Exchange Traded Certificates. (Synthetic Structured Product) Exposure to reference indices traded on Relevant Exchanges around the world.

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1 Exchange Traded Certificates (Synthetic Structured Product) Exposure to reference indices traded on Relevant Exchanges around the world. Issuer: RBS Group (Australia) Pty Limited (ABN , AFSL ) or The Royal Bank of Scotland plc (ABN , AFSL ) (a public limited company incorporated in Scotland). Broker to the Issuer: RBS Equities (Australia) Limited (ABN , AFSL ). Guarantor of the RBS Group (Australia) Pty Limited only, The Royal Bank of Scotland N.V. (ABN , AFSL )

2 Exchange Traded Certificates (ETCs) An Exchange Traded Certificate (an ETC ) is a security listed on the ASX that gives investors exposure to individual reference indices traded on Relevant Exchanges around the world. Important This brochure is for information purposes only. You should consider the product disclosure statement ( PDS ) before deciding whether to acquire, or continue to hold the investment. To obtain a copy of the PDS, please contact your financial adviser or RBS on or visit What is an ETC? An ETC is a security that gives you exposure to individual reference indices traded on Relevant Exchanges around the world. ETCs over a Reference Indice are denominated in Australian Dollars. In some cases, the currency is hedged which means that you do not bear any exchange rate risk. This is the case if the Settlement Exchange Rate is 1. The Settlement Exchange Rate is outlined in the Summary Table in Part 1 of the relevant PDS. Which reference indices are currently available? The reference indices that relate to each series of ETCs are set out in the Summary Table in Part 1 of the PDS. ETCs currently available Exchange Traded Certificates PDS dated 27 July 2011 Supplementary Product Disclosure Statement dated 9 September 2011 RICI Enhanced SM Indices - Commodity indices from Jim Rogers ASX Code Reference Index Reference Index Website RBSRIA RICI Enhanced SM Agriculture Index (USD) TR RBSRIM RICI Enhanced SM Metals Index (USD) TR RBSRIE RICI Enhanced SM Energy Index (USD) TR RBSRIL RICI Enhanced SM Agriculture ex-livestock Index (USD) TR RBSRIG RICI Enhanced SM Global Index (USD) TR Settlement Exchange Rate* Relevant Index Code 1 RIEHA 1 RIEHM 1 RIEHE 1 RIEHAEL 1 RIEHGL * A Settlement Exchange Rate of 1 means that the exchange rate is fixed over the term. This means that investors do not bear the foreign currency risk of the relevant Reference Index. Who is the issuer of ETCs? ETCs may be issued by RBS Group (Australia) Pty Limited or The Royal Bank of Scotland plc (each known as RBS ). How do I trade ETCs on the secondary market operated by ASX? ETCs are traded on the AQUA market operated by ASX. Once ETCs are trading in the secondary market on ASX, the Purchase Price you will need to pay to acquire an ETC will depend on the market and will fluctuate according to a number of factors, including the price of the underlying Reference Index and the supply and demand for ETCs generally.

3 Equity Structured Products & Warrants Can I sell my ETCs before the Expiry Date? You may sell your ETCs on the ASX market via an ASX participant (such as a stockbroker) at any time up until the close of trading on the Expiry Date, subject to the ETC being able to be traded. Benefits of ETCs General benefits of investing in ETCs There are many benefits associated with investing in ETCs, including (but not limited to): a low entry cost compared to buying international indices directly and incurring the associated administrative costs; you can hold your ETCs via CHESS alongside other local equity holdings; you can track the movement of international indices; the ability to trade ETCs during ASX trading hours instead of trading during overseas exchange hours; the ability to obtain exposure without the need to set up and maintain an international securities account; and you can settle payments in Australian Dollars instead of paying international currency for exposure to the Reference Index. An investment in ETCs may suit you if you: have a particular view that the Reference Index will increase in value over a particular time frame; are willing to have exposure to foreign exchange rate movements between the currency of the Reference Index and the Settlement Currency in respect of an ETC with a variable Settlement Exchange Rate; do not wish to have an exposure to foreign currency movements in respect of your investment and, therefore, invest in an ETC with a fixed Settlement Exchange Rate; and time frame; do not wish to set up and maintain an international account to trade international shares and indices. Specific benefits of investing in ETCs over the RICI Enhanced SM family of indices: Portfolio diversification - historically commodity prices have a low to negative correlation with equity and bond prices. This means that circumstances which cause a large movement in equity and bond prices are unlikely to a cause similarly large movement in commodity prices. RICI Enhanced SM family of indices represents broad commodity exposure. Commodity weightings are based on the costs of commodities in people s everyday lives. The indices are annually re-weighted by members of the RICI Enhanced SM Index Committee. Investors can get exposure to indices which consider liquidity, seasonality, spot and commodity futures prices with the aim of delivering a risk-adjusted return when compared to conventional commodity indices. Allows upside participation of commodity prices.

4 Exchange Traded Certificates (ETCs) Risk factors Return Risks Investing in ETCs involves a degree of risk. Potential investors should take into consideration all investment risk and should ensure that they are fully aware of such risks prior to an investment in ETCs. General risks of investing in ETCs Holders should be aware that the return on ETCs: may be negative and Holders may lose all of the Placement Price or Purchase Price (as applicable); may be less than the return the Holder could earn on other investments; is unlikely to reflect the return Holders would realise if they held an exposure to the assets underlying a Reference Index in the currency of the underlying assets, as a Holder is exposed to movements in the Settlement Exchange Rate (unless the Settlement Exchange Rate is fixed at 1); and is subject to general market risks. Holders should be aware that there is no indication as to how the ETCs will trade in the secondary market, nor is there sufficient evidence as to whether the market will be liquid or illiquid. Holders are warned that the price of ETCs may fall in value as rapidly as they may rise. Accordingly, Holders may lose some, or all, of the Placement Price or Purchase Price (as applicable) paid for the ETCs. Specific risks of investing in ETCs over the RICI Enhanced SM family of indices: The RICI Enhanced SM family of indices follows a notional rules based proprietary trading strategy that operates on the basis of pre-determined rules. Accordingly, potential investors in ETCs over such indices should determine whether those rules are appropriate in light of their individual circumstances and investment objectives. The RICI Enhanced SM family of indices was first calculated on, or around, 31 October 2007 and, therefore, lacks historical performance prior to this date. The RICI Enhanced SM family of indices rules may be amended, modified or adjusted from time to time by the Sponsor. Any such amendment may be made without the consent of, or notice to, investors in ETCs linked to these Reference Indices and may have an adverse effect on the level of these Reference Indices. The RICI Enhanced SM family of indices confers on the Sponsor discretion in making certain determinations, calculations and corrections from time to time. The exercise of such discretion in the making of calculations, determinations and corrections may adversely affect the performance of the Reference Index. The Sponsor shall determine in its sole and absolute discretion whether any such corrections shall apply retrospectively or from the relevant date forward. An ETC over a RICI Enhanced SM Index is subject to commodity market risk. The value of commodities is volatile and subject to market conditions. For example, the value of a commodity is subject to the supply of and/or demand for such commodity and whether or not any alternatives to that commodity exist. Additionally, commodity prices can be influenced by the prevailing political climate and government stability in commodity producing nations. Current market conditions for a commodity do not guarantee the performance, demand or supply of that commodity in the future. General Market Risks Before making any decision to invest in ETCs, investors should ensure that they have read the ETC PDS dated 27 July 2011 and the Supplementary Product Disclosure Statement dated 9 September RBS does not accept any liability for, and makes no representation or warranty as to, the affairs of any Reference Index. Investors should obtain independent advice on the nature, activities and prospects of the Reference Index and the merits of an investment in an ETC.

5 Jim Rogers, James Beeland Rogers, Jr., Rogers, Rogers International Commodity Index, RICI, RICI Enhanced and the names of all other RICI indices mentioned herein (the Indices ) are trademarks, service marks and/or registered trademarks of Beeland Interests, Inc., which is owned and controlled by James Beeland Rogers, Jr., and are used subject to license. The personal names and likeness of Jim Rogers/James Beeland Rogers, Jr. are owned and licensed by James Beeland Rogers, Jr. Any Exchange Traded Certificates linked to one or more of the Indices is not sponsored, endorsed, sold or promoted by Beeland Interests, Inc. ( Beeland Interests ), James B. Rogers, Jr. or Diapason Commodities Management SA ( Diapason ). Neither Beeland Interests, James B. Rogers, Jr. nor Diapason makes any representation or warranty, express or implied, nor accepts any responsibility, regarding the accuracy or completeness of this description, or the advisability of investing in securities or commodities generally, or in any Exchange Traded Certificates linked to the Indices or in futures particularly. Any Exchange Traded Certificates linked to one or more of the Indices is not and will not be offered or sold in the United States, or to or for the account of U.S. persons as defined by U.S. securities laws. Each purchaser of a Exchange Traded Certificates linked to one or more of the Indices will be asked to certify that such purchaser is not a U.S. person, is not receiving the Exchange Traded Certificates linked to one or more of the Indices in the United States, and is not acquiring any Exchange Traded Certificates linked to one or more of the Indices for the account of a U.S. person. NEITHER BEELAND INTERESTS NOR DIAPASON, NOR ANY OF THEIR RESPECTIVE AFFILIATES OR AGENTS, GUARANTEES THE ACCURACY AND/OR THE COMPLETENESS OF THE ROGERS INTERNATIONAL COMMODITY INDEX ( RICI ), THE RICI ENHANCED, INCLUDING ANY SUB-INDEX THEREOF, OR ANY DATA INCLUDED THEREIN. SUCH PERSON SHALL NOT HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN AND MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY OWNERS OF ANY EXCHANGE TRADED CERTIFICATES LINKED TO ONE OR MORE OF THESE INDICES, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE RICI, THE RICI ENHANCED, ANY SUB-INDEX THEREOF, ANY DATA INCLUDED THEREIN OR ANY EXCHANGE TRADED CERTIFICATES LINKED THERETO. NEITHER BEELAND INTERESTS, NOR DIAPASON, NOR ANY OF THEIR RESPECTIVE AFFILIATES OR AGENTS, MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND EACH EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE RICI, THE RICI ENHANCED, ANY SUB-INDEX THEREOF, AND ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL BEELAND INTERESTS, DIAPASON OR ANY OF THEIR RESPECTIVE AFFILIATES OR AGENTS HAVE ANY LIABILITY FOR ANY LOST PROFITS OR INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES OR LOSSES, EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF. About RBS The Royal Bank of Scotland Group is a large international banking and financial services company. Headquartered in Edinburgh, the Group operates in the United Kingdom, Europe, the Middle East, the Americas and Asia, serving over 30 million customers. The Group provides a wide range of products and services to personal, commercial and large corporate and institutional customers through its two principal subsidiaries, The Royal Bank of Scotland and NatWest, as well as through a number of other well-known brands including Citizens, Charter One, Ulster Bank, Coutts, Direct Line and Churchill. In Asia Pacific, we serve corporate, institutional and public sector clients in 11 countries. RBS Group (Australia) Pty Limited and The Royal Bank of Scotland plc are leading providers of corporate and financial services. We have had a local presence since 1974 and work on some of the local market s largest and most complex transactions and projects for our corporate, institutional and public sector clients. Disclaimer: This brochure is for information purposes only and while the information contained within is believed to be reliable, no representation, warranty, or assurance of any kind, express or implied, is made as to the accuracy or completeness of the information. Neither RBS Group (Australia) Pty Limited (ABN , AFSL ) nor The Royal Bank of Scotland plc (ABN , AFSL ) (in each case RBS ) accepts any obligation to any recipient to update or correct any information contained in this brochure. This brochure does not purport to be all inclusive or constitute an offer, recommendation or invitation to purchase securities and is not to be taken as a substitute for the recipient exercising their own judgment and seeking their own advice. In preparing this brochure, RBS has not taken into account the recipient s individual objectives, financial situation or particular needs. Before the recipient makes an investment decision, they should consider the appropriateness of any advice to their particular investment needs, objectives and financial circumstances. RBS, to the extent permitted by law, accepts no liability or responsibility whatsoever for any loss arising from any use of this brochure or its contents. This brochure is the proprietary information of RBS, and may not be reproduced, distributed or published for any purpose without the prior written consent of RBS. The warrants mentioned in this brochure are issued either by RBS Group (Australia) Pty Limited or The Royal Bank of Scotland plc (refer to the relevant PDS). The broker to the Issuer is RBS Equities (Australia) Limited (ABN , AFSL ). The PDS relating to these warrants is available upon request from RBS ( ) or on our website RBS Group (Australia) Pty Limited is not an Authorised Deposit-Taking Institution and these products which are issued by it do not form deposits or other funds or liabilities of The Royal Bank of Scotland N.V. or The Royal Bank of Scotland plc. The Royal Bank of Scotland plc does not guarantee the obligations of RBS Group (Australia) Pty Limited. The Royal Bank of Scotland plc is a foreign Authorised Deposit-Taking Institution and these products which are issued by it do not form deposits or other funds or liabilities of The Royal Bank of Scotland plc, or deposits or other funds or liabilities of The Royal Bank of Scotland N.V. or RBS Group (Australia) Pty Limited RBS Group (Australia) Pty Limited and The Royal Bank of Scotland plc To find out more about Exchange Traded Certificates (Synthetic Structured Product) log on to or call GMR Issuer: RBS Group (Australia) Pty Limited (ABN , AFSL ) or The Royal Bank of Scotland plc (ABN , AFSL ) (a public limited company incorporated in Scotland). Broker to the Issuer: RBS Equities (Australia) Limited (ABN , AFSL ). Guarantor of the RBS Group (Australia) Pty Limited only, The Royal Bank of Scotland N.V. (ABN , AFSL )