apple Inc             AAPL               11.46
 Microsoft Corporation MSFT               8.32
 Google, Inc.          GOOG               7.02
 Oracle Corporation    ORCL               4.14
 Cisco Systems, Inc.   CSCO               3.82
 Amazon.com, Inc.      AMZN               3.80
 Intel Corporation     INTC               3.46
 QUALCOMM, Inc.        QCOM               3.09
 Comcast Corporation   CMSCA              2.56
 Gilead Sciences       GILD               2.34
Source: Bloomberg
---------------------- --------------- ----------

Historical Performance (%) -- as of 6/30/2013
-------------------------------------------------------- ---------- --------------------
                                                                    annualized since RBS
                                        3-month year-to- ANNUALIZED    ETN inception
                                          (%)   date (%) 1-YEAR (%)     (12/8/2011) (%)
--------------------------------------- ------- -------- ---------- --------------------
 RBS NASDAQ-100([R]) Trendpilot[] ETN
 Daily Redemption Value(1)               3.35     6.89      5.35           10.93
 RBS NASDAQ-100([R]) Trendpilot(TM)
 Index                                   3.61     7.40      6.24           11.90
 NASDAQ-100([R]) Total Return Index(SM)
 (Benchmark Index)                       3.61    10.09      12.87          18.40
 Cash rate on 6/30/2013 was 0.06%          --      --        --              --


Source: Bloomberg. The table above presents the actual performance of the
Index, the RBS ETNs and the NASDAQ-100([R]) Total Return Index(SM) (the
Benchmark Index) over the specified periods. It is not possible to invest
directly in an index. For information regarding the performance of the Index,
see pages PS-14 to PS-17 of the pricing supplement to the RBS ETNs filed with
the U.S. Securities and Exchange Commission (SEC). Past performance does not
guarantee future results.
(1) Includes the deduction of the annual investor fee, which accrues on a daily
basis. The annual investor fee will be equal to (i) 1.00% per annum when the
Index is tracking the Benchmark Index, and (ii) 0.50% per annum when the Index
is tracking the Cash Rate.

NASDAQ-100([R]) Total Return Index(SM) Performance -- as of 6/30/2013

NASDAQ-100([R]) Total Return Index(SM)
NASDAQ-100([R]) Total Return Index(SM) 100-Index business day simple moving
average

The graph to the left is the historical performance of the NASDAQ-100([R])
Total Return Index(SM) and the NASDAQ-100([R]) Total Return Index(SM) 100-Index
business day simple moving average. This illustration does not reflect any
historical Trendpilot[] Index performance.


NASDAQ-100([R]) Total Return Index(SM) 1-Year Annual Return Comparison (%)(1)


                                       2000   2001   2002   2003  2004  2005 2006 2007  2008   2009  2010  2011 2012  2013 Q2
-------------------------------------- ------ ------ ------ ----- ----- ---- ---- ----- ------ ----- ----- ---- ----- -------
NASDAQ-100([R]) Total Return Index(SM) -36.82 -32.62 -37.52 49.49 10.75 1.89 7.28 19.24 -41.57 54.61 20.14 3.66 18.35 10.09
Cash Rate (Year-End)                   5.70   1.71   1.19   0.89  2.23  3.91 4.88 3.31  0.05   0.11  0.18  0.03 0.09   0.06


(1) The table above does not reflect any Trendpilot[] Index performance. The
Trendpilot[] Index performance is not the same as the NASDAQ-100([R]) Total
Return Index(SM) performance. The Trendpilot[] Index may underperform the
NASDAQ-100([R]) Total Return Index(SM) over various time periods, and may track
the Cash Rate for extended periods of time in a low interest rate environment.
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
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 Index may underperform
the Benchmark Index, and is expected to perform poorly in volatile markets.
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. 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. Any payment on
the RBS ETNs is subject to the ability of RBS plc, as the issuer, and RBS Group
plc, 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 plc (RBS plc) and The Royal
Bank of Scotland Group plc (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).
RECENT DEVELOPMENTS: On June 13, 2013, we announced that we would be exiting
the structured retail investor products business that is responsible for
issuing and maintaining the RBS ETNs, and that we expect to move such business
into a runoff organization which will go through a process of restructuring and
/ or business sales (the "RBS Retail Investor Products Exit Plan"). The
implementation of the RBS Retail Investor Products Exit Plan increases the
likelihood that the RBS ETNs will be redeemed by us prior to maturity. We plan
to continue to maintain and issue the RBS ETNs, but our plans could change. We
cannot give you any assurances as to any minimum period of time that you may
hold the RBS ETNs before we redeem them at our option.
NASDAQ([R]), OMX([R]), NASDAQ OMX([R]), NASDAQ-100([R]), NASDAQ-100 Index([R])
and NASDAQ-100([R]) Total Return Index(SM) are registered trademarks and
service marks of The NASDAQ OMX Group, Inc. and are licensed for use by RBS
plc. The Index is the property of RBS plc. RBS plc has contracted with The
NASDAQ OMX Group, Inc. (which with its affiliates and subsidiaries is referred
to as the "Corporations") to calculate and maintain the Index, either directly
or through a third party. Currently, the 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[] Index. The RBS NASDAQ-100([R]) Trendpilot[]
Exchange Traded Notes, which are based on the RBS NASDAQ-100([R]) Trendpilot[]
Index, have not been passed on by the Corporations or SandP Dow Jones Indices and
its affiliates 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. SandP DOW JONES INDICES, ITS AFFILIATES AND THE CORPORATIONS MAKE NO
WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE RBS NASDAQ-100([R])
TRENDPILOT[] EXCHANGE TRADED NOTES.
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.

www.rbs.com/etnUS | TOLL FREE: 855-RBS-ETPS | Not FDIC Insured. May Lose Value.
Dated July 16, 2013