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

RBS Exchange Traded Notes


RBS Gold Trendpilot[] ETN (TBAR)


The RBS Gold Trendpilot[] 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 Gold Trendpilot[] ETNs track the RBS Gold Trendpilot[] Index (USD) which
provides:
Trend-following exposure using an objective and transparent methodology to
either the Price of Gold Bullion or the Cash Rate; Gold Exposure in positive
trending markets by tracking the Price of Gold Bullion; 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 Price of Gold Bullion



                                   If the Price of Gold Bullion 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 Price of Gold Bullion is below its historical
                                                        200-Index business day simple moving average for []ve
                                                        consecutive Index business days
Hypothetical Price of Gold Bullion                         A negative trend is established



Hypothetical Price of Gold Bullion

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 Price of Gold
Bullion or the Index, and is not an indication of how the Price of Gold Bullion
or the 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 Price of Gold
Bullion will be the same as the trend of the Price of Gold Bullion 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 Price of Gold Bullion trend
switches from positive to negative or from negative to positive, as the case
may be.

Not FDIC Insured. May Lose Value.

RBS ETN Details


Issuer          The Royal Bank of Scotland N.V.
Guarantor       RBS Holdings N.V.
Ticker          TBAR
Intraday        TBAR.IV
Indicative
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
                page: "GOLDLNPM Index")
Cash Rate       Yield on a hypothetical
                notional investment in 3-month
                U.S. Treasury bills as of the most
                recent weekly auction (Bloom-
                berg 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           We may redeem all of the RBS
redemption at   ETNs at our discretion at any time
our option      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.

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
                                                       (%)     (%)    (%)         (2/17/11) (%)
---------------------------------------------------- ------- ------- ------ -----------------------
 RBS Gold Trendpilot[] ETN Daily Redemption Value(1)  -6.88   5.27   11.17          15.87
 RBS Gold Trendpilot[] Index                          -6.82   5.50   12.25          17.13
 Price of Gold Bullion                                -6.07   8.59   15.53          20.56
 Cash rate on 03/30/12 was 0.085%                       --      --     --             --


The table above presents the actual performance of the Index, the RBS ETNs and
the Price of Gold Bullion over the speci[]ed periods. For information regarding
the performance of the Index, see pages PS-36 to PS-39 of the pricing
supplement to the RBS ETNs []led with the U.S. Securities and Exchange
Commission (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 Price of Gold Bullion, and (ii) 0.50% per annum when the
Index is tracking the Cash Rate.

Gold Bullion Performance -- as of 03/30/2012

Price of Gold Bullion
Price of Gold Bullion 200-Index business day simple moving average


The graph to the left is the historical performance of the Price of Gold
Bullion and its 200-Index business day simple moving average. This illustration
does not re[]ect any historical Trendpilot[] Index performance.


                      1977  1978   1979   1980   1981  1982  1983   1984   1985   1986  1987   1988
--------------------- ----- ----- ------ ------ ------ ----- ------ ------ ------ ----- ----- -------
Price of Gold Bullion 22.64 37.01 126.55 15.19  -32.60 14.94 -16.31 -19.38 6.00   18.96 24.53  -15.26
Cash Rate (Year-End)  6.15% 9.34% 12.07% 14.99% 11.04% 7.98% 8.94%  7.75%  7.02%  5.49% 5.96%  8.22%
                      1989  1990   1991   1992   1993  1994  1995   1996   1997   1998  1999   2000
--------------------- ----- ----- ------ ------ ------ ----- ------ ------ ------ ----- ----- -------
Price of Gold Bullion -2.84 -3.11  -8.56  -5.73 17.68  -2.17 0.98   -4.59  -21.41 -0.83 0.85   -5.44
Cash Rate (Year-End)  7.77% 6.53% 3.91%  3.24%  3.06%  5.57% 4.91%  5.08%  5.43%  4.52% 5.30%  5.70%
                      2001  2002   2003   2004   2005  2006  2007   2008   2009   2010  2011  2012-Q1
--------------------- ----- ----- ------ ------ ------ ----- ------ ------ ------ ----- ----- -------
Price of Gold Bullion 0.75  25.57 19.89   4.65  17.77  23.20 31.92  4.32   25.04  29.24 8.93   8.59
Cash Rate (Year-End)  1.71% 1.19% 0.89%  2.23%  3.91%  4.88% 3.31%  0.05%  0.11%  0.18% 0.03%  0.09%


The table above does not re[]ect any Trendpilot[] Index performance. The
Trendpilot[] Index performance is not the same as the performance of the Price
of Gold Bullion. The Trendpilot[] Index may underperform the Price of Gold
Bullion 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 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 are not principal
protected and 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 the 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 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
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