Filed pursuant to Rule 433. Registration Statement Nos. 333-179685 and
333-179685-01.

RBS Exchange Traded Notes


RBS US Large Cap Trendpilot[] ETN (TRND)


The RBS US Large Cap Trendpilot(TM) Exchange Traded Notes ("RBS ETNs") are
unsecured and senior obligations of The Royal Bank of Scotland N.V. ("RBS NV"),
and are fully and unconditionally guaranteed by RBS Holdings N.V. ("RBS
Holdings"). Any payments on the RBS ETNs when they become due at maturity or
upon early repurchase or redemption are dependent on the ability of RBS NV and
RBS Holdings to pay, and are also subject to market risk.

RBS US Large Cap Trendpilot[] ETNs track the RBS US Large Cap Trendpilot[]
Index (USD) which provides:
Trend-following exposure using an objective and transparent methodology to
either the S and P 500([R]) Total Return Index or the Cash Rate; Large Cap Exposure
in positive trending markets by tracking the S and P 500([R]) Total Return Index,
the level of which incorporates the reinvestment of any cash dividends paid on
its component securities. The RBS ETNs do not pay interest or dividends; and
Cash Rate Exposure in negative trending markets by tracking a hypothetical
investment in 3-month U.S. Treasury bills as of the most recent weekly
auction.

Illustration of the Trendpilot([]) Index Methodology

A positive trend is established:
The Index will track the Benchmark Index



                                   If the closing level of the Benchmark Index is at or above its historical
                                   200-Index business day simple moving average for []ve consecutive Index
                                   business days
                                                        A negative trend is established:
                                                        The Index will track the Cash Rate
                                                        If the closing level of the Benchmark Index is below its
                                                        historical 200-Index business day simple moving
                                                        average for []ve consecutive Index business days
Hypothetical Benchmark Index Level                         A negative trend is established



A positive trend is established

Hypothetical Benchmark Index

Hypothetical 200-Index business day simple moving average

Time

The above graph illustrates the operation of the Trendpilot[] Index
Methodology. It does not re[]ect any actual performance of the Benchmark Index
or the Index, and is not an indication of how either index may perform in the
future. The hypothetical illustration above also does not include any fees,
transaction costs or expenses.
If neither of the above conditions is satis[]ed, the trend of the Benchmark
Index will be the same as the trend of the Benchmark 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 Benchmark Index trend switches from positive to
negative or from negative to positive, as the case may be.
(1)Benchmark Index Dividend Yield means the sum of the gross dividends paid on
the securities comprising the Benchmark Index (which is a total return index)
over the prior 12 months ending 4/10/2012 divided by the closing level of the
price return version of the Benchmark Index as of 4/10/2012.
Not FDIC Insured. May Lose Value.

RBS ETN Details


Issuer           The Royal Bank of Scotland N.V.
Guarantor        RBS Holdings N.V.
Ticker           TRND
Intraday         TRND.IV
Indicative Value
Ticker
CUSIP            78009L308
ISIN             US78009L3087
Primary          NYSE Arca
Exchange
Maturity         12/7/2040
Benchmark        1.95%
Index Dividend
Yield(1)
Index            RBS US Large Cap Trendpilot(TM)
                 Index (USD) (Bloomberg
                 symbol: "TPLCUT 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 500([R]) Total Return Index
Index            (Bloomberg page: "SPTR
                 Index")
Cash Rate        Yield on a hypothetical notional
                 investment in 3-month U.S.
                 Treasury bills as of the most re-
                 cent weekly auction (Bloomberg
                 page: "USB3MTA Index")
Annual Investor  When the Index is tracking the
Fee              Benchmark Index: 1.00% per
(accrued on a    annum. When the Index is
daily basis)     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
                 11/29/2040, 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
our option       time on or prior to 12/5/2040.
Daily            Upon early repurchase or
Redemption       redemption or at maturity, you
Value            will 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/TRND*.


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

To []nd out more
Call toll free 855-RBS-ETPS or visit

www. rbs.com/etnUS





 
 
 

 
 
 


Historical Performance (%) -- as of 03/30/2012


                                                            1-MONTH 3-MONTH 1-YEAR SINCE RBS ETN INCEPTION
                                                              (%)     (%)     (%)        (12/6/10) (%)
----------------------------------------------------------- ------- ------- ------ -----------------------
RBS US Large Cap Trendpilot[] ETN Daily Redemption Value(1)  3.21    12.31  -0.56           8.09
RBS US Large Cap Trendpilot(TM) Index                        3.31    12.59   0.25           9.31
S and P 500([R]) Total Return Index (Benchmark Index)            3.29    12.59   8.54          18.35
S and P 500([R]) Index (Price Only)                              3.13    12.00   6.23          15.15
Cash rate on 03/30/12 was 0.085%                               --      --     --             --


The table above presents the actual performance of the Index, the RBS ETNs, the
S and P 500([R]) Total Return Index (the Benchmark Index), and the S and P 500([R])
Index (Price Only) over the speci[]ed periods. For information regarding the
performance of the Trendpilot Index, see pages PS-35 to PS-39 of the pricing
supplement of the RBS ETNs []led with the

U. S. Securites and Exchange Commisson (SEC). Past performance does not
guarantee future results.

(1) Includes the deduction of 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.

S and P 500([R]) Index Performance -- as of 03/30/2012

S and P 500([R]) Total Return Index
S and P 500([R]) Total Return Index 200-Index business day simple moving average
S and P 500([R]) Index (Price Only)


2,500
                                 --------- ------- ------ ----- --- ----- --- ----- --- ------ --- ------ --------

2,000                                                                                                              The graph to the
                                                                                                                   left is the
 historical
                                                                                                                   performance of
 the
-------------------------------- --------- ------- ------ ----- --- ----- --- ----- --- ------ --- ------ --------

                                                                                                                   S and P 500([R])
 Total Return
1,500
                                                                                                                   Index, S and P
 500([R]) Index
                                                                                                                   (Price Only) and
 the
                                                                                                                   S and P 500([R])
 Total Return
-------------------------------- --------- ------- ------ ----- --- ----- --- ----- --- ------ --- ------ --------

1,000                                                                                                              Index 200-Index
                                                                                                                   business day
 simple
                                                                                                                   moving average.
 This
-------------------------------- --------- ------- ------ ----- --- ----- --- ----- --- ------ --- ------ --------

 500                                                                                                               illustration does
 not
                                                                                                                   re[]ect any
 historical
                                                                                                                   Trendpilot Index
  (0) May 92 93 94               95 96     97 98   99 00  01    02  03    04    05  06     07  08      09 10 11 12 performance.
    91
-------------------------------- --------- ------- ------ ----- --- ----- --- ----- --- ------ --- ------ -------- ------
 ------------------
S and P 500([R]) Index 1-Year Annual Return Comparison (%)(1)
--------------------------------------------------------- ----- --- ----- --- ----- --- ------ --- ------ -------- ------
 ------------------
                                    1991     1992   1993  1994      1995      1996      1997       1998    1999    2000    2001
-------------------------------- --------- ------- ------ ----- --- ----- --- ----- --- ------ --- ------ -------- ------
 ------------------
 S and P 500([R]) Total Return Index      --     7.62   10.08 1.32      37.58     22.96     33.36      28.58   21.04   -9.10   -11.89
 S and P 500([R]) Index (Price Only)      --     4.46   7.06  -1.54     34.11     20.26     31.01      26.67   19.53   -10.14  -13.04
 Cash Rate (Year-End)                3.91    3.24   3.06  5.57      4.91      5.08      5.43       4.52    5.30    5.70    1.71
                                    2002     2003   2004  2005      2006      2007      2008       2009    2010    2011   2012-Q1
-------------------------------- --------- ------- ------ ----- --- ----- --- ----- --- ------ --- ------ -------- ------
 ------------------
 S and P 500([R]) Total Return Index    -22.10   28.68  10.88 4.91      15.79     5.49      -37.00     26.46   15.06   2.11    12.59

S and P 500([R]) Index (Price Only) -23.37 26.38 8.99 3.00 13.62 3.53 -38.49 23.45 12.78 0.00 12.00
Cash Rate (Year-End)            1.19   0.89  2.23 3.91 4.88  3.31 0.05   0.11  0.18  0.03 0.09


(1) The table above does not re[]ect any Trendpilot[] Index performance. The
Trendpilot[] Index performance is not the same as the S and P 500([R]) Index
performance. The Trendpilot[] Index may underperform the S and P 500([R]) Index
over various time periods, and may track the Cash Rate for extended periods of
time in a low interest rate environment.

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 are not
principal protected and do not pay interest. Any payment on the RBS ETNs is
subject to the 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 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 Large Cap Trendpilot(TM) 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. The S and P
500([R]) Index is the exclusive property of S and P and has been licensed for use
by RBSSI and its af[]liates 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 500([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 af[]liates. The
RBS ETNs are not sponsored, endorsed, sold or promoted by S and P or its
af[]liates, and neither S and P nor its af[]liates make any representation
regarding the advisability of investing in the RBS ETNs.
Copyright [C] 2012 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 af[]liate of
RBS NV.



www.rbs.com/etnUS | TOLL FREE: 855-RBS-ETPS | Not FDIC Insured. May Lose Value. Dated April 24, 2012