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

RBS US Mid Cap Trendpilot(TM) ETN (TRNM)

RBS Exchange Traded Notes



RBS ETN Details
------------------------------------------------
Issuer           The Royal Bank of Scotland N.V.
---------------- -------------------------------
Guarantor        RBS Holdings N.V.
---------------- -------------------------------
Ticker           TRNM
---------------- -------------------------------
Intraday         TRNM.IV
Indicative Value
Ticker
---------------- -------------------------------
CUSIP            78009L209
---------------- -------------------------------
ISIN             US78009L2097
---------------- -------------------------------
Primary          NYSE Arca
Exchange
---------------- -------------------------------
Maturity         1/25/2041
---------------- -------------------------------

Index           RBS US Mid Cap Trendpilot[]
                Index (USD) TR (Bloomberg
                symbol: "TPMCUT 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       S and P MidCap 400([R]) Total Return
Index           Index (Bloomberg symbol:
                "SPTRMDCP Index")
--------------- -----------------------------------
Cash Rate       Yield on a hypothetical notional
                investment in 3-month U.S.
                Treasury bills (Bloomberg page:
                "USB3MTA Index")
--------------- -----------------------------------
Annual Investor When the Index is tracking the
Fee             Benchmark Index: 1.00% per
(accrued on a   annum
daily basis)    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
                1/16/2041, 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 time
our option      on or prior to 1/23/2041
--------------- -----------------------------------
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/TRNM*
--------------- -----------------------------------


* Information contained on our website is not incorporated by reference in, and
should not be considered a part of, this document.

The RBS US Mid Cap 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 US Mid Cap Trendpilot([]) Index (USD) TR (the "Index").
The Index utilizes a systematic trend-following strategy to provide exposure to
either the S and P MidCap 400([R]) Total Return Index (the "Benchmark Index") 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 Benchmark
Index in positive trending markets and exposure to the Cash Rate in negative
trending markets using an objective and transparent methodology.

RBS US MID CAP TRENDPILOT(TM) INDEX METHODOLOGY

If the closing level of the SPTRMDCP Index is at or above its historical
200-business day simple moving average for []ve consecutive business days

If the closing level of the SPTRMDCP Index 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 Benchmark Index

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 (%)


                                                                    SINCE RBS ETN
                                                                      INCEPTION
                                       1-MONTH (%) YEAR-TO-DATE (%)  (1/25/11) (%)
-------------------------------------- ----------- ---------------- --------------
RBS US MidCap Trendpilot[] ETN Daily      2.36             -             7.25
Redemption Value(1)
RBS US MidCap Trendpilot(TM) Index(2)     2.45             -             7.42
S and P MidCap 400([R]) Total Return Index
(Benchmark Index)                         2.45             -             7.42
S and P 400([R]) Index (Price Return)         2.32             -             7.13
Cash rate on 3/31/11                      0.10             -              -


The chart above presents the actual performance of the Index, the RBS ETNs, the
S and P 400([R]) Total Return Index (the Benchmark Index), and the S and P 400([R])
Index (Price Return), over the speci[]ed periods. For information regarding the
performance of the Trendpilot Index, see pages PS-33 to PS-35 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.


 
 
 

 
 
 


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 Benchmark Index, 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 Mid Cap Trendpilot[] Index (USD) TR (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. The S and P MidCap 400[R]
Index is the exclusive property of S and P and has been licensed for use by RBSSI
and its affiliates in connection with the Index. S and P shall have no liability
for any errors or omissions in calculating the Index. "Standard and Poor's[R],"
"S and P[R]" and "S and P MidCap 400([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.
Copyright[C] 2011 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 and an affiliate of
RBS NV.

www.rbs.com/etnUS | TOLL FREE: 855-RBS-ETPS

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