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Filed pursuant to Rule 433 | Registration Statement Nos. 333-162193 and
333-162193-01
RBS ETN Details
Issuer The Royal Bank of Scotland N.V.
Guarantor RBS Holdings N.V.
Ticker TBAR
Intraday Indicative TBAR.IV
Value Ticker
CUSIP 78009L407
ISIN US78009L4077
Primary NYSE Arca
Exchange
Maturity 2/15/2041
Index RBS Gold Trendpilot[] Index
(USD) (Bloomberg symbol:
"TPGLDUT Index"), which
tracks the price of gold bullion
or the Cash Rate depending on
the relative performance of the
price of gold bullion on a simple
historical moving average basis
Price of gold London Gold PM Fixing Price in
bullion USD published by the London Bul-
lion Market Association (Bloomberg
symbol: "GOLDLNPM Index")
Cash Rate Yield on a hypothetical no-
tional investment in 3-month U.S.
Treasury bills (Bloomberg page:
"USB3MTA Index")
Annual Investor When the Index is tracking the
Fee (accrued on price of gold bullion: 1.00%
a daily basis) per annum
When the Index is tracking the
Cash Rate: 0.50% per annum
Repurchase at You may offer your RBS ETNs
your option to RBS NV for repurchase on
any business day on or prior to
2/7/2041, 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 redemption We may redeem all of the RBS
at our option ETNs at our discretion at any time
on or prior to 2/13/2041
Daily Upon early repurchase or
Redemption redemption or at maturity, you will
Value 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/TBAR*
* Information contained on our website is not incorporated by reference in, and
should not be considered a part of, this document.
RBS Gold Trendpilot(TM) ETN (TBAR)
RBS Exchange Traded Notes
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The RBS Gold Trendpilot([]) Exchange Traded Notes (RBS ETNs) are unsecured and
unsubordinated obligations of The Royal Bank of Scotland N.V. (RBS NV), and are
fully and unconditionally guaranteed by RBS Holdings N.V. (RBS Holdings).
RBS ETNs track the RBS Gold Trendpilot([]) Index (USD) (the "Index"). The Index
utilizes a systematic trend-following strategy to provide exposure to either
the price of gold bullion or the yield on a hypothetical notional investment in
3-month U.S. Treasury bills (the "Cash Rate"). The Index is designed to provide
exposure to the price of gold bullion in positive trending markets and exposure
to the Cash Rate in negative trending markets using an objective and
transparent methodology.
RBS GOLD TRENDPILOT([]) INDEX METHODOLOGY
If the price of gold bullion is at or above its historical 200-business day
simple [][][][][] moving average for []ve consecutive business days
If the price of gold bullion is below its historical 200-business day simple
[][][][][] moving average for []ve consecutive business days
A positive trend is established:
The Index will track the price of
gold bullion
A negative trend is established:
The Index will track the Cash Rate
If neither of the above conditions is satisfied, the trend of the Index will be
the same as the trend of the 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 Index trend switches from positive to negative or from negative to
positive, as the case may be.
HISTORICAL PERFORMANCE (%) -- As of 6/30/2011
--------------------------------------------------------- ---------------- --------------
SINCE RBS ETN
INCEPTION
1-MONTH (%) 3-MONTH (%) YEAR-TO-DATE (%) (2/17/11) (%)
--------------------------------- ----------- ----------- ---------------- --------------
RBS Gold Trendpilot[] ETN Daily -2.10 4.36 -- 8.78
Redemption Value(1)
RBS Gold Trendpilot(TM) Index(2) -2.02 4.62 -- 9.17
Price of Gold Bullion -2.02 4.62 -- 9.17
Cash rate on 6/30/11 0.025 -- -- --
The chart above presents the actual performance of the Index, the RBS ETNs, and
the price of Gold Bullion (the Benchmark Index) over the speci[]ed periods. For
information regarding the performance of the Trendpilot Index, see pages PS-34
to PS-36 of the pricing supplement to the RBS ETNs []led with the U.S.
Securities and Exchange Commission (SEC).
(1) Includes 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.
(2) Since the inception date of the RBS ETNs, the Index has tracked the
Benchmark Index and has remained in a positive trend, without any trend
reversal. Consequently, the historical performance of the Index over the time
periods speci[]ed above is identical to the Benchmark Index. In a negative
trending market the Index trend is expected to switch from positive to
negative, and the Index is expected to experience trend reversals in volatile
markets, switching from a positive to negative or from negative to positive, as
the case may be. The Index performance will not always be the same as the
Benchmark Index, could underperform the Benchmark Index, and may track the Cash
Rate for extended periods of time in a low interest rate environment. Does not
include any fees, transaction costs or expenses.
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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
suf[]cient 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 price of gold bullion, and is expected to perform poorly in volatile
markets. Liquidity of the market for RBS ETNs may vary over time. The RBS ETNs
do not pay interest. Any payment on the RBS ETNs is subject to ability of RBS
NV, as the issuer, and RBS Holdings, 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 N.V. (RBS NV) and RBS
Holdings N.V. (RBS Holdings) have []led 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 []led with the SEC for more complete information
about RBS NV and RBS Holdings, 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 NV, RBS Holdings, RBS Securities Inc. (RBSSI) or any dealer participating
in the relevant 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).
RBS US Gold Trendpilot[] Index (USD) (Index) is the property of The Royal Bank
of Scotland plc, which has contracted with Standard and Poor's Financial Services
LLC (S and P) to maintain and calculate the Index.
S and P shall have no liability for any errors or omissions in calculating the
Index. "Standard and Poor's[R]" and "S and P[R]" are registered trademarks of S and P.
"Calculated by S and P Custom Indices" and its related stylized mark are service
marks of S and P and have been licensed for use by RBSSI and its affiliates. The
RBS ETNs are not sponsored, endorsed, sold or promoted by S and P or its
affiliates, and neither S and P nor its affiliates make any representation
regarding the advisability of investing in the RBS ETNs.
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Copyright[C] 2011 RBS Securities Inc.All rights reserved. RBS Securities Inc., a U.S. registered broker-dealer, member of FINRAand
SIPC, is an indirect wholly-owned
subsidiary of The Royal Bank of Scotland plc and an affiliate of RBS NV.
Dated July 7, 2011
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