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Capital Protected Note linked to USD/CNY Add (Reuters)
78009KEF5
[GRAPHIC OMITTED]

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Product Type

Buffered
Capital Protected Notes
Reverse Exchangeable

Asset Class

Commodities
Equities
Interest Rates
Foreign Exchange

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Recently Issued
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Product Facts
Product type         Capital Protected
Underlying           USD/CNY
                     (Reuters)
Currency             USD
Issue Size (USD      500
000's)
Principal Protection 100.00 %
Maturity             03/31/14
Underlying currency  USD
Ratio                1:1
Quanto               No

Performance and Statistics
Daily high               94.95
Yearly high (05/05/10)   98.64
Yearly low (09/01/10)    94.90
All Time High (05/05/10) 98.64
All Time Low (09/01/10)  94.90
Codes
CUSIP                    78009KEF5


Top 5 Capital Protected

Leveraged CPI Linked
Securities With Fixed  +0.72 %**
First-Year Coupon

Leveraged CPI Linked
Securities With Fixed  +0.42 %**
First-Year Coupon

Indian ADR Basket      +0.19 %**
Capital Protected Note

S and P 500 SHIELD     +0.09 %**

Dow Jones Industrial   +0.07 %**
Average SHIELD

Download Prospectus (665KB)

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

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