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Selected RisK COnsideratiOns
Investing in the RBS ETNs involves a number of risks. Some of the risks relating to the RBS ETNs are summarized here, but we urge
you to read the more
detailed explanation of risks described under "Risk Factors" in the applicable pricing supplement.
You may lose all or a significant portion of your investment: The RBS ETNs are not principal protected. If the level of the Index
decreases, or does
not increase by an amount sufficient to offset the investor fee, you will receive less, and possibly significantly less, at maturity
or upon early repurchase or
redemption than your original investment in the RBS ETNs.
The RBS ETNs involve risks not associated with an investment in conventional debt securities.
Credit risk of RBS plc and RBS Group: The RBS ETNs are unsecured and unsubordinated obligations of RBS plc, as issuer, and are
guaranteed by RBS
Group. You are dependent on RBS plc's ability to pay all amounts due on the RBS ETNs, and therefore you are subject to the credit
risk of RBS plc and to
changes in the market's view of RBS plc's creditworthiness. In addition, because the RBS ETNs are guaranteed by RBS Group, you are
also dependent on
the credit risk of RBS Group in the event that RBS plc fails to make any payment or delivery required by the terms of the RBS ETNs.
Issuer redemption: RBS plc has the right to redeem or "call" the RBS ETNs, in whole but not in part, at its sole discretion at any
time from the initial
settlement date to and including 4/15/2042. In addition, the implementation of the RBS Retail Investor Products Exit Plan (as
described below under "Recent
Developments") increases the likelihood of our calling the RBS ETNs prior to maturity.
Strategy Risk: The RBS Trendpilot[] ETN uses a trend-following strategy that seeks to capitalize on trends in the Benchmark Index
based on its closing
level relative to its 100-Index business day moving average. This strategy differs from one that seeks continuous long-only exposure
to a single asset. The
RBS Trendpilot[] ETN Index is expected to perform poorly in non-trending volatile markets. Movements in the Benchmark Index or the
Cash Rate may have
a material and adverse impact on the RBS Trendpilot[] ETN Index's performance. There is no assurance that the strategy will be
successful or that it will
outperform the Benchmark Index or the Cash Rate.
Market Risk: The return on the RBS ETNs will depend on the performance of the Index (which in turn will depend on the performance of
the Benchmark
Index and the Cash Rate) and other market conditions. Because the Benchmark Index tracks only the stocks of companies based in the
People's Republic
of China (the "PRC"), it is subject to risks including emerging market risks, concentration risk, and the risk that the PRC
government may pursue economic,
tax, or other regulatory policies which will adversely affect the stock prices of companies based in the PRC. Furthermore, as the
securities tracked by the
Benchmark Index include depository receipts, there are risks relating to foreign exchange and potential price discrepancy between
the depository receipts
and their underlying stocks.
A trading market for the RBS ETNs may not develop: Although the RBS ETNs are listed on NYSE Arca, Inc., there is no guarantee that
the listing will be
maintained or that a secondary market will develop. RBS plc is not required to maintain any listing of the RBS ETNs.
No Interest Payments: You will not receive any interest payments on the RBS ETNs.
Restrictions on your ability to offer RBS ETNs for repurchase by us: You must offer at least 20,000 RBS ETNs to us for any single
repurchase and satisfy
the other requirements described in the applicable pricing supplement for your repurchase offer to be considered.
Actual trading price or market price may vary significantly from indicative value and daily redemption value: The indicative value
is meant to
approximate the intrinsic economic value of the RBS ETNs from time to time. Any payment on the RBS ETNs at maturity or upon early
repurchase or
redemption is based on the daily redemption value, which is determined by the calculation agent. If you purchase or sell RBS ETNs in
the secondary market,
you will pay or receive the market price of an RBS ETN. Factors that may influence the market price of the RBS ETNs include: the
level of the Index; the
performance of, and volatility in, the Benchmark Index; supply and demand for the RBS ETNs; economic, financial, political,
regulatory or judicial events that
affect the level of the Index; and the actual or perceived creditworthiness of RBS plc and RBS Group.
The Index has limited actual history and may perform in unexpected ways: The Trendpilot[] Index was created by RBS plc, as Index
Sponsor, and
established on November 16, 2010. As such, it has limited actual history and may perform in unexpected ways. The historical
performance of the Index
should not be taken as indication of future performance.
Uncertain Tax Treatment: Significant aspects of the tax treatment of the RBS ETNs are uncertain. You should consult your own tax
adviser about your own
situation.
The RBS ETNs are complex and 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.
BNY Mellon is a corporate brand of The Bank of New York Mellon Corporation and may be used as a generic term to reference the
corporation as a whole
or its various subsidiaries. BNY Mellon and BNY Mellon ADR Indices and BNY Mellon DR Indices are service marks owned by The Bank of
New York Mellon
Corporation. This information is provided for general purposes only and is not investment advice. We provide no advice nor
recommendations or endorsement
with respect to any company, security or products based on any index licensed by BNY Mellon, and we make no representation regarding
the advisability of
investing in the same. BNY Mellon's Depositary Receipt business is conducted through BNY Mellon.
BNY Mellon does not guarantee the accuracy, timeliness and/or completeness of BNY Mellon ADR Indices and BNY Mellon DR Indices, or
any associated
indices, or any data included therein, and BNY Mellon shall have no liability for any errors, omissions, or interruptions therein.
BNY Mellon makes no express
or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with
respect to BNY Mellon ADR
Indices and BNY Mellon DR Indices or any associated indices, or any data included therein, or any materials derived from such data.
Without limiting any
of the foregoing, in no event shall the company have any liability for any special, punitive, indirect, or consequential damages
(including lost profits), even if
notified of the possibility of such damages. For the full disclaimer please see the pricing supplement relating to the notes that
RBS plc and RBS Group fi led
with the SEC.
RBS China Trendpilot[] Index (USD), is the property of The Royal Bank of Scotland plc, which has contracted with SandP Opco, LLC (a
subsidiary of SandP
Dow Jones Indices LLC) ("SandP Dow Jones Indices") to maintain and calculate the Index. SandP Dow Jones Indices shall have no liability
for any errors or
omissions in calculating the Index. 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.
"Calculated by SandP Dow
Jones Indices" and its related stylized mark(s) have been licensed for use by RBSSI and its affiliates. The RBS China Trendpilot[]
ETNs, are not sponsored,
endorsed, sold or promoted by SandP Dow Jones Indices, SPFS, Dow Jones, their affiliates or their third party licensors, and neither
SandP Dow Jones Indices,
SPFS, Dow Jones, their affiliates or their third party licensors make any representation regarding the advisability of investing in
such RBS ETNs.
Copyright [C] RBS Securities Inc. All rights reserved.
RBS Securities Inc., is a U.S. registered broker-dealer, member of FINRA and SIPC, and an indirect wholly-owned subsidiary of The
Royal Bank of
Scotland plc and The Royal Bank of Scotland Group plc.
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www.rbs.com/etnUS | TOLL FREE: 855-RBS-ETPS | Not FDIC Insured. May Lose Value.
Dated April 14, 2015
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