Filed pursuant to Rule 433. Registration Statement Nos. 333-162193 and
333-162193-01

RBS Investor Products Trendpilot ETNs Online Ad Campaign September 2011

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                                                               IMPORTANT INFORMATION: The Royal Bank of Scotland          X
                             RBS US Mid Cap                    N.V. (RBS NV) and RBS Holdings N.V. (RBS Holdings)
                                                               have filed a registration statement (including a prospec-
                                                               tus) with the US Securities and Exchange Commission
        Finally,             Trendpilot[tm] ETN (TRNM)         (SEC) for the offering of RBS ETNs to which this commu-
                                                               nication relates. Before you invest in any RBS ETNs, you
                                                               should read the prospectus in that registrationstatement
                                                               and other documents that have been filed with the SEC
        a trend you'll       The Trend is Your Friend          for more complete information about RBS NV and RBS
                                                               Holdings, and the offering. You may get these docu-
                                                               ments for free by visiting EDGAR on the SEC's web site
        want to follow.                                        at www.sec.gov. Alternatively, RBS NV, RBS Holdings,
                                                               RBS Securities Inc. (RBSSI) or any dealer participating in
                             Important Information             the relevant offer ing will arrange to send you the pro-
                                                               spectus and the pricing supplement at no charge if you
                                                               request it bycalling 1-855-RBS-ETPS (toll-free).
                             BUILDING TOMORROW TM
       TM
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