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ISSUER LONG-TERM SENIOR, UNSECURED CREDIT RATINGS
AS OF AUGUST 31, 2011
SandP Moody's Fitch
--------- --- ------- -----
RBS plc* A+ Aa3 AA-
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RBS NV* A+ A2 AA-
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RBS Group A A1 AA-
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* Issuers of RBS products and subsidiaries of RBS Group.
A credit rating is not a recommendation to buy, sell or hold securities. Credit
ratings may be subject to revision or withdrawal at any time by the assigning
rating organization, and each rating should be evaluated independently of any
other rating.
RBS GROUP SELECTED KEY FINANCIALS
RISK ASSET RATIO
At December 31
----------- ----- -------------- -----
2010 2009 2008
----------- ----- -------------- -----
Core Tier 1 10.7% 11.0% 6.6%
----------- ----- -------------- -----
Tier 1 12.9% 14.1% 10.0%
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At June 30
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2011 2010
----------- ----- --------
Core Tier 1 11.1% 10.5%
----------- ----- --------
Tier 1 13.5% 12.8%
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RBS HOLDINGS N.V. SELECTED KEY FINANCIALS
RISK ASSET RATIO*
At December 31
----------- ----- -------------- -----
2010 2009 2008
----------- ----- -------------- -----
Core Tier 1 8.7% 16.9% 10.1%
----------- ----- -------------- -----
Tier 1 11.0% 19.9% 10.9%
----------- ----- -------------- -----
At June 30
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2011 2010
----------- ---- --------
Core Tier 1 7.4% 6.1%
----------- ---- --------
Tier 1 9.6% 7.9%
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About Issuer Credit Ratings
An issuer credit rating reflects the assigning rating agency's opinion of the
issuer's creditworthiness (i.e., the issuer's ability to pay on its obligations
when they become due). It is not the rating of any RBS product issued by RBS plc
or RBS NV.
An issuer credit rating has no bearing on how much you may be entitled to be
paid on an RBS product or what your return on investment may be. Your return on
investment will depend on the terms of the particular RBS product that you buy
and how that product performs.
An issuer credit rating does not enhance the performance or potential return on
any RBS product. If a product or its underlying asset underperforms, your
investment may result in a loss, which may be signi[]cant, regardless of RBS'
issuer credit ratings.
About RBS Group
RBS Group is the guarantor of the obligations of RBS plc, as the issuer, under
certain RBS products. The prospectus will specify if the RBS Group guarantee
applies to your RBS products.
For additional information on key []nancials and []nancial statements of RBS
Group see
RBS Group 2010 Annual Report (Form 20-F) and RBS Group Q2 2011 interim results
(Form[]6-K).
About RBS Holdings N.V.
RBS Holdings N.V., a subsidiary of RBS Group, is the guarantor of the
obligations of RBS NV, as the issuer, under certain RBS products. The prospectus
will specify if the
RBS Holdings N.V. guarantee applies to your RBS products.
For additional information on key financials and financial statements of RBS
Holdings N.V., see RBS Holdings N.V. 2010 Annual Report (Form 20-F), as amended
by Amendment No.1 (Form 20-F/A) and RBS Holdings N.V. interim results for the
half year ended June 30, 2011 (Form 6-K).
* The ratios published for 2009 and 2008 were calculated on a Basel I basis and
reflect the inclusion of the Dutch State and Banco Santander S.A. acquired
businesses existing in the period prior to the legal separation of ABN Amro Bank
N.V. on April 1, 2010. With effect from June 30, 2010, RBS Holdings N.V. and its
consolidated subsidaries migrated to Basel II status; the ratios for 2010 and
2011 are presented on a Basel II basis. See RBS Holdings N.V. 2010 Annual Report
(Form 20-F) and RBS Holdings N.V. interim results for the half year ended June
30, 2011 (Form 6-K).
The Boards of RBS Group, RBS plc, RBS Holdings N.V. and RBS NV (collectively,
the RBS Entities) approved the proposed transfers of a substantial part of the
business activities of RBS NV to RBS plc, subject, amongst other matters, to
regulatory and other approvals, further tax and other analysis in respect of the
assets and liabilities to be transferred and employee consultation procedures.
It is expected that the proposed transfers will be implemented on a phased basis
over a period ending December 31, 2013. For further information, see the press
release entitled "Proposed transfers of a substantial part of the business
activities of RBS NV to RBS plc" []led on Form 6-K by RBS Group on April 19,
2011.
CERTAIN RISK CONSIDERATIONS: An investment in RBS products involves risks,
including market risk, liquidity risk, and a possible loss of some or all of
your investment. Some RBS products do not pay coupons. Any payment on RBS
products will be subject to the ability of the relevant RBS issuer and guarantor
to pay their respective obligations when they become due. You should carefully
consider whether the RBS products are suited to your particular circumstances
before you buy them. We urge you to consult with your investment, legal,
accounting, tax and other advisors with respect to any investment in RBS
products. You should carefully read the relevant prospectus for the RBS product,
including the "Risk Factors" section in the prospectus, before investing.
IMPORTANT NOTICE: The RBS Entities have each filed a registration statement
(including a prospectus) with the Securities and Exchange Commission (SEC) for
offerings to which this communication may relate. Before you invest, you should
read the relevant prospectus in that registration statement and other documents
have been filed with the SEC for more complete information about the RBS
Entities and the relevant offerings. You may get these documents without cost by
visiting EDGAR on the SEC website at www.sec.gov. Alternatively, RBS plc, RBS
NV, any underwriter or any dealer participating in this offering will arrange to
send you the relevant prospectus if you request by calling toll free (866)
747-4332.
FOR BROKER-DEALER AND REGISTERED INVESTMENT ADVISER USE ONLY. NOT FOR
DISTRIBUTION TO RETAIL INVESTORS.
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